Description: Majority of Latin American Consumers Worry About Financial Security in Retirement Yet Only 20% Have Done Any Planning:

Description: Chairperson’s column discussing the state of the world today and how that influences investment strategies and describes to seminars the section sponsored to keep members apprised of changes.

Description: This report provides background on U.S. trends in the timing of retirement, the claiming of benefits behavior, including discussion of labor force participation trends, the timing of commencement of Social Security, phased retirement alternatives, work as part of retirement, and the effects of retirement plan participation on these decisions. This study evaluates several of the more common retirement timing and claiming strategies using a retirement simulation model that incorporates investment, inflation, health and long-term care risks. Results of these simulations provide insight into the comparative risk exposures and costs of various retirement timing and claiming strategies for typical retiree households.

Description: We propose an age-shift model to modify the LC model and deal with the problem of parameters. The proposed method attains smaller estimation errors with respect to mean absolute percentage error or mean square error. We also apply the proposed age-shift model to the mortality rates of these four countries to evaluate the longevity risk in annuity products by measuring life expectancy.

Description: Can our pension system provide people with their preretirement standard of living over the next century? How robust is the retirement system? What happens if there are Social Security cuts, early retirements, increased life expectancy, negative population growth, high inflation, and unfavorable investment experiences? This session examines the entire U.S. retirement system, including private and public pension plans, Social Security and personal savings. It shows how much retirement income can be provided by each component over the next century. From the Record of the Society of Actuaries Vol. 20, No. 3A.

Description: The purpose of this paper is to consider whether there is a coherent and principled approach to decide the question of what rights if any nonparticipant spouses should have in the retirement plans of participant spouses. From Retirement Needs Framework, M-RS00-1.

Description: This study builds on the prior studies, Measures of Retirement Benefit Adequacy and Improving Retirement Outcomes: Timing, Phasing, and Benefit Claiming, with a specific focus on how longevity impacts household financial needs in retirement and which strategies can best address these financial strains. A major conclusion from this research is that the risk of living long should be more carefully incorporated in household retirement planning.

Description: This program allows the user to explore in great detail a technical problem that has occupied a number of investors, financial writers and especially retirees, during the last few years, as the baby boomers start to approach retirement. Namely, what is the probability that one will run out of money before running out of life, if his or her current standard of living is maintained? This is a zip file which includes the Retirement Probability Analyzer software, an instruction manual and a PowerPoint presentation explaining the program.

Description: This article helps illustrate that a guaranteed income stream in retirement has much more value than merely longevity protection. Used properly, a payout annuity is also a hedge against one's retirement nest egg evaporating, leaving the retiree living check to check on a fixed income only. The article will be of interest to those involved in product development and design, sales and marketing, and payout annuities or guaranteed withdrawal benefits in general.

Description: Presented at Living to 100 and Beyond symposium in January 2002. Discusses the impact of longer life spans on families, business, society, and programs to help support the elderly.