The global shift towards defined-contribution pension schemes has been accompanied by asymmetric risks and new responsibilities for households to plan and fund effectively their own retirement over the years. In this study, expressing and combining preferences for consumption, investment, bequest, public pension entitlement and the choice of reverse mortgage products, we develop several utility-based life cycle models to facilitate the complex decision-making process that retired households are required to follow to optimise their retirement income. This optimal policy is given in the form of either an analytical or a numerical solution using stochastic dynamic programming. The timing of this paper coincides with the launch of a reverse mortgage style loan, offered by the Australian federal government and allowing retired households to receive an income stream by taking out a loan against the equity in their home. Calibration is performed using real Australian household data.

多年来，全球向固定缴款养老金计划的转变伴随着不对称的风险和家庭的新责任，以有效地计划和资助他们自己的退休生活。在这项研究中，表达并结合了对消费、投资、遗赠、公共养老金权利和反向抵押贷款产品的选择的偏好，我们开发了几种基于效用的生命周期模型，以促进退休家庭需要遵循的复杂决策过程以优化他们的退休收入。该最优策略以使用随机动态规划的解析解或数值解的形式给出。本文的时间恰逢反向抵押贷款的推出，由澳大利亚联邦政府提供，并允许退休家庭通过以房屋净值贷款的方式获得收入来源。校准是使用真实的澳大利亚家庭数据进行的。