The Calculus of Retirement Income

Financial Models for Pension Annuities and Life Insurance

Business & Finance, Economics, Statistics, Finance & Investing, Finance
Cover of the book The Calculus of Retirement Income by Moshe A. Milevsky, Cambridge University Press
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Author: Moshe A. Milevsky ISBN: 9781107713765
Publisher: Cambridge University Press Publication: March 13, 2006
Imprint: Cambridge University Press Language: English
Author: Moshe A. Milevsky
ISBN: 9781107713765
Publisher: Cambridge University Press
Publication: March 13, 2006
Imprint: Cambridge University Press
Language: English

This 2006 book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.

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This 2006 book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.

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