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Article

The Role of Variable Annuities in Addressing Retirement Risks

Nevenka Vrdoljak, David Laster and Anil Suri
The Journal of Retirement Fall 2014, 2 (2) 55-66; DOI: https://doi.org/10.3905/jor.2014.2.2.055
Nevenka Vrdoljak
is a director of retirement strategies at Merrill Lynch Wealth Management at Bank of America in New York, NY.
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  • For correspondence: nevenka_vrdoljak@ml.com
David Laster
is head of retirement strategies at Merrill Lynch Wealth Management at Bank of America in New York, NY.
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  • For correspondence: david.laster@ml.com
Anil Suri
is a managing director and head of portfolio construction and investment analytics at Merrill Lynch Wealth Management at Bank of America in New York, NY.
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  • For correspondence: anil_suri@ml.com
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Abstract

Investors commonly fund their retirement through portfolios of stocks and bonds or mutual funds, which offer scant protection against the risk of a market downturn or of outliving their wealth. This article examines how adding a variable annuity with a guarantee lifetime withdrawal benefit (VA + GLWB) to a balanced portfolio can help reduce the risk of running out of money in retirement. It quantifies, through simulation analysis, the degree to which an allocation to a VA + GLWB can help mitigate two key retirement risks: longevity and sequence of returns risk. This risk reduction comes at the cost of a decrease in the expected future bequest. The article also explores how the timing of withdrawals and the asset allocation within a VA + GLWB impacts retirement outcomes.

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The Journal of Retirement: 2 (2)
The Journal of Retirement
Vol. 2, Issue 2
Fall 2014
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The Role of Variable Annuities in Addressing Retirement Risks
Nevenka Vrdoljak, David Laster, Anil Suri
The Journal of Retirement Oct 2014, 2 (2) 55-66; DOI: 10.3905/jor.2014.2.2.055

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The Role of Variable Annuities in Addressing Retirement Risks
Nevenka Vrdoljak, David Laster, Anil Suri
The Journal of Retirement Oct 2014, 2 (2) 55-66; DOI: 10.3905/jor.2014.2.2.055
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  • Article
    • Abstract
    • WHAT ARE VARIABLE ANNUITIES?
    • HOW A VARIABLE ANNUITY WITH GLWB WORKS
    • RETIREMENT OUTCOMES AND VA + GLWB
    • HOW VA + GLWBS CAN MITIGATE KEY RETIREMENT RISKS
    • VARIABLE ANNUITY STRATEGIES
    • CONCLUSIONS
    • APPENDIX A
    • APPENDIX A
    • ENDNOTES
    • REFERENCES
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  • PDF (Subscribers Only)

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  • Editor’s Letter
  • BOOK REVIEW: Is There a Retirement Crisis? An Exploration of the Current Debate
  • Editor’s Letter
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