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随着人类寿命的不断延长,社会个体面临越来越大的长寿风险,养老年金是规避长寿风险的有效工具。本文讨论个体退休计划中有关养老年金购买的重要决策问题,构建了一个能规避长寿风险的多期消费与投资决策模型框架,该框架把最优年金购买决策和传统的消费与投资选择问题有机地结合起来,以求达到规避长寿风险并获得消费和遗产的最大效用的双重目的。本文最后展示了特定参数设置下的计算结果以说明特定的社会个体应该如何构建能规避长寿风险的消费和投资策略,并分析了寿命的不确定性等因素对个体年金计划的影响。
With the continuous extension of human life expectancy, social individuals are faced with increasing longevity risk, pension annuity is an effective tool to avoid longevity risk. This article discusses the important decision-making questions about the retirement pension purchase in the individual retirement plan and constructs a multi-period consumption and investment decision-making framework that can avoid longevity risk. The framework organically combines the optimal annuity purchase decision and the traditional choice of consumption and investment In order to achieve the dual purpose of avoiding the longevity risk and obtaining the maximum utility of consumption and inheritance. Finally, we show the calculation results under certain parameter settings to illustrate how a particular social entity should construct a consumption and investment strategy that can avoid longevity risks and analyze the impact of life-cycle uncertainty on individual pension plans.