Description: Longevity risk—the risk of outliving one’s retirement savings—is probably the greatest risk facing current and future retirees in the United States. As life expectancy increases, government programs, private pensions and various financial products will all be needed to provide retirement income over ever-longer periods of retirement. This article focuses on the optimal mix of social insurance, pensions and financial products that should be used to provide retirement income to the oldest old, here defined as those 90 and older. To be sure, Social Security and Supplemental Security Income (SSI) are already designed to provide modest, inflation-adjusted retirement benefits to all retirees. On the other hand, pensions and other forms of retirement savings are often dissipated long before people reach the esteemed status of oldest old. One approach for enhancing the retirement incomes of the oldest old would be to expand Social Se curity and SSI. Another approach would be to strengthen the protections provided by pensions and other forms of retirement savings. In particular, the private sector could be encouraged to sell more annuities and other lifetime income products, and, perhaps, the government should also get into the business of selling annuities. These are the kinds of solutions needed to ensure the oldest old face their final years with adequate economic resources.

Description: Longevity risk—the risk of outliving one’s retirement savings—is probably the greatest risk facing current and future retirees in the United States. As life expectancy increases, government programs, private pensions and various financial products will all be needed to provide retirement income over ever-longer periods of retirement. This article focuses on the optimal mix of social insurance, pensions and financial products that should be used to provide retirement income to the oldest old, here defined as those 90 and older. To be sure, Social Security and Supplemental Security Income (SSI) are already designed to provide modest, inflation-adjusted retirement benefits to all retirees. On the other hand, pensions and other forms of retirement savings are often dissipated long before people reach the esteemed status of oldest old. One approach for enhancing the retirement incomes of the oldest old would be to expand Social Se curity and SSI. Another approach would be to strengthen the protections provided by pensions and other forms of retirement savings. In particular, the private sector could be encouraged to sell more annuities and other lifetime income products, and, perhaps, the government should also get into the business of selling annuities. These are the kinds of solutions needed to ensure the oldest old face their final years with adequate economic resources.

Description: In this session, morbidity and life expectancy trends are discussed. In addition, a case study in R on how to model the uncertainty associated with incidence of disability, disabled and active deaths and other terminations is presented.

Description: This paper proposes a mandatory universal pension system MUPS which would be a system of fully portable IRA accounts piggy-backed on to existing Social Security withholding.

Description: A collection of essays in response to a call for essays aimed to gather perspectives, opinions and data on how to advance the state of effective retirement planning tools, products, and strategies to assist individuals, financial advisors, employers, and other stakeholders.

Description: List of symposium/monograph contributors.

Description: This paper discusses the reasons for the trend toward phased retirement and looks at the legal and actuarial aspects of phased retirement as they apply to a simple defined-benefit plan.

Description: This paper provides some background about demography, health and retirement summarizes how current pension laws influence the design of pension plans and the timing of retirement and looks at the optimal retirement age from the perspective of employers, government and workers.

Description: This paper discusses the reasons for the trend toward phased retirement and looks at the legal and actuarial aspects of phased retirement as they apply to a simple defined-benefit plan. It is important for US pension law to be modified to facilitate phased retirement and include safeguards to protect workers as they make these lifetime decisions. From the Retirement Implications of Demographic and Family Change Symposium, June 2002.

Description: The survivor principle--that the share of each, at death, is enjoyed by the survivors--can be used to design tontine annuities and tontine pensions.