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http://dx.doi.org/10.5351/CKSS.2010.17.5.653

Analysis of Withdrawal Strategies in Retirement Assets Reflecting Risk Aversion Based on Programmed Withdrawal  

Yeo, Jeong-Mi (Department of Finance and Insurance, Kyung-Hee University)
Kang, Jung-Chul (Department of Banking and Insurance, Dong-Eui University)
Sung, Joo-Ho (Department of Finance and Insurance, Kyung-Hee University)
Publication Information
Communications for Statistical Applications and Methods / v.17, no.5, 2010 , pp. 653-666 More about this Journal
Abstract
Under the retirement pension plan enforced since December 2005, retirees can just choose the payout strategy either of a lump sum allowance or of an annuity in receiving the retirement benefit. Therefore, it is imperative to review and introduce the program withdrawal system enforced by countries with mature pension plan, and complement the limitations of the current payout strategy in the future. In this study, the appropriateness of each of the payout strategies related to the program withdrawal system is examined in terms of shortfall risk and bequest fund per each risk propensity through the expected utility model that reflects the age of the retiree.
Keywords
Retirement assets; programmed withdrawal; risk aversion;
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