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Recalibrating Retirement Spending and Saving$
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John Ameriks and Olivia S. Mitchell

Print publication date: 2008

Print ISBN-13: 9780199549108

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199549108.001.0001

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Annuity Valuation, Long‐Term Care, and Bequest Motives

Annuity Valuation, Long‐Term Care, and Bequest Motives

(p.251) Chapter 11 Annuity Valuation, Long‐Term Care, and Bequest Motives
Recalibrating Retirement Spending and Saving

John Ameriks

Andrew Caplin

Steven Laufer

Stijn Van Nieuwerburgh

Oxford University Press

Financial security in retirement has traditionally meant having a steady flow of annuity income as long as one lives — a definition enshrined in the Social Security system. Earlier research has stressed a more holistic approach, which focuses on the match between resources and spending needs. Using this formulation this chapter estimates annuity values given long-term care concerns and bequest motives, where these estimated values are consistent with low observed demand for standard annuities. The chapter extends this model to value non-standard annuities with various security-enhancing features that may be of value to retirees.

Keywords:   bequest, precautionary motive, long-term-care insurance, Medicaid aversion, consumption, reversible annuity, longevity insurance, healthcare, health shock

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