LEADER 09776nam 2200661 a 450 001 9910968788003321 005 20251117090903.0 010 $a1-61324-606-4 035 $a(CKB)2550000000044967 035 $a(EBL)3019610 035 $a(SSID)ssj0000522607 035 $a(PQKBManifestationID)12222542 035 $a(PQKBTitleCode)TC0000522607 035 $a(PQKBWorkID)10538452 035 $a(PQKB)10368402 035 $a(MiAaPQ)EBC3019610 035 $a(Au-PeEL)EBL3019610 035 $a(CaPaEBR)ebr10671175 035 $a(OCoLC)744635246 035 $a(BIP)29020750 035 $a(EXLCZ)992550000000044967 100 $a20100422d2010 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 00$aFinancial asset management and wealth in retirement /$fTerrance G. Waverly, editor 205 $a1st ed. 210 $aNew York $cNova Science Publishers$dc2010 215 $a1 online resource (138 p.) 225 1 $aRetirement issues, plans and lifestyles 300 $aDescription based upon print version of record. 311 08$a1-60741-696-4 320 $aIncludes bibliographical references and index. 327 $aIntro -- CONTENTS -- PREFACE -- Chapter 1 THE TRAJECTORY OF WEALTH IN RETIREMENT -- Abstract -- 1. Introduction -- 2. Data -- 2.1. Methods -- 2.2. Characteristics of the Sample -- 2.3. The Composition and Level of Comprehensive Wealth in the HRS -- 3. A Measure of Annualized Wealth for Retirees -- 3.1. Definition of Annualized Wealth -- 3.2. Annualized Wealth and the Life Cycle Model -- 3.3. Annualized Wealth and Joint Life Annuities -- 3.4. Discussion of Annualized Wealth -- 3.5. Annualized Wealth in the HRS -- 4. Nonparametric Age Profiles of Comprehensive Wealth in the HRS -- 4.1. Methodology -- 4.2. Results -- 5. Regression-based Age Profiles of Comprehensive Wealth in the HRS -- 5.1. Methodology -- 5.2. Results -- 5.3. The Effect of Capital Gains on the Estimated Age Profiles -- 6. Predicted Age Profiles for Annualized Comprehensive Wealth from Life Cycle Model Simulations -- 6.1. Description of the Models We Consider -- 6.2. Comparison of Age Profiles from the HRS and the Model Simulations -- 7. Conclusion -- References -- Appendix 1: Present Value Calculations for the Annuity-Like Components of Comprehensive Wealth -- Defined Benefit Pension Benefits -- Social Security Benefits -- Annuities and Welfare Benefits -- Appendix 2: Detailed Description of the Life Cycle Model Simulations Reported in the Paper -- Simulation Results -- Baseline Life Cycle Model -- Effect of Uncertain Longevity -- Effect of a Bequest Function -- Effect of Differential Mortality by Wealth -- Effect of Random Medical Expenses -- End Notes -- Chapter 2 CONVERTING RETIREMENT SAVINGS INTO INCOME: ANNUITIES AND PERIODIC WITHDRAWALS -- Summary -- Introduction -- The Nature of Risk in Retirement -- Longevity Risk -- Inflation Risk -- Investment Risk -- Unexpected Events -- Annuities as a Source of Retirement Income -- The Current Market for Annuities -- Group Annuities. 327 $aIndividual Annuities -- Timing of Payments -- Rates of Return -- Inflation Protection Options -- Tax Treatment of Annuities -- Taxation of Income from a Fixed Annuity -- Taxation of Income from a Variable Annuity -- Tax Exclusion for Long-Term Care Insurance -- Consumer Protections and the Regulatory Environment -- State Regulation of Annuities -- Federal Regulation of Annuities -- Why Is Demand for Individual Annuities So Low? -- Complexity and Lack of Transparency in Annuity Expenses -- Lack of Flexibility in Dealing with Unexpected Expenses -- Retirement Account Withdrawal Strategies -- How Long Will a Retirement Account Last with Fixed Annual Withdrawals? -- Initial Rate of Withdrawal -- Investment Portfolio -- Probability of Assets Lasting for at Least a Specific Number of Years -- Portfolio of 65% Stocks and 35% Bonds -- Portfolio of 35% Stocks and 65% Bonds -- Estimates Incorporating Life Expectancy -- Estimates of Variable Annual Withdrawals -- Summary of Withdrawal Strategies: Balancing Risks -- Appendix A. What is "Monte Carlo" Analysis? -- Appendix B. United States Life Tables, 2004 -- Author Contact Information -- End Notes -- Chapter 3 WILL THE DEMAND FOR ASSETS FALL WHEN THE BABY BOOMERS RETIRE? -- Summary and Introduction -- What Does Simple Theory Predict about Asset Demand? -- What Does the Evidence Tell Us? -- Why Are Baby Boomers Unlikely to Draw Down Assets Rapidly in Retirement? -- Saving for Unexpected Events -- Saving for Bequests -- Unequal Distribution of Assets -- Effects of the Financial Turmoil -- Will Baby Boomers Alter the Mix of Assets in Their Portfolios? -- Could Other Factors Sustain the Demand for Assets? -- Demand from Abroad -- Demand Among Immigrants -- Effect on Asset Prices -- References -- End Notes -- INDEX -- FINANCIAL ASSET MANAGEMENT AND WEALTH IN RETIREMENT. 