id	sid	tid	token	lemma	pos
fsr-3244	1	1	a	a	DET
fsr-3244	1	2	new	new	ADJ
fsr-3244	1	3	strategy	strategy	NOUN
fsr-3244	1	4	to	to	PART
fsr-3244	1	5	guarantee	guarantee	VERB
fsr-3244	1	6	retirement	retirement	NOUN
fsr-3244	1	7	income	income	NOUN
fsr-3244	1	8	using	use	VERB
fsr-3244	1	9	tips	tip	NOUN
fsr-3244	1	10	and	and	CCONJ
fsr-3244	1	11	longevity	longevity	NOUN
fsr-3244	1	12	insurance	insurance	NOUN
fsr-3244	1	13	:	:	PUNCT
fsr-3244	1	14	a	a	DET
fsr-3244	1	15	second	second	ADJ
fsr-3244	1	16	look	look	NOUN
fsr-3244	1	17	paul	paul	PROPN
fsr-3244	1	18	j.	j.	PROPN
fsr-3244	1	19	haensly	haensly	PROPN
fsr-3244	1	20	,	,	PUNCT
fsr-3244	1	21	ph.d.a	ph.d.a	PROPN
fsr-3244	1	22	,	,	PUNCT
fsr-3244	1	23	*	*	SYM
fsr-3244	1	24	,	,	PUNCT
fsr-3244	1	25	k.	k.	PROPN
fsr-3244	1	26	prakash	prakash	PROPN
fsr-3244	1	27	pai	pai	PROPN
fsr-3244	1	28	,	,	PUNCT
fsr-3244	1	29	ph.d.a	ph.d.a	NOUN
fsr-3244	1	30	acollege	acollege	NOUN
fsr-3244	1	31	of	of	ADP
fsr-3244	1	32	business	business	NOUN
fsr-3244	1	33	and	and	CCONJ
fsr-3244	1	34	engineering	engineering	NOUN
fsr-3244	1	35	,	,	PUNCT
fsr-3244	1	36	the	the	DET
fsr-3244	1	37	university	university	NOUN
fsr-3244	1	38	of	of	ADP
fsr-3244	1	39	texas	texas	PROPN
fsr-3244	1	40	of	of	ADP
fsr-3244	1	41	the	the	DET
fsr-3244	1	42	permian	permian	PROPN
fsr-3244	1	43	basin	basin	PROPN
fsr-3244	1	44	,	,	PUNCT
fsr-3244	1	45	4901	4901	NUM
fsr-3244	1	46	e.	e.	PROPN
fsr-3244	1	47	university	university	PROPN
fsr-3244	1	48	blvd	blvd	PROPN
fsr-3244	1	49	.	.	PUNCT
fsr-3244	1	50	,	,	PUNCT
fsr-3244	1	51	odessa	odessa	ADJ
fsr-3244	1	52	,	,	PUNCT
fsr-3244	1	53	tx	tx	ADP
fsr-3244	1	54	79762	79762	NUM
fsr-3244	1	55	-	-	SYM
fsr-3244	1	56	0001	0001	NUM
fsr-3244	1	57	,	,	PUNCT
fsr-3244	1	58	usa	usa	PROPN
fsr-3244	1	59	abstract	abstract	PROPN
fsr-3244	1	60	shankar	shankar	PROPN
fsr-3244	1	61	(	(	PUNCT
fsr-3244	1	62	2009	2009	NUM
fsr-3244	1	63	)	)	PUNCT
fsr-3244	1	64	proposes	propose	VERB
fsr-3244	1	65	a	a	DET
fsr-3244	1	66	new	new	ADJ
fsr-3244	1	67	investment	investment	NOUN
fsr-3244	1	68	strategy	strategy	NOUN
fsr-3244	1	69	for	for	ADP
fsr-3244	1	70	retirees	retiree	NOUN
fsr-3244	1	71	that	that	PRON
fsr-3244	1	72	bundles	bundle	VERB
fsr-3244	1	73	treasury	treasury	NOUN
fsr-3244	1	74	inflation	inflation	NOUN
fsr-3244	1	75	protected	protect	VERB
fsr-3244	1	76	securities	security	NOUN
fsr-3244	1	77	with	with	ADP
fsr-3244	1	78	a	a	DET
fsr-3244	1	79	deferred	defer	VERB
fsr-3244	1	80	annuity	annuity	NOUN
fsr-3244	1	81	to	to	PART
fsr-3244	1	82	guarantee	guarantee	VERB
fsr-3244	1	83	real	real	ADJ
fsr-3244	1	84	annual	annual	ADJ
fsr-3244	1	85	withdrawal	withdrawal	NOUN
fsr-3244	1	86	rates	rate	NOUN
fsr-3244	1	87	of	of	ADP
fsr-3244	1	88	5	5	NUM
fsr-3244	1	89	%	%	NOUN
fsr-3244	1	90	or	or	CCONJ
fsr-3244	1	91	more	more	ADJ
fsr-3244	1	92	with	with	ADP
fsr-3244	1	93	no	no	DET
fsr-3244	1	94	risk	risk	NOUN
fsr-3244	1	95	of	of	ADP
fsr-3244	1	96	financial	financial	ADJ
fsr-3244	1	97	ruin	ruin	NOUN
fsr-3244	1	98	.	.	PUNCT
fsr-3244	2	1	this	this	DET
fsr-3244	2	2	strategy	strategy	NOUN
fsr-3244	2	3	addresses	address	VERB
fsr-3244	2	4	three	three	NUM
fsr-3244	2	5	problems	problem	NOUN
fsr-3244	2	6	that	that	PRON
fsr-3244	2	7	retirees	retiree	NOUN
fsr-3244	2	8	face	face	VERB
fsr-3244	2	9	:	:	PUNCT
fsr-3244	2	10	longevity	longevity	NOUN
fsr-3244	2	11	risk	risk	NOUN
fsr-3244	2	12	,	,	PUNCT
fsr-3244	2	13	inflation	inflation	NOUN
fsr-3244	2	14	risk	risk	NOUN
fsr-3244	2	15	,	,	PUNCT
fsr-3244	2	16	and	and	CCONJ
fsr-3244	2	17	liquidity	liquidity	NOUN
fsr-3244	2	18	risk	risk	NOUN
fsr-3244	2	19	inherent	inherent	ADJ
fsr-3244	2	20	in	in	ADP
fsr-3244	2	21	the	the	DET
fsr-3244	2	22	purchase	purchase	NOUN
fsr-3244	2	23	of	of	ADP
fsr-3244	2	24	an	an	DET
fsr-3244	2	25	immediate	immediate	ADJ
fsr-3244	2	26	annuity	annuity	NOUN
fsr-3244	2	27	.	.	PUNCT
fsr-3244	3	1	in	in	ADP
fsr-3244	3	2	our	our	PRON
fsr-3244	3	3	article	article	NOUN
fsr-3244	3	4	,	,	PUNCT
fsr-3244	3	5	we	we	PRON
fsr-3244	3	6	evaluate	evaluate	VERB
fsr-3244	3	7	the	the	DET
fsr-3244	3	8	performance	performance	NOUN
fsr-3244	3	9	of	of	ADP
fsr-3244	3	10	this	this	DET
fsr-3244	3	11	proposed	propose	VERB
fsr-3244	3	12	strategy	strategy	NOUN
fsr-3244	3	13	under	under	ADP
fsr-3244	3	14	realistic	realistic	ADJ
fsr-3244	3	15	assumptions	assumption	NOUN
fsr-3244	3	16	about	about	ADP
fsr-3244	3	17	costs	cost	NOUN
fsr-3244	3	18	,	,	PUNCT
fsr-3244	3	19	security	security	NOUN
fsr-3244	3	20	design	design	NOUN
fsr-3244	3	21	,	,	PUNCT
fsr-3244	3	22	and	and	CCONJ
fsr-3244	3	23	markets	market	NOUN
fsr-3244	3	24	.	.	PUNCT
fsr-3244	4	1	in	in	ADP
fsr-3244	4	2	addition	addition	NOUN
fsr-3244	4	3	,	,	PUNCT
fsr-3244	4	4	we	we	PRON
fsr-3244	4	5	evaluate	evaluate	VERB
fsr-3244	4	6	how	how	SCONJ
fsr-3244	4	7	the	the	DET
fsr-3244	4	8	bequest	bequest	NOUN
fsr-3244	4	9	motive	motive	NOUN
fsr-3244	4	10	might	might	AUX
fsr-3244	4	11	affect	affect	VERB
fsr-3244	4	12	the	the	DET
fsr-3244	4	13	choice	choice	NOUN
fsr-3244	4	14	between	between	ADP
fsr-3244	4	15	shankar	shankar	PROPN
fsr-3244	4	16	’s	’s	PART
fsr-3244	4	17	strategy	strategy	NOUN
fsr-3244	4	18	and	and	CCONJ
fsr-3244	4	19	an	an	DET
fsr-3244	4	20	immediate	immediate	ADJ
fsr-3244	4	21	annuity	annuity	NOUN
fsr-3244	4	22	.	.	PUNCT
fsr-3244	5	1	©	©	PROPN
fsr-3244	5	2	2015	2015	NUM
fsr-3244	5	3	academy	academy	NOUN
fsr-3244	5	4	of	of	ADP
fsr-3244	5	5	financial	financial	ADJ
fsr-3244	5	6	services	service	NOUN
fsr-3244	5	7	.	.	PUNCT
fsr-3244	6	1	all	all	DET
fsr-3244	6	2	rights	right	NOUN
fsr-3244	6	3	reserved	reserve	VERB
fsr-3244	6	4	.	.	PUNCT
fsr-3244	7	1	jel	jel	PROPN
fsr-3244	7	2	classification	classification	NOUN
fsr-3244	7	3	:	:	PUNCT
fsr-3244	7	4	d14	d14	ADJ
fsr-3244	7	5	;	;	PUNCT
fsr-3244	7	6	g11	g11	X
fsr-3244	7	7	;	;	PUNCT
fsr-3244	7	8	g22	g22	ADJ
fsr-3244	7	9	keywords	keyword	NOUN
fsr-3244	7	10	:	:	PUNCT
fsr-3244	7	11	retirement	retirement	NOUN
fsr-3244	7	12	planning	planning	NOUN
fsr-3244	7	13	;	;	PUNCT
fsr-3244	7	14	withdrawal	withdrawal	NOUN
fsr-3244	7	15	rates	rate	NOUN
fsr-3244	7	16	;	;	PUNCT
fsr-3244	7	17	tips	tip	NOUN
fsr-3244	7	18	;	;	PUNCT
fsr-3244	7	19	longevity	longevity	NOUN
fsr-3244	7	20	risk	risk	NOUN
fsr-3244	7	21	;	;	PUNCT
fsr-3244	7	22	financial	financial	ADJ
fsr-3244	7	23	ruin	ruin	NOUN
fsr-3244	7	24	1	1	NUM
fsr-3244	7	25	.	.	PUNCT
fsr-3244	7	26	introduction	introduction	NOUN
fsr-3244	7	27	an	an	DET
fsr-3244	7	28	inflation	inflation	NOUN
fsr-3244	7	29	-	-	PUNCT
fsr-3244	7	30	indexed	index	VERB
fsr-3244	7	31	immediate	immediate	ADJ
fsr-3244	7	32	annuity	annuity	NOUN
fsr-3244	7	33	appears	appear	VERB
fsr-3244	7	34	,	,	PUNCT
fsr-3244	7	35	at	at	ADP
fsr-3244	7	36	first	first	ADJ
fsr-3244	7	37	glance	glance	NOUN
fsr-3244	7	38	,	,	PUNCT
fsr-3244	7	39	to	to	PART
fsr-3244	7	40	be	be	AUX
fsr-3244	7	41	an	an	DET
fsr-3244	7	42	ideal	ideal	ADJ
fsr-3244	7	43	solution	solution	NOUN
fsr-3244	7	44	to	to	ADP
fsr-3244	7	45	two	two	NUM
fsr-3244	7	46	important	important	ADJ
fsr-3244	7	47	financial	financial	ADJ
fsr-3244	7	48	problems	problem	NOUN
fsr-3244	7	49	that	that	PRON
fsr-3244	7	50	retirees	retiree	NOUN
fsr-3244	7	51	generally	generally	ADV
fsr-3244	7	52	face	face	VERB
fsr-3244	7	53	:	:	PUNCT
fsr-3244	7	54	maintaining	maintain	VERB
fsr-3244	7	55	a	a	DET
fsr-3244	7	56	desired	desire	VERB
fsr-3244	7	57	level	level	NOUN
fsr-3244	7	58	of	of	ADP
fsr-3244	7	59	real	real	ADJ
fsr-3244	7	60	income	income	NOUN
fsr-3244	7	61	and	and	CCONJ
fsr-3244	7	62	avoiding	avoid	VERB
fsr-3244	7	63	the	the	DET
fsr-3244	7	64	risk	risk	NOUN
fsr-3244	7	65	of	of	ADP
fsr-3244	7	66	running	run	VERB
fsr-3244	7	67	out	out	ADP
fsr-3244	7	68	of	of	ADP
fsr-3244	7	69	money	money	NOUN
fsr-3244	7	70	,	,	PUNCT
fsr-3244	7	71	that	that	ADV
fsr-3244	7	72	is	is	ADV
fsr-3244	7	73	,	,	PUNCT
fsr-3244	7	74	financial	financial	ADJ
fsr-3244	7	75	ruin	ruin	NOUN
fsr-3244	7	76	.	.	PUNCT
fsr-3244	8	1	however	however	ADV
fsr-3244	8	2	,	,	PUNCT
fsr-3244	8	3	shankar	shankar	PROPN
fsr-3244	8	4	(	(	PUNCT
fsr-3244	8	5	2009	2009	NUM
fsr-3244	8	6	)	)	PUNCT
fsr-3244	8	7	observes	observe	VERB
fsr-3244	8	8	that	that	SCONJ
fsr-3244	8	9	investors	investor	NOUN
fsr-3244	8	10	have	have	AUX
fsr-3244	8	11	been	be	AUX
fsr-3244	8	12	extremely	extremely	ADV
fsr-3244	8	13	reluctant	reluctant	ADJ
fsr-3244	8	14	to	to	PART
fsr-3244	8	15	commit	commit	VERB
fsr-3244	8	16	their	their	PRON
fsr-3244	8	17	life	life	NOUN
fsr-3244	8	18	savings	saving	NOUN
fsr-3244	8	19	to	to	ADP
fsr-3244	8	20	immediate	immediate	ADJ
fsr-3244	8	21	annuities	annuity	NOUN
fsr-3244	8	22	.	.	PUNCT
fsr-3244	9	1	as	as	ADP
fsr-3244	9	2	an	an	DET
fsr-3244	9	3	alternative	alternative	NOUN
fsr-3244	9	4	,	,	PUNCT
fsr-3244	9	5	shankar	shankar	PROPN
fsr-3244	9	6	proposes	propose	VERB
fsr-3244	9	7	an	an	DET
fsr-3244	9	8	investment	investment	NOUN
fsr-3244	9	9	strategy	strategy	NOUN
fsr-3244	9	10	for	for	ADP
fsr-3244	9	11	retirees	retiree	NOUN
fsr-3244	9	12	that	that	PRON
fsr-3244	9	13	bundles	bundle	VERB
fsr-3244	9	14	treasury	treasury	NOUN
fsr-3244	9	15	inflation	inflation	NOUN
fsr-3244	9	16	protected	protect	VERB
fsr-3244	9	17	securities	security	NOUN
fsr-3244	9	18	(	(	PUNCT
fsr-3244	9	19	tips	tip	NOUN
fsr-3244	9	20	)	)	PUNCT
fsr-3244	9	21	with	with	ADP
fsr-3244	9	22	a	a	DET
fsr-3244	9	23	deferred	defer	VERB
fsr-3244	9	24	*	*	PUNCT
fsr-3244	9	25	corresponding	correspond	VERB
fsr-3244	9	26	author	author	NOUN
fsr-3244	9	27	.	.	PUNCT
fsr-3244	10	1	tel	tel	PROPN
fsr-3244	10	2	.	.	PUNCT
fsr-3244	10	3	:	:	PUNCT
fsr-3244	10	4	�	�	PROPN
fsr-3244	10	5	1	1	NUM
fsr-3244	10	6	-	-	SYM
fsr-3244	10	7	432	432	NUM
fsr-3244	10	8	-	-	PUNCT
fsr-3244	10	9	552	552	NUM
fsr-3244	10	10	-	-	PUNCT
fsr-3244	10	11	2198	2198	NUM
fsr-3244	10	12	;	;	PUNCT
fsr-3244	10	13	fax	fax	NOUN
fsr-3244	10	14	:	:	PUNCT
fsr-3244	10	15	�	�	PROPN
fsr-3244	10	16	1	1	NUM
fsr-3244	10	17	-	-	SYM
fsr-3244	10	18	432	432	NUM
fsr-3244	10	19	-	-	PUNCT
fsr-3244	10	20	552	552	NUM
fsr-3244	10	21	-	-	NUM
fsr-3244	10	22	2174	2174	NUM
fsr-3244	10	23	.	.	PUNCT
fsr-3244	11	1	e	e	X
fsr-3244	11	2	-	-	NOUN
fsr-3244	11	3	mail	mail	NOUN
fsr-3244	11	4	address	address	NOUN
fsr-3244	11	5	:	:	PUNCT
fsr-3244	11	6	haensly_p@utpb.edu	haensly_p@utpb.edu	PUNCT
fsr-3244	11	7	(	(	PUNCT
fsr-3244	11	8	p.	p.	NOUN
fsr-3244	11	9	j.	j.	PROPN
fsr-3244	11	10	haensly	haensly	PROPN
fsr-3244	11	11	)	)	PUNCT
fsr-3244	11	12	financial	financial	ADJ
fsr-3244	11	13	services	service	NOUN
fsr-3244	11	14	review	review	VERB
fsr-3244	11	15	24	24	NUM
fsr-3244	11	16	(	(	PUNCT
fsr-3244	11	17	2015	2015	NUM
fsr-3244	11	18	)	)	PUNCT
fsr-3244	12	1	359–386	359–386	NUM
fsr-3244	12	2	1057	1057	NUM
fsr-3244	12	3	-	-	SYM
fsr-3244	12	4	0810/15/$	0810/15/$	NUM
fsr-3244	12	5	–	–	PUNCT
fsr-3244	12	6	see	see	VERB
fsr-3244	12	7	front	front	ADJ
fsr-3244	12	8	matter	matter	NOUN
fsr-3244	12	9	©	©	PROPN
fsr-3244	12	10	2015	2015	NUM
fsr-3244	12	11	academy	academy	NOUN
fsr-3244	12	12	of	of	ADP
fsr-3244	12	13	financial	financial	ADJ
fsr-3244	12	14	services	service	NOUN
fsr-3244	12	15	.	.	PUNCT
fsr-3244	13	1	all	all	DET
fsr-3244	13	2	rights	right	NOUN
fsr-3244	13	3	reserved	reserve	VERB
fsr-3244	13	4	.	.	PUNCT
fsr-3244	14	1	annuity	annuity	NOUN
fsr-3244	14	2	.	.	PUNCT
fsr-3244	15	1	shankar	shankar	PROPN
fsr-3244	15	2	’s	’s	PART
fsr-3244	15	3	strategy	strategy	NOUN
fsr-3244	15	4	calls	call	VERB
fsr-3244	15	5	for	for	ADP
fsr-3244	15	6	construction	construction	NOUN
fsr-3244	15	7	of	of	ADP
fsr-3244	15	8	a	a	DET
fsr-3244	15	9	tips	tip	NOUN
fsr-3244	15	10	ladder	ladder	NOUN
fsr-3244	15	11	for	for	ADP
fsr-3244	15	12	a	a	DET
fsr-3244	15	13	fixed	fix	VERB
fsr-3244	15	14	number	number	NOUN
fsr-3244	15	15	of	of	ADP
fsr-3244	15	16	years	year	NOUN
fsr-3244	15	17	and	and	CCONJ
fsr-3244	15	18	purchase	purchase	NOUN
fsr-3244	15	19	of	of	ADP
fsr-3244	15	20	a	a	DET
fsr-3244	15	21	non	non	ADJ
fsr-3244	15	22	-	-	ADJ
fsr-3244	15	23	refundable	refundable	ADJ
fsr-3244	15	24	deferred	deferred	ADJ
fsr-3244	15	25	life	life	NOUN
fsr-3244	15	26	annuity	annuity	NOUN
fsr-3244	15	27	that	that	PRON
fsr-3244	15	28	begins	begin	VERB
fsr-3244	15	29	payments	payment	NOUN
fsr-3244	15	30	at	at	ADP
fsr-3244	15	31	the	the	DET
fsr-3244	15	32	end	end	NOUN
fsr-3244	15	33	of	of	ADP
fsr-3244	15	34	the	the	DET
fsr-3244	15	35	life	life	NOUN
fsr-3244	15	36	of	of	ADP
fsr-3244	15	37	the	the	DET
fsr-3244	15	38	ladder	ladder	NOUN
fsr-3244	15	39	.	.	PUNCT
fsr-3244	16	1	the	the	DET
fsr-3244	16	2	individual	individual	NOUN
fsr-3244	16	3	buys	buy	VERB
fsr-3244	16	4	the	the	DET
fsr-3244	16	5	tips	tip	NOUN
fsr-3244	16	6	and	and	CCONJ
fsr-3244	16	7	the	the	DET
fsr-3244	16	8	deferred	deferred	ADJ
fsr-3244	16	9	annuity	annuity	NOUN
fsr-3244	16	10	at	at	ADP
fsr-3244	16	11	retirement	retirement	NOUN
fsr-3244	16	12	.	.	PUNCT
fsr-3244	17	1	the	the	DET
fsr-3244	17	2	ladder	ladder	NOUN
fsr-3244	17	3	and	and	CCONJ
fsr-3244	17	4	deferred	defer	VERB
fsr-3244	17	5	annuity	annuity	NOUN
fsr-3244	17	6	can	can	AUX
fsr-3244	17	7	be	be	AUX
fsr-3244	17	8	designed	design	VERB
fsr-3244	17	9	so	so	SCONJ
fsr-3244	17	10	that	that	SCONJ
fsr-3244	17	11	the	the	DET
fsr-3244	17	12	real	real	ADJ
fsr-3244	17	13	annual	annual	ADJ
fsr-3244	17	14	payout	payout	NOUN
fsr-3244	17	15	is	be	AUX
fsr-3244	17	16	the	the	DET
fsr-3244	17	17	same	same	ADJ
fsr-3244	17	18	in	in	ADP
fsr-3244	17	19	each	each	DET
fsr-3244	17	20	year	year	NOUN
fsr-3244	17	21	of	of	ADP
fsr-3244	17	22	retirement	retirement	NOUN
fsr-3244	17	23	.	.	PUNCT
fsr-3244	18	1	shankar	shankar	PROPN
fsr-3244	18	2	(	(	PUNCT
fsr-3244	18	3	2009	2009	NUM
fsr-3244	18	4	)	)	PUNCT
fsr-3244	18	5	makes	make	VERB
fsr-3244	18	6	the	the	DET
fsr-3244	18	7	case	case	NOUN
fsr-3244	18	8	that	that	SCONJ
fsr-3244	18	9	this	this	DET
fsr-3244	18	10	strategy	strategy	NOUN
fsr-3244	18	11	guarantees	guarantee	VERB
fsr-3244	18	12	real	real	ADJ
fsr-3244	18	13	annual	annual	ADJ
fsr-3244	18	14	withdrawal	withdrawal	NOUN
fsr-3244	18	15	rates	rate	NOUN
fsr-3244	18	16	,	,	PUNCT
fsr-3244	18	17	eliminates	eliminate	VERB
fsr-3244	18	18	the	the	DET
fsr-3244	18	19	risk	risk	NOUN
fsr-3244	18	20	of	of	ADP
fsr-3244	18	21	financial	financial	ADJ
fsr-3244	18	22	ruin	ruin	NOUN
fsr-3244	18	23	,	,	PUNCT
fsr-3244	18	24	and	and	CCONJ
fsr-3244	18	25	avoids	avoid	VERB
fsr-3244	18	26	much	much	ADJ
fsr-3244	18	27	of	of	ADP
fsr-3244	18	28	the	the	DET
fsr-3244	18	29	liquidity	liquidity	NOUN
fsr-3244	18	30	problem	problem	NOUN
fsr-3244	18	31	inherent	inherent	ADJ
fsr-3244	18	32	in	in	ADP
fsr-3244	18	33	a	a	DET
fsr-3244	18	34	non	non	ADJ
fsr-3244	18	35	-	-	ADJ
fsr-3244	18	36	refundable	refundable	ADJ
fsr-3244	18	37	immediate	immediate	ADJ
fsr-3244	18	38	life	life	NOUN
fsr-3244	18	39	annuity	annuity	NOUN
fsr-3244	18	40	.	.	PUNCT
fsr-3244	19	1	moreover	moreover	ADV
fsr-3244	19	2	,	,	PUNCT
fsr-3244	19	3	he	he	PRON
fsr-3244	19	4	argues	argue	VERB
fsr-3244	19	5	that	that	SCONJ
fsr-3244	19	6	the	the	DET
fsr-3244	19	7	strategy	strategy	NOUN
fsr-3244	19	8	guarantees	guarantee	VERB
fsr-3244	19	9	real	real	ADJ
fsr-3244	19	10	withdrawal	withdrawal	NOUN
fsr-3244	19	11	rates	rate	NOUN
fsr-3244	19	12	substantially	substantially	ADV
fsr-3244	19	13	higher	high	ADJ
fsr-3244	19	14	than	than	ADP
fsr-3244	19	15	the	the	DET
fsr-3244	19	16	4	4	NUM
fsr-3244	19	17	%	%	NOUN
fsr-3244	19	18	rule	rule	NOUN
fsr-3244	19	19	of	of	ADP
fsr-3244	19	20	thumb	thumb	NOUN
fsr-3244	19	21	that	that	SCONJ
fsr-3244	19	22	financial	financial	ADJ
fsr-3244	19	23	advisors	advisor	NOUN
fsr-3244	19	24	often	often	ADV
fsr-3244	19	25	recommend	recommend	VERB
fsr-3244	19	26	for	for	ADP
fsr-3244	19	27	retirees	retiree	NOUN
fsr-3244	19	28	who	who	PRON
fsr-3244	19	29	hold	hold	VERB
fsr-3244	19	30	a	a	DET
fsr-3244	19	31	conventional	conventional	ADJ
fsr-3244	19	32	portfolio	portfolio	NOUN
fsr-3244	19	33	of	of	ADP
fsr-3244	19	34	stocks	stock	NOUN
fsr-3244	19	35	and	and	CCONJ
fsr-3244	19	36	bonds	bond	NOUN
fsr-3244	19	37	.	.	PUNCT
fsr-3244	20	1	in	in	ADP
fsr-3244	20	2	this	this	DET
fsr-3244	20	3	article	article	NOUN
fsr-3244	20	4	,	,	PUNCT
fsr-3244	20	5	we	we	PRON
fsr-3244	20	6	contribute	contribute	VERB
fsr-3244	20	7	to	to	ADP
fsr-3244	20	8	the	the	DET
fsr-3244	20	9	literature	literature	NOUN
fsr-3244	20	10	on	on	ADP
fsr-3244	20	11	personal	personal	ADJ
fsr-3244	20	12	finance	finance	NOUN
fsr-3244	20	13	by	by	ADP
fsr-3244	20	14	providing	provide	VERB
fsr-3244	20	15	a	a	DET
fsr-3244	20	16	more	more	ADV
fsr-3244	20	17	nuanced	nuanced	ADJ
fsr-3244	20	18	assessment	assessment	NOUN
fsr-3244	20	19	of	of	ADP
fsr-3244	20	20	the	the	DET
fsr-3244	20	21	performance	performance	NOUN
fsr-3244	20	22	of	of	ADP
fsr-3244	20	23	shankar	shankar	PROPN
fsr-3244	20	24	’s	’s	PART
fsr-3244	20	25	(	(	PUNCT
fsr-3244	20	26	2009	2009	NUM
fsr-3244	20	27	)	)	PUNCT
fsr-3244	20	28	proposed	propose	VERB
fsr-3244	20	29	strategy	strategy	NOUN
fsr-3244	20	30	.	.	PUNCT
fsr-3244	21	1	we	we	PRON
fsr-3244	21	2	apply	apply	VERB
fsr-3244	21	3	a	a	DET
fsr-3244	21	4	bootstrap	bootstrap	NOUN
fsr-3244	21	5	simulation	simulation	NOUN
fsr-3244	21	6	analysis	analysis	NOUN
fsr-3244	21	7	under	under	ADP
fsr-3244	21	8	realistic	realistic	ADJ
fsr-3244	21	9	assumptions	assumption	NOUN
fsr-3244	21	10	about	about	ADP
fsr-3244	21	11	cash	cash	NOUN
fsr-3244	21	12	management	management	NOUN
fsr-3244	21	13	,	,	PUNCT
fsr-3244	21	14	trading	trading	NOUN
fsr-3244	21	15	costs	cost	NOUN
fsr-3244	21	16	,	,	PUNCT
fsr-3244	21	17	security	security	NOUN
fsr-3244	21	18	design	design	NOUN
fsr-3244	21	19	,	,	PUNCT
fsr-3244	21	20	and	and	CCONJ
fsr-3244	21	21	markets	market	NOUN
fsr-3244	21	22	.	.	PUNCT
fsr-3244	22	1	we	we	PRON
fsr-3244	22	2	construct	construct	VERB
fsr-3244	22	3	simulated	simulated	ADJ
fsr-3244	22	4	yield	yield	NOUN
fsr-3244	22	5	curves	curve	NOUN
fsr-3244	22	6	for	for	ADP
fsr-3244	22	7	tips	tip	NOUN
fsr-3244	22	8	from	from	ADP
fsr-3244	22	9	historical	historical	ADJ
fsr-3244	22	10	treasury	treasury	NOUN
fsr-3244	22	11	yields	yield	NOUN
fsr-3244	22	12	and	and	CCONJ
fsr-3244	22	13	simulated	simulate	VERB
fsr-3244	22	14	expected	expect	VERB
fsr-3244	22	15	inflation	inflation	NOUN
fsr-3244	22	16	curves	curve	NOUN
fsr-3244	22	17	and	and	CCONJ
fsr-3244	22	18	apply	apply	VERB
fsr-3244	22	19	these	these	DET
fsr-3244	22	20	yield	yield	NOUN
fsr-3244	22	21	curves	curve	NOUN
fsr-3244	22	22	to	to	PART
fsr-3244	22	23	price	price	VERB
fsr-3244	22	24	the	the	DET
fsr-3244	22	25	tips	tip	NOUN
fsr-3244	22	26	in	in	ADP
fsr-3244	22	27	the	the	DET
fsr-3244	22	28	ladder	ladder	NOUN
fsr-3244	22	29	rather	rather	ADV
fsr-3244	22	30	than	than	ADP
fsr-3244	22	31	use	use	VERB
fsr-3244	22	32	deterministic	deterministic	ADJ
fsr-3244	22	33	weighted	weight	VERB
fsr-3244	22	34	average	average	ADJ
fsr-3244	22	35	real	real	ADJ
fsr-3244	22	36	yields	yield	NOUN
fsr-3244	22	37	as	as	ADP
fsr-3244	22	38	in	in	ADP
fsr-3244	22	39	shankar	shankar	NOUN
fsr-3244	22	40	.	.	PUNCT
fsr-3244	23	1	we	we	PRON
fsr-3244	23	2	examine	examine	VERB
fsr-3244	23	3	wider	wide	ADJ
fsr-3244	23	4	ranges	range	NOUN
fsr-3244	23	5	of	of	ADP
fsr-3244	23	6	retirement	retirement	NOUN
fsr-3244	23	7	ages	age	NOUN
fsr-3244	23	8	(	(	PUNCT
fsr-3244	23	9	55	55	NUM
fsr-3244	23	10	to	to	PART
fsr-3244	23	11	75	75	NUM
fsr-3244	23	12	years	year	NOUN
fsr-3244	23	13	instead	instead	ADV
fsr-3244	23	14	of	of	ADP
fsr-3244	23	15	just	just	ADV
fsr-3244	23	16	60	60	NUM
fsr-3244	23	17	or	or	CCONJ
