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Households approaching retirement face a wide variety of risks to their financial security. They may live longer than planned and deplete their resources; they may experience unexpectedly high inflation; or they may receive unusually poor returns on their investments. Equally consequential is the risk that households will face major expenses to cover medical and long-term…
Life expectancy and its swings over time receive significant attention from both academics and the public. Much less attention, however, is paid to the variation in lifespan around its average – the variance of longevity. However, it is precisely this unpredictability of age of death that makes lifetime income provided by Social Security and annuities…
