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Growing Old Gracefully. Edition No. 1 - Product Image

Growing Old Gracefully. Edition No. 1

  • Published: January 2009
  • 208 Pages
  • VDM Publishing House

The aim of this work is to investigate an
individual's optimal life cycle behaviour, with
particular reference to financial decisions made
over time. How should one consume, save, invest,
insure and annuitise over one's life? In chapter 3
we implement a model of lifetime personal financial
planning. By simulating this theoretical model of
lifetime personal financial planning we are able to
quantitatively assess popular financial advice. We
examine age-phasing as well as a traditional rule of
thumb for life insurance purchase. Our modelling
also sheds light on the reasons for the thinness of
voluntary life annuity markets worldwide. Chapter 4
extends the model, examining the implications for
individual optimal behaviour if either borrowing is
constrained, no annuity market exists, or mean
reversion and persistence are present in equity
returns. Chapter 5 considers the important question
of determining optimal consumption, investment and
life insurance/annuity demand over the life cycle in
an environment where labour income is no longer
deterministic but stochastic.

Thomas, Purcal.
Thomas (Sachi) Purcal is a lecturer in Actuarial Studies at the
University of New South Wales in Sydney, Australia. Previously
he worked in actuarial consulting in Canada and for a life
insurer in Australia. Dr.Purcal has degrees from Macquarie
University, the University of British Columbia and the
University of New South Wales.

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