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The Journal of Retirement

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The Market for Longevity Annuities

Katharine G. Abraham and Benjamin H. Harris
The Journal of Retirement Spring 2016, 3 (4) 12-27; DOI: https://doi.org/10.3905/jor.2016.3.4.012
Katharine G. Abraham
is a professor of economics and survey methodology at the University of Maryland in College Park, MD.
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  • For correspondence: kabraham@umd.edu
Benjamin H. Harris
was formerly the deputy director of the Retirement Security Project at the Brookings Institution in Washington, DC.
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Abstract

Using a portion of accumulated assets to purchase a longevity annuity—which provides fixed income payments that begin in late old age with a substantial delay from the time the contract is purchased—offers a cost-effective means for individuals to insure against running out of money in retirement. Despite their conceptual appeal, sales of such products to date have been vanishingly small. The article discusses the factors that have inhibited consumers, employers, and insurance providers from participating in the market for longevity annuities and proposes reforms that could help to develop that market. These reforms include stronger efforts to educate consumers about the risks they face in retirement; permitting insurance companies to mention the existence of state guaranty funds when marketing annuity products; creating a more transparent safe harbor for employers who offer annuities within their retirement plans; and taking steps to develop or support the development of longevity bonds, which would allow insurance companies that offer longevity annuities to better hedge against the associated aggregate longevity risk.

TOPICS: Retirement, fixed income and structured finance, legal/regulatory/public policy

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The Journal of Retirement: 3 (4)
The Journal of Retirement
Vol. 3, Issue 4
Spring 2016
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The Market for Longevity Annuities
Katharine G. Abraham, Benjamin H. Harris
The Journal of Retirement Apr 2016, 3 (4) 12-27; DOI: 10.3905/jor.2016.3.4.012

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The Market for Longevity Annuities
Katharine G. Abraham, Benjamin H. Harris
The Journal of Retirement Apr 2016, 3 (4) 12-27; DOI: 10.3905/jor.2016.3.4.012
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  • Article
    • Abstract
    • THE RETIREMENT SECURITY CHALLENGE
    • CONCEPTUALIZING THE POTENTIAL VALUE OF A LONGEVITY ANNUITY
    • BARRIERS TO THE DEVELOPMENT OF THE MARKET FOR LONGEVITY ANNUITIES
    • REMOVING THE OBSTACLES TO A ROBUST MARKET FOR LONGEVITY ANNUITIES
    • CONCLUSION
    • ENDNOTES
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