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The Journal of Retirement

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Analyzing an Income Guarantee Rider
in a Retirement Portfolio

Wade D. Pfau
The Journal of Retirement Summer 2013, 1 (1) 100-109; DOI: https://doi.org/10.3905/jor.2013.1.1.100
Wade D. Pfau
is a professor at the American College in Bryn Mawr, PA.
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  • For correspondence: wade.pfau@theamericancollege.edu
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Abstract

Income guarantee riders for variable annuities are growing in popularity as a retirement income tool. This article explores their role in both the deferral and withdrawal stages of retirement income planning. Results explore how well income guarantees support an inflation-adjusted benefit base, as well inflation-adjusted retirement income withdrawals. By comparing income provided by a guaranteed portfolio with an unguaranteed portfolio replicating the same payments, we can obtain greater insight about the efficacy of the income guarantee. Results depend on what asset allocation choices would be made by retirees both with and without the income guarantee.

TOPICS: Portfolio construction, risk management, retirement

  • © 2013 Pageant Media Ltd
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The Journal of Retirement: 1 (1)
The Journal of Retirement
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Analyzing an Income Guarantee Rider
in a Retirement Portfolio
Wade D. Pfau
The Journal of Retirement Jun 2013, 1 (1) 100-109; DOI: 10.3905/jor.2013.1.1.100

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Analyzing an Income Guarantee Rider
in a Retirement Portfolio
Wade D. Pfau
The Journal of Retirement Jun 2013, 1 (1) 100-109; DOI: 10.3905/jor.2013.1.1.100
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  • Article
    • Abstract
    • RIDER FEATURES TO BE ANALYZED
    • DATA AND MODELING APPROACH
    • RESULTS FOR THE DEFERRAL PHASE
    • THE INCOME PHASE
    • CONCLUSION
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