Fixed and variable longevity income annuities in defined contribution plans: Optimal retirement portfolios taking social security into account
研究了退休人员如何利用确定缴费计划资产购买固定或可变长寿收入年金，并结合社会保障福利优化退休投资组合，发现延迟领取社保对高死亡率群体更优，而购买递延年金对预期寿命较长者更有利。
Abstract This paper investigates retirees' optimal purchases of fixed and variable longevity income annuities using their defined contribution (DC) plan assets and given their expected social security benefits. As an alternative, we also evaluate using plan assets to boost social security benefits through delayed claiming. Using a calibrated life‐cycle model, we determine that including deferred income annuities in DC accounts is welfare‐enhancing for all sex/education groups examined. We also show that providing access to well‐designed variable deferred annuities with some equity exposure further enhances retiree well‐being, compared to having access only to fixed annuities. Nevertheless, for those facing the highest mortality rates, delaying claiming social security is mostly preferred, whereas those anticipating living longer than average will benefit more from using accumulated DC plan assets to purchase deferred annuities.