The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance

As the baby boomers approach retirement, they and their financial advisors are struggling with the question of how to manage their financial investments and portfolios to assure themselves with high probability that they will not run out of money before they run out of life. This book develops the underlying mathematical framework to combine investment with the uncertainty of mortality. The results, formulas and examples should also help retirees better manage their financial affairs, in addition the instructors teaching their material to the next generation of financial advisors.