Developments in Decumulation: The Role of Annuity Products
in Financing Retirement

Olivia S. Mitchell


Longer lifespans are generally seen as a positive outcome of economic
growth. Yet life extension also means that more people face the risk of living
too long — that is, outliving their assets and means of support. A range of
financial products exist currently or can be envisioned for the future that would
be useful in helping to protect people against having to dramatically curtail
consumption in old age. The paper reviews the usefulness of life annuitites in
providing protection against longevity risk.

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