With aging populations, the role of private insurance in financing late-in-life risks is likely to
grow. Yet, demand for long-term care insurance (LTCI) and life annuities (hereafter …

Despite facing significant uncertainty about their lifespans and health care costs, most
retirees do not buy annuities or long-term care insurance. In this paper, I find that retirees' …

Few retirees annuitize any wealth, a fact that has so far defied explanation within the
standard framework of forward-looking, expected utility-maximizing agents. Bequest motives …

This paper presents evidence on the resources available to households as they enter
retirement. It draws heavily on data collected by the Health and Retirement Study. We …

The Chinese pension system is multilayered. The first layer consists of several public
pension schemes, some of them mandatory (Basic Old Age Insurance and Public Employee …

How do, could, and should retirees draw down their financial savings? This article reviews
over 100 papers on this topic from the perspective of individuals, families, governments, and …

The life care annuity—the integration of the life annuity with long‐term care insurance
coverage—is intended to deal with major problems in the currently separate markets for life …

Reverse mortgages allow elderly homeowners to unlock and consume home equity without
leaving their homes. Relative to the number of elderly homeowners with limited financial …

This paper conducts a stated-choice experiment where respondents are asked to rate
various insurance products aimed to protect against financial risks associated with long-term …

Why don't people buy annuities? Several explanations have been provided by the previous
literature: large fraction of preannuitized wealth in retirees' portfolios; adverse selection; …