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A3a Annuity Satisfaction
Key Words
Annuity puzzle, annuity income product(s), variable annuity (self-annuitization), immediate life annuity (annuitization), annuity decision-making, investment risk, longevity risk, retirement satisfaction
Short Description
Reticence among retirees to protect themselves against longevity risk is an annuity puzzle that has been the subject of vigorous academic debate. As a standard practice, retirement capital is converted into either an immediate life annuity (annuitization), affording significant protection against longevity risk, or a variable annuity (self-annuitization), exposing capital to volatile investment returns. This work presents a number of exploratory factors (based on annuity puzzle literature) that associate with retirees’ satisfaction levels, with respect to the eventual outcome of their annuity choice. The most interesting conclusion is that, although one would expect active involvement in managing retirement capital among variable annuitants to contribute to satisfaction levels, according to the multiple regression results the desire to control and manage variable annuity capital in the pursuance of capital growth, actually significantly contributes to retiree discontentment/dissatisfaction. Financial education and counseling with respect to optimal annuity decision-making could restore the promise of retirement income security.