Abstract
Pension systems are in crisis. Every day brings dire warnings of future pov-erty across the globe for large numbers of older people. Governments and corporations are pushing the responsibility for pensions and health care back to individuals. With current demographic trends, the present workforce will be faced with the problem of significant ‘pension gaps’ which, unless somehow covered, will force drastic changes in their post-retirement lifestyles. The relatively affluent are no exception. For the last few years, even before the crisis, Fortune magazine has devoted an annual special issue to the problem, with subtitles like ‘Take control of your future’. For example, the July 2006 issue begins: ‘Traditional pensions are melting away…’. By and large, however, the asset management industry remains focussed on asset returns measured by relative performance and treats individuals’ liabilities, at best, in aggregate in terms of asset return goals. Financial planning and wealth management advice for individuals sorely needs innovation.
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© 2011 Michael Dempster and Elena Medova
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Dempster, M., Medova, E. (2011). Planning for Retirement: Asset Liability Management for Individuals. In: Mitra, G., Schwaiger, K. (eds) Asset and Liability Management Handbook. Palgrave Macmillan, London. https://doi.org/10.1057/9780230307230_16
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DOI: https://doi.org/10.1057/9780230307230_16
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