Consumo óptimo en el retiro con diferentes leyes de mortalidad

Abstract

Optimal consumption in retirement with different mortality laws

Objective: This paper studies the optimal consumption trajectories of people of retirement age who do not intend to inherit. Methodology: A model is proposed where the number of years to live for a retired individual is a random variable. Results: Closed solutions are obtained when the individual depends on a single source of resources and has or does not have longevity coverage. Recommendations: The analysis presented here can help design better plans for retirement. Limitations and implications: This study does not consider mortality forces with many parameters, which capture a greater number of causes of death but complicate obtaining closed solutions. Originality: The work uses a CRRA utility function and considers different mortality forces, these are characterized by having a smaller number of parameters to determine the optimal consumption plans. Conclusions: the solutions of case II allow improving the products offered by insurers for the benefit of the insured, in the same way that governments can seek to influence these parameters to increase the well-being of pensioners.