Description: In this article, we describe new approaches to long-term care financing that rely on home equity release and we address several of the challenges mentioned above. While these approaches stand to help expand the potential for long-term care financing to middle-class Americans, even these approaches don’t address a large swath of the U.S. with less privilege, who have little or no home equity. We will discuss the product design, marketing, pricing and risk management of these new approaches and potential behavioral factors that should be considered. The article builds on a growing body of academic research to which the authors have actively contributed. We want to share the key insights of this international work in market research, economics, and actuarial studies to stimulate more research in this area.

Description: This article is a summary of the SOA Research Institute report published in April 2023 on Megatrends Impacting the Future of Retirement Plans.

Description: As the population and workforce age, it is important to rethink how and when we retire. This article provides a big picture overview of issues related to opening up more options for exit from the labor force and gradual retirement. It reviews developments in the last few years that are important including the growth of gig employment, more remote work, more technology, workforce shortages, and changes in employee benefits that previously were a barrier to gradual retirement. It calls for more focus on adaption to the aging society. Several publications are cited and it includes a reference list.

Description: This article presents a summary of ideas discussed in a 1999 symposium on the subject of the pros and cons of privatization as an element of the U.S. Social Security system. The four main topics addressed were: 1. Overview of Social Security reform. 2. Pros and cons of privatization. 3. Impact of privatization. 4. Practical issues of privatization. From: The Actuary, September 1999 – volume 33 - Issue 7.

Description: The paper demonstrates that the most popular rationalization for evolving glide paths is flawed and should be discarded. The paper also demonstrates that glide paths should generally evolve for investors that endeavor to optimize outcomes and reevaluate their portfolios regularly.

Description: In 1986, the Society of Actuaries identified a number of external trends that could have a substantial impact on future retirement patterns. An analysis of demographic trends clearly indicated that more people would be reaching older ages and that they would live longer.

Description: 10 Considerations for DB Pension Plans in Light of the Coronavirus Crisis of 2020. The article discusses the following topics: ERISA funded status & benefit restrictions; cash contributions & tax deductibility; PBGC premiums; Pension Accounting Expense; Commencing Benefits After Normal Retirement Age; Bringing Back Former Participants; Actuarial Assumptions; Asset Allocation and Re-Risking; De-Risking Expectations and Future Funding Relief

Description: This overview of the pros and cons of individual accounts and the paygo system was offered by two speakers at the 1999 symposium, “Impact of Social Security Privatization on Retirement Income. From: The Actuary, September 1999 – volume 33 - Issue 7.

Description: This article describes the need for and the benefits of implementing a financial education program for employees

Description: Many retirement actuaries have experience developing, implementing, and monitoring Liability Driven Investing (LDI) strategies for plan sponsors. These strategies typically involve modifying a plan’s investment strategy to remove a significant portion of the investment and interest rate risk now or at some point in the future when specific triggers are met. The tactics often involve the use of fixed income assets to cash flow and/or duration match the liabilities. In the spirit of helping actuaries expand their roles in an evolving defined contribution world, this article explores the application of LDI and derisking strategies within defined contribution and individual retirement accounts. The economic theory behind this approach is called the lifecycle hypothesis, or lifecycle finance. The benefits of the lifecycle finance method are that it provides a safe approach to save for retirement and a secure source of floor income during retirement. Similar to pension plans, each individual has his or her own idiosyncratic needs, wants, and risks that should be considered. Actuaries are uniquely situated to help defined contribution plan sponsors, individuals, and even themselves implement the lifecycle finance approach by developing and distributing tools and methods that focus on income (rather than wealth), LDI strategies, and personalization.