Description: Retirement income security under defined contribution plans depends upon sufficient savings and decumulating that savings so it provides an adequate income throughout retirement. Investment risk and longevity risk inherently complicate the latter task. The economic rationale for annuitization is clear in this context. However, annuitization rates have historically been very low, a phenomenon that is still not well understood. If retirees are making “rational” decisions based on full information, if their choices are consistent with the pursuit of their financial priorities, then low annuitization rates are not an issue for concern. In this case, retirees who annuitize and retirees who do not must have different financial priorities. However, research by the TIAA Institute shows that the decision to not annuitize is inconsistent with the stated financial priorities of most non-annuitants. It appears that non-annuitants do not und erstand that annuitization would address their financial priorities for retirement.

Description: Summary of the CPRNR 2015 Risk Survey and Focus Groups

Description: Article suggests future steps with regard to this project and provides information on where to get the essays.

Description: Provides preview of the two essays published in this Pension Section News and encourages dialogue, particularly on the 401(k) essay and the ideas for change.

Description: Provides an overview of several EBRI studies on spending by older Americans and brings together with Society of Actuaries research on shocks in retirement.

Description: The appropriate role for actuaries when advising on long-term investment strategies for individual retirement savings.

Description: Provides anecdotal information on management of finances for people over age 85. Include quotes from an expert discussion.

Description: Retirees and their advisors should construct diversified portfolios of retirement income, allocating among various retirement income classes that include Social Security, annuities, and systematic withdrawals from invested assets. This essay discusses the pros and cons of various retirement income generators and the issues with constructing retirement income portfolios.

Description: Offers some perspectives on retirement advice and the employer after the April, 2016 Department of Labor new fiduciary rules. Builds on SOA research project from the Committee on Post-Retirement Needs and Risk, Retirement and Investment Advice: A Guide for Employers

Description: This interview provides information on Retirement Health and Happiness, the first in a new series of publications designed to improve retirement literacy.