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Lily · 2022年09月20日

请问这个题目的原文位置,以及选项如何选出的?

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NO.PZ202109080500000306

问题如下:

Based on the Benetton’s response concerning their retirement income goal, which of the following is the best method to analyze this goal?

选项:

A.Annuity pricing B.Mortality tables C.Monte Carlo simulation

解释:

Solution

A is correct. The Benettons stress the importance of achieving their lifetime income goal of maintaining their inflation-adjusted current standard of living throughout retirement. Analyzing this goal by pricing a joint life annuity is the best method to insure that this goal will be achieved. A joint life annuity provides a guaranteed series of fixed payments for as long as either of them is alive in exchange for a lump sum payment.

B is incorrect. A mortality table illustrates an individual’s life expectancy at any given age. A potential problem with using mortality tables as the sole method to analyze the Benetton’s retirement goal is the probability that either one or both of them live to an age that exceeds the life expectancy of the general population. Thus, they run the risk of outliving their assets and may need to reduce their annual income (spending) goal at some point.

C is incorrect. The Monte Carlo simulation analyzes the likelihood of the client’s actual portfolio meeting anticipated retirement needs. Although the Monte Carlo output would include the probability of achieving the Benetton’s goal, it would not guarantee that their goal is achieved, nor would it necessarily measure the “shortfall magnitude” to achieving their goal. Thus, they run the risk of outliving their assets and may need to reduce their annual income (spending) goal at some point.

如题,麻烦解答一下,谢谢~

1 个答案

王暄_品职助教 · 2022年09月20日

定位点如下:

B夫妇强调实现其退休收收入目标的重要性,即在整个退休期间维持经通胀调整后的当前生活水平。 而通过annutiy pricing分析这一目标是确保实现这一目标的最佳方法。 年金提供一系列有保证的固定金额,尤其是那种Joint annuity只要其中任何一个还活着,就可以拿钱。


选项B,Mortality table阐述的是:一个人在任何给定年龄的预期寿命。 使用Mortality table去为分析 Benetton服务退休目标的潜在问题是,他们中的任何一个人如果活到超过预期寿命的年龄的话,资产可能就不够用了。那就可能会降低他们支出目标了则无法满足要求


选项C,其实和选项B的缺点一样,Monte carlos simulation,是用来分析客户的实际投资组合满足预期退休需求的概率。既然是概率,就不能保证一定完成他们的目标


所以最保险的还是annuity pricing。直接去买一个年金,活多久,给多久的钱。

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