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The book introduces and develops the basic actuarial models andunderlying pricing of life-contingent pension annuities and lifeinsurance from a unique financial perspective. The ideas and techniquesare then applied to the real-world problem of generating sustainableretirement income towards the end of the human life-cycle. The role oflifetime income, longevity insurance, and systematic withdrawal plansare investigated in a parsimonious framework. The underlying technologyand terminology of the book are based on continuous-time financialeconomics by merging analytic laws of mortality with the dynamics ofequity markets and interest rates. Nonetheless, the book requires aminimal background in mathematics and emphasizes applications andexamples more than proofs and theorems. It can serve as an idealtextbook for an applied course on wealth management and retirementplanning in addition to being a reference for quantitatively-inclinedfinancial planners.
• Develops an accessible framework for retirement income planning• Contains extensive examples and real-world data illustrating how the ideas presented are applied in actual retirement planning• Can be used as a textbook or foundation for an advanced course on insurance or financial planning for academics
ContentsPreface; Part I. Models of Actuarial Finance: 1.Introduction and motivation; 2. Modeling the human life-cycle; 3.Models of human mortality; 4. Valuation models of deterministicinterest; 5. Models of risky financial investments; 6. Models ofpension life annuities; 7. Models of life insurance; 8. Models of DBvs. DC pensions; Part II. Wealth Management Applications andImplications: 9. Sustainable spending at retirement; 10. Longevityinsurance revisited; Part III. Advanced Topics: 11. Options withinvariable annuities; 12. The utility of annuitization; 13. Bookconclusions; Appendices.
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