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Understanding how long we might live can influence important decisions, such as how much to save or whether to buy an annuity. Yet, many people underestimate their chances of living to older ages, which may lead them to save too little and avoid annuities, potentially reducing their financial security in retirement…
State and local government workers have traditionally had defined benefit (DB) pensions that insulate them from the stock market and ensure that they do not outlive their savings. Funding these plans, however, has become burdensome for many governments, with costs rising dramatically in the immediate wake of the 2008 financial crisis and continuing to grow…
