Deutschland , Private Altersversorgung , Investmentfonds , Kapitalerhaltung
Abstract:
A Systematic Comparison of Pension Annuities and Self-Annuitization under the Criterion of Capital Exhaustion is presented. The present paper further develops the papers of Albrecht/Goebel (SFB 504 discussion paper 00-31) and Albrecht/Maurer (SFB 504 discussion paper 01-05). The new feature is the consideraton of the effects of the different tax treatment of annuities, stocks, bonds and real estate funds. Again the determination of the ruin probability is the central objective of the paper.
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