The Handbook of Variable Income AnnuitiesIn-depth coverage of variable income annuities With trillions of dollars in retirement savings assets, the tens of millions of Americans on the precipice of retirement need to convert these savings into retirement income. The fact that variable income annuities (VIAs) generate maximum lifetime income with zero probability of outliving it has spurred the need for more information about VIAs. The Handbook of Variable Income Annuities is by far the most comprehensive source of information on this topic. This book thoroughly describes the most important principles of optimal asset liquidation and demystifies VIA mechanics, so readers can gain a high comfort level with this important financial instrument. Interestingly and clearly, The Handbook of Variable Income Annuities explains the mathematical pricing of variable income annuities, expected rates of return, taxation, product distribution, legal aspects, and much more. Jeffrey K. Dellinger (Fort Wayne, IN), a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries, has over 25 years experience in the financial services sector. He advises institutions on retirement income optimization, products, and markets. |
From inside the book
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... equal in amount to a new house in the event of fire, one does not totally self-finance the risk of undue longevity. Because the proper perspective on financing retirement income is so important, it will be repeated here: Extraordinary ...
... equal protective value. Each annuitant is assured of lifetime income and has transferred mortality risk that he or she was less suited to absorb on an individual basis to a program that pools mortality risk and is thereby better suited ...
... equal annual withdrawals at the end of each year, and want to fully dissipate the account at the end of 10 years. You invest pri$100,000 80,000 60,000 40,000 20,000 0 Year FIGURE 1.0 Beginning—of-Year Values. Retirement Income Basics 11 ...
... equals the bond duration times the change in interest rate. For example, a bond with a four-year duration would ... equal each of the discount rates. Since this is not generally the case, changes in the yield to maturity and changes ...
... equal to the weighted average of the durations of the individual bonds that comprise it, with weights based on the prices P of the bonds. For example, the duration of a two-bond portfolio is: D: I)1D1'EP2D2. PHFPZ. As a result, a ...
Contents
1 | |
17 | |
21 | |
39 | |
59 | |
Chapter 6 Annuitant Populations and Annuity Present Values | 77 |
Chapter 7 Immediate Variable Annuity Subaccounts | 249 |
Chapter 8 Rate of Return | 277 |
Chapter 15 Securities Law | 441 |
Chapter 16 Forms of Insurance and Insurers | 453 |
Chapter 17 IVA Business Value to Annuity Company | 473 |
Chapter 18 Product Development Trends | 489 |
Chapter 19 Conclusion | 565 |
Appendixes | 575 |
Quotable Wisdom Regarding Longevity | 715 |
Notes | 717 |
Chapter 9 Reserves and RiskBased Capital | 299 |
Chapter 10 Immediate Variable Annuity Taxation | 333 |
Chapter 11 Services and Fees | 353 |
Chapter 12 Product Distribution | 363 |
Chapter 13 Individual Immediate Variable Annuity Underwriting | 411 |
Chapter 14 Legal Issues | 421 |
Glossary | 741 |
About the Author | 743 |
Index to Notation | 745 |
Subject Index | 747 |