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April 2009, Featured Articles, Research
Build a Ladder of SPIVAs
A new research paper, published in the February 2009 issue of the Journal of Pension Economic and Finance shows that retirees can work around that liquidity problem by transferring assets incrementally from non-annuity accounts to single premium income variable annuities (SPIVAs) in retirement and by adjusting the asset allocation of both types of accounts to suit personal risk tolerances.
Variable payout annuities have never captured much wallet-share among retirees, but a lot of pension wonks still regard them as an ideal retirement income solution. Like fixed income annuities, they offer the “survival credit” that comes from mortality risk pooling. Like VAs with living benefits, they offer exposure to a mix of stocks and bonds throughout retirement. Their only drawback: insufficient liquidity.
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