fsr-3244	23	18	65	65	NUM
fsr-3244	23	19	years	year	NOUN
fsr-3244	23	20	as	as	ADP
fsr-3244	23	21	in	in	ADP
fsr-3244	23	22	shankar	shankar	NOUN
fsr-3244	23	23	)	)	PUNCT
fsr-3244	23	24	and	and	CCONJ
fsr-3244	23	25	tips	tip	NOUN
fsr-3244	23	26	ladder	ladder	NOUN
fsr-3244	23	27	lengths	length	NOUN
fsr-3244	23	28	(	(	PUNCT
fsr-3244	23	29	10	10	NUM
fsr-3244	23	30	to	to	PART
fsr-3244	23	31	30	30	NUM
fsr-3244	23	32	years	year	NOUN
fsr-3244	23	33	rather	rather	ADV
fsr-3244	23	34	than	than	ADP
fsr-3244	23	35	just	just	ADV
fsr-3244	23	36	15	15	NUM
fsr-3244	23	37	or	or	CCONJ
fsr-3244	23	38	20	20	NUM
fsr-3244	23	39	years	year	NOUN
fsr-3244	23	40	)	)	PUNCT
fsr-3244	23	41	,	,	PUNCT
fsr-3244	23	42	and	and	CCONJ
fsr-3244	23	43	we	we	PRON
fsr-3244	23	44	consider	consider	VERB
fsr-3244	23	45	deferred	deferred	ADJ
fsr-3244	23	46	annuities	annuity	NOUN
fsr-3244	23	47	that	that	PRON
fsr-3244	23	48	are	be	AUX
fsr-3244	23	49	indexed	index	VERB
fsr-3244	23	50	for	for	ADP
fsr-3244	23	51	inflation	inflation	NOUN
fsr-3244	23	52	(	(	PUNCT
fsr-3244	23	53	the	the	DET
fsr-3244	23	54	ideal	ideal	ADJ
fsr-3244	23	55	situation	situation	NOUN
fsr-3244	23	56	)	)	PUNCT
fsr-3244	23	57	as	as	ADV
fsr-3244	23	58	well	well	ADV
fsr-3244	23	59	as	as	ADP
fsr-3244	23	60	those	those	PRON
fsr-3244	23	61	that	that	PRON
fsr-3244	23	62	are	be	AUX
fsr-3244	23	63	not	not	PART
fsr-3244	23	64	(	(	PUNCT
fsr-3244	23	65	the	the	DET
fsr-3244	23	66	current	current	ADJ
fsr-3244	23	67	situation	situation	NOUN
fsr-3244	23	68	in	in	ADP
fsr-3244	23	69	practice	practice	NOUN
fsr-3244	23	70	)	)	PUNCT
fsr-3244	23	71	.	.	PUNCT
fsr-3244	24	1	we	we	PRON
fsr-3244	24	2	examine	examine	VERB
fsr-3244	24	3	the	the	DET
fsr-3244	24	4	effects	effect	NOUN
fsr-3244	24	5	of	of	ADP
fsr-3244	24	6	cash	cash	NOUN
fsr-3244	24	7	management	management	NOUN
fsr-3244	24	8	procedures	procedure	NOUN
fsr-3244	24	9	in	in	ADP
fsr-3244	24	10	which	which	PRON
fsr-3244	24	11	payments	payment	NOUN
fsr-3244	24	12	of	of	ADP
fsr-3244	24	13	tips	tip	NOUN
fsr-3244	24	14	coupons	coupon	NOUN
fsr-3244	24	15	and	and	CCONJ
fsr-3244	24	16	par	par	NOUN
fsr-3244	24	17	are	be	AUX
fsr-3244	24	18	converted	convert	VERB
fsr-3244	24	19	to	to	ADP
fsr-3244	24	20	monthly	monthly	ADJ
fsr-3244	24	21	cash	cash	NOUN
fsr-3244	24	22	payouts	payout	NOUN
fsr-3244	24	23	via	via	ADP
fsr-3244	24	24	a	a	DET
fsr-3244	24	25	money	money	NOUN
fsr-3244	24	26	market	market	NOUN
fsr-3244	24	27	account	account	NOUN
fsr-3244	24	28	that	that	PRON
fsr-3244	24	29	earns	earn	VERB
fsr-3244	24	30	a	a	DET
fsr-3244	24	31	nominal	nominal	ADJ
fsr-3244	24	32	t	t	PROPN
fsr-3244	24	33	-	-	PUNCT
fsr-3244	24	34	bill	bill	NOUN
fsr-3244	24	35	rate	rate	NOUN
fsr-3244	24	36	.	.	PUNCT
fsr-3244	25	1	we	we	PRON
fsr-3244	25	2	adjust	adjust	VERB
fsr-3244	25	3	for	for	ADP
fsr-3244	25	4	mortality	mortality	NOUN
fsr-3244	25	5	credits	credit	NOUN
fsr-3244	25	6	when	when	SCONJ
fsr-3244	25	7	valuing	value	VERB
fsr-3244	25	8	the	the	DET
fsr-3244	25	9	deferred	defer	VERB
fsr-3244	25	10	annuity	annuity	NOUN
fsr-3244	25	11	rather	rather	ADV
fsr-3244	25	12	than	than	ADP
fsr-3244	25	13	assuming	assume	VERB
fsr-3244	25	14	a	a	DET
fsr-3244	25	15	fixed	fix	VERB
fsr-3244	25	16	number	number	NOUN
fsr-3244	25	17	of	of	ADP
fsr-3244	25	18	years	year	NOUN
fsr-3244	25	19	based	base	VERB
fsr-3244	25	20	on	on	ADP
fsr-3244	25	21	median	median	ADJ
fsr-3244	25	22	life	life	NOUN
fsr-3244	25	23	expectancy	expectancy	NOUN
fsr-3244	25	24	at	at	ADP
fsr-3244	25	25	the	the	DET
fsr-3244	25	26	end	end	NOUN
fsr-3244	25	27	of	of	ADP
fsr-3244	25	28	the	the	DET
fsr-3244	25	29	tips	tip	NOUN
fsr-3244	25	30	phase	phase	NOUN
fsr-3244	25	31	as	as	ADP
fsr-3244	25	32	in	in	ADP
fsr-3244	25	33	shankar	shankar	PROPN
fsr-3244	25	34	’s	’s	PART
fsr-3244	25	35	modeling	modeling	NOUN
fsr-3244	25	36	.	.	PUNCT
fsr-3244	26	1	for	for	ADP
fsr-3244	26	2	each	each	DET
fsr-3244	26	3	simulated	simulate	VERB
fsr-3244	26	4	investor	investor	NOUN
fsr-3244	26	5	,	,	PUNCT
fsr-3244	26	6	we	we	PRON
fsr-3244	26	7	determine	determine	VERB
fsr-3244	26	8	the	the	DET
fsr-3244	26	9	purchasing	purchasing	NOUN
fsr-3244	26	10	power	power	NOUN
fsr-3244	26	11	of	of	ADP
fsr-3244	26	12	actual	actual	ADJ
fsr-3244	26	13	monthly	monthly	ADJ
fsr-3244	26	14	cash	cash	NOUN
fsr-3244	26	15	payouts	payout	NOUN
fsr-3244	26	16	and	and	CCONJ
fsr-3244	26	17	apply	apply	VERB
fsr-3244	26	18	stochastic	stochastic	ADJ
fsr-3244	26	19	mortality	mortality	NOUN
fsr-3244	26	20	risk	risk	NOUN
fsr-3244	26	21	to	to	PART
fsr-3244	26	22	determine	determine	VERB
fsr-3244	26	23	time	time	NOUN
fsr-3244	26	24	of	of	ADP
fsr-3244	26	25	death	death	NOUN
fsr-3244	26	26	.	.	PUNCT
fsr-3244	27	1	this	this	DET
fsr-3244	27	2	approach	approach	NOUN
fsr-3244	27	3	enables	enable	VERB
fsr-3244	27	4	us	we	PRON
fsr-3244	27	5	to	to	PART
fsr-3244	27	6	estimate	estimate	VERB
fsr-3244	27	7	the	the	DET
fsr-3244	27	8	expected	expect	VERB
fsr-3244	27	9	utility	utility	NOUN
fsr-3244	27	10	of	of	ADP
fsr-3244	27	11	consumption	consumption	NOUN
fsr-3244	27	12	and	and	CCONJ
fsr-3244	27	13	bequests	bequest	NOUN
fsr-3244	27	14	from	from	ADP
fsr-3244	27	15	the	the	DET
fsr-3244	27	16	perspective	perspective	NOUN
fsr-3244	27	17	of	of	ADP
fsr-3244	27	18	the	the	DET
fsr-3244	27	19	investor	investor	NOUN
fsr-3244	27	20	’s	’s	PART
fsr-3244	27	21	retirement	retirement	NOUN
fsr-3244	27	22	date	date	NOUN
fsr-3244	27	23	.	.	PUNCT
fsr-3244	28	1	an	an	DET
fsr-3244	28	2	important	important	ADJ
fsr-3244	28	3	question	question	NOUN
fsr-3244	28	4	is	be	AUX
fsr-3244	28	5	why	why	SCONJ
fsr-3244	28	6	investors	investor	NOUN
fsr-3244	28	7	are	be	AUX
fsr-3244	28	8	reluctant	reluctant	ADJ
fsr-3244	28	9	to	to	PART
fsr-3244	28	10	buy	buy	VERB
fsr-3244	28	11	an	an	DET
fsr-3244	28	12	immediate	immediate	ADJ
fsr-3244	28	13	inflationindexed	inflationindexed	ADJ
fsr-3244	28	14	annuity	annuity	NOUN
fsr-3244	28	15	with	with	ADP
fsr-3244	28	16	their	their	PRON
fsr-3244	28	17	entire	entire	ADJ
fsr-3244	28	18	savings	saving	NOUN
fsr-3244	28	19	.	.	PUNCT
fsr-3244	29	1	as	as	SCONJ
fsr-3244	29	2	shankar	shankar	PROPN
fsr-3244	29	3	(	(	PUNCT
fsr-3244	29	4	2009	2009	NUM
fsr-3244	29	5	)	)	PUNCT
fsr-3244	29	6	observes	observe	VERB
fsr-3244	29	7	,	,	PUNCT
fsr-3244	29	8	economists	economist	NOUN
fsr-3244	29	9	offer	offer	VERB
fsr-3244	29	10	a	a	DET
fsr-3244	29	11	variety	variety	NOUN
fsr-3244	29	12	of	of	ADP
fsr-3244	29	13	explanations	explanation	NOUN
fsr-3244	29	14	,	,	PUNCT
fsr-3244	29	15	including	include	VERB
fsr-3244	29	16	unattractive	unattractive	ADJ
fsr-3244	29	17	design	design	NOUN
fsr-3244	29	18	of	of	ADP
fsr-3244	29	19	annuity	annuity	NOUN
fsr-3244	29	20	products	product	NOUN
fsr-3244	29	21	,	,	PUNCT
fsr-3244	29	22	existence	existence	NOUN
fsr-3244	29	23	of	of	ADP
fsr-3244	29	24	programs	program	NOUN
fsr-3244	29	25	such	such	ADJ
fsr-3244	29	26	as	as	ADP
fsr-3244	29	27	social	social	ADJ
fsr-3244	29	28	security	security	NOUN
fsr-3244	29	29	that	that	PRON
fsr-3244	29	30	perform	perform	VERB
fsr-3244	29	31	essentially	essentially	ADV
fsr-3244	29	32	the	the	DET
fsr-3244	29	33	same	same	ADJ
fsr-3244	29	34	function	function	NOUN
fsr-3244	29	35	,	,	PUNCT
fsr-3244	29	36	and	and	CCONJ
fsr-3244	29	37	behavioral	behavioral	ADJ
fsr-3244	29	38	explanations	explanation	NOUN
fsr-3244	29	39	.	.	PUNCT
fsr-3244	30	1	we	we	PRON
fsr-3244	30	2	apply	apply	VERB
fsr-3244	30	3	expected	expect	VERB
fsr-3244	30	4	utility	utility	NOUN
fsr-3244	30	5	analysis	analysis	NOUN
fsr-3244	30	6	to	to	PART
fsr-3244	30	7	explore	explore	VERB
fsr-3244	30	8	how	how	SCONJ
fsr-3244	30	9	the	the	DET
fsr-3244	30	10	strength	strength	NOUN
fsr-3244	30	11	of	of	ADP
fsr-3244	30	12	the	the	DET
fsr-3244	30	13	bequest	bequest	NOUN
fsr-3244	30	14	motive	motive	NOUN
fsr-3244	30	15	affects	affect	VERB
fsr-3244	30	16	a	a	DET
fsr-3244	30	17	rational	rational	ADJ
fsr-3244	30	18	investor	investor	NOUN
fsr-3244	30	19	’s	’s	PART
fsr-3244	30	20	choice	choice	NOUN
fsr-3244	30	21	between	between	ADP
fsr-3244	30	22	a	a	DET
fsr-3244	30	23	non	non	ADJ
fsr-3244	30	24	-	-	ADJ
fsr-3244	30	25	refundable	refundable	ADJ
fsr-3244	30	26	immediate	immediate	ADJ
fsr-3244	30	27	life	life	NOUN
fsr-3244	30	28	annuity	annuity	NOUN
fsr-3244	30	29	and	and	CCONJ
fsr-3244	30	30	a	a	DET
fsr-3244	30	31	tips	tip	NOUN
fsr-3244	30	32	ladder	ladder	NOUN
fsr-3244	30	33	bundled	bundle	VERB
fsr-3244	30	34	with	with	ADP
fsr-3244	30	35	a	a	DET
fsr-3244	30	36	non	non	ADJ
fsr-3244	30	37	-	-	ADJ
fsr-3244	30	38	refundable	refundable	ADJ
fsr-3244	30	39	deferred	defer	VERB
fsr-3244	30	40	life	life	NOUN
fsr-3244	30	41	annuity	annuity	NOUN
fsr-3244	30	42	.	.	PUNCT
fsr-3244	31	1	our	our	PRON
fsr-3244	31	2	results	result	NOUN
fsr-3244	31	3	are	be	AUX
fsr-3244	31	4	in	in	ADP
fsr-3244	31	5	close	close	ADJ
fsr-3244	31	6	agreement	agreement	NOUN
fsr-3244	31	7	with	with	ADP
fsr-3244	31	8	shankar	shankar	PROPN
fsr-3244	31	9	(	(	PUNCT
fsr-3244	31	10	2009	2009	NUM
fsr-3244	31	11	)	)	PUNCT
fsr-3244	31	12	for	for	ADP
fsr-3244	31	13	the	the	DET
fsr-3244	31	14	specific	specific	ADJ
fsr-3244	31	15	scenarios	scenario	NOUN
fsr-3244	31	16	that	that	PRON
fsr-3244	31	17	he	he	PRON
fsr-3244	31	18	presents	present	VERB
fsr-3244	31	19	in	in	ADP
fsr-3244	31	20	detail	detail	NOUN
fsr-3244	31	21	.	.	PUNCT
fsr-3244	32	1	we	we	PRON
fsr-3244	32	2	show	show	VERB
fsr-3244	32	3	that	that	SCONJ
fsr-3244	32	4	,	,	PUNCT
fsr-3244	32	5	under	under	ADP
fsr-3244	32	6	a	a	DET
fsr-3244	32	7	wider	wide	ADJ
fsr-3244	32	8	range	range	NOUN
fsr-3244	32	9	of	of	ADP
fsr-3244	32	10	retirement	retirement	NOUN
fsr-3244	32	11	ages	age	NOUN
fsr-3244	32	12	and	and	CCONJ
fsr-3244	32	13	ladder	ladder	NOUN
fsr-3244	32	14	periods	period	NOUN
fsr-3244	32	15	,	,	PUNCT
fsr-3244	32	16	a	a	DET
fsr-3244	32	17	tips	tip	NOUN
fsr-3244	32	18	ladder	ladder	NOUN
fsr-3244	32	19	/	/	SYM
fsr-3244	32	20	inflation	inflation	NOUN
fsr-3244	32	21	-	-	PUNCT
fsr-3244	32	22	indexed	index	VERB
fsr-3244	32	23	deferred	deferred	ADJ
fsr-3244	32	24	annuity	annuity	NOUN
fsr-3244	32	25	strategy	strategy	NOUN
fsr-3244	32	26	provides	provide	VERB
fsr-3244	32	27	a	a	DET
fsr-3244	32	28	real	real	ADJ
fsr-3244	32	29	payout	payout	NOUN
fsr-3244	32	30	rate	rate	NOUN
fsr-3244	32	31	that	that	PRON
fsr-3244	32	32	is	be	AUX
fsr-3244	32	33	modestly	modestly	ADV
fsr-3244	32	34	less	less	ADJ
fsr-3244	32	35	than	than	ADP
fsr-3244	32	36	that	that	PRON
fsr-3244	32	37	from	from	ADP
fsr-3244	32	38	a	a	DET
fsr-3244	32	39	corresponding	corresponding	ADJ
fsr-3244	32	40	immediate	immediate	ADJ
fsr-3244	32	41	annuity	annuity	NOUN
fsr-3244	32	42	but	but	CCONJ
fsr-3244	32	43	without	without	ADP
fsr-3244	32	44	the	the	DET
fsr-3244	32	45	irreversible	irreversible	ADJ
fsr-3244	32	46	commitment	commitment	NOUN
fsr-3244	32	47	while	while	SCONJ
fsr-3244	32	48	still	still	ADV
fsr-3244	32	49	avoiding	avoid	VERB
fsr-3244	32	50	risk	risk	NOUN
fsr-3244	32	51	of	of	ADP
fsr-3244	32	52	ruin	ruin	NOUN
fsr-3244	32	53	.	.	PUNCT
fsr-3244	33	1	we	we	PRON
fsr-3244	33	2	also	also	ADV
fsr-3244	33	3	confirm	confirm	VERB
fsr-3244	33	4	that	that	SCONJ
fsr-3244	33	5	the	the	DET
fsr-3244	33	6	target	target	NOUN
fsr-3244	33	7	real	real	ADJ
fsr-3244	33	8	payout	payout	NOUN
fsr-3244	33	9	rate	rate	NOUN
fsr-3244	33	10	is	be	AUX
fsr-3244	33	11	strongly	strongly	ADV
fsr-3244	33	12	determined	determine	VERB
fsr-3244	33	13	by	by	ADP
fsr-3244	33	14	market	market	NOUN
fsr-3244	33	15	real	real	ADJ
fsr-3244	33	16	yields	yield	NOUN
fsr-3244	33	17	at	at	ADP
fsr-3244	33	18	time	time	NOUN
fsr-3244	33	19	of	of	ADP
fsr-3244	33	20	retirement	retirement	NOUN
fsr-3244	33	21	,	,	PUNCT
fsr-3244	33	22	where	where	SCONJ
fsr-3244	33	23	the	the	DET
fsr-3244	33	24	target	target	NOUN
fsr-3244	33	25	rate	rate	NOUN
fsr-3244	33	26	is	be	AUX
fsr-3244	33	27	the	the	DET
fsr-3244	33	28	rate	rate	NOUN
fsr-3244	33	29	calculated	calculate	VERB
fsr-3244	33	30	in	in	ADP
fsr-3244	33	31	the	the	DET
fsr-3244	33	32	construction	construction	NOUN
fsr-3244	33	33	of	of	ADP
fsr-3244	33	34	the	the	DET
fsr-3244	33	35	tips	tip	NOUN
fsr-3244	33	36	ladder	ladder	NOUN
fsr-3244	33	37	/	/	SYM
fsr-3244	33	38	deferred	defer	VERB
fsr-3244	33	39	annuity	annuity	NOUN
fsr-3244	33	40	strategy	strategy	NOUN
fsr-3244	33	41	.	.	PUNCT
fsr-3244	34	1	on	on	ADP
fsr-3244	34	2	the	the	DET
fsr-3244	34	3	other	other	ADJ
fsr-3244	34	4	hand	hand	NOUN
fsr-3244	34	5	,	,	PUNCT
fsr-3244	34	6	we	we	PRON
fsr-3244	34	7	identify	identify	VERB
fsr-3244	34	8	circumstances	circumstance	NOUN
fsr-3244	34	9	under	under	ADP
fsr-3244	34	10	which	which	PRON
fsr-3244	34	11	shankar	shankar	PROPN
fsr-3244	34	12	’s	’s	PART
fsr-3244	34	13	(	(	PUNCT
fsr-3244	34	14	2009	2009	NUM
fsr-3244	34	15	)	)	PUNCT
fsr-3244	34	16	optimistic	optimistic	ADJ
fsr-3244	34	17	conclusions	conclusion	NOUN
fsr-3244	34	18	about	about	ADP
fsr-3244	34	19	his	his	PRON
fsr-3244	34	20	proposed	propose	VERB
fsr-3244	34	21	strategy	strategy	NOUN
fsr-3244	34	22	do	do	AUX
fsr-3244	34	23	not	not	PART
fsr-3244	34	24	hold	hold	VERB
fsr-3244	34	25	.	.	PUNCT
fsr-3244	35	1	first	first	ADV
fsr-3244	35	2	,	,	PUNCT
fsr-3244	35	3	because	because	SCONJ
fsr-3244	35	4	the	the	DET
fsr-3244	35	5	target	target	NOUN
fsr-3244	35	6	real	real	ADJ
fsr-3244	35	7	payout	payout	NOUN
fsr-3244	35	8	rate	rate	NOUN
fsr-3244	35	9	360	360	NUM
fsr-3244	35	10	p.j	p.j	PROPN
fsr-3244	35	11	.	.	PROPN
fsr-3244	35	12	haensly	haensly	PROPN
fsr-3244	35	13	,	,	PUNCT
fsr-3244	35	14	k.p	k.p	PROPN
fsr-3244	35	15	.	.	PROPN
fsr-3244	35	16	pai	pai	PROPN
fsr-3244	35	17	/	/	SYM
fsr-3244	35	18	financial	financial	ADJ
fsr-3244	35	19	services	service	NOUN
fsr-3244	35	20	review	review	VERB
fsr-3244	35	21	24	24	NUM
fsr-3244	35	22	(	(	PUNCT
fsr-3244	35	23	2015	2015	NUM
fsr-3244	35	24	)	)	PUNCT
fsr-3244	35	25	359–386	359–386	NUM
fsr-3244	35	26	is	be	AUX
fsr-3244	35	27	determined	determine	VERB
fsr-3244	35	28	by	by	ADP
fsr-3244	35	29	market	market	NOUN
fsr-3244	35	30	yields	yield	NOUN
fsr-3244	35	31	and	and	CCONJ
fsr-3244	35	32	expected	expect	VERB
fsr-3244	35	33	inflation	inflation	NOUN
fsr-3244	35	34	at	at	ADP
fsr-3244	35	35	time	time	NOUN
fsr-3244	35	36	of	of	ADP
fsr-3244	35	37	retirement	retirement	NOUN
fsr-3244	35	38	,	,	PUNCT
fsr-3244	35	39	our	our	PRON
fsr-3244	35	40	simulation	simulation	NOUN
fsr-3244	35	41	suggests	suggest	VERB
fsr-3244	35	42	that	that	SCONJ
fsr-3244	35	43	investors	investor	NOUN
fsr-3244	35	44	at	at	ADP
fsr-3244	35	45	retirement	retirement	NOUN
fsr-3244	35	46	may	may	AUX
fsr-3244	35	47	see	see	VERB
fsr-3244	35	48	low	low	ADJ
fsr-3244	35	49	target	target	NOUN
fsr-3244	35	50	real	real	ADJ
fsr-3244	35	51	payout	payout	NOUN
fsr-3244	35	52	rates	rate	NOUN
fsr-3244	35	53	when	when	SCONJ
fsr-3244	35	54	market	market	NOUN
fsr-3244	35	55	real	real	ADJ
fsr-3244	35	56	yields	yield	NOUN
fsr-3244	35	57	are	be	AUX
fsr-3244	35	58	low	low	ADJ
fsr-3244	35	59	.	.	PUNCT
fsr-3244	36	1	the	the	DET
fsr-3244	36	2	same	same	ADJ
fsr-3244	36	3	problem	problem	NOUN
fsr-3244	36	4	arises	arise	VERB
fsr-3244	36	5	(	(	PUNCT
fsr-3244	36	6	and	and	CCONJ
fsr-3244	36	7	for	for	ADP
fsr-3244	36	8	the	the	DET
fsr-3244	36	9	same	same	ADJ
fsr-3244	36	10	reason	reason	NOUN
fsr-3244	36	11	)	)	PUNCT
fsr-3244	36	12	with	with	ADP
fsr-3244	36	13	immediate	immediate	ADJ
fsr-3244	36	14	annuities	annuity	NOUN
fsr-3244	36	15	;	;	PUNCT
fsr-3244	36	16	shankar	shankar	PROPN
fsr-3244	36	17	’s	’s	PART
fsr-3244	36	18	proposed	propose	VERB
fsr-3244	36	19	strategy	strategy	NOUN
fsr-3244	36	20	does	do	AUX
fsr-3244	36	21	not	not	PART
fsr-3244	36	22	eliminate	eliminate	VERB
fsr-3244	36	23	this	this	DET
fsr-3244	36	24	drawback	drawback	NOUN
fsr-3244	36	25	.	.	PUNCT
fsr-3244	37	1	we	we	PRON
fsr-3244	37	2	explore	explore	VERB
fsr-3244	37	3	which	which	DET
fsr-3244	37	4	combinations	combination	NOUN
fsr-3244	37	5	of	of	ADP
fsr-3244	37	6	retirement	retirement	NOUN
fsr-3244	37	7	age	age	NOUN
fsr-3244	37	8	and	and	CCONJ
fsr-3244	37	9	tips	tip	NOUN
fsr-3244	37	10	ladder	ladder	NOUN
fsr-3244	37	11	period	period	NOUN
fsr-3244	37	12	offer	offer	VERB
fsr-3244	37	13	investors	investor	NOUN
fsr-3244	37	14	the	the	DET
fsr-3244	37	15	best	good	ADJ
fsr-3244	37	16	odds	odd	NOUN
fsr-3244	37	17	of	of	ADP
fsr-3244	37	18	an	an	DET
fsr-3244	37	19	attractive	attractive	ADJ
fsr-3244	37	20	real	real	ADJ
fsr-3244	37	21	payout	payout	NOUN
fsr-3244	37	22	rate	rate	NOUN
fsr-3244	37	23	regardless	regardless	ADV
fsr-3244	37	24	of	of	ADP
fsr-3244	37	25	market	market	NOUN
fsr-3244	37	26	conditions	condition	NOUN
fsr-3244	37	27	.	.	PUNCT
fsr-3244	38	1	second	second	ADJ
fsr-3244	38	2	,	,	PUNCT
fsr-3244	38	3	shankar	shankar	PROPN
fsr-3244	38	4	’s	’s	PART
fsr-3244	38	5	(	(	PUNCT
fsr-3244	38	6	2009	2009	NUM
fsr-3244	38	7	)	)	PUNCT
fsr-3244	38	8	strategy	strategy	NOUN
fsr-3244	38	9	does	do	AUX
fsr-3244	38	10	not	not	PART
fsr-3244	38	11	guarantee	guarantee	VERB
fsr-3244	38	12	a	a	DET
fsr-3244	38	13	fixed	fix	VERB
fsr-3244	38	14	real	real	ADJ
fsr-3244	38	15	payout	payout	NOUN
fsr-3244	38	16	rate	rate	NOUN
fsr-3244	38	17	.	.	PUNCT
fsr-3244	39	1	when	when	SCONJ
fsr-3244	39	2	the	the	DET
fsr-3244	39	3	deferred	deferred	ADJ
fsr-3244	39	4	annuity	annuity	NOUN
fsr-3244	39	5	is	be	AUX
fsr-3244	39	6	indexed	index	VERB
fsr-3244	39	7	for	for	ADP
fsr-3244	39	8	inflation	inflation	NOUN
fsr-3244	39	9	,	,	PUNCT
fsr-3244	39	10	we	we	PRON
fsr-3244	39	11	show	show	VERB
fsr-3244	39	12	that	that	SCONJ
fsr-3244	39	13	the	the	DET
fsr-3244	39	14	realized	realize	VERB
fsr-3244	39	15	real	real	ADJ
fsr-3244	39	16	payout	payout	NOUN
fsr-3244	39	17	rate	rate	NOUN
fsr-3244	39	18	can	can	AUX
fsr-3244	39	19	dip	dip	VERB
fsr-3244	39	20	modestly	modestly	ADV
fsr-3244	39	21	.	.	PUNCT
fsr-3244	40	1	during	during	ADP
fsr-3244	40	2	the	the	DET
fsr-3244	40	3	tips	tip	NOUN
fsr-3244	40	4	payout	payout	NOUN
fsr-3244	40	5	phase	phase	NOUN
fsr-3244	40	6	,	,	PUNCT
fsr-3244	40	7	these	these	DET
fsr-3244	40	8	dips	dip	NOUN
fsr-3244	40	9	are	be	AUX
fsr-3244	40	10	rare	rare	ADJ
fsr-3244	40	11	and	and	CCONJ
fsr-3244	40	12	transient	transient	ADJ
fsr-3244	40	13	but	but	CCONJ
fsr-3244	40	14	may	may	AUX
fsr-3244	40	15	be	be	AUX
fsr-3244	40	16	as	as	ADV
fsr-3244	40	17	much	much	ADJ
fsr-3244	40	18	as	as	ADP
fsr-3244	40	19	0.5	0.5	NUM
fsr-3244	40	20	%	%	NOUN
fsr-3244	40	21	.	.	PUNCT
fsr-3244	41	1	during	during	ADP
fsr-3244	41	2	the	the	DET
fsr-3244	41	3	deferred	defer	VERB
fsr-3244	41	4	annuity	annuity	NOUN
fsr-3244	41	5	payout	payout	NOUN
fsr-3244	41	6	phase	phase	NOUN
fsr-3244	41	7	,	,	PUNCT
fsr-3244	41	8	the	the	DET
fsr-3244	41	9	retiree	retiree	NOUN
fsr-3244	41	10	may	may	AUX
fsr-3244	41	11	face	face	VERB
fsr-3244	41	12	fluctuations	fluctuation	NOUN
fsr-3244	41	13	(	(	PUNCT
fsr-3244	41	14	as	as	ADV
fsr-3244	41	15	much	much	ADJ
fsr-3244	41	16	as	as	ADP
fsr-3244	41	17	0.25	0.25	NUM
fsr-3244	41	18	%	%	NOUN
fsr-3244	41	19	)	)	PUNCT
fsr-3244	41	20	when	when	SCONJ
fsr-3244	41	21	the	the	DET
fsr-3244	41	22	annuity	annuity	NOUN
fsr-3244	41	23	is	be	AUX
fsr-3244	41	24	indexed	index	VERB
fsr-3244	41	25	for	for	ADP
fsr-3244	41	26	inflation	inflation	NOUN
fsr-3244	41	27	with	with	ADP
fsr-3244	41	28	a	a	DET
fsr-3244	41	29	lag	lag	NOUN
fsr-3244	41	30	.	.	PUNCT
fsr-3244	42	1	on	on	ADP
fsr-3244	42	2	the	the	DET
fsr-3244	42	3	other	other	ADJ
fsr-3244	42	4	hand	hand	NOUN
fsr-3244	42	5	,	,	PUNCT
