Putting the pension back in 401(k) retirement plans: Optimal versus default deferred longevity income annuities
研究在401(k)计划中引入递延长寿收入年金作为默认选项的福利效果，发现将部分资产默认转换为终身收入流可提升退休福利高达20%。
The US Treasury recently permitted deferred longevity income annuities to be included in pension plan menus as a default payout solution, yet little research has investigated whether more people should convert some of the $18 trillion they hold in employer-based defined contribution plans into lifelong income streams. We investigate this innovation using a calibrated lifecycle consumption and portfolio choice model embodying realistic institutional considerations. Our welfare analysis shows that defaulting a modest portion of retirees’ 401(k) assets (over a threshold) is an attractive way to enhance retirement security, enhancing welfare by up to 20% of retiree plan accruals.