Annuity insurance products help protect retirees against outliving
their incomes. Dramatic advances in life expectancy mean that
today's retirees must plan on living into their eighties, their
nineties, and even beyond. Longer life expectancies are the symbol
of a prosperous society, but this progress also means that some
retirees will need to plan conservatively and cut back
substantially on their living standards or risk living so long that
they exhaust their resources. This book examines the role that life
annuities can play in helping people protect themselves against
such outcomes. A life annuity is an insurance product that pays out
a periodic amount for as long as the annuitant is alive, in
exchange for a premium. The book begins with a history of life
annuity markets during the twentieth century in the United States
and elsewhere. It then explores recent trends in annuity pricing
and money's worth, as well as the economic value generated for
purchasers of these products. The book explains the potential
importance of inflation-protected annuities and stock-market-linked
variable annuities in providing more complete retirement security.
The concluding chapters examine life annuities in various
institutional settings and the tax treatment of annuity products.
General
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