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A Shortfall Risk Analysis of Life Annuities in Retirement
National Bureau of Economic Research [NBER] 
May 2, 2005
Excerpt: Retirees must draw down their accumulated assets in an orderly fashion, so as not to exhaust their funds too soon. We compare alternative phased withdrawal strategies to a life annuity benchmark using German data; one particular phased withdrawal rule seems attractive, as it offers relatively low expected shortfall risk, good expected payouts for the retiree during his life, and some bequest potential; results are similar for the US case.
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