风险与保险原理课件_ch19 退休风险的原因（英文版）（20页）ppt.pdf
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1.Retirement risk arises from uncertainty concerning
the time of death
2.It is influenced by physiological
and cultural hazards
people tend to live longer
today
people are retiring earlier
Risks Associated with Superannuation
Two parts to the retirement risk
individual will
not have accumulated sufficient assets by the time
retirement arrives
assets that have been accumulated
will not last for the remainder of his or her lifetime
Retirement Risk Alternatives
1.Some people attempt to avoid the retirement risk
by not retiring.
2.Continuing employment does not
totally avoid the risk, since the probability of
disability increases with age.3.The risk of outliving an accumulation can be
transferred to an insurer.4.Some individuals transfer the retirement risk to
their children or to society by not preparing for retirement.
An Overview of Retirement Planning Process
1.Estimate future income need2.Determine how the
funds required to meet the need will be accumulated
3.Plan the manner in which the accumulation will be consumed
Sources of Retirement Funding
1.The first leg: Social Security2.The second leg:Qualified pensions and profit sharing plans
3.The third leg:Personal savings
First Line of Defense: Social Security
1.Old-age part of OASDI provides a lifetime pension
to workers and their dependents at age 65, with a
reduced benefit at age 62.
2.Social security provides
about 60% of retirement needs for minimum wage earners
and about 30% of need for those who earned maximum FICA
wage base.
3.Social security provides a solid base,
but is generally inadequate to allow continuation
of pre-retirement standard of living.
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