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1 results

  • When saving is not enough – wealth decumulation in retirement

  • Pascal Kieren, Martin Weber
  • Journal:
    Journal of Pension Economics & Finance / Volume 21 / Issue 3 / July 2022
    Published online by Cambridge University Press:
    06 May 2021, pp. 446-473
    • Article
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  • We field a large online survey to study preferences and hypothetical product choices for phased withdrawal accounts and compare their demand to the demand of annuities. We find that most individuals prefer phased withdrawal accounts with dynamic withdrawal rates and equity-based asset allocation. Additionally, when offered the opportunity to exchange the phased withdrawal account with an annuity, most individuals decline to annuitize. Our results suggest that policymakers should consider offering combined solutions of phased withdrawals and annuities. Retirees who are averse to full annuitization could preserve some of their accumulated wealth while also acquiring protection against longevity risk.