By George A. (Sandy) Mackenzie
This booklet treats important yet ignored public coverage concerns: how should still distributions from person debts be regulated, and the way can the marketplace for deepest annuities functionality larger? It offers a entire survey of the problems that come up while individuals to person money owed develop into eligible for distributions. It additionally addresses the questions of even if annuitization or different regulations on distributions will be crucial, and if that is so, can the supply of annuities be privatized? Its analytical framework is appropriate to a extensive variety of nations. Given the diminishing value of public pensions worldwide, the becoming variety of the aged, and the expanding significance of outlined contribution plans, the voluntary call for for personal annuities goes to develop. it's important that annuities be cost-effective and that the annuity marketplace be successfully regulated. The e-book investigates either concerns, and proposes reforms to augment the potency of the annuity marketplace.
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Additional info for Annuity Markets and Pension Reform
36 The Demand Side of the Annuity Market Reverse Mortgages Markets for reverse mortgages are found in Australia, the United Kingdom (where the arrangement is known as a lifetime mortgage with a roll up feature), and the United States. These markets are very little developed in other countries if they exist at all, although other countries are considering the potential role they might play in increasing the cash income of the elderly. In the United States, a reverse mortgage allows an older homeowner to draw on that part of her wealth embodied in her principal residence to finance consumption without requiring her either to give up title to the home or to service a mortgage.
2005, p. 51) note, the market for indexed annuities barely exists. S. Treasury has been issuing indexed debt (Treasury inflation-protected securities or TIPS) since 1997, the total stock of these instruments remains small. , 2005, 86). Markets for indexed annuity, albeit very small ones, are also found in those South American countries, where the individual account reforms implemented in the second half of the 1990s include provisions requiring account holders to either buy an indexed life annuity or engage in a series of programmed withdrawals when they retire.
It is useful to think of a reverse mortgage loan as a combination of a conventional loan, albeit one that is rolled over, and a deferred life annuity that starts when the equity in the home has been reduced to zero, with payments equal to the accruing interest on the loan. This feature of a reverse mortgage provides some longevity insurance even if the loan is taken in a line of credit or certain annuity. In the United Kingdom, the lifetime mortgage is one of two means of unlocking the equity in a home.
Annuity Markets and Pension Reform by George A. (Sandy) Mackenzie