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The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance, by Moshe A. Milevsky
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This 2006 book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.
- Sales Rank: #1365502 in Books
- Brand: Brand: Cambridge University Press
- Published on: 2006-03-13
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x .75" w x 5.98" l, 1.25 pounds
- Binding: Hardcover
- 336 pages
- Used Book in Good Condition
Most helpful customer reviews
10 of 10 people found the following review helpful.
Valuable insight into retirement math
By Larry R Frank Sr, MBA, CFP
I had purchased this book when if was first published and have now come back to it after reading his recent work (link below). This earlier book is a very detailed discussion of the computations that go into the question of retirement income. For those who are math oriented, this is a good book to begin to get insight into solving the retirement income question. He has a supporting website at [...].
For those who would like to have insight into how to apply this math, his more recent book Are You a Stock or a Bond? Create Your Own Pension Plan for a Secure Financial Future will help, and it is an easier read for most, especially the non math oriented.
As a holder of a physics degree, the math so far applies to static periods, i.e. considering what age a person currently is (t for time is static). However, the time period continually decreases since longevity is continually shortening as a person ages. Therefore, the time should be evaluated as delta t or changing time. In practice, I see this difference between ages emerge as I evaluate different situations. Readjusting the formula for each age, as one ages, does not work since in practice this results in taking more out early and having to retrench later.
However, getting deeper insight into the mathematical approach is extremely enlightening and useful to those who are so oriented.
Wealth Odyssey: The Essential Road Map For Your Financial Journey Where Is It You Are Really Trying To Go With Money?
3 of 3 people found the following review helpful.
One of a kind
By Finance practitioner
I read the book from front to cover. It's combination of actuarial principles and the application to highly relevant retirement issues is unique. Most of the actuarial books are impossible to read even for well trained economists. A way to keep consulting income for actuaries? There is a huge gap between finance people and insurance guys. Milevskys book is a long needed and important step to bring those two branches closer together - to start solving real problems in real life. A must have on the desk of financial planners, retirement economists and bankers looking for problems which are difficult but relevant in application.
1 of 1 people found the following review helpful.
wanna-be actuary planning his own retirement savings payout
By Ed Speartooth
Perfect for me a wanna-be actuary puzzled by people throwing out 4% withdrawal rules and 20% savings rates and wondering where in the hell those numbers came from. This book explains the formulas used to derive them and enables you to apply your own assumptions and get your own numbers. Full explanation of why he prefers a probability distribution for expected returns rather than montecarlo simulations using historical returns. Formulas given give you confidence that your monte carlo model is giving you reasonable results.
Not all formulas derived from scratch, but proof available on the web.
Essential if you want to "do the math" or make reasonableness checks on monte carlo model outputs.
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