fsr-3244	42	6	when	when	SCONJ
fsr-3244	42	7	the	the	DET
fsr-3244	42	8	deferred	deferred	ADJ
fsr-3244	42	9	annuity	annuity	NOUN
fsr-3244	42	10	is	be	AUX
fsr-3244	42	11	not	not	PART
fsr-3244	42	12	indexed	index	VERB
fsr-3244	42	13	for	for	ADP
fsr-3244	42	14	inflation	inflation	NOUN
fsr-3244	42	15	,	,	PUNCT
fsr-3244	42	16	investors	investor	NOUN
fsr-3244	42	17	who	who	PRON
fsr-3244	42	18	survive	survive	VERB
fsr-3244	42	19	to	to	ADP
fsr-3244	42	20	the	the	DET
fsr-3244	42	21	deferred	defer	VERB
fsr-3244	42	22	annuity	annuity	NOUN
fsr-3244	42	23	phase	phase	NOUN
fsr-3244	42	24	have	have	VERB
fsr-3244	42	25	a	a	DET
fsr-3244	42	26	good	good	ADJ
fsr-3244	42	27	chance	chance	NOUN
fsr-3244	42	28	of	of	ADP
fsr-3244	42	29	experiencing	experience	VERB
fsr-3244	42	30	significantly	significantly	ADV
fsr-3244	42	31	lower	lower	ADV
fsr-3244	42	32	realized	realize	VERB
fsr-3244	42	33	real	real	ADJ
fsr-3244	42	34	payout	payout	NOUN
fsr-3244	42	35	rates	rate	NOUN
fsr-3244	42	36	late	late	ADV
fsr-3244	42	37	in	in	ADP
fsr-3244	42	38	life	life	NOUN
fsr-3244	42	39	when	when	SCONJ
fsr-3244	42	40	they	they	PRON
fsr-3244	42	41	are	be	AUX
fsr-3244	42	42	least	least	ADJ
fsr-3244	42	43	able	able	ADJ
fsr-3244	42	44	to	to	PART
fsr-3244	42	45	redress	redress	VERB
fsr-3244	42	46	the	the	DET
fsr-3244	42	47	situation	situation	NOUN
fsr-3244	42	48	.	.	PUNCT
fsr-3244	43	1	this	this	DET
fsr-3244	43	2	point	point	NOUN
fsr-3244	43	3	is	be	AUX
fsr-3244	43	4	important	important	ADJ
fsr-3244	43	5	as	as	ADV
fsr-3244	43	6	long	long	ADV
fsr-3244	43	7	as	as	SCONJ
fsr-3244	43	8	a	a	DET
fsr-3244	43	9	market	market	NOUN
fsr-3244	43	10	for	for	ADP
fsr-3244	43	11	inflation	inflation	NOUN
fsr-3244	43	12	-	-	PUNCT
fsr-3244	43	13	indexed	index	VERB
fsr-3244	43	14	deferred	deferred	ADJ
fsr-3244	43	15	annuities	annuity	NOUN
fsr-3244	43	16	does	do	AUX
fsr-3244	43	17	not	not	PART
fsr-3244	43	18	exist	exist	VERB
fsr-3244	43	19	.	.	PUNCT
fsr-3244	44	1	third	third	ADV
fsr-3244	44	2	,	,	PUNCT
fsr-3244	44	3	we	we	PRON
fsr-3244	44	4	identify	identify	VERB
fsr-3244	44	5	circumstances	circumstance	NOUN
fsr-3244	44	6	under	under	ADP
fsr-3244	44	7	which	which	PRON
fsr-3244	44	8	the	the	DET
fsr-3244	44	9	allocation	allocation	NOUN
fsr-3244	44	10	to	to	ADP
fsr-3244	44	11	the	the	DET
fsr-3244	44	12	deferred	defer	VERB
fsr-3244	44	13	annuity	annuity	NOUN
fsr-3244	44	14	premium	premium	NOUN
fsr-3244	44	15	could	could	AUX
fsr-3244	44	16	be	be	AUX
fsr-3244	44	17	much	much	ADV
fsr-3244	44	18	greater	great	ADJ
fsr-3244	44	19	than	than	ADP
fsr-3244	44	20	the	the	DET
fsr-3244	44	21	20	20	NUM
fsr-3244	44	22	to	to	PART
fsr-3244	44	23	30	30	NUM
fsr-3244	44	24	%	%	NOUN
fsr-3244	44	25	in	in	ADP
fsr-3244	44	26	the	the	DET
fsr-3244	44	27	scenarios	scenario	NOUN
fsr-3244	44	28	that	that	PRON
fsr-3244	44	29	shankar	shankar	PROPN
fsr-3244	44	30	(	(	PUNCT
fsr-3244	44	31	2009	2009	NUM
fsr-3244	44	32	)	)	PUNCT
fsr-3244	44	33	discusses	discuss	VERB
fsr-3244	44	34	.	.	PUNCT
fsr-3244	45	1	we	we	PRON
fsr-3244	45	2	explore	explore	VERB
fsr-3244	45	3	circumstances	circumstance	NOUN
fsr-3244	45	4	under	under	ADP
fsr-3244	45	5	which	which	PRON
fsr-3244	45	6	this	this	DET
fsr-3244	45	7	allocation	allocation	NOUN
fsr-3244	45	8	is	be	AUX
fsr-3244	45	9	likely	likely	ADJ
fsr-3244	45	10	to	to	PART
fsr-3244	45	11	be	be	AUX
fsr-3244	45	12	low	low	ADJ
fsr-3244	45	13	and	and	CCONJ
fsr-3244	45	14	circumstances	circumstance	NOUN
fsr-3244	45	15	under	under	ADP
fsr-3244	45	16	which	which	PRON
fsr-3244	45	17	it	it	PRON
fsr-3244	45	18	is	be	AUX
fsr-3244	45	19	likely	likely	ADJ
fsr-3244	45	20	to	to	PART
fsr-3244	45	21	be	be	AUX
fsr-3244	45	22	high	high	ADJ
fsr-3244	45	23	.	.	PUNCT
fsr-3244	46	1	2	2	X
fsr-3244	46	2	.	.	X
fsr-3244	46	3	literature	literature	NOUN
fsr-3244	46	4	review	review	VERB
fsr-3244	46	5	the	the	DET
fsr-3244	46	6	literature	literature	NOUN
fsr-3244	46	7	on	on	ADP
fsr-3244	46	8	sustainable	sustainable	ADJ
fsr-3244	46	9	withdrawal	withdrawal	NOUN
fsr-3244	46	10	rates	rate	NOUN
fsr-3244	46	11	(	(	PUNCT
fsr-3244	46	12	i.e.	i.e.	X
fsr-3244	46	13	,	,	PUNCT
fsr-3244	46	14	rates	rate	NOUN
fsr-3244	46	15	that	that	PRON
fsr-3244	46	16	do	do	AUX
fsr-3244	46	17	not	not	PART
fsr-3244	46	18	lead	lead	VERB
fsr-3244	46	19	to	to	ADP
fsr-3244	46	20	financial	financial	ADJ
fsr-3244	46	21	ruin	ruin	NOUN
fsr-3244	46	22	)	)	PUNCT
fsr-3244	46	23	has	have	VERB
fsr-3244	46	24	two	two	NUM
fsr-3244	46	25	threads	thread	NOUN
fsr-3244	46	26	.	.	PUNCT
fsr-3244	47	1	in	in	ADP
fsr-3244	47	2	the	the	DET
fsr-3244	47	3	earlier	early	ADJ
fsr-3244	47	4	thread	thread	NOUN
fsr-3244	47	5	,	,	PUNCT
fsr-3244	47	6	the	the	DET
fsr-3244	47	7	authors	author	NOUN
fsr-3244	47	8	focus	focus	VERB
fsr-3244	47	9	on	on	ADP
fsr-3244	47	10	passive	passive	ADJ
fsr-3244	47	11	strategies	strategy	NOUN
fsr-3244	47	12	in	in	ADP
fsr-3244	47	13	which	which	PRON
fsr-3244	47	14	the	the	DET
fsr-3244	47	15	asset	asset	NOUN
fsr-3244	47	16	allocation	allocation	NOUN
fsr-3244	47	17	and	and	CCONJ
fsr-3244	47	18	withdrawal	withdrawal	NOUN
fsr-3244	47	19	rate	rate	NOUN
fsr-3244	47	20	are	be	AUX
fsr-3244	47	21	selected	select	VERB
fsr-3244	47	22	and	and	CCONJ
fsr-3244	47	23	fixed	fix	VERB
fsr-3244	47	24	at	at	ADP
fsr-3244	47	25	retirement	retirement	NOUN
fsr-3244	47	26	.	.	PUNCT
fsr-3244	48	1	for	for	ADP
fsr-3244	48	2	example	example	NOUN
fsr-3244	48	3	,	,	PUNCT
fsr-3244	48	4	cooley	cooley	PROPN
fsr-3244	48	5	,	,	PUNCT
fsr-3244	48	6	hubbard	hubbard	PROPN
fsr-3244	48	7	,	,	PUNCT
fsr-3244	48	8	and	and	CCONJ
fsr-3244	48	9	walz	walz	PROPN
fsr-3244	48	10	(	(	PUNCT
fsr-3244	48	11	2003	2003	NUM
fsr-3244	48	12	)	)	PUNCT
fsr-3244	48	13	examine	examine	VERB
fsr-3244	48	14	risk	risk	NOUN
fsr-3244	48	15	of	of	ADP
fsr-3244	48	16	ruin	ruin	NOUN
fsr-3244	48	17	for	for	ADP
fsr-3244	48	18	fixed	fix	VERB
fsr-3244	48	19	withdrawal	withdrawal	NOUN
fsr-3244	48	20	rates	rate	NOUN
fsr-3244	48	21	from	from	ADP
fsr-3244	48	22	an	an	DET
fsr-3244	48	23	all	all	DET
fsr-3244	48	24	equity	equity	NOUN
fsr-3244	48	25	portfolio	portfolio	NOUN
fsr-3244	48	26	.	.	PUNCT
fsr-3244	49	1	milevsky	milevsky	PROPN
fsr-3244	49	2	&	&	CCONJ
fsr-3244	49	3	robinson	robinson	PROPN
fsr-3244	49	4	(	(	PUNCT
fsr-3244	49	5	2005	2005	NUM
fsr-3244	49	6	)	)	PUNCT
fsr-3244	49	7	study	study	NOUN
fsr-3244	49	8	risk	risk	NOUN
fsr-3244	49	9	of	of	ADP
fsr-3244	49	10	ruin	ruin	NOUN
fsr-3244	49	11	when	when	SCONJ
fsr-3244	49	12	mortality	mortality	NOUN
fsr-3244	49	13	risk	risk	NOUN
fsr-3244	49	14	and	and	CCONJ
fsr-3244	49	15	rates	rate	NOUN
fsr-3244	49	16	of	of	ADP
fsr-3244	49	17	return	return	NOUN
fsr-3244	49	18	are	be	AUX
fsr-3244	49	19	stochastic	stochastic	ADJ
fsr-3244	49	20	.	.	PUNCT
fsr-3244	50	1	ervin	ervin	PROPN
fsr-3244	50	2	,	,	PUNCT
fsr-3244	50	3	faulk	faulk	PROPN
fsr-3244	50	4	,	,	PUNCT
fsr-3244	50	5	and	and	CCONJ
fsr-3244	50	6	smolira	smolira	PROPN
fsr-3244	50	7	(	(	PUNCT
fsr-3244	50	8	2009	2009	NUM
fsr-3244	50	9	)	)	PUNCT
fsr-3244	50	10	evaluate	evaluate	VERB
fsr-3244	50	11	the	the	DET
fsr-3244	50	12	effects	effect	NOUN
fsr-3244	50	13	of	of	ADP
fsr-3244	50	14	different	different	ADJ
fsr-3244	50	15	combinations	combination	NOUN
fsr-3244	50	16	of	of	ADP
fsr-3244	50	17	asset	asset	NOUN
fsr-3244	50	18	allocation	allocation	NOUN
fsr-3244	50	19	,	,	PUNCT
fsr-3244	50	20	lengths	length	NOUN
fsr-3244	50	21	of	of	ADP
fsr-3244	50	22	savings	saving	NOUN
fsr-3244	50	23	and	and	CCONJ
fsr-3244	50	24	retirement	retirement	NOUN
fsr-3244	50	25	periods	period	NOUN
fsr-3244	50	26	,	,	PUNCT
fsr-3244	50	27	savings	saving	NOUN
fsr-3244	50	28	rate	rate	NOUN
fsr-3244	50	29	,	,	PUNCT
fsr-3244	50	30	and	and	CCONJ
fsr-3244	50	31	availability	availability	NOUN
fsr-3244	50	32	of	of	ADP
fsr-3244	50	33	social	social	ADJ
fsr-3244	50	34	security	security	NOUN
fsr-3244	50	35	income	income	NOUN
fsr-3244	50	36	in	in	ADP
fsr-3244	50	37	scenarios	scenario	NOUN
fsr-3244	50	38	where	where	SCONJ
fsr-3244	50	39	individuals	individual	NOUN
fsr-3244	50	40	set	set	VERB
fsr-3244	50	41	their	their	PRON
fsr-3244	50	42	withdrawal	withdrawal	NOUN
fsr-3244	50	43	rates	rate	NOUN
fsr-3244	50	44	to	to	PART
fsr-3244	50	45	smooth	smooth	VERB
fsr-3244	50	46	lifetime	lifetime	NOUN
fsr-3244	50	47	income	income	NOUN
fsr-3244	50	48	.	.	PUNCT
fsr-3244	51	1	in	in	ADP
fsr-3244	51	2	the	the	DET
fsr-3244	51	3	later	later	ADJ
fsr-3244	51	4	thread	thread	NOUN
fsr-3244	51	5	,	,	PUNCT
fsr-3244	51	6	the	the	DET
fsr-3244	51	7	authors	author	NOUN
fsr-3244	51	8	consider	consider	VERB
fsr-3244	51	9	dynamic	dynamic	ADJ
fsr-3244	51	10	strategies	strategy	NOUN
fsr-3244	51	11	in	in	ADP
fsr-3244	51	12	which	which	PRON
fsr-3244	51	13	various	various	ADJ
fsr-3244	51	14	features	feature	NOUN
fsr-3244	51	15	are	be	AUX
fsr-3244	51	16	adjusted	adjust	VERB
fsr-3244	51	17	as	as	SCONJ
fsr-3244	51	18	circumstances	circumstance	NOUN
fsr-3244	51	19	warrant	warrant	VERB
fsr-3244	51	20	.	.	PUNCT
fsr-3244	52	1	for	for	ADP
fsr-3244	52	2	example	example	NOUN
fsr-3244	52	3	,	,	PUNCT
fsr-3244	52	4	stout	stout	ADJ
fsr-3244	52	5	(	(	PUNCT
fsr-3244	52	6	2008	2008	NUM
fsr-3244	52	7	)	)	PUNCT
fsr-3244	52	8	and	and	CCONJ
fsr-3244	52	9	spitzer	spitzer	PROPN
fsr-3244	52	10	(	(	PUNCT
fsr-3244	52	11	2008	2008	NUM
fsr-3244	52	12	)	)	PUNCT
fsr-3244	52	13	examine	examine	VERB
fsr-3244	52	14	flexible	flexible	ADJ
fsr-3244	52	15	withdrawal	withdrawal	NOUN
fsr-3244	52	16	rates	rate	NOUN
fsr-3244	52	17	,	,	PUNCT
fsr-3244	52	18	while	while	SCONJ
fsr-3244	52	19	gupta	gupta	PROPN
fsr-3244	52	20	,	,	PUNCT
fsr-3244	52	21	pavlik	pavlik	PROPN
fsr-3244	52	22	,	,	PUNCT
fsr-3244	52	23	and	and	CCONJ
fsr-3244	52	24	synn	synn	PROPN
fsr-3244	52	25	(	(	PUNCT
fsr-3244	52	26	2012	2012	NUM
fsr-3244	52	27	)	)	PUNCT
fsr-3244	52	28	evaluate	evaluate	VERB
fsr-3244	52	29	semi	semi	ADJ
fsr-3244	52	30	-	-	ADJ
fsr-3244	52	31	passive	passive	ADJ
fsr-3244	52	32	balanced	balanced	ADJ
fsr-3244	52	33	fund	fund	NOUN
fsr-3244	52	34	portfolios	portfolio	NOUN
fsr-3244	52	35	.	.	PUNCT
fsr-3244	53	1	neither	neither	CCONJ
fsr-3244	53	2	passive	passive	ADJ
fsr-3244	53	3	nor	nor	CCONJ
fsr-3244	53	4	dynamic	dynamic	ADJ
fsr-3244	53	5	strategies	strategy	NOUN
fsr-3244	53	6	proposed	propose	VERB
fsr-3244	53	7	in	in	ADP
fsr-3244	53	8	the	the	DET
fsr-3244	53	9	literature	literature	NOUN
fsr-3244	53	10	guarantee	guarantee	VERB
fsr-3244	53	11	a	a	DET
fsr-3244	53	12	stream	stream	NOUN
fsr-3244	53	13	of	of	ADP
fsr-3244	53	14	retirement	retirement	NOUN
fsr-3244	53	15	income	income	NOUN
fsr-3244	53	16	that	that	PRON
fsr-3244	53	17	is	be	AUX
fsr-3244	53	18	independent	independent	ADJ
fsr-3244	53	19	of	of	ADP
fsr-3244	53	20	future	future	ADJ
fsr-3244	53	21	portfolio	portfolio	NOUN
fsr-3244	53	22	returns	return	NOUN
fsr-3244	53	23	and	and	CCONJ
fsr-3244	53	24	is	be	AUX
fsr-3244	53	25	guaranteed	guarantee	VERB
fsr-3244	53	26	for	for	ADP
fsr-3244	53	27	life	life	NOUN
fsr-3244	53	28	.	.	PUNCT
fsr-3244	54	1	shankar	shankar	PROPN
fsr-3244	54	2	’s	’s	PART
fsr-3244	54	3	(	(	PUNCT
fsr-3244	54	4	2009	2009	NUM
fsr-3244	54	5	)	)	PUNCT
fsr-3244	54	6	proposed	propose	VERB
fsr-3244	54	7	strategy	strategy	NOUN
fsr-3244	54	8	potentially	potentially	ADV
fsr-3244	54	9	can	can	AUX
fsr-3244	54	10	do	do	VERB
fsr-3244	54	11	both	both	PRON
fsr-3244	54	12	.	.	PUNCT
fsr-3244	55	1	little	little	ADJ
fsr-3244	55	2	attention	attention	NOUN
fsr-3244	55	3	has	have	AUX
fsr-3244	55	4	been	be	AUX
fsr-3244	55	5	given	give	VERB
fsr-3244	55	6	in	in	ADP
fsr-3244	55	7	the	the	DET
fsr-3244	55	8	literature	literature	NOUN
fsr-3244	55	9	to	to	ADP
fsr-3244	55	10	bundling	bundle	VERB
fsr-3244	55	11	bond	bond	NOUN
fsr-3244	55	12	ladders	ladder	NOUN
fsr-3244	55	13	and	and	CCONJ
fsr-3244	55	14	deferred	deferred	ADJ
fsr-3244	55	15	annuities	annuity	NOUN
fsr-3244	55	16	.	.	PUNCT
fsr-3244	56	1	shankar	shankar	PROPN
fsr-3244	56	2	presents	present	VERB
fsr-3244	56	3	the	the	DET
fsr-3244	56	4	earliest	early	ADJ
fsr-3244	56	5	systematic	systematic	ADJ
fsr-3244	56	6	analysis	analysis	NOUN
fsr-3244	56	7	and	and	CCONJ
fsr-3244	56	8	description	description	NOUN
fsr-3244	56	9	of	of	ADP
fsr-3244	56	10	strategies	strategy	NOUN
fsr-3244	56	11	that	that	PRON
fsr-3244	56	12	combine	combine	VERB
fsr-3244	56	13	a	a	DET
fsr-3244	56	14	tips	tip	NOUN
fsr-3244	56	15	ladder	ladder	NOUN
fsr-3244	56	16	with	with	ADP
fsr-3244	56	17	a	a	DET
fsr-3244	56	18	deferred	defer	VERB
fsr-3244	56	19	life	life	NOUN
fsr-3244	56	20	annuity	annuity	NOUN
fsr-3244	56	21	.	.	PUNCT
fsr-3244	57	1	(	(	PUNCT
fsr-3244	57	2	a	a	DET
fsr-3244	57	3	more	more	ADV
fsr-3244	57	4	recent	recent	ADJ
fsr-3244	57	5	article	article	NOUN
fsr-3244	57	6	by	by	ADP
fsr-3244	57	7	sexauer	sexauer	ADJ
fsr-3244	57	8	,	,	PUNCT
fsr-3244	57	9	peskin	peskin	ADJ
fsr-3244	57	10	,	,	PUNCT
fsr-3244	57	11	and	and	CCONJ
fsr-3244	57	12	cassidy	cassidy	PROPN
fsr-3244	57	13	(	(	PUNCT
fsr-3244	57	14	2012	2012	NUM
fsr-3244	57	15	)	)	PUNCT
fsr-3244	57	16	proposes	propose	VERB
fsr-3244	57	17	the	the	DET
fsr-3244	57	18	same	same	ADJ
fsr-3244	57	19	strategy	strategy	NOUN
fsr-3244	57	20	.	.	PUNCT
fsr-3244	57	21	)	)	PUNCT
fsr-3244	58	1	the	the	DET
fsr-3244	58	2	key	key	NOUN
fsr-3244	58	3	to	to	ADP
fsr-3244	58	4	the	the	DET
fsr-3244	58	5	strategy	strategy	NOUN
fsr-3244	58	6	is	be	AUX
fsr-3244	58	7	that	that	SCONJ
fsr-3244	58	8	the	the	DET
fsr-3244	58	9	investor	investor	NOUN
fsr-3244	58	10	can	can	AUX
fsr-3244	58	11	design	design	VERB
fsr-3244	58	12	a	a	DET
fsr-3244	58	13	“	"	PUNCT
fsr-3244	58	14	buy	buy	VERB
fsr-3244	58	15	and	and	CCONJ
fsr-3244	58	16	forget	forget	VERB
fsr-3244	58	17	”	"	PUNCT
fsr-3244	58	18	portfolio	portfolio	NOUN
fsr-3244	58	19	by	by	ADP
fsr-3244	58	20	allocating	allocate	VERB
fsr-3244	58	21	savings	saving	NOUN
fsr-3244	58	22	at	at	ADP
fsr-3244	58	23	retirement	retirement	NOUN
fsr-3244	58	24	between	between	ADP
fsr-3244	58	25	a	a	DET
fsr-3244	58	26	suitably	suitably	ADV
fsr-3244	58	27	designed	design	VERB
fsr-3244	58	28	tips	tip	NOUN
fsr-3244	58	29	ladder	ladder	NOUN
fsr-3244	58	30	and	and	CCONJ
fsr-3244	58	31	a	a	DET
fsr-3244	58	32	deferred	deferred	ADJ
fsr-3244	58	33	annuity	annuity	NOUN
fsr-3244	58	34	in	in	ADP
fsr-3244	58	35	a	a	DET
fsr-3244	58	36	manner	manner	NOUN
fsr-3244	58	37	that	that	PRON
fsr-3244	58	38	,	,	PUNCT
fsr-3244	58	39	in	in	ADP
fsr-3244	58	40	principle	principle	NOUN
fsr-3244	58	41	,	,	PUNCT
fsr-3244	58	42	locks	lock	NOUN
fsr-3244	58	43	in	in	ADP
fsr-3244	58	44	a	a	DET
fsr-3244	58	45	real	real	ADJ
fsr-3244	58	46	payout	payout	NOUN
fsr-3244	58	47	rate	rate	NOUN
fsr-3244	58	48	over	over	ADP
fsr-3244	58	49	the	the	DET
fsr-3244	58	50	investor	investor	NOUN
fsr-3244	58	51	’s	’s	PART
fsr-3244	58	52	361p.j	361p.j	NUM
fsr-3244	58	53	.	.	PUNCT
fsr-3244	59	1	haensly	haensly	ADV
fsr-3244	59	2	,	,	PUNCT
fsr-3244	59	3	k.p	k.p	PROPN
fsr-3244	59	4	.	.	PROPN
fsr-3244	59	5	pai	pai	PROPN
fsr-3244	59	6	/	/	SYM
fsr-3244	59	7	financial	financial	ADJ
fsr-3244	59	8	services	service	NOUN
fsr-3244	59	9	review	review	VERB
fsr-3244	59	10	24	24	NUM
fsr-3244	59	11	(	(	PUNCT
fsr-3244	59	12	2015	2015	NUM
fsr-3244	59	13	)	)	PUNCT
fsr-3244	59	14	359–386	359–386	NUM
fsr-3244	59	15	remaining	remain	VERB
fsr-3244	59	16	life	life	NOUN
fsr-3244	59	17	.	.	PUNCT
fsr-3244	60	1	therefore	therefore	ADV
fsr-3244	60	2	,	,	PUNCT
fsr-3244	60	3	it	it	PRON
fsr-3244	60	4	offers	offer	VERB
fsr-3244	60	5	the	the	DET
fsr-3244	60	6	advantages	advantage	NOUN
fsr-3244	60	7	of	of	ADP
fsr-3244	60	8	a	a	DET
fsr-3244	60	9	non	non	ADJ
fsr-3244	60	10	-	-	ADJ
fsr-3244	60	11	refundable	refundable	ADJ
fsr-3244	60	12	immediate	immediate	ADJ
fsr-3244	60	13	,	,	PUNCT
fsr-3244	60	14	inflationindexed	inflationindexed	ADJ
fsr-3244	60	15	life	life	NOUN
fsr-3244	60	16	annuity	annuity	NOUN
fsr-3244	60	17	without	without	ADP
fsr-3244	60	18	the	the	DET
fsr-3244	60	19	associated	associated	ADJ
fsr-3244	60	20	liquidity	liquidity	NOUN
fsr-3244	60	21	problem	problem	NOUN
fsr-3244	60	22	.	.	PUNCT
fsr-3244	61	1	bernheim	bernheim	PROPN
fsr-3244	61	2	(	(	PUNCT
fsr-3244	61	3	1991	1991	NUM
fsr-3244	61	4	)	)	PUNCT
fsr-3244	61	5	concludes	conclude	VERB
fsr-3244	61	6	that	that	SCONJ
fsr-3244	61	7	bequest	bequest	NOUN
fsr-3244	61	8	motives	motive	NOUN
fsr-3244	61	9	are	be	AUX
fsr-3244	61	10	strong	strong	ADJ
fsr-3244	61	11	for	for	ADP
fsr-3244	61	12	a	a	DET
fsr-3244	61	13	large	large	ADJ
fsr-3244	61	14	segment	segment	NOUN
fsr-3244	61	15	of	of	ADP
fsr-3244	61	16	the	the	DET
fsr-3244	61	17	population	population	NOUN
fsr-3244	61	18	.	.	PUNCT
fsr-3244	62	1	thus	thus	ADV
fsr-3244	62	2	,	,	PUNCT
fsr-3244	62	3	the	the	DET
fsr-3244	62	4	bequest	bequest	NOUN
fsr-3244	62	5	motive	motive	NOUN
fsr-3244	62	6	might	might	AUX
fsr-3244	62	7	play	play	VERB
fsr-3244	62	8	a	a	DET
fsr-3244	62	9	significant	significant	ADJ
fsr-3244	62	10	role	role	NOUN
fsr-3244	62	11	in	in	ADP
fsr-3244	62	12	explaining	explain	VERB
fsr-3244	62	13	why	why	SCONJ
fsr-3244	62	14	less	less	ADJ
fsr-3244	62	15	than	than	ADP
fsr-3244	62	16	two	two	NUM
fsr-3244	62	17	percentage	percentage	NOUN
fsr-3244	62	18	of	of	ADP
fsr-3244	62	19	retirees	retiree	NOUN
fsr-3244	62	20	annuitize	annuitize	VERB
fsr-3244	62	21	their	their	PRON
fsr-3244	62	22	retirement	retirement	NOUN
fsr-3244	62	23	savings	saving	NOUN
fsr-3244	62	24	,	,	PUNCT
fsr-3244	62	25	as	as	SCONJ
fsr-3244	62	26	shankar	shankar	X
fsr-3244	62	27	(	(	PUNCT
fsr-3244	62	28	2009	2009	NUM
fsr-3244	62	29	)	)	PUNCT
fsr-3244	62	30	notes	note	NOUN
fsr-3244	62	31	.	.	PUNCT
fsr-3244	63	1	we	we	PRON
fsr-3244	63	2	examine	examine	VERB
fsr-3244	63	3	the	the	DET
fsr-3244	63	4	bequest	bequest	NOUN
fsr-3244	63	5	motive	motive	NOUN
fsr-3244	63	6	in	in	ADP
fsr-3244	63	7	an	an	DET
fsr-3244	63	8	attempt	attempt	NOUN
fsr-3244	63	9	to	to	PART
fsr-3244	63	10	ascertain	ascertain	VERB
fsr-3244	63	11	the	the	DET
fsr-3244	63	12	circumstances	circumstance	NOUN
fsr-3244	63	13	under	under	ADP
fsr-3244	63	14	which	which	PRON
fsr-3244	63	15	an	an	DET
fsr-3244	63	16	investor	investor	NOUN
fsr-3244	63	17	prefers	prefer	VERB
fsr-3244	63	18	an	an	DET
fsr-3244	63	19	immediate	immediate	ADJ
fsr-3244	63	20	inflation	inflation	NOUN
fsr-3244	63	21	-	-	PUNCT
fsr-3244	63	22	indexed	index	VERB
fsr-3244	63	23	annuity	annuity	NOUN
fsr-3244	63	24	to	to	ADP
fsr-3244	63	25	a	a	DET
fsr-3244	63	26	strategy	strategy	NOUN
fsr-3244	63	27	composed	compose	VERB
fsr-3244	63	28	of	of	ADP
fsr-3244	63	29	a	a	DET
fsr-3244	63	30	tips	tip	NOUN
fsr-3244	63	31	ladder	ladder	NOUN
fsr-3244	63	32	and	and	CCONJ
fsr-3244	63	33	a	a	DET
fsr-3244	63	34	deferred	deferred	ADJ
fsr-3244	63	35	annuity	annuity	NOUN
fsr-3244	63	36	.	.	PUNCT
fsr-3244	64	1	3	3	X
fsr-3244	64	2	.	.	X
fsr-3244	64	3	strategy	strategy	NOUN
fsr-3244	64	4	design	design	VERB
fsr-3244	64	5	our	our	PRON
fsr-3244	64	6	analytical	analytical	ADJ
fsr-3244	64	7	model	model	NOUN
fsr-3244	64	8	is	be	AUX
fsr-3244	64	9	analogous	analogous	ADJ
fsr-3244	64	10	to	to	ADP
fsr-3244	64	11	the	the	DET
fsr-3244	64	12	one	one	NOUN
fsr-3244	64	13	that	that	PRON
fsr-3244	64	14	shankar	shankar	PROPN
fsr-3244	64	15	(	(	PUNCT
fsr-3244	64	16	2009	2009	NUM
fsr-3244	64	17	)	)	PUNCT
fsr-3244	64	18	presents	present	NOUN
fsr-3244	64	19	.	.	PUNCT
fsr-3244	65	1	however	however	ADV
fsr-3244	65	2	,	,	PUNCT
fsr-3244	65	3	the	the	DET
fsr-3244	65	4	details	detail	NOUN
fsr-3244	65	5	of	of	ADP
fsr-3244	65	6	our	our	PRON
