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Will we outlive our money?

D L Salisbury1

  • 1Employee Benefit Research Institute (EBRI), Washington, D.C., USA.

Benefits Quarterly
|December 29, 2000
PubMed
Summary

Americans face increasing retirement income uncertainty as fewer receive life annuities. This study examines longevity risk and its impact on savings withdrawal rates amid varying investment returns.

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Area of Science:

  • Retirement Planning
  • Financial Economics
  • Gerontology

Background:

  • Declining prevalence of employer-sponsored life annuities for American retirees.
  • Growing importance of individual financial planning for retirement income security.
  • Increased exposure of retirees to market volatility and longevity risk.

Purpose of the Study:

  • To highlight critical issues surrounding retirement income uncertainty.
  • To analyze the impact of longevity risk on retirement planning.
  • To investigate the relationship between varying rates of return and savings withdrawal strategies.

Main Methods:

  • Literature review on retirement benefits trends.
  • Analysis of financial planning models for retirement income.
  • Simulation of savings withdrawal rates under different economic scenarios.

Main Results:

  • Significant decrease in annuity coverage among American retirees.
  • Longevity risk poses a substantial threat to sustained retirement income.
  • Withdrawal rates are highly sensitive to investment performance and lifespan.

Conclusions:

  • Retirement planning must address increased uncertainty due to fewer annuities.
  • Strategies are needed to mitigate longevity risk and manage withdrawal rates effectively.
  • Further research on adaptive retirement income solutions is warranted.

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