We field a large online survey to study preferences and hypothetical product choices for phased withdrawal accounts and compare their demand to the demand of annuities. We find that most individuals prefer phased withdrawal accounts with dynamic withdrawal rates and equity-based asset allocation. Additionally, when offered the opportunity to exchange the phased withdrawal account with an annuity, most individuals decline to annuitize. Our results suggest that policymakers should consider offering combined solutions of phased withdrawals and annuities. Retirees who are averse to full annuitization could preserve some of their accumulated wealth while also acquiring protection against longevity risk.

我们进行了一项大型在线调查，以研究阶段性提款帐户的偏好和假设的产品选择，并将其需求与年金需求进行比较。我们发现大多数人更喜欢具有动态提款率和基于权益的资产分配的分阶段提款帐户。此外，当有机会用年金交换分期提款帐户时，大多数人拒绝年金。我们的结果表明，政策制定者应考虑提供阶段性提款和年金的综合解决方案。反对全面年金的退休人员可以保留部分积累的财富，同时还能获得抵御长寿风险的保护。