Health/Long-Term Care
The unpredictability of one’s lifespan is a major difficulty in retirement planning and provides the impetus for insurance products guaranteeing lifetime income. It is well known that this variance of longevity differs across demographic and socioeconomic groups, but the patterns of this variance over time have not been studied…
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…
