Longevity insurance annuities are deferred annuities that begin payment at advanced ages, such as age 82. They provide insurance against running out of money in old age. They simplify the retirement spend-down calculations in that they can be used to convert a problem with an unknown end date (date of death) to one with a fixed end date, which is the start of the longevity insurance annuity. They may allow retirees to have riskier portfolios because they are a steady source of income. In this study, we compared the provision of longevity insurance annuities in the private and public sectors. We analyzed the need for longevity insurance annuities using Monte Carlo simulations that demonstrate the risk of running out of money in a 401(k) account and modeled how longevity annuities might work in practice. Disclosure: The authors report no conflicts of interest with respect to this article. The research for this article was performed while Dale Kintzel was employed as an economist at the US Social Security Administration. Editor’s Note Submitted 17 January 2020 Accepted 5 August 2020 by Stephen J. Brown. This article was externally reviewed using our double-blind peer-review process. When the article was accepted for publication, the authors thanked the reviewers in their acknowledgments. Moshe Arye Milevsky, Raul Leote de Carvalho, and Don Ezra were the reviewers for this article.

中文翻译：

---

提供长寿保险年金

长寿保险年金是延期年金，在高龄（例如 82 岁）开始支付。它们提供针对年老时资金耗尽的保险。它们简化了退休支出计算，因为它们可用于将未知结束日期（死亡日期）的问题转换为具有固定结束日期的问题，即长寿保险年金的开始。它们可能允许退休人员拥有更高风险的投资组合，因为它们是稳定的收入来源。在这项研究中，我们比较了私营和公共部门的长寿保险年金提供情况。我们使用蒙特卡罗模拟分析了长寿保险年金的需求，该模拟证明了 401(k) 帐户中资金耗尽的风险，并模拟了长寿年金在实践中的运作方式。披露：作者报告没有与本文相关的利益冲突。本文的研究是在 Dale Kintzel 受雇为美国社会保障管理局的经济学家时进行的。编者按 2020 年 1 月 17 日提交，斯蒂芬·J·布朗于 2020 年 8 月 5 日接受。本文使用我们的双盲同行评审流程进行了外部评审。当文章被接受发表时，作者在致谢中感谢审稿人。Moshe Arye Milevsky、Raul Leote de Carvalho 和 Don Ezra 是本文的审稿人。本文使用我们的双盲同行评审流程进行了外部评审。当文章被接受发表时，作者在致谢中感谢审稿人。Moshe Arye Milevsky、Raul Leote de Carvalho 和 Don Ezra 是本文的审稿人。本文使用我们的双盲同行评审流程进行了外部评审。当文章被接受发表时，作者在致谢中感谢审稿人。Moshe Arye Milevsky、Raul Leote de Carvalho 和 Don Ezra 是本文的审稿人。