fsr-3244	65	7	approach	approach	NOUN
fsr-3244	65	8	are	be	AUX
fsr-3244	65	9	sufficiently	sufficiently	ADV
fsr-3244	65	10	different	different	ADJ
fsr-3244	65	11	that	that	SCONJ
fsr-3244	65	12	we	we	PRON
fsr-3244	65	13	provide	provide	VERB
fsr-3244	65	14	a	a	DET
fsr-3244	65	15	complete	complete	ADJ
fsr-3244	65	16	description	description	NOUN
fsr-3244	65	17	.	.	PUNCT
fsr-3244	66	1	3.1	3.1	NUM
fsr-3244	66	2	.	.	PUNCT
fsr-3244	66	3	key	key	ADJ
fsr-3244	66	4	similarities	similarity	NOUN
fsr-3244	66	5	and	and	CCONJ
fsr-3244	66	6	differences	difference	NOUN
fsr-3244	66	7	as	as	ADP
fsr-3244	66	8	in	in	ADP
fsr-3244	66	9	shankar	shankar	PROPN
fsr-3244	66	10	(	(	PUNCT
fsr-3244	66	11	2009	2009	NUM
fsr-3244	66	12	)	)	PUNCT
fsr-3244	67	1	,	,	PUNCT
fsr-3244	67	2	we	we	PRON
fsr-3244	67	3	assume	assume	VERB
fsr-3244	67	4	that	that	SCONJ
fsr-3244	67	5	the	the	DET
fsr-3244	67	6	investor	investor	NOUN
fsr-3244	67	7	uses	use	VERB
fsr-3244	67	8	all	all	PRON
fsr-3244	67	9	of	of	ADP
fsr-3244	67	10	savings	saving	NOUN
fsr-3244	67	11	at	at	ADP
fsr-3244	67	12	retirement	retirement	NOUN
fsr-3244	67	13	to	to	PART
fsr-3244	67	14	purchase	purchase	VERB
fsr-3244	67	15	the	the	DET
fsr-3244	67	16	tips	tip	NOUN
fsr-3244	67	17	for	for	ADP
fsr-3244	67	18	the	the	DET
fsr-3244	67	19	ladder	ladder	NOUN
fsr-3244	67	20	and	and	CCONJ
fsr-3244	67	21	to	to	PART
fsr-3244	67	22	pay	pay	VERB
fsr-3244	67	23	a	a	DET
fsr-3244	67	24	lump	lump	NOUN
fsr-3244	67	25	-	-	PUNCT
fsr-3244	67	26	sum	sum	NOUN
fsr-3244	67	27	premium	premium	NOUN
fsr-3244	67	28	for	for	ADP
fsr-3244	67	29	the	the	DET
fsr-3244	67	30	deferred	defer	VERB
fsr-3244	67	31	annuity	annuity	NOUN
fsr-3244	67	32	.	.	PUNCT
fsr-3244	68	1	another	another	DET
fsr-3244	68	2	similarity	similarity	NOUN
fsr-3244	68	3	is	be	AUX
fsr-3244	68	4	that	that	SCONJ
fsr-3244	68	5	strategies	strategy	NOUN
fsr-3244	68	6	with	with	ADP
fsr-3244	68	7	an	an	DET
fsr-3244	68	8	inflation	inflation	NOUN
fsr-3244	68	9	-	-	PUNCT
fsr-3244	68	10	indexed	index	VERB
fsr-3244	68	11	deferred	deferred	ADJ
fsr-3244	68	12	annuity	annuity	NOUN
fsr-3244	68	13	are	be	AUX
fsr-3244	68	14	designed	design	VERB
fsr-3244	68	15	so	so	SCONJ
fsr-3244	68	16	that	that	SCONJ
fsr-3244	68	17	the	the	DET
fsr-3244	68	18	annual	annual	ADJ
fsr-3244	68	19	inflation	inflation	NOUN
fsr-3244	68	20	-	-	PUNCT
fsr-3244	68	21	indexed	index	VERB
fsr-3244	68	22	payout	payout	NOUN
fsr-3244	68	23	is	be	AUX
fsr-3244	68	24	approximately	approximately	ADV
fsr-3244	68	25	the	the	DET
fsr-3244	68	26	same	same	ADJ
fsr-3244	68	27	each	each	DET
fsr-3244	68	28	year	year	NOUN
fsr-3244	68	29	,	,	PUNCT
fsr-3244	68	30	whether	whether	SCONJ
fsr-3244	68	31	the	the	DET
fsr-3244	68	32	payout	payout	NOUN
fsr-3244	68	33	is	be	AUX
fsr-3244	68	34	from	from	ADP
fsr-3244	68	35	the	the	DET
fsr-3244	68	36	tips	tip	NOUN
fsr-3244	68	37	ladder	ladder	NOUN
fsr-3244	68	38	in	in	ADP
fsr-3244	68	39	the	the	DET
fsr-3244	68	40	first	first	ADJ
fsr-3244	68	41	phase	phase	NOUN
fsr-3244	68	42	of	of	ADP
fsr-3244	68	43	retirement	retirement	NOUN
fsr-3244	68	44	or	or	CCONJ
fsr-3244	68	45	from	from	ADP
fsr-3244	68	46	the	the	DET
fsr-3244	68	47	deferred	defer	VERB
fsr-3244	68	48	annuity	annuity	NOUN
fsr-3244	68	49	in	in	ADP
fsr-3244	68	50	the	the	DET
fsr-3244	68	51	second	second	ADJ
fsr-3244	68	52	phase	phase	NOUN
fsr-3244	68	53	of	of	ADP
fsr-3244	68	54	retirement	retirement	NOUN
fsr-3244	68	55	.	.	PUNCT
fsr-3244	69	1	in	in	ADP
fsr-3244	69	2	addition	addition	NOUN
fsr-3244	69	3	,	,	PUNCT
fsr-3244	69	4	if	if	SCONJ
fsr-3244	69	5	the	the	DET
fsr-3244	69	6	deferred	deferred	ADJ
fsr-3244	69	7	annuity	annuity	NOUN
fsr-3244	69	8	is	be	AUX
fsr-3244	69	9	not	not	PART
fsr-3244	69	10	indexed	index	VERB
fsr-3244	69	11	,	,	PUNCT
fsr-3244	69	12	then	then	ADV
fsr-3244	69	13	the	the	DET
fsr-3244	69	14	ladder	ladder	NOUN
fsr-3244	69	15	is	be	AUX
fsr-3244	69	16	designed	design	VERB
fsr-3244	69	17	so	so	SCONJ
fsr-3244	69	18	that	that	SCONJ
fsr-3244	69	19	the	the	DET
fsr-3244	69	20	fixed	fix	VERB
fsr-3244	69	21	nominal	nominal	ADJ
fsr-3244	69	22	value	value	NOUN
fsr-3244	69	23	of	of	ADP
fsr-3244	69	24	the	the	DET
fsr-3244	69	25	annual	annual	ADJ
fsr-3244	69	26	annuity	annuity	NOUN
fsr-3244	69	27	payment	payment	NOUN
fsr-3244	69	28	equals	equal	VERB
fsr-3244	69	29	the	the	DET
fsr-3244	69	30	level	level	NOUN
fsr-3244	69	31	annual	annual	ADJ
fsr-3244	69	32	payout	payout	NOUN
fsr-3244	69	33	from	from	ADP
fsr-3244	69	34	the	the	DET
fsr-3244	69	35	tips	tip	NOUN
fsr-3244	69	36	ladder	ladder	NOUN
fsr-3244	69	37	expressed	express	VERB
fsr-3244	69	38	in	in	ADP
fsr-3244	69	39	dollars	dollar	NOUN
fsr-3244	69	40	at	at	ADP
fsr-3244	69	41	retirement	retirement	NOUN
fsr-3244	69	42	.	.	PUNCT
fsr-3244	70	1	one	one	NUM
fsr-3244	70	2	important	important	ADJ
fsr-3244	70	3	difference	difference	NOUN
fsr-3244	70	4	is	be	AUX
fsr-3244	70	5	that	that	SCONJ
fsr-3244	70	6	we	we	PRON
fsr-3244	70	7	apply	apply	VERB
fsr-3244	70	8	pension	pension	NOUN
fsr-3244	70	9	annuity	annuity	NOUN
fsr-3244	70	10	factors	factor	NOUN
fsr-3244	70	11	that	that	PRON
fsr-3244	70	12	are	be	AUX
fsr-3244	70	13	discrete	discrete	ADJ
fsr-3244	70	14	-	-	PUNCT
fsr-3244	70	15	time	time	NOUN
fsr-3244	70	16	versions	version	NOUN
fsr-3244	70	17	of	of	ADP
fsr-3244	70	18	the	the	DET
fsr-3244	70	19	formulas	formula	NOUN
fsr-3244	70	20	developed	develop	VERB
fsr-3244	70	21	by	by	ADP
fsr-3244	70	22	milevsky	milevsky	NOUN
fsr-3244	70	23	(	(	PUNCT
fsr-3244	70	24	2006	2006	NUM
fsr-3244	70	25	)	)	PUNCT
fsr-3244	70	26	.	.	PUNCT
fsr-3244	71	1	these	these	DET
fsr-3244	71	2	formulas	formula	NOUN
fsr-3244	71	3	correctly	correctly	ADV
fsr-3244	71	4	account	account	VERB
fsr-3244	71	5	for	for	ADP
fsr-3244	71	6	the	the	DET
fsr-3244	71	7	mortality	mortality	NOUN
fsr-3244	71	8	risk	risk	NOUN
fsr-3244	71	9	.	.	PUNCT
fsr-3244	72	1	furthermore	furthermore	ADV
fsr-3244	72	2	,	,	PUNCT
fsr-3244	72	3	in	in	ADP
fsr-3244	72	4	our	our	PRON
fsr-3244	72	5	analysis	analysis	NOUN
fsr-3244	72	6	we	we	PRON
fsr-3244	72	7	apply	apply	VERB
fsr-3244	72	8	inflation	inflation	NOUN
fsr-3244	72	9	-	-	PUNCT
fsr-3244	72	10	indexed	index	VERB
fsr-3244	72	11	yields	yield	NOUN
fsr-3244	72	12	based	base	VERB
fsr-3244	72	13	on	on	ADP
fsr-3244	72	14	tips	tip	NOUN
fsr-3244	72	15	(	(	PUNCT
fsr-3244	72	16	rather	rather	ADV
fsr-3244	72	17	than	than	ADP
fsr-3244	72	18	real	real	ADJ
fsr-3244	72	19	yields	yield	NOUN
fsr-3244	72	20	)	)	PUNCT
fsr-3244	72	21	when	when	SCONJ
fsr-3244	72	22	we	we	PRON
fsr-3244	72	23	calculate	calculate	VERB
fsr-3244	72	24	the	the	DET
fsr-3244	72	25	number	number	NOUN
fsr-3244	72	26	of	of	ADP
fsr-3244	72	27	tips	tip	NOUN
fsr-3244	72	28	to	to	PART
fsr-3244	72	29	use	use	VERB
fsr-3244	72	30	and	and	CCONJ
fsr-3244	72	31	the	the	DET
fsr-3244	72	32	cost	cost	NOUN
fsr-3244	72	33	of	of	ADP
fsr-3244	72	34	the	the	DET
fsr-3244	72	35	deferred	defer	VERB
fsr-3244	72	36	annuity	annuity	NOUN
fsr-3244	72	37	.	.	PUNCT
fsr-3244	73	1	this	this	DET
fsr-3244	73	2	approach	approach	NOUN
fsr-3244	73	3	is	be	AUX
fsr-3244	73	4	more	more	ADV
fsr-3244	73	5	consistent	consistent	ADJ
fsr-3244	73	6	with	with	ADP
fsr-3244	73	7	the	the	DET
fsr-3244	73	8	pricing	pricing	NOUN
fsr-3244	73	9	of	of	ADP
fsr-3244	73	10	tips	tip	NOUN
fsr-3244	73	11	and	and	CCONJ
fsr-3244	73	12	inflation	inflation	NOUN
fsr-3244	73	13	-	-	PUNCT
fsr-3244	73	14	indexed	index	VERB
fsr-3244	73	15	deferred	deferred	ADJ
fsr-3244	73	16	annuities	annuity	NOUN
fsr-3244	73	17	,	,	PUNCT
fsr-3244	73	18	especially	especially	ADV
fsr-3244	73	19	if	if	SCONJ
fsr-3244	73	20	the	the	DET
fsr-3244	73	21	insurance	insurance	NOUN
fsr-3244	73	22	company	company	NOUN
fsr-3244	73	23	were	be	AUX
fsr-3244	73	24	to	to	PART
fsr-3244	73	25	invest	invest	VERB
fsr-3244	73	26	the	the	DET
fsr-3244	73	27	premium	premium	NOUN
fsr-3244	73	28	in	in	ADP
fsr-3244	73	29	tips	tip	NOUN
fsr-3244	73	30	to	to	PART
fsr-3244	73	31	match	match	VERB
fsr-3244	73	32	its	its	PRON
fsr-3244	73	33	future	future	ADJ
fsr-3244	73	34	real	real	ADJ
fsr-3244	73	35	cash	cash	NOUN
fsr-3244	73	36	outflows	outflow	NOUN
fsr-3244	73	37	to	to	ADP
fsr-3244	73	38	the	the	DET
fsr-3244	73	39	promised	promise	VERB
fsr-3244	73	40	annuity	annuity	NOUN
fsr-3244	73	41	payments	payment	NOUN
fsr-3244	73	42	.	.	PUNCT
fsr-3244	74	1	finally	finally	ADV
fsr-3244	74	2	,	,	PUNCT
fsr-3244	74	3	we	we	PRON
fsr-3244	74	4	work	work	VERB
fsr-3244	74	5	with	with	ADP
fsr-3244	74	6	monthly	monthly	ADJ
fsr-3244	74	7	rather	rather	ADV
fsr-3244	74	8	than	than	ADP
fsr-3244	74	9	annual	annual	ADJ
fsr-3244	74	10	payouts	payout	NOUN
fsr-3244	74	11	.	.	PUNCT
fsr-3244	75	1	this	this	DET
fsr-3244	75	2	approach	approach	NOUN
fsr-3244	75	3	facilitates	facilitate	VERB
fsr-3244	75	4	the	the	DET
fsr-3244	75	5	simulation	simulation	NOUN
fsr-3244	75	6	of	of	ADP
fsr-3244	75	7	cash	cash	NOUN
fsr-3244	75	8	flows	flow	NOUN
fsr-3244	75	9	from	from	ADP
fsr-3244	75	10	tips	tip	NOUN
fsr-3244	75	11	as	as	SCONJ
fsr-3244	75	12	they	they	PRON
fsr-3244	75	13	occur	occur	VERB
fsr-3244	75	14	throughout	throughout	ADP
fsr-3244	75	15	the	the	DET
fsr-3244	75	16	year	year	NOUN
fsr-3244	75	17	.	.	PUNCT
fsr-3244	76	1	3.2	3.2	NUM
fsr-3244	76	2	.	.	PUNCT
fsr-3244	77	1	pension	pension	NOUN
fsr-3244	77	2	annuity	annuity	NOUN
fsr-3244	77	3	factors	factor	VERB
fsr-3244	77	4	the	the	DET
fsr-3244	77	5	immediate	immediate	ADJ
fsr-3244	77	6	pension	pension	NOUN
fsr-3244	77	7	annuity	annuity	NOUN
fsr-3244	77	8	factor	factor	NOUN
fsr-3244	77	9	(	(	PUNCT
fsr-3244	77	10	ipaf	ipaf	ADJ
fsr-3244	77	11	)	)	PUNCT
fsr-3244	77	12	is	be	AUX
fsr-3244	77	13	the	the	DET
fsr-3244	77	14	present	present	ADJ
fsr-3244	77	15	value	value	NOUN
fsr-3244	77	16	of	of	ADP
fsr-3244	77	17	a	a	DET
fsr-3244	77	18	one	one	NUM
fsr-3244	77	19	-	-	PUNCT
fsr-3244	77	20	dollar	dollar	NOUN
fsr-3244	77	21	real	real	ADJ
fsr-3244	77	22	immediate	immediate	ADJ
fsr-3244	77	23	annuity	annuity	NOUN
fsr-3244	77	24	where	where	SCONJ
fsr-3244	77	25	the	the	DET
fsr-3244	77	26	present	present	ADJ
fsr-3244	77	27	value	value	NOUN
fsr-3244	77	28	calculation	calculation	NOUN
fsr-3244	77	29	takes	take	VERB
fsr-3244	77	30	mortality	mortality	NOUN
fsr-3244	77	31	credits	credit	NOUN
fsr-3244	77	32	into	into	ADP
fsr-3244	77	33	account	account	NOUN
fsr-3244	77	34	.	.	PUNCT
fsr-3244	78	1	(	(	PUNCT
fsr-3244	78	2	see	see	VERB
fsr-3244	78	3	section	section	NOUN
fsr-3244	78	4	10.6	10.6	NUM
fsr-3244	78	5	in	in	ADP
fsr-3244	78	6	milevsky	milevsky	NOUN
fsr-3244	78	7	(	(	PUNCT
fsr-3244	78	8	2006	2006	NUM
fsr-3244	78	9	)	)	PUNCT
fsr-3244	78	10	for	for	ADP
fsr-3244	78	11	a	a	DET
fsr-3244	78	12	good	good	ADJ
fsr-3244	78	13	explanation	explanation	NOUN
fsr-3244	78	14	of	of	ADP
fsr-3244	78	15	what	what	PRON
fsr-3244	78	16	mortality	mortality	NOUN
fsr-3244	78	17	credits	credit	NOUN
fsr-3244	78	18	are	be	AUX
fsr-3244	78	19	and	and	CCONJ
fsr-3244	78	20	how	how	SCONJ
fsr-3244	78	21	annuities	annuity	NOUN
fsr-3244	78	22	work	work	VERB
fsr-3244	78	23	.	.	PUNCT
fsr-3244	78	24	)	)	PUNCT
fsr-3244	79	1	we	we	PRON
fsr-3244	79	2	apply	apply	VERB
fsr-3244	79	3	the	the	DET
fsr-3244	79	4	ipaf	ipaf	NOUN
fsr-3244	79	5	to	to	PART
fsr-3244	79	6	calculate	calculate	VERB
fsr-3244	79	7	payments	payment	NOUN
fsr-3244	79	8	from	from	ADP
fsr-3244	79	9	the	the	DET
fsr-3244	79	10	immediate	immediate	ADJ
fsr-3244	79	11	,	,	PUNCT
fsr-3244	79	12	inflation	inflation	NOUN
fsr-3244	79	13	-	-	PUNCT
fsr-3244	79	14	indexed	index	VERB
fsr-3244	79	15	annuities	annuity	NOUN
fsr-3244	79	16	that	that	PRON
fsr-3244	79	17	we	we	PRON
fsr-3244	79	18	compare	compare	VERB
fsr-3244	79	19	to	to	ADP
fsr-3244	79	20	the	the	DET
fsr-3244	79	21	tips	tip	NOUN
fsr-3244	79	22	ladder	ladder	NOUN
fsr-3244	79	23	/	/	SYM
fsr-3244	79	24	deferred	defer	VERB
fsr-3244	79	25	annuity	annuity	NOUN
fsr-3244	79	26	strategies	strategy	NOUN
fsr-3244	79	27	.	.	PUNCT
fsr-3244	80	1	please	please	INTJ
fsr-3244	80	2	see	see	VERB
fsr-3244	80	3	appendix	appendix	NOUN
fsr-3244	80	4	a	a	PRON
fsr-3244	80	5	for	for	ADP
fsr-3244	80	6	how	how	SCONJ
fsr-3244	80	7	we	we	PRON
fsr-3244	80	8	adapt	adapt	VERB
fsr-3244	80	9	milevsky	milevsky	NOUN
fsr-3244	80	10	’s	’s	PART
fsr-3244	80	11	ipaf	ipaf	ADJ
fsr-3244	80	12	formula	formula	NOUN
fsr-3244	80	13	for	for	ADP
fsr-3244	80	14	our	our	PRON
fsr-3244	80	15	analysis	analysis	NOUN
fsr-3244	80	16	.	.	PUNCT
fsr-3244	81	1	362	362	NUM
fsr-3244	81	2	p.j	p.j	PROPN
fsr-3244	81	3	.	.	PROPN
fsr-3244	81	4	haensly	haensly	PROPN
fsr-3244	81	5	,	,	PUNCT
fsr-3244	81	6	k.p	k.p	PROPN
fsr-3244	81	7	.	.	PROPN
fsr-3244	81	8	pai	pai	PROPN
fsr-3244	81	9	/	/	SYM
fsr-3244	81	10	financial	financial	ADJ
fsr-3244	81	11	services	service	NOUN
fsr-3244	81	12	review	review	VERB
fsr-3244	81	13	24	24	NUM
fsr-3244	81	14	(	(	PUNCT
fsr-3244	81	15	2015	2015	NUM
fsr-3244	81	16	)	)	PUNCT
fsr-3244	81	17	359–386	359–386	NUM
fsr-3244	81	18	we	we	PRON
fsr-3244	81	19	also	also	ADV
fsr-3244	81	20	use	use	VERB
fsr-3244	81	21	the	the	DET
fsr-3244	81	22	ipaf	ipaf	NOUN
fsr-3244	81	23	to	to	PART
fsr-3244	81	24	calculate	calculate	VERB
fsr-3244	81	25	the	the	DET
fsr-3244	81	26	deferred	defer	VERB
fsr-3244	81	27	pension	pension	NOUN
fsr-3244	81	28	annuity	annuity	NOUN
fsr-3244	81	29	factor	factor	NOUN
fsr-3244	81	30	.	.	PUNCT
fsr-3244	82	1	the	the	DET
fsr-3244	82	2	deferred	defer	VERB
fsr-3244	82	3	pension	pension	NOUN
fsr-3244	82	4	annuity	annuity	NOUN
fsr-3244	82	5	factor	factor	NOUN
fsr-3244	82	6	(	(	PUNCT
fsr-3244	82	7	dpaf	dpaf	PROPN
fsr-3244	82	8	*	*	PUNCT
fsr-3244	82	9	)	)	PUNCT
fsr-3244	82	10	is	be	AUX
fsr-3244	82	11	the	the	DET
fsr-3244	82	12	present	present	ADJ
fsr-3244	82	13	value	value	NOUN
fsr-3244	82	14	of	of	ADP
fsr-3244	82	15	a	a	DET
fsr-3244	82	16	one	one	NUM
fsr-3244	82	17	-	-	PUNCT
fsr-3244	82	18	dollar	dollar	NOUN
fsr-3244	82	19	real	real	ADJ
fsr-3244	82	20	deferred	defer	VERB
fsr-3244	82	21	annuity	annuity	NOUN
fsr-3244	82	22	where	where	SCONJ
fsr-3244	82	23	the	the	DET
fsr-3244	82	24	present	present	ADJ
fsr-3244	82	25	value	value	NOUN
fsr-3244	82	26	calculation	calculation	NOUN
fsr-3244	82	27	takes	take	VERB
fsr-3244	82	28	mortality	mortality	NOUN
fsr-3244	82	29	credits	credit	NOUN
fsr-3244	82	30	into	into	ADP
fsr-3244	82	31	account	account	NOUN
fsr-3244	82	32	.	.	PUNCT
fsr-3244	83	1	to	to	PART
fsr-3244	83	2	determine	determine	VERB
fsr-3244	83	3	the	the	DET
fsr-3244	83	4	monthly	monthly	ADJ
fsr-3244	83	5	real	real	ADJ
fsr-3244	83	6	dollar	dollar	NOUN
fsr-3244	83	7	annuity	annuity	NOUN
fsr-3244	83	8	payment	payment	NOUN
fsr-3244	83	9	,	,	PUNCT
fsr-3244	83	10	we	we	PRON
fsr-3244	83	11	calculate	calculate	VERB
fsr-3244	83	12	the	the	DET
fsr-3244	83	13	dpaf	dpaf	PROPN
fsr-3244	83	14	*	*	PUNCT
fsr-3244	83	15	,	,	PUNCT
fsr-3244	83	16	assuming	assume	VERB
fsr-3244	83	17	discrete	discrete	ADJ
fsr-3244	83	18	,	,	PUNCT
fsr-3244	83	19	real	real	ADJ
fsr-3244	83	20	monthly	monthly	ADJ
fsr-3244	83	21	payouts	payout	NOUN
fsr-3244	83	22	.	.	PUNCT
fsr-3244	84	1	in	in	ADP
fsr-3244	84	2	this	this	DET
fsr-3244	84	3	article	article	NOUN
fsr-3244	84	4	,	,	PUNCT
fsr-3244	84	5	we	we	PRON
fsr-3244	84	6	apply	apply	VERB
fsr-3244	84	7	a	a	DET
fsr-3244	84	8	discrete	discrete	ADJ
fsr-3244	84	9	version	version	NOUN
fsr-3244	84	10	of	of	ADP
fsr-3244	84	11	milevsky	milevsky	NOUN
fsr-3244	84	12	’s	’s	PART
fsr-3244	84	13	(	(	PUNCT
fsr-3244	84	14	2006	2006	NUM
fsr-3244	84	15	)	)	PUNCT
fsr-3244	84	16	eq	eq	NOUN
fsr-3244	84	17	.	.	PUNCT
fsr-3244	85	1	(	(	PUNCT
fsr-3244	85	2	6.14	6.14	NUM
fsr-3244	85	3	)	)	PUNCT
fsr-3244	85	4	.	.	PUNCT
fsr-3244	86	1	please	please	INTJ
fsr-3244	86	2	see	see	VERB
fsr-3244	86	3	appendix	appendix	VERB
fsr-3244	86	4	a	a	PRON
fsr-3244	86	5	for	for	ADP
fsr-3244	86	6	an	an	DET
fsr-3244	86	7	explanation	explanation	NOUN
fsr-3244	86	8	of	of	ADP
fsr-3244	86	9	how	how	SCONJ
fsr-3244	86	10	we	we	PRON
fsr-3244	86	11	adapt	adapt	VERB
fsr-3244	86	12	milevsky	milevsky	NOUN
fsr-3244	86	13	’s	’s	PART
fsr-3244	86	14	dpaf	dpaf	PROPN
fsr-3244	86	15	*	*	PUNCT
fsr-3244	86	16	formula	formula	NOUN
fsr-3244	86	17	for	for	ADP
fsr-3244	86	18	our	our	PRON
fsr-3244	86	19	analysis	analysis	NOUN
fsr-3244	86	20	.	.	PUNCT
fsr-3244	87	1	3.3	3.3	NUM
fsr-3244	87	2	.	.	PUNCT
fsr-3244	88	1	construction	construction	NOUN
fsr-3244	88	2	of	of	ADP
fsr-3244	88	3	the	the	DET
fsr-3244	88	4	tips	tip	NOUN
fsr-3244	88	5	ladder	ladder	VERB
fsr-3244	88	6	the	the	DET
fsr-3244	88	7	investor	investor	NOUN
fsr-3244	88	8	’s	’s	PART
fsr-3244	88	9	task	task	NOUN
fsr-3244	88	10	is	be	AUX
fsr-3244	88	11	to	to	PART
fsr-3244	88	12	construct	construct	VERB
fsr-3244	88	13	a	a	DET
fsr-3244	88	14	tips	tip	NOUN
fsr-3244	88	15	ladder	ladder	NOUN
fsr-3244	88	16	and	and	CCONJ
fsr-3244	88	17	purchase	purchase	VERB
fsr-3244	88	18	an	an	DET
fsr-3244	88	19	inflation	inflation	NOUN
fsr-3244	88	20	-	-	PUNCT
fsr-3244	88	21	indexed	index	VERB
fsr-3244	88	22	deferred	deferred	ADJ
fsr-3244	88	23	annuity	annuity	NOUN
fsr-3244	88	24	whose	whose	DET
fsr-3244	88	25	first	first	ADJ
fsr-3244	88	26	payment	payment	NOUN
fsr-3244	88	27	is	be	AUX
fsr-3244	88	28	one	one	NUM
fsr-3244	88	29	month	month	NOUN
fsr-3244	88	30	after	after	ADP
fsr-3244	88	31	the	the	DET
fsr-3244	88	32	end	end	NOUN
fsr-3244	88	33	of	of	ADP
fsr-3244	88	34	the	the	DET
fsr-3244	88	35	life	life	NOUN
fsr-3244	88	36	of	of	ADP
fsr-3244	88	37	the	the	DET
fsr-3244	88	38	ladder	ladder	NOUN
fsr-3244	88	39	.	.	PUNCT
fsr-3244	89	1	in	in	ADP
fsr-3244	89	2	our	our	PRON
fsr-3244	89	3	article	article	NOUN
fsr-3244	89	4	,	,	PUNCT
fsr-3244	89	5	as	as	ADP
fsr-3244	89	6	in	in	ADP
fsr-3244	89	7	shankar	shankar	PROPN
fsr-3244	89	8	(	(	PUNCT
fsr-3244	89	9	2009	2009	NUM
fsr-3244	89	10	)	)	PUNCT
fsr-3244	89	11	,	,	PUNCT
fsr-3244	89	12	we	we	PRON
fsr-3244	89	13	design	design	VERB
fsr-3244	89	14	the	the	DET
fsr-3244	89	15	ladder	ladder	NOUN
fsr-3244	89	16	and	and	CCONJ
fsr-3244	89	17	the	the	DET
fsr-3244	89	18	annuity	annuity	NOUN
fsr-3244	89	19	so	so	SCONJ
fsr-3244	89	20	that	that	SCONJ
fsr-3244	89	21	the	the	DET
fsr-3244	89	22	target	target	NOUN
fsr-3244	89	23	real	real	ADJ
fsr-3244	89	24	annual	annual	ADJ
fsr-3244	89	25	payout	payout	NOUN
fsr-3244	89	26	is	be	AUX
fsr-3244	89	27	the	the	DET
fsr-3244	89	28	same	same	ADJ
fsr-3244	89	29	from	from	ADP
fsr-3244	89	30	each	each	PRON
fsr-3244	89	31	.	.	PUNCT
fsr-3244	90	1	the	the	DET
fsr-3244	90	2	monthly	monthly	ADJ
fsr-3244	90	3	inflation	inflation	NOUN
fsr-3244	90	4	-	-	PUNCT
fsr-3244	90	5	indexed	index	VERB
fsr-3244	90	6	deferred	deferred	ADJ
fsr-3244	90	7	annuity	annuity	NOUN
fsr-3244	90	8	payment	payment	NOUN
fsr-3244	90	9	(	(	PUNCT
fsr-3244	90	10	in	in	ADP
fsr-3244	90	11	terms	term	NOUN
fsr-3244	90	12	of	of	ADP
fsr-3244	90	13	dollars	dollar	NOUN
fsr-3244	90	14	at	at	ADP
fsr-3244	90	15	retirement	retirement	NOUN
fsr-3244	90	16	)	)	PUNCT
fsr-3244	90	17	is	be	AUX
fsr-3244	90	18	p*da	p*da	PROPN
fsr-3244	90	19	�	�	PROPN
fsr-3244	90	20	�	�	PROPN
fsr-3244	90	21	1	1	NUM
fsr-3244	90	22	�	�	PROPN
fsr-3244	90	23	wtl	wtl	PROPN
fsr-3244	90	24	�	�	PROPN
fsr-3244	90	25	w	w	PROPN
fsr-3244	90	26	�	�	PROPN
fsr-3244	90	27	1	1	NUM
fsr-3244	90	28	�	�	PROPN
fsr-3244	90	29	fda	fda	PROPN
fsr-3244	90	30	�	�	PROPN
fsr-3244	90	31	dpaf	dpaf	PROPN
fsr-3244	90	32	*	*	PROPN
fsr-3244	90	33	,	,	PUNCT
fsr-3244	90	34	(	(	PUNCT
fsr-3244	90	35	1	1	X
fsr-3244	90	36	)	)	PUNCT
fsr-3244	90	37	where	where	SCONJ
