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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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Annuity Markets in Japan

Annuity Markets in Japan

Chapter:
(p.159) Chapter 9 Annuity Markets in Japan
Source:
Securing Lifelong Retirement Income
Author(s):

Junichi Sakamoto

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199594849.003.0009

In Japan, annuities are not currently very popular as a means to finance retirement, since many people rely on government social security benefits in old age. When annuities are sold, they tend not to be life payouts but rather term-certain products. In this sense, the annuity puzzle also applies to Japan. This chapter discusses possible reasons for the unpopularity of annuity products, including costs and inequitable taxation that hinders people from buying them.

Keywords:   Japan, social insurance, pensions, defined benefit, defined contribution, taxation, longevity

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