Jeffrey R. Brown

Jeffrey R. Brown is Assistant Professor of Public Policy in the John F. Kennedy School of Government at Harvard University.

  • The Role of Annuity Markets in Financing Retirement

    The Role of Annuity Markets in Financing Retirement

    Jeffrey R. Brown, Olivia S. Mitchell, James M. Poterba, and Mark J. Warshawsky

    Annuity insurance products help protect retirees against outliving their incomes.

    Dramatic advances in life expectancy mean that today's retirees must plan on living into their eighties, their nineties, and even beyond. Longer life expectancies are the symbol of a prosperous society, but this progress also means that some retirees will need to plan conservatively and cut back substantially on their living standards or risk living so long that they exhaust their resources. This book examines the role that life annuities can play in helping people protect themselves against such outcomes.

    A life annuity is an insurance product that pays out a periodic amount for as long as the annuitant is alive, in exchange for a premium. The book begins with a history of life annuity markets during the twentieth century in the United States and elsewhere. It then explores recent trends in annuity pricing and money's worth, as well as the economic value generated for purchasers of these products. The book explains the potential importance of inflation-protected annuities and stock-market-linked variable annuities in providing more complete retirement security. The concluding chapters examine life annuities in various institutional settings and the tax treatment of annuity products.

    • Hardcover $8.75
    • Paperback $25.00

Contributor

  • Tax Policy and the Economy, Volume 21

    Tax Policy and the Economy, Volume 21

    James M. Poterba

    Recent academic research findings on topics relating to taxation and social insurance policy, including the implicit tax imposed by Medicaid on private long-term care insurance benefits, an alternative system of unemployment insurance, and federal energy tax policy.

    This NBER series presents current academic research findings in the areas of taxation and government spending. The papers included provide important background information for policy analysts in government and the private sector without making specific policy recommendations. This twenty-first installment in the series reports on recent research concerning both taxation and social insurance policy. The papers discuss Medicaid's implicit tax on the benefits of private long-term care insurance, an alternative to current unemployment insurance systems, the tax treatment of health insurance expenditures, the effective marginal tax rates on labor supply and saving, and the rationale for and effect of energy-related tax policies.

    • Hardcover $65.00
    • Paperback $25.00