fsr-3244	90	38	dpaf	dpaf	PROPN
fsr-3244	90	39	*	*	PUNCT
fsr-3244	90	40	is	be	AUX
fsr-3244	90	41	calculated	calculate	VERB
fsr-3244	90	42	at	at	ADP
fsr-3244	90	43	time	time	NOUN
fsr-3244	90	44	of	of	ADP
fsr-3244	90	45	retirement	retirement	NOUN
fsr-3244	90	46	,	,	PUNCT
fsr-3244	90	47	w	w	PROPN
fsr-3244	90	48	is	be	AUX
fsr-3244	90	49	savings	saving	NOUN
fsr-3244	90	50	at	at	ADP
fsr-3244	90	51	retirement	retirement	NOUN
fsr-3244	90	52	,	,	PUNCT
fsr-3244	90	53	wtl	wtl	PROPN
fsr-3244	90	54	is	be	AUX
fsr-3244	90	55	the	the	DET
fsr-3244	90	56	proportion	proportion	NOUN
fsr-3244	90	57	of	of	ADP
fsr-3244	90	58	savings	saving	NOUN
fsr-3244	90	59	used	use	VERB
fsr-3244	90	60	to	to	PART
fsr-3244	90	61	construct	construct	VERB
fsr-3244	90	62	the	the	DET
fsr-3244	90	63	tips	tip	NOUN
fsr-3244	90	64	ladder	ladder	NOUN
fsr-3244	90	65	,	,	PUNCT
fsr-3244	90	66	and	and	CCONJ
fsr-3244	90	67	fda	fda	PROPN
fsr-3244	90	68	is	be	AUX
fsr-3244	90	69	the	the	DET
fsr-3244	90	70	percentage	percentage	NOUN
fsr-3244	90	71	of	of	ADP
fsr-3244	90	72	the	the	DET
fsr-3244	90	73	premium	premium	NOUN
fsr-3244	90	74	paid	pay	VERB
fsr-3244	90	75	as	as	ADP
fsr-3244	90	76	fees	fee	NOUN
fsr-3244	90	77	to	to	ADP
fsr-3244	90	78	the	the	DET
fsr-3244	90	79	insurance	insurance	NOUN
fsr-3244	90	80	company	company	NOUN
fsr-3244	90	81	.	.	PUNCT
fsr-3244	91	1	(	(	PUNCT
fsr-3244	91	2	we	we	PRON
fsr-3244	91	3	assume	assume	VERB
fsr-3244	91	4	that	that	SCONJ
fsr-3244	91	5	this	this	DET
fsr-3244	91	6	fee	fee	NOUN
fsr-3244	91	7	is	be	AUX
fsr-3244	91	8	2	2	NUM
fsr-3244	91	9	%	%	NOUN
fsr-3244	91	10	.	.	PUNCT
fsr-3244	91	11	)	)	PUNCT
fsr-3244	92	1	let	let	VERB
fsr-3244	92	2	the	the	DET
fsr-3244	92	3	tips	tip	NOUN
fsr-3244	92	4	ladder	ladder	NOUN
fsr-3244	92	5	be	be	AUX
fsr-3244	92	6	an	an	DET
fsr-3244	92	7	n	n	NUM
fsr-3244	92	8	-	-	PUNCT
fsr-3244	92	9	year	year	NOUN
fsr-3244	92	10	ladder	ladder	NOUN
fsr-3244	92	11	designed	design	VERB
fsr-3244	92	12	to	to	PART
fsr-3244	92	13	support	support	VERB
fsr-3244	92	14	consumption	consumption	NOUN
fsr-3244	92	15	for	for	ADP
fsr-3244	92	16	the	the	DET
fsr-3244	92	17	first	first	ADJ
fsr-3244	92	18	n	n	NUM
fsr-3244	92	19	years	year	NOUN
fsr-3244	92	20	in	in	ADP
fsr-3244	92	21	retirement	retirement	NOUN
fsr-3244	92	22	.	.	PUNCT
fsr-3244	93	1	for	for	ADP
fsr-3244	93	2	the	the	DET
fsr-3244	93	3	first	first	ADJ
fsr-3244	93	4	year	year	NOUN
fsr-3244	93	5	,	,	PUNCT
fsr-3244	93	6	set	set	VERB
fsr-3244	93	7	aside	aside	ADP
fsr-3244	93	8	sufficient	sufficient	ADJ
fsr-3244	93	9	funds	fund	NOUN
fsr-3244	93	10	from	from	ADP
fsr-3244	93	11	the	the	DET
fsr-3244	93	12	allocation	allocation	NOUN
fsr-3244	93	13	to	to	ADP
fsr-3244	93	14	the	the	DET
fsr-3244	93	15	tips	tip	NOUN
fsr-3244	93	16	ladder	ladder	NOUN
fsr-3244	93	17	to	to	PART
fsr-3244	93	18	cover	cover	VERB
fsr-3244	93	19	consumption	consumption	NOUN
fsr-3244	93	20	in	in	ADP
fsr-3244	93	21	the	the	DET
fsr-3244	93	22	first	first	ADJ
fsr-3244	93	23	year	year	NOUN
fsr-3244	93	24	.	.	PUNCT
fsr-3244	94	1	for	for	ADP
fsr-3244	94	2	each	each	DET
fsr-3244	94	3	remaining	remain	VERB
fsr-3244	94	4	year	year	NOUN
fsr-3244	94	5	,	,	PUNCT
fsr-3244	94	6	identify	identify	VERB
fsr-3244	94	7	a	a	DET
fsr-3244	94	8	coupon	coupon	NOUN
fsr-3244	94	9	tips	tip	NOUN
fsr-3244	94	10	in	in	ADP
fsr-3244	94	11	the	the	DET
fsr-3244	94	12	market	market	NOUN
fsr-3244	94	13	that	that	PRON
fsr-3244	94	14	matures	mature	VERB
fsr-3244	94	15	before	before	ADV
fsr-3244	94	16	but	but	CCONJ
fsr-3244	94	17	as	as	ADV
fsr-3244	94	18	close	close	ADJ
fsr-3244	94	19	as	as	ADP
fsr-3244	94	20	possible	possible	ADJ
fsr-3244	94	21	to	to	ADP
fsr-3244	94	22	the	the	DET
fsr-3244	94	23	start	start	NOUN
fsr-3244	94	24	of	of	ADP
fsr-3244	94	25	that	that	DET
fsr-3244	94	26	year	year	NOUN
fsr-3244	94	27	.	.	PUNCT
fsr-3244	95	1	for	for	ADP
fsr-3244	95	2	example	example	NOUN
fsr-3244	95	3	,	,	PUNCT
fsr-3244	95	4	for	for	ADP
fsr-3244	95	5	year	year	NOUN
fsr-3244	95	6	two	two	NUM
fsr-3244	95	7	in	in	ADP
fsr-3244	95	8	the	the	DET
fsr-3244	95	9	ladder	ladder	NOUN
fsr-3244	95	10	,	,	PUNCT
fsr-3244	95	11	find	find	VERB
fsr-3244	95	12	a	a	DET
fsr-3244	95	13	coupon	coupon	NOUN
fsr-3244	95	14	tips	tip	NOUN
fsr-3244	95	15	that	that	PRON
fsr-3244	95	16	matures	mature	VERB
fsr-3244	95	17	as	as	ADV
fsr-3244	95	18	late	late	ADV
fsr-3244	95	19	in	in	ADP
fsr-3244	95	20	the	the	DET
fsr-3244	95	21	first	first	ADJ
fsr-3244	95	22	year	year	NOUN
fsr-3244	95	23	as	as	ADP
fsr-3244	95	24	possible	possible	ADJ
fsr-3244	95	25	;	;	PUNCT
fsr-3244	95	26	for	for	ADP
fsr-3244	95	27	year	year	NOUN
fsr-3244	95	28	three	three	NUM
fsr-3244	95	29	,	,	PUNCT
fsr-3244	95	30	find	find	VERB
fsr-3244	95	31	a	a	DET
fsr-3244	95	32	coupon	coupon	NOUN
fsr-3244	95	33	tips	tip	NOUN
fsr-3244	95	34	that	that	PRON
fsr-3244	95	35	matures	mature	VERB
fsr-3244	95	36	as	as	ADV
fsr-3244	95	37	late	late	ADV
fsr-3244	95	38	in	in	ADP
fsr-3244	95	39	the	the	DET
fsr-3244	95	40	second	second	ADJ
fsr-3244	95	41	year	year	NOUN
fsr-3244	95	42	as	as	ADP
fsr-3244	95	43	possible	possible	ADJ
fsr-3244	95	44	;	;	PUNCT
fsr-3244	95	45	and	and	CCONJ
fsr-3244	95	46	so	so	ADV
fsr-3244	95	47	forth	forth	ADV
fsr-3244	95	48	.	.	PUNCT
fsr-3244	96	1	choosing	choose	VERB
fsr-3244	96	2	the	the	DET
fsr-3244	96	3	maturities	maturity	NOUN
fsr-3244	96	4	in	in	ADP
fsr-3244	96	5	this	this	DET
fsr-3244	96	6	fashion	fashion	NOUN
fsr-3244	96	7	minimizes	minimize	VERB
fsr-3244	96	8	interest	interest	NOUN
fsr-3244	96	9	rate	rate	NOUN
fsr-3244	96	10	risk	risk	NOUN
fsr-3244	96	11	and	and	CCONJ
fsr-3244	96	12	inflation	inflation	NOUN
fsr-3244	96	13	risk	risk	NOUN
fsr-3244	96	14	when	when	SCONJ
fsr-3244	96	15	the	the	DET
fsr-3244	96	16	ladder	ladder	NOUN
fsr-3244	96	17	has	have	VERB
fsr-3244	96	18	an	an	DET
fsr-3244	96	19	annual	annual	ADJ
fsr-3244	96	20	structure	structure	NOUN
fsr-3244	96	21	as	as	ADP
fsr-3244	96	22	in	in	ADP
fsr-3244	96	23	shankar	shankar	PROPN
fsr-3244	96	24	(	(	PUNCT
fsr-3244	96	25	2009	2009	NUM
fsr-3244	96	26	)	)	PUNCT
fsr-3244	96	27	.	.	PUNCT
fsr-3244	97	1	the	the	DET
fsr-3244	97	2	par	par	NOUN
fsr-3244	97	3	from	from	ADP
fsr-3244	97	4	a	a	DET
fsr-3244	97	5	maturing	mature	VERB
fsr-3244	97	6	tips	tip	NOUN
fsr-3244	97	7	is	be	AUX
fsr-3244	97	8	deposited	deposit	VERB
fsr-3244	97	9	in	in	ADP
fsr-3244	97	10	a	a	DET
fsr-3244	97	11	cash	cash	NOUN
fsr-3244	97	12	account	account	NOUN
fsr-3244	97	13	that	that	PRON
fsr-3244	97	14	earns	earn	VERB
fsr-3244	97	15	the	the	DET
fsr-3244	97	16	nominal	nominal	ADJ
fsr-3244	97	17	return	return	NOUN
fsr-3244	97	18	on	on	ADP
fsr-3244	97	19	one	one	NUM
fsr-3244	97	20	-	-	PUNCT
fsr-3244	97	21	month	month	NOUN
fsr-3244	97	22	treasury	treasury	NOUN
fsr-3244	97	23	bills	bill	NOUN
fsr-3244	97	24	rolled	roll	VERB
fsr-3244	97	25	over	over	ADP
fsr-3244	97	26	month	month	NOUN
fsr-3244	97	27	to	to	ADP
fsr-3244	97	28	month	month	NOUN
fsr-3244	97	29	.	.	PUNCT
fsr-3244	98	1	let	let	VERB
fsr-3244	98	2	p*tl	p*tl	NOUN
fsr-3244	98	3	be	be	AUX
fsr-3244	98	4	the	the	DET
fsr-3244	98	5	monthly	monthly	ADJ
fsr-3244	98	6	payout	payout	NOUN
fsr-3244	98	7	,	,	PUNCT
fsr-3244	98	8	expressed	express	VERB
fsr-3244	98	9	in	in	ADP
fsr-3244	98	10	retirement	retirement	NOUN
fsr-3244	98	11	month	month	NOUN
fsr-3244	98	12	dollars	dollar	NOUN
fsr-3244	98	13	,	,	PUNCT
fsr-3244	98	14	to	to	PART
fsr-3244	98	15	be	be	AUX
fsr-3244	98	16	supported	support	VERB
fsr-3244	98	17	by	by	ADP
fsr-3244	98	18	the	the	DET
fsr-3244	98	19	tips	tip	NOUN
fsr-3244	98	20	ladder	ladder	NOUN
fsr-3244	98	21	.	.	PUNCT
fsr-3244	99	1	then	then	ADV
fsr-3244	99	2	p*tl	p*tl	PROPN
fsr-3244	99	3	�	�	PROPN
fsr-3244	99	4	a	a	DET
fsr-3244	99	5	12	12	NUM
fsr-3244	99	6	,	,	PUNCT
fsr-3244	99	7	where	where	SCONJ
fsr-3244	99	8	a	a	PRON
fsr-3244	99	9	is	be	AUX
fsr-3244	99	10	the	the	DET
fsr-3244	99	11	annual	annual	ADJ
fsr-3244	99	12	inflation	inflation	NOUN
fsr-3244	99	13	-	-	PUNCT
fsr-3244	99	14	indexed	index	VERB
fsr-3244	99	15	payout	payout	NOUN
fsr-3244	99	16	.	.	PUNCT
fsr-3244	100	1	we	we	PRON
fsr-3244	100	2	design	design	VERB
fsr-3244	100	3	the	the	DET
fsr-3244	100	4	ladder	ladder	NOUN
fsr-3244	100	5	and	and	CCONJ
fsr-3244	100	6	annuity	annuity	NOUN
fsr-3244	100	7	so	so	SCONJ
fsr-3244	100	8	that	that	SCONJ
fsr-3244	100	9	p*tl	p*tl	PROPN
fsr-3244	100	10	�	�	PROPN
fsr-3244	100	11	p*da	p*da	PROPN
fsr-3244	100	12	.	.	PUNCT
fsr-3244	101	1	the	the	DET
fsr-3244	101	2	ideal	ideal	ADJ
fsr-3244	101	3	annual	annual	ADJ
fsr-3244	101	4	payout	payout	NOUN
fsr-3244	101	5	is	be	AUX
fsr-3244	101	6	a	a	DET
fsr-3244	101	7	�	�	PROPN
fsr-3244	101	8	w	w	PROPN
fsr-3244	101	9	�	�	PROPN
fsr-3244	101	10	1	1	NUM
fsr-3244	101	11	�	�	PROPN
fsr-3244	101	12	fda	fda	PROPN
fsr-3244	101	13	�	�	PROPN
fsr-3244	101	14	�	�	PROPN
fsr-3244	101	15	dpaf*/12	dpaf*/12	PROPN
fsr-3244	101	16	�	�	PROPN
fsr-3244	101	17	�	�	PROPN
fsr-3244	101	18	�	�	PROPN
fsr-3244	101	19	1	1	NUM
fsr-3244	101	20	�	�	PROPN
fsr-3244	101	21	fda	fda	PROPN
fsr-3244	101	22	�	�	PROPN
fsr-3244	101	23	�	�	PROPN
fsr-3244	101	24	�	�	PROPN
fsr-3244	101	25	1	1	NUM
fsr-3244	101	26	�	�	PROPN
fsr-3244	101	27	fb	fb	NOUN
fsr-3244	101	28	�	�	PROPN
fsr-3244	101	29	pt	pt	PROPN
fsr-3244	101	30	�	�	PROPN
fsr-3244	101	31	�	�	PROPN
fsr-3244	101	32	11	11	NUM
fsr-3244	101	33	�	�	PROPN
fsr-3244	101	34	1	1	NUM
fsr-3244	101	35	�	�	PROPN
fsr-3244	101	36	.	.	PUNCT
fsr-3244	102	1	(	(	PUNCT
fsr-3244	102	2	2	2	X
fsr-3244	102	3	)	)	PUNCT
fsr-3244	102	4	please	please	INTJ
fsr-3244	102	5	see	see	VERB
fsr-3244	102	6	appendix	appendix	NOUN
fsr-3244	102	7	b	b	NOUN
fsr-3244	102	8	for	for	ADP
fsr-3244	102	9	details	detail	NOUN
fsr-3244	102	10	about	about	ADP
fsr-3244	102	11	the	the	DET
fsr-3244	102	12	solution	solution	NOUN
fsr-3244	102	13	,	,	PUNCT
fsr-3244	102	14	including	include	VERB
fsr-3244	102	15	how	how	SCONJ
fsr-3244	102	16	we	we	PRON
fsr-3244	102	17	calculate	calculate	VERB
fsr-3244	102	18	the	the	DET
fsr-3244	102	19	number	number	NOUN
fsr-3244	102	20	of	of	ADP
fsr-3244	102	21	tips	tip	NOUN
fsr-3244	102	22	of	of	ADP
fsr-3244	102	23	each	each	DET
fsr-3244	102	24	maturity	maturity	NOUN
fsr-3244	102	25	to	to	PART
fsr-3244	102	26	buy	buy	VERB
fsr-3244	102	27	.	.	PUNCT
fsr-3244	103	1	shankar	shankar	PROPN
fsr-3244	103	2	(	(	PUNCT
fsr-3244	103	3	2009	2009	NUM
fsr-3244	103	4	,	,	PUNCT
fsr-3244	103	5	p.	p.	NOUN
fsr-3244	103	6	67	67	NUM
fsr-3244	103	7	)	)	PUNCT
fsr-3244	103	8	observes	observe	VERB
fsr-3244	103	9	that	that	SCONJ
fsr-3244	103	10	commercially	commercially	ADV
fsr-3244	103	11	available	available	ADJ
fsr-3244	103	12	deferred	defer	VERB
fsr-3244	103	13	annuities	annuity	NOUN
fsr-3244	103	14	are	be	AUX
fsr-3244	103	15	not	not	PART
fsr-3244	103	16	indexed	index	VERB
fsr-3244	103	17	for	for	ADP
fsr-3244	103	18	inflation	inflation	NOUN
fsr-3244	103	19	.	.	PUNCT
fsr-3244	104	1	hence	hence	ADV
fsr-3244	104	2	,	,	PUNCT
fsr-3244	104	3	we	we	PRON
fsr-3244	104	4	also	also	ADV
fsr-3244	104	5	examine	examine	VERB
fsr-3244	104	6	strategies	strategy	NOUN
fsr-3244	104	7	where	where	SCONJ
fsr-3244	104	8	the	the	DET
fsr-3244	104	9	deferred	deferred	ADJ
fsr-3244	104	10	annuity	annuity	NOUN
fsr-3244	104	11	is	be	AUX
fsr-3244	104	12	not	not	PART
fsr-3244	104	13	363p.j	363p.j	NUM
fsr-3244	104	14	.	.	PUNCT
fsr-3244	105	1	haensly	haensly	ADV
fsr-3244	105	2	,	,	PUNCT
fsr-3244	105	3	k.p	k.p	PROPN
fsr-3244	105	4	.	.	PROPN
fsr-3244	105	5	pai	pai	PROPN
fsr-3244	105	6	/	/	SYM
fsr-3244	105	7	financial	financial	ADJ
fsr-3244	105	8	services	service	NOUN
fsr-3244	105	9	review	review	VERB
fsr-3244	105	10	24	24	NUM
fsr-3244	105	11	(	(	PUNCT
fsr-3244	105	12	2015	2015	NUM
fsr-3244	105	13	)	)	PUNCT
fsr-3244	105	14	359–386	359–386	NUM
fsr-3244	105	15	indexed	index	VERB
fsr-3244	105	16	.	.	PUNCT
fsr-3244	106	1	the	the	DET
fsr-3244	106	2	construction	construction	NOUN
fsr-3244	106	3	of	of	ADP
fsr-3244	106	4	the	the	DET
fsr-3244	106	5	tips	tip	NOUN
fsr-3244	106	6	ladder	ladder	NOUN
fsr-3244	106	7	and	and	CCONJ
fsr-3244	106	8	its	its	PRON
fsr-3244	106	9	associated	associated	ADJ
fsr-3244	106	10	deferred	defer	VERB
fsr-3244	106	11	annuity	annuity	NOUN
fsr-3244	106	12	follow	follow	VERB
fsr-3244	106	13	the	the	DET
fsr-3244	106	14	same	same	ADJ
fsr-3244	106	15	steps	step	NOUN
fsr-3244	106	16	as	as	ADP
fsr-3244	106	17	when	when	SCONJ
fsr-3244	106	18	the	the	DET
fsr-3244	106	19	annuity	annuity	NOUN
fsr-3244	106	20	is	be	AUX
fsr-3244	106	21	indexed	index	VERB
fsr-3244	106	22	.	.	PUNCT
fsr-3244	107	1	in	in	ADP
fsr-3244	107	2	particular	particular	ADJ
fsr-3244	107	3	,	,	PUNCT
fsr-3244	107	4	the	the	DET
fsr-3244	107	5	nominal	nominal	ADJ
fsr-3244	107	6	deferred	deferred	ADJ
fsr-3244	107	7	annuity	annuity	NOUN
fsr-3244	107	8	payout	payout	NOUN
fsr-3244	107	9	is	be	AUX
fsr-3244	107	10	set	set	VERB
fsr-3244	107	11	equal	equal	ADJ
fsr-3244	107	12	to	to	ADP
fsr-3244	107	13	the	the	DET
fsr-3244	107	14	tips	tip	NOUN
fsr-3244	107	15	ladder	ladder	NOUN
fsr-3244	107	16	payout	payout	NOUN
fsr-3244	107	17	in	in	ADP
fsr-3244	107	18	dollars	dollar	NOUN
fsr-3244	107	19	at	at	ADP
fsr-3244	107	20	retirement	retirement	NOUN
fsr-3244	107	21	.	.	PUNCT
fsr-3244	108	1	however	however	ADV
fsr-3244	108	2	,	,	PUNCT
fsr-3244	108	3	because	because	SCONJ
fsr-3244	108	4	the	the	DET
fsr-3244	108	5	nominal	nominal	ADJ
fsr-3244	108	6	deferred	deferred	ADJ
fsr-3244	108	7	annuity	annuity	NOUN
fsr-3244	108	8	payout	payout	NOUN
fsr-3244	108	9	is	be	AUX
fsr-3244	108	10	fixed	fix	VERB
fsr-3244	108	11	,	,	PUNCT
fsr-3244	108	12	its	its	PRON
fsr-3244	108	13	real	real	ADJ
fsr-3244	108	14	value	value	NOUN
fsr-3244	108	15	tends	tend	VERB
fsr-3244	108	16	to	to	PART
fsr-3244	108	17	decline	decline	VERB
fsr-3244	108	18	over	over	ADP
fsr-3244	108	19	time	time	NOUN
fsr-3244	108	20	.	.	PUNCT
fsr-3244	109	1	3.4	3.4	NUM
fsr-3244	109	2	.	.	PUNCT
fsr-3244	109	3	expected	expect	VERB
fsr-3244	109	4	utility	utility	NOUN
fsr-3244	109	5	in	in	ADP
fsr-3244	109	6	addition	addition	NOUN
fsr-3244	109	7	to	to	ADP
fsr-3244	109	8	evaluating	evaluate	VERB
fsr-3244	109	9	risk	risk	NOUN
fsr-3244	109	10	of	of	ADP
fsr-3244	109	11	financial	financial	ADJ
fsr-3244	109	12	ruin	ruin	NOUN
fsr-3244	109	13	,	,	PUNCT
fsr-3244	109	14	we	we	PRON
fsr-3244	109	15	also	also	ADV
fsr-3244	109	16	estimate	estimate	VERB
fsr-3244	109	17	expected	expect	VERB
fsr-3244	109	18	utility	utility	NOUN
fsr-3244	109	19	to	to	PART
fsr-3244	109	20	evaluate	evaluate	VERB
fsr-3244	109	21	investor	investor	NOUN
fsr-3244	109	22	preferences	preference	NOUN
fsr-3244	109	23	.	.	PUNCT
fsr-3244	110	1	the	the	DET
fsr-3244	110	2	general	general	ADJ
fsr-3244	110	3	form	form	NOUN
fsr-3244	110	4	of	of	ADP
fsr-3244	110	5	the	the	DET
fsr-3244	110	6	constant	constant	ADJ
fsr-3244	110	7	relative	relative	ADJ
fsr-3244	110	8	risk	risk	NOUN
fsr-3244	110	9	aversion	aversion	NOUN
fsr-3244	110	10	(	(	PUNCT
fsr-3244	110	11	crra	crra	NOUN
fsr-3244	110	12	)	)	PUNCT
fsr-3244	110	13	utility	utility	NOUN
fsr-3244	110	14	function	function	NOUN
fsr-3244	110	15	in	in	ADP
fsr-3244	110	16	this	this	DET
fsr-3244	110	17	study	study	NOUN
fsr-3244	110	18	is	be	AUX
fsr-3244	110	19	u	u	NOUN
fsr-3244	110	20	�	�	PROPN
fsr-3244	110	21	c	c	NOUN
fsr-3244	110	22	;	;	PUNCT
fsr-3244	110	23	�	�	PROPN
fsr-3244	110	24	,	,	PUNCT
fsr-3244	110	25	�	�	PROPN
fsr-3244	110	26	�	�	PROPN
fsr-3244	110	27	�	�	PROPN
fsr-3244	110	28	exp	exp	NOUN
fsr-3244	110	29	�	�	PROPN
fsr-3244	110	30	�	�	PROPN
fsr-3244	110	31	1	1	NUM
fsr-3244	110	32	�	�	PROPN
fsr-3244	110	33	�	�	PROPN
fsr-3244	110	34	�	�	PROPN
fsr-3244	110	35	ln	ln	PROPN
fsr-3244	110	36	�	�	PROPN
fsr-3244	110	37	c	c	PROPN
fsr-3244	110	38	�	�	PROPN
fsr-3244	110	39	�	�	PROPN
fsr-3244	110	40	�	�	PROPN
fsr-3244	110	41	�	�	PROPN
fsr-3244	110	42	1	1	NUM
fsr-3244	110	43	1	1	NUM
fsr-3244	110	44	�	�	PROPN
fsr-3244	110	45	�	�	PROPN
fsr-3244	110	46	,	,	PUNCT
fsr-3244	110	47	c	c	PROPN
fsr-3244	110	48	�	�	PROPN
fsr-3244	110	49	0	0	NUM
fsr-3244	110	50	,	,	PUNCT
fsr-3244	110	51	(	(	PUNCT
fsr-3244	110	52	3	3	X
fsr-3244	110	53	)	)	PUNCT
fsr-3244	110	54	where	where	SCONJ
fsr-3244	110	55	�	�	PROPN
fsr-3244	110	56	is	be	AUX
fsr-3244	110	57	the	the	DET
fsr-3244	110	58	risk	risk	NOUN
fsr-3244	110	59	aversion	aversion	NOUN
fsr-3244	110	60	level	level	NOUN
fsr-3244	110	61	,	,	PUNCT
fsr-3244	110	62	�	�	PROPN
fsr-3244	110	63	�	�	PROPN
fsr-3244	110	64	1	1	NUM
fsr-3244	110	65	,	,	PUNCT
fsr-3244	110	66	�	�	PROPN
fsr-3244	110	67	�	�	PROPN
fsr-3244	110	68	0	0	NUM
fsr-3244	110	69	is	be	AUX
fsr-3244	110	70	a	a	DET
fsr-3244	110	71	scaling	scale	VERB
fsr-3244	110	72	factor	factor	NOUN
fsr-3244	110	73	,	,	PUNCT
fsr-3244	110	74	c	c	PROPN
fsr-3244	110	75	is	be	AUX
fsr-3244	110	76	the	the	DET
fsr-3244	110	77	cash	cash	NOUN
fsr-3244	110	78	flow	flow	NOUN
fsr-3244	110	79	(	(	PUNCT
fsr-3244	110	80	either	either	CCONJ
fsr-3244	110	81	consumption	consumption	NOUN
fsr-3244	110	82	in	in	ADP
fsr-3244	110	83	the	the	DET
fsr-3244	110	84	given	give	VERB
fsr-3244	110	85	period	period	NOUN
fsr-3244	110	86	or	or	CCONJ
fsr-3244	110	87	the	the	DET
fsr-3244	110	88	bequest	bequest	NOUN
fsr-3244	110	89	at	at	ADP
fsr-3244	110	90	death	death	NOUN
fsr-3244	110	91	)	)	PUNCT
fsr-3244	110	92	and	and	CCONJ
fsr-3244	110	93	u	u	NOUN
fsr-3244	110	94	�	�	PROPN
fsr-3244	110	95	c	c	NOUN
fsr-3244	110	96	;	;	PUNCT
fsr-3244	110	97	1	1	NUM
fsr-3244	110	98	,	,	PUNCT
fsr-3244	110	99	�	�	PROPN
fsr-3244	110	100	�	�	PROPN
fsr-3244	110	101	�	�	PROPN
fsr-3244	110	102	ln	ln	PROPN
fsr-3244	110	103	�	�	PROPN
fsr-3244	110	104	c	c	PROPN
fsr-3244	110	105	�	�	PROPN
fsr-3244	110	106	�	�	PROPN
fsr-3244	110	107	,	,	PUNCT
fsr-3244	110	108	c	c	PROPN
fsr-3244	110	109	�	�	PROPN
fsr-3244	110	110	0	0	NUM
fsr-3244	110	111	,	,	PUNCT
fsr-3244	110	112	(	(	PUNCT
fsr-3244	110	113	4	4	X
fsr-3244	110	114	)	)	PUNCT
fsr-3244	110	115	when	when	SCONJ
fsr-3244	110	116	the	the	DET
fsr-3244	110	117	risk	risk	NOUN
fsr-3244	110	118	aversion	aversion	NOUN
fsr-3244	110	119	level	level	NOUN
fsr-3244	110	120	�	�	PROPN
fsr-3244	110	121	�	�	PROPN
fsr-3244	110	122	1	1	NUM
fsr-3244	110	123	.	.	PUNCT
fsr-3244	111	1	in	in	ADP
fsr-3244	111	2	all	all	DET
fsr-3244	111	3	cases	case	NOUN
fsr-3244	111	4	,	,	PUNCT
fsr-3244	111	5	the	the	DET
fsr-3244	111	6	absolute	absolute	ADJ
fsr-3244	111	7	risk	risk	NOUN
fsr-3244	111	8	-	-	PUNCT
fsr-3244	111	9	aversion	aversion	NOUN
fsr-3244	111	10	is	be	AUX
fsr-3244	111	11	a	a	DET
fsr-3244	111	12	�	�	PROPN
fsr-3244	111	13	c	c	NOUN
fsr-3244	111	14	�	�	PROPN
fsr-3244	111	15	�	�	PROPN
fsr-3244	111	16	�	�	PROPN
fsr-3244	111	17	u	u	PROPN
fsr-3244	111	18	�	�	PROPN
fsr-3244	111	19	�	�	PROPN
fsr-3244	111	20	c	c	PROPN
fsr-3244	111	21	�	�	PROPN
fsr-3244	111	22	u	u	NOUN
fsr-3244	111	23	�	�	PROPN
fsr-3244	111	24	�	�	PROPN
fsr-3244	111	25	c	c	PROPN
fsr-3244	111	26	�	�	PROPN
fsr-3244	111	27	�	�	PROPN
fsr-3244	111	28	�	�	PROPN
fsr-3244	111	29	c	c	PROPN
fsr-3244	111	30	.	.	PUNCT
fsr-3244	112	1	(	(	PUNCT
fsr-3244	112	2	5	5	X
fsr-3244	112	3	)	)	PUNCT
fsr-3244	112	4	note	note	NOUN
fsr-3244	112	5	that	that	SCONJ
fsr-3244	112	6	the	the	DET
fsr-3244	112	7	absolute	absolute	ADJ
fsr-3244	112	8	risk	risk	NOUN
fsr-3244	112	9	-	-	PUNCT
fsr-3244	112	10	aversion	aversion	NOUN
fsr-3244	112	11	is	be	AUX
fsr-3244	112	12	scale	scale	NOUN
fsr-3244	112	13	independent	independent	ADJ
fsr-3244	112	14	.	.	PUNCT
fsr-3244	113	1	in	in	ADP
