Highly Influenced

@inproceedings{Cocco2009PI1005LR, title={PI-1005 Longevity Risk , Retirement Savings , and Financial Innovation}, author={J Faridy Cocco and Francisco J. Gomes}, year={2009} }

- Published 2009

Over the last couple of decades there have been unprecedented, and to some extent unexpected, increases in life expectancy which have raised important questions for retirement savings. We study optimal consumption and saving choices in a life-cycle model, in which we allow for changes in the distribution of survival probabilities, according to the Lee-Carter (1992) model. We allow individuals to hedge longevity risk through an endogenous retirement decision and by investing in financial assets… CONTINUE READING

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