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King William's Tontine - Why the Retirement Annuity of the Future Should Resemble its Past (Paperback)
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King William's Tontine - Why the Retirement Annuity of the Future Should Resemble its Past (Paperback)
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In a time before bonds, treasury notes, or central banks, there
were tontines. These were schemes in which a group of investors
lent money to a government, corporation, or king, similar to a
modern-day loan syndicate. But unlike conventional debt, periodic
interest payments were distributed only to survivors. As tontine
nominees died, the income of survivors correspondingly increased.
Morbid, perhaps, but this was one of the earliest forms of
longevity insurance in which the pool shared the risk. Moshe A.
Milevsky tells the story of the first tontine issued by the English
government in 1693, known as King William's tontine, intended to
finance the war against French King Louis XIV. He explains how
tontines work, the financial and economic thinking behind them, as
well as why they fell into disrepute. Milevsky concludes with a
provocative argument that suitably modified tontines should be
resurrected for twenty-first-century retirement income planning.
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