fsr-3244	113	2	the	the	DET
fsr-3244	113	3	simulation	simulation	NOUN
fsr-3244	113	4	,	,	PUNCT
fsr-3244	113	5	we	we	PRON
fsr-3244	113	6	use	use	VERB
fsr-3244	113	7	a	a	DET
fsr-3244	113	8	scale	scale	NOUN
fsr-3244	113	9	factor	factor	NOUN
fsr-3244	113	10	�	�	PROPN
fsr-3244	113	11	c	c	PROPN
fsr-3244	113	12	�	�	PROPN
fsr-3244	113	13	$	$	SYM
fsr-3244	113	14	1,000	1,000	NUM
fsr-3244	113	15	when	when	SCONJ
fsr-3244	113	16	evaluating	evaluate	VERB
fsr-3244	113	17	utility	utility	NOUN
fsr-3244	113	18	of	of	ADP
fsr-3244	113	19	consumption	consumption	NOUN
fsr-3244	113	20	and	and	CCONJ
fsr-3244	113	21	�	�	PROPN
fsr-3244	113	22	b	b	PROPN
fsr-3244	113	23	�	�	PROPN
fsr-3244	113	24	$	$	SYM
fsr-3244	113	25	10,000	10,000	NUM
fsr-3244	113	26	when	when	SCONJ
fsr-3244	113	27	evaluating	evaluate	VERB
fsr-3244	113	28	utility	utility	NOUN
fsr-3244	113	29	of	of	ADP
fsr-3244	113	30	bequests	bequest	NOUN
fsr-3244	113	31	.	.	PUNCT
fsr-3244	114	1	this	this	DET
fsr-3244	114	2	adjustment	adjustment	NOUN
fsr-3244	114	3	compresses	compress	VERB
fsr-3244	114	4	the	the	DET
fsr-3244	114	5	numerical	numerical	ADJ
fsr-3244	114	6	range	range	NOUN
fsr-3244	114	7	of	of	ADP
fsr-3244	114	8	the	the	DET
fsr-3244	114	9	utility	utility	NOUN
fsr-3244	114	10	function	function	NOUN
fsr-3244	114	11	and	and	CCONJ
fsr-3244	114	12	makes	make	VERB
fsr-3244	114	13	the	the	DET
fsr-3244	114	14	results	result	NOUN
fsr-3244	114	15	more	more	ADV
fsr-3244	114	16	numerically	numerically	ADV
fsr-3244	114	17	manageable	manageable	ADJ
fsr-3244	114	18	.	.	PUNCT
fsr-3244	115	1	(	(	PUNCT
fsr-3244	115	2	as	as	ADP
fsr-3244	115	3	a	a	DET
fsr-3244	115	4	result	result	NOUN
fsr-3244	115	5	,	,	PUNCT
fsr-3244	115	6	the	the	DET
fsr-3244	115	7	strength	strength	NOUN
fsr-3244	115	8	of	of	ADP
fsr-3244	115	9	the	the	DET
fsr-3244	115	10	bequest	bequest	NOUN
fsr-3244	115	11	motive	motive	NOUN
fsr-3244	115	12	,	,	PUNCT
fsr-3244	115	13	d	d	NOUN
fsr-3244	115	14	,	,	PUNCT
fsr-3244	115	15	is	be	AUX
fsr-3244	115	16	implicitly	implicitly	ADV
fsr-3244	115	17	conditional	conditional	ADJ
fsr-3244	115	18	on	on	ADP
fsr-3244	115	19	the	the	DET
fsr-3244	115	20	scale	scale	NOUN
fsr-3244	115	21	factors	factor	NOUN
fsr-3244	115	22	.	.	PUNCT
fsr-3244	116	1	however	however	ADV
fsr-3244	116	2	,	,	PUNCT
fsr-3244	116	3	we	we	PRON
fsr-3244	116	4	apply	apply	VERB
fsr-3244	116	5	the	the	DET
fsr-3244	116	6	same	same	ADJ
fsr-3244	116	7	scaling	scaling	NOUN
fsr-3244	116	8	factors	factor	NOUN
fsr-3244	116	9	throughout	throughout	ADV
fsr-3244	116	10	,	,	PUNCT
fsr-3244	116	11	so	so	ADV
fsr-3244	116	12	ordering	ordering	NOUN
fsr-3244	116	13	based	base	VERB
fsr-3244	116	14	on	on	ADP
fsr-3244	116	15	expected	expect	VERB
fsr-3244	116	16	utility	utility	NOUN
fsr-3244	116	17	is	be	AUX
fsr-3244	116	18	consistent	consistent	ADJ
fsr-3244	116	19	.	.	PUNCT
fsr-3244	116	20	)	)	PUNCT
fsr-3244	117	1	when	when	SCONJ
fsr-3244	117	2	�	�	PROPN
fsr-3244	117	3	�	�	PROPN
fsr-3244	117	4	1	1	NUM
fsr-3244	117	5	,	,	PUNCT
fsr-3244	117	6	a	a	DET
fsr-3244	117	7	numerical	numerical	ADJ
fsr-3244	117	8	problem	problem	NOUN
fsr-3244	117	9	arises	arise	VERB
fsr-3244	117	10	in	in	ADP
fsr-3244	117	11	the	the	DET
fsr-3244	117	12	utility	utility	NOUN
fsr-3244	117	13	of	of	ADP
fsr-3244	117	14	consumption	consumption	NOUN
fsr-3244	117	15	and	and	CCONJ
fsr-3244	117	16	utility	utility	NOUN
fsr-3244	117	17	of	of	ADP
fsr-3244	117	18	bequest	bequest	NOUN
fsr-3244	117	19	functions	function	NOUN
fsr-3244	117	20	defined	define	VERB
fsr-3244	117	21	in	in	ADP
fsr-3244	117	22	eqs	eqs	PROPN
fsr-3244	117	23	.	.	PUNCT
fsr-3244	118	1	(	(	PUNCT
fsr-3244	118	2	3	3	X
fsr-3244	118	3	)	)	PUNCT
fsr-3244	118	4	through	through	ADP
fsr-3244	118	5	(	(	PUNCT
fsr-3244	118	6	5	5	NUM
fsr-3244	118	7	)	)	PUNCT
fsr-3244	118	8	.	.	PUNCT
fsr-3244	119	1	as	as	SCONJ
fsr-3244	119	2	c	c	PROPN
fsr-3244	119	3	approaches	approach	NOUN
fsr-3244	119	4	0	0	NUM
fsr-3244	119	5	,	,	PUNCT
fsr-3244	119	6	the	the	DET
fsr-3244	119	7	utility	utility	NOUN
fsr-3244	119	8	approaches	approach	VERB
fsr-3244	119	9	minus	minus	ADP
fsr-3244	119	10	infinity	infinity	NOUN
fsr-3244	119	11	.	.	PUNCT
fsr-3244	120	1	we	we	PRON
fsr-3244	120	2	mitigate	mitigate	VERB
fsr-3244	120	3	this	this	DET
fsr-3244	120	4	problem	problem	NOUN
fsr-3244	120	5	by	by	ADP
fsr-3244	120	6	replacing	replace	VERB
fsr-3244	120	7	very	very	ADV
fsr-3244	120	8	low	low	ADJ
fsr-3244	120	9	or	or	CCONJ
fsr-3244	120	10	zero	zero	NUM
fsr-3244	120	11	dollar	dollar	NOUN
fsr-3244	120	12	payouts	payout	NOUN
fsr-3244	120	13	and	and	CCONJ
fsr-3244	120	14	bequests	bequest	NOUN
fsr-3244	120	15	with	with	ADP
fsr-3244	120	16	de	de	PROPN
fsr-3244	120	17	minimus	minimus	NOUN
fsr-3244	120	18	levels	level	NOUN
fsr-3244	120	19	.	.	PUNCT
fsr-3244	121	1	please	please	INTJ
fsr-3244	121	2	see	see	VERB
fsr-3244	121	3	appendix	appendix	NOUN
fsr-3244	121	4	c	c	NOUN
fsr-3244	121	5	for	for	ADP
fsr-3244	121	6	details	detail	NOUN
fsr-3244	121	7	.	.	PUNCT
fsr-3244	122	1	in	in	ADP
fsr-3244	122	2	the	the	DET
fsr-3244	122	3	simulation	simulation	NOUN
fsr-3244	122	4	,	,	PUNCT
fsr-3244	122	5	we	we	PRON
fsr-3244	122	6	estimate	estimate	VERB
fsr-3244	122	7	expected	expect	VERB
fsr-3244	122	8	utility	utility	NOUN
fsr-3244	122	9	for	for	ADP
fsr-3244	122	10	a	a	DET
fsr-3244	122	11	given	give	VERB
fsr-3244	122	12	strategy	strategy	NOUN
fsr-3244	122	13	by	by	ADP
fsr-3244	122	14	averaging	average	VERB
fsr-3244	122	15	the	the	DET
fsr-3244	122	16	realized	realize	VERB
fsr-3244	122	17	utility	utility	NOUN
fsr-3244	122	18	for	for	ADP
fsr-3244	122	19	all	all	DET
fsr-3244	122	20	simulated	simulate	VERB
fsr-3244	122	21	investors	investor	NOUN
fsr-3244	122	22	who	who	PRON
fsr-3244	122	23	use	use	VERB
fsr-3244	122	24	the	the	DET
fsr-3244	122	25	strategy	strategy	NOUN
fsr-3244	122	26	.	.	PUNCT
fsr-3244	123	1	we	we	PRON
fsr-3244	123	2	calculate	calculate	VERB
fsr-3244	123	3	the	the	DET
fsr-3244	123	4	realized	realize	VERB
fsr-3244	123	5	utility	utility	NOUN
fsr-3244	123	6	for	for	ADP
fsr-3244	123	7	a	a	DET
fsr-3244	123	8	given	give	VERB
fsr-3244	123	9	simulated	simulate	VERB
fsr-3244	123	10	investor	investor	NOUN
fsr-3244	123	11	as	as	ADP
fsr-3244	123	12	u	u	NOUN
fsr-3244	123	13	�	�	PROPN
fsr-3244	123	14	c	c	PROPN
fsr-3244	123	15	�	�	PROPN
fsr-3244	123	16	�	�	PROPN
fsr-3244	123	17	�	�	PROPN
fsr-3244	123	18	,	,	PUNCT
fsr-3244	123	19	b	b	PROPN
fsr-3244	123	20	�	�	PROPN
fsr-3244	123	21	�	�	PROPN
fsr-3244	123	22	�	�	PROPN
fsr-3244	123	23	;	;	PUNCT
fsr-3244	123	24	�	�	PROPN
fsr-3244	123	25	,	,	PUNCT
fsr-3244	123	26	d	d	PROPN
fsr-3244	123	27	�	�	PROPN
fsr-3244	123	28	�	�	PROPN
fsr-3244	123	29	�	�	PROPN
fsr-3244	123	30	1	1	NUM
fsr-3244	123	31	�	�	PROPN
fsr-3244	123	32	d	d	PROPN
fsr-3244	123	33	�	�	PROPN
fsr-3244	123	34	�	�	PROPN
fsr-3244	123	35	t	t	PROPN
fsr-3244	123	36	�	�	PROPN
fsr-3244	123	37	1	1	NUM
fsr-3244	123	38	t	t	PROPN
fsr-3244	123	39	�	�	PROPN
fsr-3244	123	40	�	�	PROPN
fsr-3244	123	41	�	�	PROPN
fsr-3244	123	42	1	1	NUM
fsr-3244	123	43	tu	tu	PROPN
fsr-3244	123	44	�	�	PROPN
fsr-3244	123	45	ct	ct	PROPN
fsr-3244	123	46	�	�	PROPN
fsr-3244	123	47	�	�	PROPN
fsr-3244	123	48	�	�	PROPN
fsr-3244	123	49	;	;	PUNCT
fsr-3244	123	50	�	�	PROPN
fsr-3244	123	51	,	,	PUNCT
fsr-3244	123	52	�	�	PROPN
fsr-3244	123	53	c	c	PROPN
fsr-3244	123	54	�	�	PROPN
fsr-3244	123	55	d	d	PROPN
fsr-3244	123	56	t	t	PROPN
fsr-3244	123	57	�	�	PROPN
fsr-3244	123	58	�	�	PROPN
fsr-3244	123	59	�	�	PROPN
fsr-3244	123	60	u	u	NOUN
fsr-3244	123	61	�	�	PROPN
fsr-3244	123	62	b	b	PROPN
fsr-3244	123	63	�	�	PROPN
fsr-3244	123	64	�	�	PROPN
fsr-3244	123	65	�	�	PROPN
fsr-3244	123	66	;	;	PUNCT
fsr-3244	123	67	�	�	PROPN
fsr-3244	123	68	,	,	PUNCT
fsr-3244	123	69	�	�	PROPN
fsr-3244	123	70	b	b	SYM
fsr-3244	123	71	�	�	PROPN
fsr-3244	123	72	,	,	PUNCT
fsr-3244	123	73	(	(	PUNCT
fsr-3244	123	74	6	6	NUM
fsr-3244	123	75	)	)	PUNCT
fsr-3244	123	76	364	364	NUM
fsr-3244	123	77	p.j	p.j	PROPN
fsr-3244	123	78	.	.	PROPN
fsr-3244	123	79	haensly	haensly	PROPN
fsr-3244	123	80	,	,	PUNCT
fsr-3244	123	81	k.p	k.p	PROPN
fsr-3244	123	82	.	.	PROPN
fsr-3244	123	83	pai	pai	PROPN
fsr-3244	123	84	/	/	SYM
fsr-3244	123	85	financial	financial	ADJ
fsr-3244	123	86	services	service	NOUN
fsr-3244	123	87	review	review	VERB
fsr-3244	123	88	24	24	NUM
fsr-3244	123	89	(	(	PUNCT
fsr-3244	123	90	2015	2015	NUM
fsr-3244	123	91	)	)	PUNCT
fsr-3244	124	1	359–386	359–386	NUM
fsr-3244	124	2	where	where	SCONJ
fsr-3244	124	3	d	d	NOUN
fsr-3244	124	4	is	be	AUX
fsr-3244	124	5	the	the	DET
fsr-3244	124	6	strength	strength	NOUN
fsr-3244	124	7	of	of	ADP
fsr-3244	124	8	the	the	DET
fsr-3244	124	9	bequest	bequest	NOUN
fsr-3244	124	10	motive	motive	NOUN
fsr-3244	124	11	,	,	PUNCT
fsr-3244	124	12	0	0	NUM
fsr-3244	124	13	�	�	PROPN
fsr-3244	124	14	d	d	PROPN
fsr-3244	124	15	�	�	PROPN
fsr-3244	124	16	1	1	NUM
fsr-3244	124	17	;	;	PUNCT
fsr-3244	124	18	�	�	PROPN
fsr-3244	124	19	is	be	AUX
fsr-3244	124	20	the	the	DET
fsr-3244	124	21	one	one	NUM
fsr-3244	124	22	-	-	PUNCT
fsr-3244	124	23	month	month	NOUN
fsr-3244	124	24	time	time	NOUN
fsr-3244	124	25	discount	discount	NOUN
fsr-3244	124	26	factor	factor	NOUN
fsr-3244	124	27	for	for	ADP
fsr-3244	124	28	utility	utility	NOUN
fsr-3244	124	29	;	;	PUNCT
fsr-3244	124	30	t	t	PROPN
fsr-3244	124	31	(	(	PUNCT
fsr-3244	124	32	�	�	PROPN
fsr-3244	124	33	)	)	PUNCT
fsr-3244	124	34	is	be	AUX
fsr-3244	124	35	time	time	NOUN
fsr-3244	124	36	of	of	ADP
fsr-3244	124	37	death	death	NOUN
fsr-3244	124	38	in	in	ADP
fsr-3244	124	39	months	month	NOUN
fsr-3244	124	40	after	after	ADP
fsr-3244	124	41	retirement	retirement	NOUN
fsr-3244	124	42	for	for	ADP
fsr-3244	124	43	simulated	simulated	ADJ
fsr-3244	124	44	life	life	NOUN
fsr-3244	124	45	�	�	PROPN
fsr-3244	124	46	;	;	PUNCT
fsr-3244	124	47	ct	ct	PROPN
fsr-3244	124	48	(	(	PUNCT
fsr-3244	124	49	�	�	PROPN
fsr-3244	124	50	)	)	PUNCT
fsr-3244	124	51	is	be	AUX
fsr-3244	124	52	the	the	DET
fsr-3244	124	53	consumption	consumption	NOUN
fsr-3244	124	54	in	in	ADP
fsr-3244	124	55	month	month	NOUN
fsr-3244	124	56	t	t	PROPN
fsr-3244	124	57	after	after	ADP
fsr-3244	124	58	retirement	retirement	NOUN
fsr-3244	124	59	,	,	PUNCT
fsr-3244	124	60	expressed	express	VERB
fsr-3244	124	61	in	in	ADP
fsr-3244	124	62	dollars	dollar	NOUN
fsr-3244	124	63	at	at	ADP
fsr-3244	124	64	retirement	retirement	NOUN
fsr-3244	124	65	(	(	PUNCT
fsr-3244	124	66	and	and	CCONJ
fsr-3244	124	67	c	c	X
fsr-3244	124	68	(	(	PUNCT
fsr-3244	124	69	�	�	PROPN
fsr-3244	124	70	)	)	PUNCT
fsr-3244	124	71	is	be	AUX
fsr-3244	124	72	a	a	DET
fsr-3244	124	73	vector	vector	NOUN
fsr-3244	124	74	of	of	ADP
fsr-3244	124	75	these	these	DET
fsr-3244	124	76	values	value	NOUN
fsr-3244	124	77	)	)	PUNCT
fsr-3244	124	78	;	;	PUNCT
fsr-3244	124	79	and	and	CCONJ
fsr-3244	124	80	b	b	X
fsr-3244	124	81	(	(	PUNCT
fsr-3244	124	82	�	�	PROPN
fsr-3244	124	83	)	)	PUNCT
fsr-3244	124	84	is	be	AUX
fsr-3244	124	85	the	the	DET
fsr-3244	124	86	bequest	bequest	NOUN
fsr-3244	124	87	at	at	ADP
fsr-3244	124	88	time	time	NOUN
fsr-3244	124	89	t	t	PROPN
fsr-3244	124	90	(	(	PUNCT
fsr-3244	124	91	�	�	PROPN
fsr-3244	124	92	)	)	PUNCT
fsr-3244	124	93	in	in	ADP
fsr-3244	124	94	retirement	retirement	NOUN
fsr-3244	124	95	year	year	NOUN
fsr-3244	124	96	dollars	dollar	NOUN
fsr-3244	124	97	.	.	PUNCT
fsr-3244	125	1	4	4	X
fsr-3244	125	2	.	.	X
fsr-3244	125	3	simulation	simulation	NOUN
fsr-3244	125	4	methods	method	NOUN
fsr-3244	125	5	4.1	4.1	NUM
fsr-3244	125	6	.	.	PUNCT
fsr-3244	126	1	markets	market	NOUN
fsr-3244	126	2	in	in	ADP
fsr-3244	126	3	the	the	DET
fsr-3244	126	4	simulation	simulation	NOUN
fsr-3244	126	5	treasury	treasury	NOUN
fsr-3244	126	6	auction	auction	NOUN
fsr-3244	126	7	schedules	schedule	NOUN
fsr-3244	126	8	are	be	AUX
fsr-3244	126	9	determined	determine	VERB
fsr-3244	126	10	by	by	ADP
fsr-3244	126	11	the	the	DET
fsr-3244	126	12	financing	financing	NOUN
fsr-3244	126	13	needs	need	NOUN
fsr-3244	126	14	of	of	ADP
fsr-3244	126	15	the	the	DET
fsr-3244	126	16	federal	federal	ADJ
fsr-3244	126	17	government	government	NOUN
fsr-3244	126	18	.	.	PUNCT
fsr-3244	127	1	hence	hence	ADV
fsr-3244	127	2	,	,	PUNCT
fsr-3244	127	3	new	new	ADJ
fsr-3244	127	4	maturities	maturity	NOUN
fsr-3244	127	5	are	be	AUX
fsr-3244	127	6	not	not	PART
fsr-3244	127	7	offered	offer	VERB
fsr-3244	127	8	every	every	DET
fsr-3244	127	9	month	month	NOUN
fsr-3244	127	10	.	.	PUNCT
fsr-3244	128	1	the	the	DET
fsr-3244	128	2	auction	auction	NOUN
fsr-3244	128	3	schedule	schedule	NOUN
fsr-3244	128	4	in	in	ADP
fsr-3244	128	5	this	this	DET
fsr-3244	128	6	simulation	simulation	NOUN
fsr-3244	128	7	is	be	AUX
fsr-3244	128	8	similar	similar	ADJ
fsr-3244	128	9	to	to	ADP
fsr-3244	128	10	that	that	PRON
fsr-3244	128	11	followed	follow	VERB
fsr-3244	128	12	by	by	ADP
fsr-3244	128	13	the	the	DET
fsr-3244	128	14	u.s	u.s	PROPN
fsr-3244	128	15	.	.	PROPN
fsr-3244	128	16	treasury	treasury	PROPN
fsr-3244	128	17	for	for	ADP
fsr-3244	128	18	most	most	ADJ
fsr-3244	128	19	of	of	ADP
fsr-3244	128	20	2010–2013	2010–2013	NUM
fsr-3244	128	21	.	.	PUNCT
fsr-3244	129	1	specifically	specifically	ADV
fsr-3244	129	2	,	,	PUNCT
fsr-3244	129	3	5	5	NUM
fsr-3244	129	4	-	-	PUNCT
fsr-3244	129	5	year	year	NOUN
fsr-3244	129	6	tips	tip	NOUN
fsr-3244	129	7	are	be	AUX
fsr-3244	129	8	auctioned	auction	VERB
fsr-3244	129	9	in	in	ADP
fsr-3244	129	10	april	april	PROPN
fsr-3244	129	11	,	,	PUNCT
fsr-3244	129	12	august	august	PROPN
fsr-3244	129	13	,	,	PUNCT
fsr-3244	129	14	and	and	CCONJ
fsr-3244	129	15	december	december	PROPN
fsr-3244	129	16	;	;	PUNCT
fsr-3244	129	17	10	10	NUM
fsr-3244	129	18	-	-	PUNCT
fsr-3244	129	19	year	year	NOUN
fsr-3244	129	20	tips	tip	NOUN
fsr-3244	129	21	are	be	AUX
fsr-3244	129	22	auctioned	auction	VERB
fsr-3244	129	23	in	in	ADP
fsr-3244	129	24	january	january	PROPN
fsr-3244	129	25	,	,	PUNCT
fsr-3244	129	26	march	march	PROPN
fsr-3244	129	27	,	,	PUNCT
fsr-3244	129	28	may	may	AUX
fsr-3244	129	29	,	,	PUNCT
fsr-3244	129	30	july	july	PROPN
fsr-3244	129	31	,	,	PUNCT
fsr-3244	129	32	september	september	PROPN
fsr-3244	129	33	,	,	PUNCT
fsr-3244	129	34	and	and	CCONJ
fsr-3244	129	35	november	november	PROPN
fsr-3244	129	36	;	;	PUNCT
fsr-3244	129	37	and	and	CCONJ
fsr-3244	129	38	30	30	NUM
fsr-3244	129	39	-	-	PUNCT
fsr-3244	129	40	year	year	NOUN
fsr-3244	129	41	tips	tip	NOUN
fsr-3244	129	42	are	be	AUX
fsr-3244	129	43	auctioned	auction	VERB
fsr-3244	129	44	each	each	DET
fsr-3244	129	45	february	february	PROPN
fsr-3244	129	46	,	,	PUNCT
fsr-3244	129	47	june	june	PROPN
fsr-3244	129	48	,	,	PUNCT
fsr-3244	129	49	and	and	CCONJ
fsr-3244	129	50	october	october	PROPN
fsr-3244	129	51	.	.	PUNCT
fsr-3244	130	1	thus	thus	ADV
fsr-3244	130	2	,	,	PUNCT
fsr-3244	130	3	in	in	ADP
fsr-3244	130	4	any	any	DET
fsr-3244	130	5	given	give	VERB
fsr-3244	130	6	month	month	NOUN
fsr-3244	130	7	,	,	PUNCT
fsr-3244	130	8	an	an	DET
fsr-3244	130	9	investor	investor	NOUN
fsr-3244	130	10	at	at	ADP
fsr-3244	130	11	retirement	retirement	NOUN
fsr-3244	130	12	must	must	AUX
fsr-3244	130	13	go	go	VERB
fsr-3244	130	14	to	to	ADP
fsr-3244	130	15	the	the	DET
fsr-3244	130	16	secondary	secondary	ADJ
fsr-3244	130	17	market	market	NOUN
fsr-3244	130	18	to	to	PART
fsr-3244	130	19	buy	buy	VERB
fsr-3244	130	20	tips	tip	NOUN
fsr-3244	130	21	with	with	ADP
fsr-3244	130	22	suitable	suitable	ADJ
fsr-3244	130	23	maturities	maturity	NOUN
fsr-3244	130	24	for	for	ADP
fsr-3244	130	25	the	the	DET
fsr-3244	130	26	ladder	ladder	NOUN
fsr-3244	130	27	.	.	PUNCT
fsr-3244	131	1	small	small	ADJ
fsr-3244	131	2	-	-	PUNCT
fsr-3244	131	3	scale	scale	NOUN
fsr-3244	131	4	purchases	purchase	NOUN
fsr-3244	131	5	by	by	ADP
fsr-3244	131	6	individuals	individual	NOUN
fsr-3244	131	7	through	through	ADP
fsr-3244	131	8	treasury	treasury	PROPN
fsr-3244	131	9	direct	direct	PROPN
fsr-3244	131	10	generally	generally	ADV
fsr-3244	131	11	incur	incur	VERB
fsr-3244	131	12	no	no	DET
fsr-3244	131	13	purchase	purchase	NOUN
fsr-3244	131	14	fees	fee	NOUN
fsr-3244	131	15	.	.	PUNCT
fsr-3244	132	1	in	in	ADP
fsr-3244	132	2	the	the	DET
fsr-3244	132	3	simulation	simulation	NOUN
fsr-3244	132	4	,	,	PUNCT
fsr-3244	132	5	investors	investor	NOUN
fsr-3244	132	6	incur	incur	VERB
fsr-3244	132	7	transactions	transaction	NOUN
fsr-3244	132	8	costs	cost	NOUN
fsr-3244	132	9	only	only	ADV
fsr-3244	132	10	for	for	ADP
fsr-3244	132	11	tips	tip	NOUN
fsr-3244	132	12	purchased	purchase	VERB
fsr-3244	132	13	in	in	ADP
fsr-3244	132	14	the	the	DET
fsr-3244	132	15	secondary	secondary	ADJ
fsr-3244	132	16	market	market	NOUN
fsr-3244	132	17	.	.	PUNCT
fsr-3244	133	1	we	we	PRON
fsr-3244	133	2	adopt	adopt	VERB
fsr-3244	133	3	the	the	DET
fsr-3244	133	4	simplifying	simplifying	NOUN
fsr-3244	133	5	assumption	assumption	NOUN
fsr-3244	133	6	that	that	SCONJ
fsr-3244	133	7	all	all	DET
fsr-3244	133	8	auctions	auction	NOUN
fsr-3244	133	9	,	,	PUNCT
fsr-3244	133	10	purchases	purchase	NOUN
fsr-3244	133	11	,	,	PUNCT
fsr-3244	133	12	coupon	coupon	NOUN
fsr-3244	133	13	dates	date	NOUN
fsr-3244	133	14	,	,	PUNCT
fsr-3244	133	15	and	and	CCONJ
fsr-3244	133	16	maturity	maturity	NOUN
fsr-3244	133	17	dates	date	NOUN
fsr-3244	133	18	are	be	AUX
fsr-3244	133	19	end	end	NOUN
fsr-3244	133	20	-	-	PUNCT
fsr-3244	133	21	of	of	ADP
fsr-3244	133	22	-	-	PUNCT
fsr-3244	133	23	month	month	NOUN
fsr-3244	133	24	.	.	PUNCT
fsr-3244	134	1	tips	tip	NOUN
fsr-3244	134	2	are	be	AUX
fsr-3244	134	3	indexed	index	VERB
fsr-3244	134	4	to	to	ADP
fsr-3244	134	5	the	the	DET
fsr-3244	134	6	non	non	ADJ
fsr-3244	134	7	-	-	ADJ
fsr-3244	134	8	seasonally	seasonally	ADV
fsr-3244	134	9	adjusted	adjusted	ADJ
fsr-3244	134	10	consumer	consumer	NOUN
fsr-3244	134	11	price	price	NOUN
fsr-3244	134	12	index	index	NOUN
fsr-3244	134	13	for	for	ADP
fsr-3244	134	14	all	all	DET
fsr-3244	134	15	urban	urban	ADJ
fsr-3244	134	16	consumers	consumer	NOUN
fsr-3244	134	17	(	(	PUNCT
fsr-3244	134	18	cpi	cpi	NOUN
fsr-3244	134	19	-	-	PUNCT
fsr-3244	134	20	u	u	NOUN
fsr-3244	134	21	)	)	PUNCT
fsr-3244	134	22	.	.	PUNCT
fsr-3244	135	1	the	the	DET
fsr-3244	135	2	treasury	treasury	NOUN
fsr-3244	135	3	sets	set	VERB
fsr-3244	135	4	the	the	DET
fsr-3244	135	5	reference	reference	NOUN
fsr-3244	135	6	price	price	NOUN
fsr-3244	135	7	level	level	NOUN
fsr-3244	135	8	for	for	ADP
fsr-3244	135	9	tips	tip	NOUN
fsr-3244	135	10	up	up	ADP
fsr-3244	135	11	for	for	ADP
fsr-3244	135	12	auction	auction	NOUN
fsr-3244	135	13	in	in	ADP
fsr-3244	135	14	a	a	DET
fsr-3244	135	15	given	give	VERB
fsr-3244	135	16	calendar	calendar	NOUN
fsr-3244	135	17	month	month	NOUN
fsr-3244	135	18	as	as	ADP
fsr-3244	135	19	the	the	DET
fsr-3244	135	20	cpi	cpi	PROPN
fsr-3244	135	21	-	-	PUNCT
fsr-3244	135	22	u	u	NOUN
fsr-3244	135	23	for	for	ADP
fsr-3244	135	24	the	the	DET
fsr-3244	135	25	third	third	ADJ
fsr-3244	135	26	preceding	precede	VERB
fsr-3244	135	27	calendar	calendar	NOUN
fsr-3244	135	28	month	month	NOUN
fsr-3244	135	29	.	.	PUNCT
fsr-3244	136	1	for	for	ADP
fsr-3244	136	2	example	example	NOUN
fsr-3244	136	3	,	,	PUNCT
fsr-3244	136	4	if	if	SCONJ
fsr-3244	136	5	the	the	DET
fsr-3244	136	6	auction	auction	NOUN
fsr-3244	136	7	month	month	NOUN
fsr-3244	136	8	is	be	AUX
fsr-3244	136	9	july	july	PROPN
fsr-3244	136	10	,	,	PUNCT
fsr-3244	136	11	then	then	ADV
fsr-3244	136	12	the	the	DET
fsr-3244	136	13	reference	reference	NOUN
fsr-3244	136	14	price	price	NOUN
fsr-3244	136	15	level	level	NOUN
fsr-3244	136	16	for	for	ADP
fsr-3244	136	17	july	july	PROPN
fsr-3244	136	18	1	1	NUM
