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Securing Lifelong Retirement IncomeGlobal Annuity Markets and Policy$
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Olivia S. Mitchell, John Piggott, and Noriyuki Takayama

Print publication date: 2011

Print ISBN-13: 9780199594849

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199594849.001.0001

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The United States Longevity Insurance Market

The United States Longevity Insurance Market

Chapter:
(p.63) Chapter 5 The United States Longevity Insurance Market
Source:
Securing Lifelong Retirement Income
Author(s):

Anthony Webb

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199594849.003.0005

This chapter documents the substantial decline in traditional sources of longevity insurance, and shows that published statistics on the individual annuity market greatly overstate its size and growth. It considers whether the decline in annuitization rates is a cause for concern. It then documents in more detail the structure, size, and pricing of the individual annuity market, and discusses product innovations. It concludes by discussing policy options for increasing rates of voluntary annuitization.

Keywords:   United States, Social Security, annuitization, risk aversion, Health and Retirement Study, defined benefit, money's worth ratio, mortality, pensions

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