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：
SolutionA 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.
关于mortality table我是否可以理解为它仅仅考虑了人活到某个年龄的概率，但是并没有考虑到任何一个人如果活到超过预期寿命年龄的话，资产够不够用或者要花多少钱？