fsr-3244	136	19	is	be	AUX
fsr-3244	136	20	the	the	DET
fsr-3244	136	21	april	april	PROPN
fsr-3244	136	22	cpi	cpi	PROPN
fsr-3244	136	23	-	-	PUNCT
fsr-3244	136	24	u.	u.	VERB
fsr-3244	136	25	if	if	SCONJ
fsr-3244	136	26	the	the	DET
fsr-3244	136	27	auction	auction	NOUN
fsr-3244	136	28	date	date	NOUN
fsr-3244	136	29	is	be	AUX
fsr-3244	136	30	midmonth	midmonth	ADJ
fsr-3244	136	31	,	,	PUNCT
fsr-3244	136	32	then	then	ADV
fsr-3244	136	33	the	the	DET
fsr-3244	136	34	official	official	ADJ
fsr-3244	136	35	indexation	indexation	NOUN
fsr-3244	136	36	lag	lag	NOUN
fsr-3244	136	37	is	be	AUX
fsr-3244	136	38	two	two	NUM
fsr-3244	136	39	and	and	CCONJ
fsr-3244	136	40	a	a	DET
fsr-3244	136	41	half	half	NOUN
fsr-3244	136	42	months	month	NOUN
fsr-3244	136	43	.	.	PUNCT
fsr-3244	137	1	if	if	SCONJ
fsr-3244	137	2	the	the	DET
fsr-3244	137	3	auction	auction	NOUN
fsr-3244	137	4	date	date	NOUN
fsr-3244	137	5	is	be	AUX
fsr-3244	137	6	end	end	NOUN
fsr-3244	137	7	-	-	PUNCT
fsr-3244	137	8	of	of	ADP
fsr-3244	137	9	-	-	PUNCT
fsr-3244	137	10	month	month	NOUN
fsr-3244	137	11	,	,	PUNCT
fsr-3244	137	12	then	then	ADV
fsr-3244	137	13	the	the	DET
fsr-3244	137	14	official	official	ADJ
fsr-3244	137	15	indexation	indexation	NOUN
fsr-3244	137	16	lag	lag	NOUN
fsr-3244	137	17	is	be	AUX
fsr-3244	137	18	three	three	NUM
fsr-3244	137	19	months	month	NOUN
fsr-3244	137	20	.	.	PUNCT
fsr-3244	138	1	in	in	ADP
fsr-3244	138	2	the	the	DET
fsr-3244	138	3	simulation	simulation	NOUN
fsr-3244	138	4	,	,	PUNCT
fsr-3244	138	5	we	we	PRON
fsr-3244	138	6	set	set	VERB
fsr-3244	138	7	the	the	DET
fsr-3244	138	8	indexation	indexation	NOUN
fsr-3244	138	9	lag	lag	NOUN
fsr-3244	138	10	at	at	ADP
fsr-3244	138	11	three	three	NUM
fsr-3244	138	12	months	month	NOUN
fsr-3244	138	13	,	,	PUNCT
fsr-3244	138	14	because	because	SCONJ
fsr-3244	138	15	we	we	PRON
fsr-3244	138	16	assume	assume	VERB
fsr-3244	138	17	all	all	DET
fsr-3244	138	18	auctions	auction	NOUN
fsr-3244	138	19	are	be	AUX
fsr-3244	138	20	end	end	NOUN
fsr-3244	138	21	-	-	PUNCT
fsr-3244	138	22	of	of	ADP
fsr-3244	138	23	-	-	PUNCT
fsr-3244	138	24	month	month	NOUN
fsr-3244	138	25	.	.	PUNCT
fsr-3244	139	1	trading	trading	NOUN
fsr-3244	139	2	in	in	ADP
fsr-3244	139	3	the	the	DET
fsr-3244	139	4	secondary	secondary	ADJ
fsr-3244	139	5	market	market	NOUN
fsr-3244	139	6	exposes	expose	VERB
fsr-3244	139	7	individual	individual	ADJ
fsr-3244	139	8	investors	investor	NOUN
fsr-3244	139	9	to	to	PART
fsr-3244	139	10	market	market	VERB
fsr-3244	139	11	friction	friction	NOUN
fsr-3244	139	12	in	in	ADP
fsr-3244	139	13	the	the	DET
fsr-3244	139	14	form	form	NOUN
fsr-3244	139	15	of	of	ADP
fsr-3244	139	16	lot	lot	NOUN
fsr-3244	139	17	size	size	NOUN
fsr-3244	139	18	restrictions	restriction	NOUN
fsr-3244	139	19	and	and	CCONJ
fsr-3244	139	20	trading	trading	NOUN
fsr-3244	139	21	costs	cost	NOUN
fsr-3244	139	22	.	.	PUNCT
fsr-3244	140	1	in	in	ADP
fsr-3244	140	2	the	the	DET
fsr-3244	140	3	secondary	secondary	ADJ
fsr-3244	140	4	market	market	NOUN
fsr-3244	140	5	the	the	DET
fsr-3244	140	6	retail	retail	ADJ
fsr-3244	140	7	investor	investor	NOUN
fsr-3244	140	8	pays	pay	VERB
fsr-3244	140	9	dealer	dealer	NOUN
fsr-3244	140	10	markups	markup	NOUN
fsr-3244	140	11	,	,	PUNCT
fsr-3244	140	12	commissions	commission	NOUN
fsr-3244	140	13	,	,	PUNCT
fsr-3244	140	14	and	and	CCONJ
fsr-3244	140	15	bid	bid	NOUN
fsr-3244	140	16	-	-	PUNCT
fsr-3244	140	17	ask	ask	VERB
fsr-3244	140	18	spreads	spread	NOUN
fsr-3244	140	19	that	that	PRON
fsr-3244	140	20	may	may	AUX
fsr-3244	140	21	be	be	AUX
fsr-3244	140	22	as	as	ADV
fsr-3244	140	23	much	much	ADJ
fsr-3244	140	24	as	as	ADP
fsr-3244	140	25	2	2	NUM
fsr-3244	140	26	%	%	NOUN
fsr-3244	140	27	(	(	PUNCT
fsr-3244	140	28	e.g.	e.g.	ADV
fsr-3244	140	29	,	,	PUNCT
fsr-3244	140	30	see	see	VERB
fsr-3244	140	31	aschkenasy	aschkenasy	NOUN
fsr-3244	140	32	(	(	PUNCT
fsr-3244	140	33	2005	2005	NUM
fsr-3244	140	34	)	)	PUNCT
fsr-3244	140	35	,	,	PUNCT
fsr-3244	140	36	bullock	bullock	NOUN
fsr-3244	140	37	(	(	PUNCT
fsr-3244	140	38	2005	2005	NUM
fsr-3244	140	39	)	)	PUNCT
fsr-3244	140	40	)	)	PUNCT
fsr-3244	140	41	.	.	PUNCT
fsr-3244	141	1	we	we	PRON
fsr-3244	141	2	assume	assume	VERB
fsr-3244	141	3	that	that	SCONJ
fsr-3244	141	4	investors	investor	NOUN
fsr-3244	141	5	incur	incur	VERB
fsr-3244	141	6	transactions	transaction	NOUN
fsr-3244	141	7	costs	cost	NOUN
fsr-3244	141	8	of	of	ADP
fsr-3244	141	9	2	2	NUM
fsr-3244	141	10	%	%	NOUN
fsr-3244	141	11	of	of	ADP
fsr-3244	141	12	the	the	DET
fsr-3244	141	13	bond	bond	NOUN
fsr-3244	141	14	price	price	NOUN
fsr-3244	141	15	for	for	ADP
fsr-3244	141	16	tips	tip	NOUN
fsr-3244	141	17	bought	buy	VERB
fsr-3244	141	18	or	or	CCONJ
fsr-3244	141	19	sold	sell	VERB
fsr-3244	141	20	in	in	ADP
fsr-3244	141	21	the	the	DET
fsr-3244	141	22	secondary	secondary	ADJ
fsr-3244	141	23	market	market	NOUN
fsr-3244	141	24	,	,	PUNCT
fsr-3244	141	25	but	but	CCONJ
fsr-3244	141	26	we	we	PRON
fsr-3244	141	27	simplify	simplify	VERB
fsr-3244	141	28	by	by	ADP
fsr-3244	141	29	ignoring	ignore	VERB
fsr-3244	141	30	lot	lot	NOUN
fsr-3244	141	31	size	size	NOUN
fsr-3244	141	32	restrictions	restriction	NOUN
fsr-3244	141	33	and	and	CCONJ
fsr-3244	141	34	assuming	assume	VERB
fsr-3244	141	35	that	that	SCONJ
fsr-3244	141	36	tips	tip	NOUN
fsr-3244	141	37	may	may	AUX
fsr-3244	141	38	be	be	AUX
fsr-3244	141	39	traded	trade	VERB
fsr-3244	141	40	in	in	ADP
fsr-3244	141	41	any	any	DET
fsr-3244	141	42	multiple	multiple	NOUN
fsr-3244	141	43	of	of	ADP
fsr-3244	141	44	$	$	SYM
fsr-3244	141	45	100	100	NUM
fsr-3244	141	46	par	par	NOUN
fsr-3244	141	47	(	(	PUNCT
fsr-3244	141	48	indexed	index	VERB
fsr-3244	141	49	for	for	ADP
fsr-3244	141	50	inflation	inflation	NOUN
fsr-3244	141	51	after	after	ADP
fsr-3244	141	52	the	the	DET
fsr-3244	141	53	auction	auction	NOUN
fsr-3244	141	54	date	date	NOUN
fsr-3244	141	55	)	)	PUNCT
fsr-3244	141	56	.	.	PUNCT
fsr-3244	142	1	4.2	4.2	NUM
fsr-3244	142	2	.	.	PUNCT
fsr-3244	143	1	construction	construction	NOUN
fsr-3244	143	2	of	of	ADP
fsr-3244	143	3	inflation	inflation	NOUN
fsr-3244	143	4	-	-	PUNCT
fsr-3244	143	5	indexed	index	VERB
fsr-3244	143	6	zero	zero	NUM
fsr-3244	143	7	-	-	PUNCT
fsr-3244	143	8	coupon	coupon	NOUN
fsr-3244	143	9	yield	yield	NOUN
fsr-3244	143	10	curves	curve	NOUN
fsr-3244	143	11	inflation	inflation	NOUN
fsr-3244	143	12	-	-	PUNCT
fsr-3244	143	13	indexed	index	VERB
fsr-3244	143	14	tips	tip	NOUN
fsr-3244	143	15	have	have	AUX
fsr-3244	143	16	been	be	AUX
fsr-3244	143	17	issued	issue	VERB
fsr-3244	143	18	only	only	ADV
fsr-3244	143	19	since	since	SCONJ
fsr-3244	143	20	1997	1997	NUM
fsr-3244	143	21	.	.	PUNCT
fsr-3244	144	1	to	to	PART
fsr-3244	144	2	create	create	VERB
fsr-3244	144	3	simulated	simulated	ADJ
fsr-3244	144	4	histories	history	NOUN
fsr-3244	144	5	that	that	PRON
fsr-3244	144	6	are	be	AUX
fsr-3244	144	7	more	more	ADV
fsr-3244	144	8	representative	representative	NOUN
fsr-3244	144	9	of	of	ADP
fsr-3244	144	10	historical	historical	ADJ
fsr-3244	144	11	yield	yield	NOUN
fsr-3244	144	12	and	and	CCONJ
fsr-3244	144	13	inflation	inflation	NOUN
fsr-3244	144	14	environments	environment	NOUN
fsr-3244	144	15	in	in	ADP
fsr-3244	144	16	the	the	DET
fsr-3244	144	17	united	united	PROPN
fsr-3244	144	18	states	states	PROPN
fsr-3244	144	19	,	,	PUNCT
fsr-3244	144	20	in	in	ADP
fsr-3244	144	21	each	each	DET
fsr-3244	144	22	simulated	simulate	VERB
fsr-3244	144	23	month	month	NOUN
fsr-3244	144	24	we	we	PRON
fsr-3244	144	25	construct	construct	VERB
fsr-3244	144	26	an	an	DET
fsr-3244	144	27	inflation	inflation	NOUN
fsr-3244	144	28	-	-	PUNCT
fsr-3244	144	29	indexed	index	VERB
fsr-3244	144	30	zero	zero	NUM
fsr-3244	144	31	-	-	PUNCT
fsr-3244	144	32	coupon	coupon	NOUN
fsr-3244	144	33	treasury	treasury	NOUN
fsr-3244	144	34	yield	yield	NOUN
fsr-3244	144	35	curve	curve	NOUN
fsr-3244	144	36	.	.	PUNCT
fsr-3244	145	1	before	before	SCONJ
fsr-3244	145	2	the	the	DET
fsr-3244	145	3	simulation	simulation	NOUN
fsr-3244	145	4	begins	begin	VERB
fsr-3244	145	5	,	,	PUNCT
fsr-3244	145	6	we	we	PRON
fsr-3244	145	7	construct	construct	VERB
fsr-3244	145	8	historical	historical	ADJ
fsr-3244	145	9	nominal	nominal	ADJ
fsr-3244	145	10	yield	yield	NOUN
fsr-3244	145	11	curves	curve	NOUN
fsr-3244	145	12	.	.	PUNCT
fsr-3244	146	1	our	our	PRON
fsr-3244	146	2	data	data	NOUN
fsr-3244	146	3	sources	source	NOUN
fsr-3244	146	4	for	for	ADP
fsr-3244	146	5	1926–2012	1926–2012	NUM
fsr-3244	146	6	are	be	AUX
fsr-3244	146	7	the	the	DET
fsr-3244	146	8	daily	daily	ADJ
fsr-3244	146	9	constant	constant	ADJ
fsr-3244	146	10	maturity	maturity	NOUN
fsr-3244	146	11	rate	rate	NOUN
fsr-3244	146	12	(	(	PUNCT
fsr-3244	146	13	cmt	cmt	PROPN
fsr-3244	146	14	)	)	PUNCT
fsr-3244	146	15	database	database	NOUN
fsr-3244	146	16	compiled	compile	VERB
fsr-3244	146	17	by	by	ADP
fsr-3244	146	18	the	the	DET
fsr-3244	146	19	365p.j	365p.j	PROPN
fsr-3244	146	20	.	.	PUNCT
fsr-3244	147	1	haensly	haensly	ADV
fsr-3244	147	2	,	,	PUNCT
fsr-3244	147	3	k.p	k.p	PROPN
fsr-3244	147	4	.	.	PROPN
fsr-3244	147	5	pai	pai	PROPN
fsr-3244	147	6	/	/	SYM
fsr-3244	147	7	financial	financial	ADJ
fsr-3244	147	8	services	service	NOUN
fsr-3244	147	9	review	review	VERB
fsr-3244	147	10	24	24	NUM
fsr-3244	147	11	(	(	PUNCT
fsr-3244	147	12	2015	2015	NUM
fsr-3244	147	13	)	)	PUNCT
fsr-3244	147	14	359–386	359–386	NUM
fsr-3244	147	15	board	board	NOUN
fsr-3244	147	16	of	of	ADP
fsr-3244	147	17	governors	governor	NOUN
fsr-3244	147	18	of	of	ADP
fsr-3244	147	19	the	the	DET
fsr-3244	147	20	federal	federal	PROPN
fsr-3244	147	21	reserve	reserve	PROPN
fsr-3244	147	22	system	system	NOUN
fsr-3244	147	23	(	(	PUNCT
fsr-3244	147	24	2013	2013	NUM
fsr-3244	147	25	)	)	PUNCT
fsr-3244	147	26	,	,	PUNCT
fsr-3244	147	27	the	the	DET
fsr-3244	147	28	fred	fred	PROPN
fsr-3244	147	29	economic	economic	ADJ
fsr-3244	147	30	data	data	PROPN
fsr-3244	147	31	web	web	NOUN
fsr-3244	147	32	site	site	NOUN
fsr-3244	147	33	at	at	ADP
fsr-3244	147	34	the	the	DET
fsr-3244	147	35	federal	federal	PROPN
fsr-3244	147	36	reserve	reserve	PROPN
fsr-3244	147	37	bank	bank	PROPN
fsr-3244	147	38	of	of	ADP
fsr-3244	147	39	st	st	PROPN
fsr-3244	147	40	.	.	PROPN
fsr-3244	147	41	louis	louis	PROPN
fsr-3244	147	42	(	(	PUNCT
fsr-3244	147	43	2013	2013	NUM
fsr-3244	147	44	)	)	PUNCT
fsr-3244	147	45	,	,	PUNCT
fsr-3244	147	46	and	and	CCONJ
fsr-3244	147	47	morningstar	morningstar	PROPN
fsr-3244	147	48	(	(	PUNCT
fsr-3244	147	49	2013	2013	NUM
fsr-3244	147	50	)	)	PUNCT
fsr-3244	147	51	.	.	PUNCT
fsr-3244	148	1	the	the	DET
fsr-3244	148	2	construction	construction	NOUN
fsr-3244	148	3	proceeds	proceed	VERB
fsr-3244	148	4	in	in	ADP
fsr-3244	148	5	three	three	NUM
fsr-3244	148	6	stages	stage	NOUN
fsr-3244	148	7	.	.	PUNCT
fsr-3244	149	1	in	in	ADP
fsr-3244	149	2	the	the	DET
fsr-3244	149	3	first	first	ADJ
fsr-3244	149	4	stage	stage	NOUN
fsr-3244	149	5	,	,	PUNCT
fsr-3244	149	6	we	we	PRON
fsr-3244	149	7	construct	construct	VERB
fsr-3244	149	8	a	a	DET
fsr-3244	149	9	discrete	discrete	ADJ
fsr-3244	149	10	nominal	nominal	ADJ
fsr-3244	149	11	treasury	treasury	NOUN
fsr-3244	149	12	yield	yield	NOUN
fsr-3244	149	13	curve	curve	NOUN
fsr-3244	149	14	at	at	ADP
fsr-3244	149	15	the	the	DET
fsr-3244	149	16	end	end	NOUN
fsr-3244	149	17	of	of	ADP
fsr-3244	149	18	each	each	DET
fsr-3244	149	19	historical	historical	ADJ
fsr-3244	149	20	month	month	NOUN
fsr-3244	149	21	with	with	ADP
fsr-3244	149	22	bond	bond	NOUN
fsr-3244	149	23	equivalent	equivalent	ADJ
fsr-3244	149	24	yields	yield	NOUN
fsr-3244	149	25	(	(	PUNCT
fsr-3244	149	26	assuming	assume	VERB
fsr-3244	149	27	semiannual	semiannual	ADJ
fsr-3244	149	28	interest	interest	NOUN
fsr-3244	149	29	)	)	PUNCT
fsr-3244	149	30	at	at	ADP
fsr-3244	149	31	monthly	monthly	ADJ
fsr-3244	149	32	maturity	maturity	NOUN
fsr-3244	149	33	intervals	interval	NOUN
fsr-3244	149	34	from	from	ADP
fsr-3244	149	35	one	one	NUM
fsr-3244	149	36	month	month	NOUN
fsr-3244	149	37	to	to	ADP
fsr-3244	149	38	six	six	NUM
fsr-3244	149	39	months	month	NOUN
fsr-3244	149	40	and	and	CCONJ
fsr-3244	149	41	then	then	ADV
fsr-3244	149	42	at	at	ADP
fsr-3244	149	43	six	six	NUM
fsr-3244	149	44	-	-	PUNCT
fsr-3244	149	45	month	month	NOUN
fsr-3244	149	46	intervals	interval	NOUN
fsr-3244	149	47	from	from	ADP
fsr-3244	149	48	month	month	NOUN
fsr-3244	149	49	six	six	NUM
fsr-3244	149	50	out	out	ADP
fsr-3244	149	51	to	to	PART
fsr-3244	149	52	30	30	NUM
fsr-3244	149	53	years	year	NOUN
fsr-3244	149	54	.	.	PUNCT
fsr-3244	150	1	while	while	SCONJ
fsr-3244	150	2	spline	spline	NOUN
fsr-3244	150	3	interpolation	interpolation	NOUN
fsr-3244	150	4	is	be	AUX
fsr-3244	150	5	preferred	prefer	VERB
fsr-3244	150	6	(	(	PUNCT
fsr-3244	150	7	and	and	CCONJ
fsr-3244	150	8	is	be	AUX
fsr-3244	150	9	the	the	DET
fsr-3244	150	10	approach	approach	NOUN
fsr-3244	150	11	currently	currently	ADV
fsr-3244	150	12	applied	apply	VERB
fsr-3244	150	13	by	by	ADP
fsr-3244	150	14	the	the	DET
fsr-3244	150	15	u.s	u.s	PROPN
fsr-3244	150	16	.	.	PROPN
fsr-3244	150	17	treasury	treasury	PROPN
fsr-3244	150	18	to	to	PART
fsr-3244	150	19	construct	construct	VERB
fsr-3244	150	20	its	its	PRON
fsr-3244	150	21	yield	yield	NOUN
fsr-3244	150	22	curves	curve	NOUN
fsr-3244	150	23	)	)	PUNCT
fsr-3244	150	24	,	,	PUNCT
fsr-3244	150	25	we	we	PRON
fsr-3244	150	26	apply	apply	VERB
fsr-3244	150	27	it	it	PRON
fsr-3244	150	28	only	only	ADV
fsr-3244	150	29	for	for	ADP
fsr-3244	150	30	historical	historical	ADJ
fsr-3244	150	31	months	month	NOUN
fsr-3244	150	32	february	february	PROPN
fsr-3244	150	33	1977	1977	NUM
fsr-3244	150	34	and	and	CCONJ
fsr-3244	150	35	later	later	ADV
fsr-3244	150	36	.	.	PUNCT
fsr-3244	151	1	for	for	ADP
fsr-3244	151	2	earlier	early	ADJ
fsr-3244	151	3	historical	historical	ADJ
fsr-3244	151	4	months	month	NOUN
fsr-3244	151	5	,	,	PUNCT
fsr-3244	151	6	the	the	DET
fsr-3244	151	7	number	number	NOUN
fsr-3244	151	8	of	of	ADP
fsr-3244	151	9	knot	knot	ADJ
fsr-3244	151	10	points	point	NOUN
fsr-3244	151	11	determined	determine	VERB
fsr-3244	151	12	by	by	ADP
fsr-3244	151	13	available	available	ADJ
fsr-3244	151	14	yield	yield	NOUN
fsr-3244	151	15	data	datum	NOUN
fsr-3244	151	16	are	be	AUX
fsr-3244	151	17	too	too	ADV
fsr-3244	151	18	small	small	ADJ
fsr-3244	151	19	for	for	ADP
fsr-3244	151	20	spline	spline	NOUN
fsr-3244	151	21	interpolation	interpolation	NOUN
fsr-3244	151	22	to	to	PART
fsr-3244	151	23	work	work	VERB
fsr-3244	151	24	well	well	ADV
fsr-3244	151	25	.	.	PUNCT
fsr-3244	152	1	hence	hence	ADV
fsr-3244	152	2	we	we	PRON
fsr-3244	152	3	apply	apply	VERB
fsr-3244	152	4	linear	linear	ADJ
fsr-3244	152	5	interpolation	interpolation	NOUN
fsr-3244	152	6	to	to	PART
fsr-3244	152	7	construct	construct	VERB
fsr-3244	152	8	yield	yield	NOUN
fsr-3244	152	9	curves	curve	NOUN
fsr-3244	152	10	for	for	ADP
fsr-3244	152	11	earlier	early	ADJ
fsr-3244	152	12	historical	historical	ADJ
fsr-3244	152	13	months	month	NOUN
fsr-3244	152	14	.	.	PUNCT
fsr-3244	153	1	in	in	ADP
fsr-3244	153	2	the	the	DET
fsr-3244	153	3	second	second	ADJ
fsr-3244	153	4	stage	stage	NOUN
fsr-3244	153	5	,	,	PUNCT
fsr-3244	153	6	we	we	PRON
fsr-3244	153	7	convert	convert	VERB
fsr-3244	153	8	the	the	DET
fsr-3244	153	9	historical	historical	ADJ
fsr-3244	153	10	discrete	discrete	ADJ
fsr-3244	153	11	nominal	nominal	ADJ
fsr-3244	153	12	yield	yield	NOUN
fsr-3244	153	13	curve	curve	NOUN
fsr-3244	153	14	to	to	ADP
fsr-3244	153	15	a	a	DET
fsr-3244	153	16	yield	yield	NOUN
fsr-3244	153	17	curve	curve	NOUN
fsr-3244	153	18	for	for	ADP
fsr-3244	153	19	nominal	nominal	ADJ
fsr-3244	153	20	treasury	treasury	NOUN
fsr-3244	153	21	zero	zero	NUM
fsr-3244	153	22	rates	rate	NOUN
fsr-3244	153	23	by	by	ADP
fsr-3244	153	24	applying	apply	VERB
fsr-3244	153	25	an	an	DET
fsr-3244	153	26	iterative	iterative	NOUN
fsr-3244	153	27	method	method	NOUN
fsr-3244	153	28	to	to	ADP
fsr-3244	153	29	the	the	DET
fsr-3244	153	30	coupon	coupon	NOUN
fsr-3244	153	31	bond	bond	NOUN
fsr-3244	153	32	yields	yield	NOUN
fsr-3244	153	33	each	each	DET
fsr-3244	153	34	month	month	NOUN
fsr-3244	153	35	.	.	PUNCT
fsr-3244	154	1	(	(	PUNCT
fsr-3244	154	2	see	see	VERB
fsr-3244	154	3	,	,	PUNCT
fsr-3244	154	4	e.g.	e.g.	ADV
fsr-3244	154	5	,	,	PUNCT
fsr-3244	154	6	hull	hull	NOUN
fsr-3244	154	7	[	[	X
fsr-3244	154	8	2011	2011	NUM
fsr-3244	154	9	,	,	PUNCT
fsr-3244	154	10	pp	pp	ADV
fsr-3244	154	11	.	.	PUNCT
fsr-3244	155	1	86–88	86–88	NUM
fsr-3244	155	2	]	]	PUNCT
fsr-3244	155	3	for	for	ADP
fsr-3244	155	4	an	an	DET
fsr-3244	155	5	illustration	illustration	NOUN
fsr-3244	155	6	.	.	PUNCT
fsr-3244	155	7	)	)	PUNCT
fsr-3244	156	1	in	in	ADP
fsr-3244	156	2	the	the	DET
fsr-3244	156	3	process	process	NOUN
fsr-3244	156	4	,	,	PUNCT
fsr-3244	156	5	we	we	PRON
fsr-3244	156	6	also	also	ADV
fsr-3244	156	7	convert	convert	VERB
fsr-3244	156	8	discretely	discretely	ADV
fsr-3244	156	9	compounded	compound	VERB
fsr-3244	156	10	yields	yield	NOUN
fsr-3244	156	11	to	to	PART
fsr-3244	156	12	continuously	continuously	ADV
fsr-3244	156	13	compounded	compound	VERB
fsr-3244	156	14	,	,	PUNCT
fsr-3244	156	15	annualized	annualize	VERB
fsr-3244	156	16	yields	yield	NOUN
fsr-3244	156	17	.	.	PUNCT
fsr-3244	157	1	in	in	ADP
fsr-3244	157	2	the	the	DET
fsr-3244	157	3	third	third	ADJ
fsr-3244	157	4	stage	stage	NOUN
fsr-3244	157	5	,	,	PUNCT
fsr-3244	157	6	we	we	PRON
fsr-3244	157	7	apply	apply	VERB
fsr-3244	157	8	a	a	DET
fsr-3244	157	9	natural	natural	ADJ
fsr-3244	157	10	cubic	cubic	ADJ
fsr-3244	157	11	spline	spline	NOUN
fsr-3244	157	12	to	to	PART
fsr-3244	157	13	interpolate	interpolate	VERB
fsr-3244	157	14	for	for	ADP
fsr-3244	157	15	maturities	maturity	NOUN
fsr-3244	157	16	in	in	ADP
fsr-3244	157	17	monthly	monthly	ADJ
fsr-3244	157	18	intervals	interval	NOUN
fsr-3244	157	19	between	between	ADP
fsr-3244	157	20	the	the	DET
fsr-3244	157	21	six	six	NUM
fsr-3244	157	22	-	-	PUNCT
fsr-3244	157	23	month	month	NOUN
fsr-3244	157	24	maturities	maturity	NOUN
fsr-3244	157	25	on	on	ADP
fsr-3244	157	26	the	the	DET
fsr-3244	157	27	nominal	nominal	ADJ
fsr-3244	157	28	zero	zero	NUM
fsr-3244	157	29	-	-	PUNCT
fsr-3244	157	30	coupon	coupon	NOUN
fsr-3244	157	31	yield	yield	NOUN
fsr-3244	157	32	curve	curve	NOUN
fsr-3244	157	33	.	.	PUNCT
fsr-3244	158	1	the	the	DET
fsr-3244	158	2	end	end	NOUN
fsr-3244	158	3	result	result	NOUN
fsr-3244	158	4	is	be	AUX
fsr-3244	158	5	a	a	DET
fsr-3244	158	6	historical	historical	ADJ
fsr-3244	158	7	nominal	nominal	ADJ
fsr-3244	158	8	zero	zero	NUM
fsr-3244	158	9	-	-	PUNCT
fsr-3244	158	10	coupon	coupon	NOUN
fsr-3244	158	11	treasury	treasury	NOUN
fsr-3244	158	12	yield	yield	NOUN
fsr-3244	158	13	curve	curve	NOUN
fsr-3244	158	14	for	for	ADP
fsr-3244	158	15	each	each	DET
fsr-3244	158	16	historical	historical	ADJ
fsr-3244	158	17	month	month	NOUN
fsr-3244	158	18	with	with	ADP
fsr-3244	158	19	yields	yield	NOUN
fsr-3244	158	20	at	at	ADP
fsr-3244	158	21	monthly	monthly	ADJ
fsr-3244	158	22	intervals	interval	NOUN
fsr-3244	158	23	along	along	ADP
fsr-3244	158	24	the	the	DET
fsr-3244	158	25	curve	curve	NOUN
fsr-3244	158	26	.	.	PUNCT
fsr-3244	159	1	we	we	PRON
fsr-3244	159	2	adapt	adapt	VERB
fsr-3244	159	3	models	model	NOUN
fsr-3244	159	4	for	for	ADP
fsr-3244	159	5	expected	expect	VERB
fsr-3244	159	6	inflation	inflation	NOUN
fsr-3244	159	7	that	that	PRON
fsr-3244	159	8	we	we	PRON
fsr-3244	159	9	then	then	ADV
fsr-3244	159	10	apply	apply	VERB
fsr-3244	159	11	to	to	PART
fsr-3244	159	12	construct	construct	VERB
fsr-3244	159	13	historical	historical	ADJ
