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Recalibrating Retirement Spending and Saving$
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John Ameriks and Olivia S. Mitchell

Print publication date: 2008

Print ISBN-13: 9780199549108

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199549108.001.0001

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Annuity Valuation, Long‐Term Care, and Bequest Motives

Annuity Valuation, Long‐Term Care, and Bequest Motives

Chapter:
(p.251) Chapter 11 Annuity Valuation, Long‐Term Care, and Bequest Motives
Source:
Recalibrating Retirement Spending and Saving
Author(s):

John Ameriks

Andrew Caplin

Steven Laufer

Stijn Van Nieuwerburgh

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199549108.003.0011

Financial security in retirement has traditionally meant having a steady flow of annuity income as long as one lives — a definition enshrined in the Social Security system. Earlier research has stressed a more holistic approach, which focuses on the match between resources and spending needs. Using this formulation this chapter estimates annuity values given long-term care concerns and bequest motives, where these estimated values are consistent with low observed demand for standard annuities. The chapter extends this model to value non-standard annuities with various security-enhancing features that may be of value to retirees.

Keywords:   bequest, precautionary motive, long-term-care insurance, Medicaid aversion, consumption, reversible annuity, longevity insurance, healthcare, health shock

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