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，以研究分阶段提款账户的偏好和假设产品选择，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股权的资产配置的分阶段提款账户。此外，当提供将分阶段提款账户与年金交换的机会时，大多数人拒绝年金。我们的研究结果表明，政策制定者应考虑提供分阶段提款和年金的组合解决方案。反对完全年金化的退休人员可以保留他们积累的一些财富，同时还可以获得针对长寿风险的保护。