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The Journal of Retirement

The Journal of Retirement

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Article

Applying a Stochastic Financial Planning System to an Individual: Immediate or Deferred Life Annuities?

Agnieszka Karolina Konicz and John M. Mulvey
The Journal of Retirement Fall 2013, 1 (2) 46-60; DOI: https://doi.org/10.3905/jor.2013.1.2.046
Agnieszka Karolina Konicz
is a Ph.D. candidate in DTU Management Engineering, Management Science at Technical University of Denmark in Lyngby, Denmark. agko@dtu.dk
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John M. Mulvey
is a professor of operations research and financial engineering at Bendheim Center for Finance at Princeton University in Princeton, NJ. mulvey@princeton.edu
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Abstract

Individuals are often faced with financial decisions that have long-term implications for themselves and their families, but they have few sources of unbiased assistance. The authors suggest that a stochastic financial planning system, properly constructed and calibrated, can be applied to a number of such financial decisions, especially in the retirement arena. They present as an example the choice to purchase a life annuity for a middle-aged person. Buyers must choose whether to purchase before retirement or at the date of retirement. The article provides some guidelines on whether or not to purchase deferred life annuities, and who might most benefit from such a purchase.

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The Journal of Retirement: 1 (2)
The Journal of Retirement
Vol. 1, Issue 2
Fall 2013
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Applying a Stochastic Financial Planning System to an Individual: Immediate or Deferred Life Annuities?
Agnieszka Karolina Konicz, John M. Mulvey
The Journal of Retirement Oct 2013, 1 (2) 46-60; DOI: 10.3905/jor.2013.1.2.046

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Applying a Stochastic Financial Planning System to an Individual: Immediate or Deferred Life Annuities?
Agnieszka Karolina Konicz, John M. Mulvey
The Journal of Retirement Oct 2013, 1 (2) 46-60; DOI: 10.3905/jor.2013.1.2.046
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  • Article
    • Abstract
    • LITERATURE
    • METHODOLOGY
    • SCENARIO TREE
    • OPTIMIZATION MODULE
    • OBJECTIVE
    • NUMERICAL RESULTS
    • SUMMARY AND FUTURE WORK
    • APPENDIX
    • ENDNOTES
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