The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance Reviews
The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
The book introduces and develops the basic actuarial models and underlying pricing of life-contingent pension annuities and life insurance from a unique financial perspective. The ideas and techniques are then applied to the real-world problem of generating sustainable retirement income towards the end of the human life-cycle. The role of lifetime income, longevity insurance, and systematic withdrawal plans are investigated in a parsimonious framework. The underlying technology and terminology of the book are based on continuous-time financial economics by merging analytic laws of mortality with the dynamics of equity markets and interest rates. Nonetheless, the book requires a minimal background in mathematics and emphasizes applications and examples more than proofs and theorems. It can serve as an ideal textbook for an applied course on wealth management and retirement planning in addition to being a reference for quantitatively-inclined financial planners.
Rating: 
(out of 3 reviews)
List Price: $ 53.00
Price: $ 37.00
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Review by Larry R Frank Sr, MBA, CFP for The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
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I had purchased this book when if was first published and have now come back to it after reading his recent work (link below). This earlier book is a very detailed discussion of the computations that go into the question of retirement income. For those who are math oriented, this is a good book to begin to get insight into solving the retirement income question. He has a supporting website at [...].
For those who would like to have insight into how to apply this math, his more recent book Are You a Stock or a Bond? Create Your Own Pension Plan for a Secure Financial Future will help, and it is an easier read for most, especially the non math oriented.
As a holder of a physics degree, the math so far applies to static periods, i.e. considering what age a person currently is (t for time is static). However, the time period continually decreases since longevity is continually shortening as a person ages. Therefore, the time should be evaluated as delta t or changing time. In practice, I see this difference between ages emerge as I evaluate different situations. Readjusting the formula for each age, as one ages, does not work since in practice this results in taking more out early and having to retrench later.
However, getting deeper insight into the mathematical approach is extremely enlightening and useful to those who are so oriented.
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Review by ken kideckel for The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
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I purchased this book over a month ago. I expected to receive additional supporting materials which would greatly aid my understanding of the various formulas used throughout the book. The additional supporting material has yet to be posted. As such, currently, i feel i have been overpromised and underdelivered.
Review by M. Crews for The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
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The bar must be raised for financial planners . . .this book does the trick.