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Essays on Annuities and Their Economic Value for Retirees

Faced with an uncertain time of death, retirees may find annuities useful as they can provide a stable lifestream of income upon retirement. In reality, around the world, the voluntary annuity take-up rate is low. Researchers suggest this may be due to several possible reasons, such as a strong bequest motive, low financial literacy, a security system with generous benefits, or the lack of liquidity to prepare for unexpected medical expenses. In this thesis, three research papers are developed, each contributing to the main goal of the thesis, which is to provide readers with a greater understanding of the economicc value of annuities for retirees.

Faced with an uncertain time of death, retirees may find annuities useful as they can provide a stable lifestream of income upon retirement.