Rentenversicherung versus Fondsentnahmepläne, oder: Wie groß ist die Gefahr, den Verzehr des eigenen Vermögens zu überleben?


Albrecht, Peter ; Göbel, Thorsten


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URL: https://ub-madoc.bib.uni-mannheim.de/2829
URN: urn:nbn:de:bsz:180-madoc-28296
Document Type: Working paper
Year of publication: 2000
The title of a journal, publication series: Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung
Volume: 00-31
Place of publication: Mannheim
Publication language: German
Institution: School of Law and Economics > Sonstige - Fakultät für Rechtswissenschaft und Volkswirtschaftslehre
MADOC publication series: Sonderforschungsbereich 504 > Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung (Laufzeit 1997 - 2008)
Subject: 330 Economics
Subject headings (SWD): Deutschland , Private Altersversorgung , Investmentfonds , Altersversorgung , Versicherungstechnik , Risiko , Biometrie
Abstract: The present paper considers a retiree of a certain age (60 years, 70 years) facing the following alternative investment opportunities. One possibility is to buy a single premium immediate (constant) annuity-contract. This contract guarantees a life long pension payment of a certain amount, depending e.g. on the age of the retiree, the costs of the insurance company and the yield the company is able to realize from its capital investments. The alternative possibility is to invest the single premium into a mixture of stock and bond investment funds and to withdraw a certain (constant) amount periodically. The risk of the second opportunity is to outlive the income stream generated by this investment. The risk in this sense is specified by considering the probability of outliving ones wealth. The determination of this probability is the central objective of the paper. It is assumed in the analysis that the amount of withdrawal from the fund is equivalent to the constant annuity of the insurance contract.
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Albrecht, Peter ; Göbel, Thorsten (2000) Rentenversicherung versus Fondsentnahmepläne, oder: Wie groß ist die Gefahr, den Verzehr des eigenen Vermögens zu überleben? Open Access Rationalitätskonzepte, Entscheidungsverhalten und ökonomische Modellierung Mannheim 00-31 [Working paper]
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