Financial Planning for Retirement: An Actuarial and Economic Analysis
Open Access
Author:
Parr, Andrew Winston
Area of Honors:
Economics
Degree:
Bachelor of Science
Document Type:
Thesis
Thesis Supervisors:
Theodore Papageorgiou, Thesis Supervisor Theodore Papageorgiou, Thesis Supervisor David Arthur Cather, Thesis Supervisor David Shapiro, Thesis Honors Advisor
Keywords:
retirement annuity actuarial economics
Abstract:
This thesis provides an actuarial and economic analysis of financial saving for retirement throughout the lifetime. I set forth a model based on the economic theory of the life cycle model with consumption smoothing over the lifetime. The general approach could be applied to individuals in determining whether or not they are currently saving accordingly for an adequate retirement. Micro data collected by the Bureau of Labor Statistics Consumer Expenditure Survey is then used to determine general answers as to whether Americans are saving too much, not enough, or adequately for retirement.