327 $aFINANCIAL ASSET MANAGEMENT AND WEALTH IN RETIREMENT -- CONTENTS -- PREFACE -- Chapter 1 THE TRAJECTORY OF WEALTH IN RETIREMENT -- Abstract -- 1. Introduction -- 2. Data -- 2.1. Methods -- 2.2. Characteristics of the Sample -- 2.3. The Composition and Level of Comprehensive Wealth in the HRS -- 3. A Measure of Annualized Wealth for Retirees -- 3.1. Definition of Annualized Wealth -- 3.2. Annualized Wealth and the Life Cycle Model -- 3.3. Annualized Wealth and Joint Life Annuities -- 3.4. Discussion of Annualized Wealth -- 3.5. Annualized Wealth in the HRS -- 4. Nonparametric Age Profiles of Comprehensive Wealth in the HRS -- 4.1. Methodology -- 4.2. Results -- 5. Regression-based Age Profiles of Comprehensive Wealth in the HRS -- 5.1. Methodology -- 5.2. Results -- 5.3. The Effect of Capital Gains on the Estimated Age Profiles -- 6. Predicted Age Profiles for Annualized Comprehensive Wealth from Life Cycle Model Simulations -- 6.1. Description of the Models We Consider -- 6.2. Comparison of Age Profiles from the HRS and the Model Simulations -- 7. Conclusion -- References -- Appendix 1: Present Value Calculations for the Annuity-Like Components of Comprehensive Wealth -- Defined Benefit Pension Benefits -- Social Security Benefits -- Annuities and Welfare Benefits -- Appendix 2: Detailed Description of the Life Cycle Model Simulations Reported in the Paper -- Simulation Results -- Baseline Life Cycle Model -- Effect of Uncertain Longevity -- Effect of a Bequest Function -- Effect of Differential Mortality by Wealth -- Effect of Random Medical Expenses -- End Notes -- Chapter 2 CONVERTING RETIREMENT SAVINGS INTO INCOME: ANNUITIES AND PERIODIC WITHDRAWALS -- Summary -- Introduction -- The Nature of Risk in Retirement -- Longevity Risk -- Inflation Risk -- Investment Risk -- Unexpected Events -- Annuities as a Source of Retirement Income. 327 $aThe Current Market for Annuities -- Group Annuities -- Individual Annuities -- Timing of Payments -- Rates of Return -- Inflation Protection Options -- Tax Treatment of Annuities -- Taxation of Income from a Fixed Annuity -- Taxation of Income from a Variable Annuity -- Tax Exclusion for Long-Term Care Insurance -- Consumer Protections and the Regulatory Environment -- State Regulation of Annuities -- Federal Regulation of Annuities -- Why Is Demand for Individual Annuities So Low? -- Complexity and Lack of Transparency in Annuity Expenses -- Lack of Flexibility in Dealing with Unexpected Expenses -- Retirement Account Withdrawal Strategies -- How Long Will a Retirement Account Last with Fixed Annual Withdrawals? -- Initial Rate of Withdrawal -- Investment Portfolio -- Probability of Assets Lasting for at Least a Specific Number of Years -- Portfolio of 65% Stocks and 35% Bonds -- Portfolio of 35% Stocks and 65% Bonds -- Estimates Incorporating Life Expectancy -- Estimates of Variable Annual Withdrawals -- Summary of Withdrawal Strategies: Balancing Risks -- Appendix A. What is "Monte Carlo" Analysis? -- Appendix B. United States Life Tables, 2004 -- Author Contact Information -- End Notes -- Chapter 3 WILL THE DEMAND FOR ASSETS FALL WHEN THE BABY BOOMERS RETIRE? -- Summary and Introduction -- What Does Simple Theory Predict about Asset Demand? -- What Does the Evidence Tell Us? -- Why Are Baby Boomers Unlikely to Draw Down Assets Rapidly in Retirement? -- Saving for Unexpected Events -- Saving for Bequests -- Unequal Distribution of Assets -- Effects of the Financial Turmoil -- Will Baby Boomers Alter the Mix of Assets in Their Portfolios? -- Could Other Factors Sustain the Demand for Assets? -- Demand from Abroad -- Demand Among Immigrants -- Effect on Asset Prices -- References -- End Notes -- INDEX -- Blank Page. 330 $aAfter many years of accumulating assets to spend in retirement, the members of the 'baby boom' generation who are beginning to retire must decide how to convert these assets into a steady stream of income. This book looks at these 78 million members. 410 0$aRetirement issues, plans and lifestyles. 606 $aCost and standard of living$zUnited States$xEconometric models 606 $aRetirement income$zUnited States$xEconometric models 606 $aRetirees$zUnited States$xEconomic conditions 606 $aWealth$zUnited States$xEconometric models 615 0$aCost and standard of living$xEconometric models. 615 0$aRetirement income$xEconometric models. 615 0$aRetirees$xEconomic conditions. 615 0$aWealth$xEconometric models. 676 $a332.024/014 701 $aWaverly$b Terrance G$01863349 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910968788003321 996 $aFinancial asset management and wealth in retirement$94469959 997 $aUNINA