PDF Ebook The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
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The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
PDF Ebook The Calculus of Retirement Income: Financial Models for Pension Annuities and Life Insurance
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Product details
Hardcover: 336 pages
Publisher: Cambridge University Press (March 13, 2006)
Language: English
ISBN-10: 0521842581
ISBN-13: 978-0521842587
Product Dimensions:
6.3 x 0.5 x 9.1 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.6 out of 5 stars
8 customer reviews
Amazon Best Sellers Rank:
#610,566 in Books (See Top 100 in Books)
Well written, rigorous enough yet quite practical. Complete with worked-out examples. Covers a breadth of topics, including bond math, annuities and survival modeling. Recommended.
Perfect for me a wanna-be actuary puzzled by people throwing out 4% withdrawal rules and 20% savings rates and wondering where in the hell those numbers came from. This book explains the formulas used to derive them and enables you to apply your own assumptions and get your own numbers. Full explanation of why he prefers a probability distribution for expected returns rather than montecarlo simulations using historical returns. Formulas given give you confidence that your monte carlo model is giving you reasonable results.Not all formulas derived from scratch, but proof available on the web.Essential if you want to "do the math" or make reasonableness checks on monte carlo model outputs.
I read the book from front to cover. It's combination of actuarial principles and the application to highly relevant retirement issues is unique. Most of the actuarial books are impossible to read even for well trained economists. A way to keep consulting income for actuaries? There is a huge gap between finance people and insurance guys. Milevskys book is a long needed and important step to bring those two branches closer together - to start solving real problems in real life. A must have on the desk of financial planners, retirement economists and bankers looking for problems which are difficult but relevant in application.
Pretty great; calculus review is essential.
Arrived as promised.
I had purchased this book when if was first published and have now come back to it after reading his recent work (link below). This earlier book is a very detailed discussion of the computations that go into the question of retirement income. For those who are math oriented, this is a good book to begin to get insight into solving the retirement income question. He has a supporting website at [...].For those who would like to have insight into how to apply this math, his more recent book Are You a Stock or a Bond? Create Your Own Pension Plan for a Secure Financial Future will help, and it is an easier read for most, especially the non math oriented.As a holder of a physics degree, the math so far applies to static periods, i.e. considering what age a person currently is (t for time is static). However, the time period continually decreases since longevity is continually shortening as a person ages. Therefore, the time should be evaluated as delta t or changing time. In practice, I see this difference between ages emerge as I evaluate different situations. Readjusting the formula for each age, as one ages, does not work since in practice this results in taking more out early and having to retrench later.However, getting deeper insight into the mathematical approach is extremely enlightening and useful to those who are so oriented.Wealth Odyssey: The Essential Road Map For Your Financial Journey Where Is It You Are Really Trying To Go With Money?
I purchased this book over a month ago. I expected to receive additional supporting materials which would greatly aid my understanding of the various formulas used throughout the book. The additional supporting material has yet to be posted. As such, currently, i feel i have been overpromised and underdelivered.
The bar must be raised for financial planners . . .this book does the trick.
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