fsr-3244	159	14	yields	yield	NOUN
fsr-3244	159	15	and	and	CCONJ
fsr-3244	159	16	prices	price	NOUN
fsr-3244	159	17	for	for	ADP
fsr-3244	159	18	inflation	inflation	NOUN
fsr-3244	159	19	-	-	PUNCT
fsr-3244	159	20	indexed	index	VERB
fsr-3244	159	21	bonds	bond	NOUN
fsr-3244	159	22	in	in	ADP
fsr-3244	159	23	the	the	DET
fsr-3244	159	24	simulation	simulation	NOUN
fsr-3244	159	25	.	.	PUNCT
fsr-3244	160	1	the	the	DET
fsr-3244	160	2	simulation	simulation	NOUN
fsr-3244	160	3	applies	apply	VERB
fsr-3244	160	4	fama	fama	PROPN
fsr-3244	160	5	’s	’s	PART
fsr-3244	160	6	(	(	PUNCT
fsr-3244	160	7	1975	1975	NUM
fsr-3244	160	8	)	)	PUNCT
fsr-3244	160	9	model	model	NOUN
fsr-3244	160	10	for	for	ADP
fsr-3244	160	11	one	one	NUM
fsr-3244	160	12	-	-	PUNCT
fsr-3244	160	13	month	month	NOUN
fsr-3244	160	14	estimates	estimate	NOUN
fsr-3244	160	15	of	of	ADP
fsr-3244	160	16	expected	expect	VERB
fsr-3244	160	17	inflation	inflation	NOUN
fsr-3244	160	18	.	.	PUNCT
fsr-3244	161	1	for	for	ADP
fsr-3244	161	2	time	time	NOUN
fsr-3244	161	3	horizons	horizon	NOUN
fsr-3244	161	4	of	of	ADP
fsr-3244	161	5	one	one	NUM
fsr-3244	161	6	year	year	NOUN
fsr-3244	161	7	and	and	CCONJ
fsr-3244	161	8	longer	long	ADV
fsr-3244	161	9	,	,	PUNCT
fsr-3244	161	10	the	the	DET
fsr-3244	161	11	simulation	simulation	NOUN
fsr-3244	161	12	uses	use	VERB
fsr-3244	161	13	a	a	DET
fsr-3244	161	14	modified	modify	VERB
fsr-3244	161	15	version	version	NOUN
fsr-3244	161	16	of	of	ADP
fsr-3244	161	17	kothari	kothari	PROPN
fsr-3244	161	18	and	and	CCONJ
fsr-3244	161	19	shanken	shanken	PROPN
fsr-3244	161	20	’s	’s	PROPN
fsr-3244	161	21	(	(	PUNCT
fsr-3244	161	22	2004	2004	NUM
fsr-3244	161	23	)	)	PUNCT
fsr-3244	161	24	model	model	NOUN
fsr-3244	161	25	.	.	PUNCT
fsr-3244	162	1	in	in	ADP
fsr-3244	162	2	their	their	PRON
fsr-3244	162	3	model	model	NOUN
fsr-3244	162	4	,	,	PUNCT
fsr-3244	162	5	the	the	DET
fsr-3244	162	6	predictor	predictor	NOUN
fsr-3244	162	7	variables	variable	NOUN
fsr-3244	162	8	are	be	AUX
fsr-3244	162	9	a	a	DET
fsr-3244	162	10	short	short	ADJ
fsr-3244	162	11	-	-	PUNCT
fsr-3244	162	12	term	term	NOUN
fsr-3244	162	13	yield	yield	NOUN
fsr-3244	162	14	,	,	PUNCT
fsr-3244	162	15	a	a	DET
fsr-3244	162	16	yield	yield	NOUN
fsr-3244	162	17	spread	spread	NOUN
fsr-3244	162	18	,	,	PUNCT
fsr-3244	162	19	a	a	DET
fsr-3244	162	20	realized	realize	VERB
fsr-3244	162	21	treasury	treasury	NOUN
fsr-3244	162	22	bill	bill	NOUN
fsr-3244	162	23	real	real	ADJ
fsr-3244	162	24	return	return	NOUN
fsr-3244	162	25	,	,	PUNCT
fsr-3244	162	26	and	and	CCONJ
fsr-3244	162	27	inflation	inflation	NOUN
fsr-3244	162	28	over	over	ADP
fsr-3244	162	29	the	the	DET
fsr-3244	162	30	most	most	ADV
fsr-3244	162	31	recent	recent	ADJ
fsr-3244	162	32	month	month	NOUN
fsr-3244	162	33	.	.	PUNCT
fsr-3244	163	1	a	a	DET
fsr-3244	163	2	crucial	crucial	ADJ
fsr-3244	163	3	task	task	NOUN
fsr-3244	163	4	at	at	ADP
fsr-3244	163	5	the	the	DET
fsr-3244	163	6	start	start	NOUN
fsr-3244	163	7	of	of	ADP
fsr-3244	163	8	each	each	DET
fsr-3244	163	9	time	time	NOUN
fsr-3244	163	10	step	step	NOUN
fsr-3244	163	11	in	in	ADP
fsr-3244	163	12	the	the	DET
fsr-3244	163	13	simulation	simulation	NOUN
fsr-3244	163	14	is	be	AUX
fsr-3244	163	15	construction	construction	NOUN
fsr-3244	163	16	of	of	ADP
fsr-3244	163	17	an	an	DET
fsr-3244	163	18	expected	expect	VERB
fsr-3244	163	19	inflation	inflation	NOUN
fsr-3244	163	20	curve	curve	NOUN
fsr-3244	163	21	.	.	PUNCT
fsr-3244	164	1	at	at	ADP
fsr-3244	164	2	each	each	DET
fsr-3244	164	3	simulated	simulate	VERB
fsr-3244	164	4	month	month	NOUN
fsr-3244	164	5	,	,	PUNCT
fsr-3244	164	6	the	the	DET
fsr-3244	164	7	simulator	simulator	NOUN
fsr-3244	164	8	constructs	construct	VERB
fsr-3244	164	9	an	an	DET
fsr-3244	164	10	expected	expect	VERB
fsr-3244	164	11	inflation	inflation	NOUN
fsr-3244	164	12	curve	curve	NOUN
fsr-3244	164	13	with	with	ADP
fsr-3244	164	14	a	a	DET
fsr-3244	164	15	maturity	maturity	NOUN
fsr-3244	164	16	spectrum	spectrum	NOUN
fsr-3244	164	17	from	from	ADP
fsr-3244	164	18	one	one	NUM
fsr-3244	164	19	month	month	NOUN
fsr-3244	164	20	to	to	ADP
fsr-3244	164	21	30	30	NUM
fsr-3244	164	22	years	year	NOUN
fsr-3244	164	23	in	in	ADP
fsr-3244	164	24	one	one	NUM
fsr-3244	164	25	-	-	PUNCT
fsr-3244	164	26	month	month	NOUN
fsr-3244	164	27	intervals	interval	NOUN
fsr-3244	164	28	.	.	PUNCT
fsr-3244	165	1	using	use	VERB
fsr-3244	165	2	the	the	DET
fsr-3244	165	3	historical	historical	ADJ
fsr-3244	165	4	data	datum	NOUN
fsr-3244	165	5	drawn	draw	VERB
fsr-3244	165	6	for	for	ADP
fsr-3244	165	7	the	the	DET
fsr-3244	165	8	simulated	simulated	ADJ
fsr-3244	165	9	month	month	NOUN
fsr-3244	165	10	and	and	CCONJ
fsr-3244	165	11	the	the	DET
fsr-3244	165	12	model	model	NOUN
fsr-3244	165	13	coefficients	coefficient	NOUN
fsr-3244	165	14	estimated	estimate	VERB
fsr-3244	165	15	at	at	ADP
fsr-3244	165	16	the	the	DET
fsr-3244	165	17	start	start	NOUN
fsr-3244	165	18	of	of	ADP
fsr-3244	165	19	the	the	DET
fsr-3244	165	20	investor	investor	NOUN
fsr-3244	165	21	’s	’s	PART
fsr-3244	165	22	life	life	NOUN
fsr-3244	165	23	,	,	PUNCT
fsr-3244	165	24	the	the	DET
fsr-3244	165	25	simulator	simulator	NOUN
fsr-3244	165	26	calculates	calculate	VERB
fsr-3244	165	27	the	the	DET
fsr-3244	165	28	expected	expect	VERB
fsr-3244	165	29	inflation	inflation	NOUN
fsr-3244	165	30	for	for	ADP
fsr-3244	165	31	one	one	NUM
fsr-3244	165	32	-	-	PUNCT
fsr-3244	165	33	month	month	NOUN
fsr-3244	165	34	,	,	PUNCT
fsr-3244	165	35	one	one	NUM
fsr-3244	165	36	-	-	PUNCT
fsr-3244	165	37	year	year	NOUN
fsr-3244	165	38	,	,	PUNCT
fsr-3244	165	39	two	two	NUM
fsr-3244	165	40	-	-	PUNCT
fsr-3244	165	41	year	year	NOUN
fsr-3244	165	42	,	,	PUNCT
fsr-3244	165	43	and	and	CCONJ
fsr-3244	165	44	three	three	NUM
fsr-3244	165	45	-	-	PUNCT
fsr-3244	165	46	year	year	NOUN
fsr-3244	165	47	horizons	horizon	NOUN
fsr-3244	165	48	.	.	PUNCT
fsr-3244	166	1	for	for	ADP
fsr-3244	166	2	horizons	horizon	NOUN
fsr-3244	166	3	less	less	ADJ
fsr-3244	166	4	than	than	ADP
fsr-3244	166	5	three	three	NUM
fsr-3244	166	6	years	year	NOUN
fsr-3244	166	7	,	,	PUNCT
fsr-3244	166	8	the	the	DET
fsr-3244	166	9	simulator	simulator	NOUN
fsr-3244	166	10	applies	apply	VERB
fsr-3244	166	11	cubic	cubic	ADJ
fsr-3244	166	12	splines	spline	NOUN
fsr-3244	166	13	to	to	PART
fsr-3244	166	14	interpolate	interpolate	VERB
fsr-3244	166	15	between	between	ADP
fsr-3244	166	16	the	the	DET
fsr-3244	166	17	one	one	NUM
fsr-3244	166	18	-	-	PUNCT
fsr-3244	166	19	month	month	NOUN
fsr-3244	166	20	,	,	PUNCT
fsr-3244	166	21	one	one	NUM
fsr-3244	166	22	-	-	PUNCT
fsr-3244	166	23	year	year	NOUN
fsr-3244	166	24	,	,	PUNCT
fsr-3244	166	25	two	two	NUM
fsr-3244	166	26	-	-	PUNCT
fsr-3244	166	27	year	year	NOUN
fsr-3244	166	28	,	,	PUNCT
fsr-3244	166	29	and	and	CCONJ
fsr-3244	166	30	three	three	NUM
fsr-3244	166	31	-	-	PUNCT
fsr-3244	166	32	year	year	NOUN
fsr-3244	166	33	estimates	estimate	NOUN
fsr-3244	166	34	of	of	ADP
fsr-3244	166	35	expected	expect	VERB
fsr-3244	166	36	inflation	inflation	NOUN
fsr-3244	166	37	.	.	PUNCT
fsr-3244	167	1	for	for	ADP
fsr-3244	167	2	longer	long	ADJ
fsr-3244	167	3	horizons	horizon	NOUN
fsr-3244	167	4	,	,	PUNCT
fsr-3244	167	5	the	the	DET
fsr-3244	167	6	simulator	simulator	NOUN
fsr-3244	167	7	sets	set	VERB
fsr-3244	167	8	expected	expect	VERB
fsr-3244	167	9	inflation	inflation	NOUN
fsr-3244	167	10	equal	equal	ADJ
fsr-3244	167	11	to	to	ADP
fsr-3244	167	12	the	the	DET
fsr-3244	167	13	three	three	NUM
fsr-3244	167	14	-	-	PUNCT
fsr-3244	167	15	year	year	NOUN
fsr-3244	167	16	estimate	estimate	NOUN
fsr-3244	167	17	.	.	PUNCT
fsr-3244	168	1	the	the	DET
fsr-3244	168	2	simulator	simulator	NOUN
fsr-3244	168	3	uses	use	VERB
fsr-3244	168	4	the	the	DET
fsr-3244	168	5	expected	expect	VERB
fsr-3244	168	6	inflation	inflation	NOUN
fsr-3244	168	7	curve	curve	NOUN
fsr-3244	168	8	to	to	PART
fsr-3244	168	9	determine	determine	VERB
fsr-3244	168	10	the	the	DET
fsr-3244	168	11	zero	zero	NUM
fsr-3244	168	12	-	-	PUNCT
fsr-3244	168	13	coupon	coupon	NOUN
fsr-3244	168	14	inflation	inflation	NOUN
fsr-3244	168	15	-	-	PUNCT
fsr-3244	168	16	indexed	index	VERB
fsr-3244	168	17	tips	tip	NOUN
fsr-3244	168	18	yield	yield	VERB
fsr-3244	168	19	curve	curve	NOUN
fsr-3244	168	20	and	and	CCONJ
fsr-3244	168	21	to	to	PART
fsr-3244	168	22	carry	carry	VERB
fsr-3244	168	23	out	out	ADP
fsr-3244	168	24	bond	bond	NOUN
fsr-3244	168	25	pricing	pricing	NOUN
fsr-3244	168	26	and	and	CCONJ
fsr-3244	168	27	indexing	indexing	NOUN
fsr-3244	168	28	of	of	ADP
fsr-3244	168	29	nominal	nominal	ADJ
fsr-3244	168	30	cash	cash	NOUN
fsr-3244	168	31	flows	flow	NOUN
fsr-3244	168	32	as	as	SCONJ
fsr-3244	168	33	needed	need	VERB
fsr-3244	168	34	for	for	ADP
fsr-3244	168	35	the	the	DET
fsr-3244	168	36	current	current	ADJ
fsr-3244	168	37	time	time	NOUN
fsr-3244	168	38	step	step	NOUN
fsr-3244	168	39	.	.	PUNCT
fsr-3244	169	1	the	the	DET
fsr-3244	169	2	inflation	inflation	NOUN
fsr-3244	169	3	-	-	PUNCT
fsr-3244	169	4	indexed	index	VERB
fsr-3244	169	5	zero	zero	NUM
fsr-3244	169	6	-	-	PUNCT
fsr-3244	169	7	coupon	coupon	NOUN
fsr-3244	169	8	treasury	treasury	NOUN
fsr-3244	169	9	yield	yield	NOUN
fsr-3244	169	10	curve	curve	NOUN
fsr-3244	169	11	is	be	AUX
fsr-3244	169	12	determined	determine	VERB
fsr-3244	169	13	in	in	ADP
fsr-3244	169	14	the	the	DET
fsr-3244	169	15	following	following	ADJ
fsr-3244	169	16	way	way	NOUN
fsr-3244	169	17	.	.	PUNCT
fsr-3244	170	1	let	let	VERB
fsr-3244	170	2	yt	yt	PROPN
fsr-3244	170	3	�	�	PROPN
fsr-3244	170	4	m	m	PRON
fsr-3244	170	5	�	�	PROPN
fsr-3244	170	6	represent	represent	VERB
fsr-3244	170	7	the	the	DET
fsr-3244	170	8	annualized	annualize	VERB
fsr-3244	170	9	yield	yield	NOUN
fsr-3244	170	10	at	at	ADP
fsr-3244	170	11	time	time	NOUN
fsr-3244	170	12	t	t	NOUN
fsr-3244	170	13	on	on	ADP
fsr-3244	170	14	a	a	DET
fsr-3244	170	15	nominal	nominal	ADJ
fsr-3244	170	16	zero	zero	NUM
fsr-3244	170	17	-	-	PUNCT
fsr-3244	170	18	coupon	coupon	NOUN
fsr-3244	170	19	treasury	treasury	NOUN
fsr-3244	170	20	bond	bond	NOUN
fsr-3244	170	21	that	that	PRON
fsr-3244	170	22	matures	mature	VERB
fsr-3244	170	23	in	in	ADP
fsr-3244	170	24	m	m	NOUN
fsr-3244	170	25	months	month	NOUN
fsr-3244	170	26	.	.	PUNCT
fsr-3244	171	1	let	let	VERB
fsr-3244	171	2	y*t	y*t	PROPN
fsr-3244	171	3	�	�	PROPN
fsr-3244	171	4	m	m	PRON
fsr-3244	171	5	�	�	PROPN
fsr-3244	171	6	represent	represent	VERB
fsr-3244	171	7	the	the	DET
fsr-3244	171	8	annualized	annualize	VERB
fsr-3244	171	9	yield	yield	NOUN
fsr-3244	171	10	at	at	ADP
fsr-3244	171	11	time	time	NOUN
fsr-3244	171	12	t	t	NOUN
fsr-3244	171	13	on	on	ADP
fsr-3244	171	14	an	an	DET
fsr-3244	171	15	inflation	inflation	NOUN
fsr-3244	171	16	-	-	PUNCT
fsr-3244	171	17	indexed	index	VERB
fsr-3244	171	18	zero	zero	NUM
fsr-3244	171	19	-	-	PUNCT
fsr-3244	171	20	coupon	coupon	NOUN
fsr-3244	171	21	treasury	treasury	NOUN
fsr-3244	171	22	bond	bond	NOUN
fsr-3244	171	23	that	that	PRON
fsr-3244	171	24	matures	mature	VERB
fsr-3244	171	25	in	in	ADP
fsr-3244	171	26	m	m	NOUN
fsr-3244	171	27	months	month	NOUN
fsr-3244	171	28	.	.	PUNCT
fsr-3244	172	1	a	a	DET
fsr-3244	172	2	model	model	NOUN
fsr-3244	172	3	for	for	ADP
fsr-3244	172	4	the	the	DET
fsr-3244	172	5	relation	relation	NOUN
fsr-3244	172	6	between	between	ADP
fsr-3244	172	7	these	these	DET
fsr-3244	172	8	two	two	NUM
fsr-3244	172	9	yields	yield	NOUN
fsr-3244	172	10	at	at	ADP
fsr-3244	172	11	t	t	PROPN
fsr-3244	172	12	is	be	AUX
fsr-3244	172	13	yt	yt	PROPN
fsr-3244	172	14	�	�	PROPN
fsr-3244	172	15	m	m	PROPN
fsr-3244	172	16	�	�	PROPN
fsr-3244	172	17	�	�	PROPN
fsr-3244	172	18	�	�	PROPN
fsr-3244	172	19	et	et	PROPN
fsr-3244	172	20	�	�	PROPN
fsr-3244	172	21	r̃t	r̃t	PROPN
fsr-3244	172	22	�	�	PROPN
fsr-3244	172	23	m	m	NOUN
fsr-3244	172	24	�	�	PROPN
fsr-3244	172	25	�	�	PROPN
fsr-3244	172	26	�	�	PROPN
fsr-3244	172	27	rprt	rprt	PROPN
fsr-3244	172	28	�	�	PROPN
fsr-3244	172	29	m	m	PROPN
fsr-3244	172	30	�	�	PROPN
fsr-3244	172	31	�	�	PROPN
fsr-3244	172	32	�	�	PROPN
fsr-3244	172	33	�	�	PROPN
fsr-3244	172	34	et	et	PROPN
fsr-3244	172	35	�	�	PROPN
fsr-3244	172	36	h̃t	h̃t	PROPN
fsr-3244	172	37	�	�	PROPN
fsr-3244	172	38	m	m	PROPN
fsr-3244	172	39	�	�	PROPN
fsr-3244	172	40	�	�	PROPN
fsr-3244	172	41	�	�	PROPN
fsr-3244	172	42	rpit	rpit	PROPN
fsr-3244	172	43	�	�	PROPN
fsr-3244	172	44	m	m	PROPN
fsr-3244	172	45	�	�	PROPN
fsr-3244	172	46	�	�	PROPN
fsr-3244	172	47	,	,	PUNCT
fsr-3244	172	48	(	(	PUNCT
fsr-3244	172	49	7a	7a	NUM
fsr-3244	172	50	)	)	PUNCT
fsr-3244	172	51	366	366	NUM
fsr-3244	172	52	p.j	p.j	PROPN
fsr-3244	172	53	.	.	PROPN
fsr-3244	173	1	haensly	haensly	PROPN
fsr-3244	173	2	,	,	PUNCT
fsr-3244	173	3	k.p	k.p	PROPN
fsr-3244	173	4	.	.	PROPN
fsr-3244	173	5	pai	pai	PROPN
fsr-3244	173	6	/	/	SYM
fsr-3244	173	7	financial	financial	ADJ
fsr-3244	173	8	services	service	NOUN
fsr-3244	173	9	review	review	VERB
fsr-3244	173	10	24	24	NUM
fsr-3244	173	11	(	(	PUNCT
fsr-3244	173	12	2015	2015	NUM
fsr-3244	173	13	)	)	PUNCT
fsr-3244	173	14	359–386	359–386	NUM
fsr-3244	173	15	y*t	y*t	PROPN
fsr-3244	173	16	�	�	PROPN
fsr-3244	173	17	m	m	PROPN
fsr-3244	173	18	�	�	PROPN
fsr-3244	173	19	�	�	PROPN
fsr-3244	173	20	�	�	PROPN
fsr-3244	173	21	et	et	PROPN
fsr-3244	173	22	�	�	PROPN
fsr-3244	173	23	r̃t	r̃t	PROPN
fsr-3244	173	24	�	�	PROPN
fsr-3244	173	25	m	m	NOUN
fsr-3244	173	26	�	�	PROPN
fsr-3244	173	27	�	�	PROPN
fsr-3244	173	28	�	�	PROPN
fsr-3244	173	29	rprt	rprt	PROPN
fsr-3244	173	30	�	�	PROPN
fsr-3244	173	31	m	m	PROPN
fsr-3244	173	32	�	�	PROPN
fsr-3244	173	33	�	�	PROPN
fsr-3244	173	34	�	�	PROPN
fsr-3244	173	35	rplt	rplt	PROPN
fsr-3244	173	36	�	�	PROPN
fsr-3244	173	37	m	m	PROPN
fsr-3244	173	38	�	�	PROPN
fsr-3244	173	39	,	,	PUNCT
fsr-3244	173	40	(	(	PUNCT
fsr-3244	173	41	7b	7b	NOUN
fsr-3244	173	42	)	)	PUNCT
fsr-3244	173	43	where	where	SCONJ
fsr-3244	173	44	y	y	PROPN
fsr-3244	173	45	et	et	PROPN
fsr-3244	173	46	�	�	PROPN
fsr-3244	173	47	r̃t	r̃t	PROPN
fsr-3244	173	48	�	�	PROPN
fsr-3244	173	49	m	m	NOUN
fsr-3244	173	50	�	�	PROPN
fsr-3244	173	51	�	�	PROPN
fsr-3244	173	52	�	�	PROPN
fsr-3244	173	53	expected	expect	VERB
fsr-3244	173	54	real	real	ADJ
fsr-3244	173	55	yield	yield	NOUN
fsr-3244	173	56	at	at	ADP
fsr-3244	173	57	time	time	NOUN
fsr-3244	173	58	t	t	NOUN
fsr-3244	173	59	on	on	ADP
fsr-3244	173	60	a	a	DET
fsr-3244	173	61	zero	zero	NUM
fsr-3244	173	62	-	-	PUNCT
fsr-3244	173	63	coupon	coupon	NOUN
fsr-3244	173	64	treasury	treasury	NOUN
fsr-3244	173	65	bond	bond	NOUN
fsr-3244	173	66	that	that	PRON
fsr-3244	173	67	matures	mature	VERB
fsr-3244	173	68	in	in	ADP
fsr-3244	173	69	m	m	NOUN
fsr-3244	173	70	months	month	NOUN
fsr-3244	173	71	,	,	PUNCT
fsr-3244	173	72	y	y	PROPN
fsr-3244	173	73	rprt	rprt	PROPN
fsr-3244	173	74	�	�	PROPN
fsr-3244	173	75	m	m	PROPN
fsr-3244	173	76	�	�	PROPN
fsr-3244	173	77	�	�	PROPN
fsr-3244	173	78	risk	risk	NOUN
fsr-3244	173	79	premium	premium	NOUN
fsr-3244	173	80	at	at	ADP
fsr-3244	173	81	time	time	NOUN
fsr-3244	173	82	t	t	PROPN
fsr-3244	173	83	for	for	ADP
fsr-3244	173	84	uncertainty	uncertainty	NOUN
fsr-3244	173	85	about	about	ADP
fsr-3244	173	86	future	future	ADJ
fsr-3244	173	87	real	real	ADJ
fsr-3244	173	88	yield	yield	NOUN
fsr-3244	173	89	over	over	ADP
fsr-3244	173	90	t	t	PROPN
fsr-3244	173	91	to	to	ADP
fsr-3244	173	92	t	t	PROPN
fsr-3244	173	93	m	m	PROPN
fsr-3244	173	94	,	,	PUNCT
fsr-3244	173	95	y	y	PROPN
fsr-3244	173	96	et	et	PROPN
fsr-3244	173	97	�	�	PROPN
fsr-3244	173	98	h̃t	h̃t	PROPN
fsr-3244	173	99	�	�	PROPN
fsr-3244	173	100	m	m	PROPN
fsr-3244	173	101	�	�	PROPN
fsr-3244	173	102	�	�	PROPN
fsr-3244	173	103	�	�	PROPN
fsr-3244	173	104	expected	expect	VERB
fsr-3244	173	105	inflation	inflation	NOUN
fsr-3244	173	106	at	at	ADP
fsr-3244	173	107	time	time	NOUN
fsr-3244	173	108	t	t	PROPN
fsr-3244	173	109	for	for	ADP
fsr-3244	173	110	the	the	DET
fsr-3244	173	111	period	period	NOUN
fsr-3244	173	112	from	from	ADP
fsr-3244	173	113	t	t	PROPN
fsr-3244	173	114	to	to	ADP
fsr-3244	173	115	t	t	PROPN
fsr-3244	173	116	m	m	PROPN
fsr-3244	173	117	,	,	PUNCT
fsr-3244	173	118	y	y	PROPN
fsr-3244	173	119	rpit	rpit	PROPN
fsr-3244	173	120	�	�	PROPN
fsr-3244	173	121	m	m	PROPN
fsr-3244	173	122	�	�	PROPN
fsr-3244	173	123	�	�	PROPN
fsr-3244	173	124	risk	risk	NOUN
fsr-3244	173	125	premium	premium	NOUN
fsr-3244	173	126	at	at	ADP
fsr-3244	173	127	time	time	NOUN
fsr-3244	173	128	t	t	PROPN
fsr-3244	173	129	for	for	ADP
fsr-3244	173	130	uncertainty	uncertainty	NOUN
fsr-3244	173	131	about	about	ADP
fsr-3244	173	132	inflation	inflation	NOUN
fsr-3244	173	133	over	over	ADP
fsr-3244	173	134	t	t	PROPN
fsr-3244	173	135	to	to	ADP
fsr-3244	173	136	t	t	PROPN
fsr-3244	173	137	m	m	PROPN
fsr-3244	173	138	,	,	PUNCT
fsr-3244	173	139	and	and	CCONJ
fsr-3244	173	140	y	y	PROPN
fsr-3244	173	141	rplt	rplt	PROPN
fsr-3244	173	142	�	�	PROPN
fsr-3244	173	143	m	m	PROPN
fsr-3244	173	144	�	�	PROPN
fsr-3244	173	145	�	�	PROPN
fsr-3244	173	146	risk	risk	NOUN
fsr-3244	173	147	premium	premium	NOUN
fsr-3244	173	148	at	at	ADP
fsr-3244	173	149	time	time	NOUN
fsr-3244	173	150	t	t	PROPN
fsr-3244	173	151	for	for	ADP
fsr-3244	173	152	liquidity	liquidity	NOUN
fsr-3244	173	153	of	of	ADP
fsr-3244	173	154	the	the	DET
fsr-3244	173	155	inflation	inflation	NOUN
fsr-3244	173	156	-	-	PUNCT
fsr-3244	173	157	indexed	index	VERB
fsr-3244	173	158	bond	bond	NOUN
fsr-3244	173	159	relative	relative	ADJ
fsr-3244	173	160	to	to	ADP
fsr-3244	173	161	liquidity	liquidity	NOUN
fsr-3244	173	162	of	of	ADP
fsr-3244	173	163	the	the	DET
fsr-3244	173	164	nominal	nominal	ADJ
fsr-3244	173	165	treasury	treasury	NOUN
fsr-3244	173	166	bond	bond	NOUN
fsr-3244	173	167	,	,	PUNCT
fsr-3244	173	168	where	where	SCONJ
fsr-3244	173	169	both	both	DET
fsr-3244	173	170	bonds	bond	NOUN
fsr-3244	173	171	mature	mature	VERB
fsr-3244	173	172	in	in	ADP
fsr-3244	173	173	m	m	NOUN
fsr-3244	173	174	months	month	NOUN
fsr-3244	173	175	.	.	PUNCT
fsr-3244	174	1	we	we	PRON
fsr-3244	174	2	simplify	simplify	VERB
fsr-3244	174	3	by	by	ADP
fsr-3244	174	4	assuming	assume	VERB
fsr-3244	174	5	away	away	ADP
fsr-3244	174	6	convexity	convexity	NOUN
fsr-3244	174	7	issues	issue	NOUN
fsr-3244	174	8	and	and	CCONJ
fsr-3244	174	9	relative	relative	ADJ
fsr-3244	174	10	uncertainty	uncertainty	NOUN
fsr-3244	174	11	of	of	ADP
fsr-3244	174	12	tax	tax	NOUN
fsr-3244	174	13	burdens	burden	NOUN
fsr-3244	174	14	on	on	ADP
fsr-3244	174	15	nominal	nominal	ADJ
fsr-3244	174	16	versus	versus	ADP
fsr-3244	174	17	indexed	indexed	ADJ
fsr-3244	174	18	bonds	bond	NOUN
fsr-3244	174	19	.	.	PUNCT
fsr-3244	175	1	this	this	DET
fsr-3244	175	2	model	model	NOUN
fsr-3244	175	3	is	be	AUX
fsr-3244	175	4	consistent	consistent	ADJ
fsr-3244	175	5	with	with	ADP
fsr-3244	175	6	the	the	DET
fsr-3244	175	7	decomposition	decomposition	NOUN
fsr-3244	175	8	of	of	ADP
fsr-3244	175	9	bond	bond	NOUN
fsr-3244	175	10	yields	yield	NOUN
fsr-3244	175	11	in	in	ADP
fsr-3244	175	12	the	the	DET
fsr-3244	175	13	literature	literature	NOUN
fsr-3244	175	14	(	(	PUNCT
fsr-3244	175	15	e.g.	e.g.	ADV
fsr-3244	175	16	,	,	PUNCT
fsr-3244	175	17	barnes	barnes	PROPN
fsr-3244	175	18	,	,	PUNCT
fsr-3244	175	19	bodie	bodie	PROPN
fsr-3244	175	20	,	,	PUNCT
fsr-3244	175	21	triest	tri	ADJ
fsr-3244	175	22	,	,	PUNCT
fsr-3244	175	23	and	and	CCONJ
fsr-3244	175	24	wang	wang	PROPN
fsr-3244	175	25	(	(	PUNCT
fsr-3244	175	26	2010	2010	NUM
fsr-3244	175	27	)	)	PUNCT
fsr-3244	175	28	;	;	PUNCT
fsr-3244	175	29	bekaert	bekaert	NOUN
fsr-3244	175	30	and	and	CCONJ
fsr-3244	175	31	wang	wang	PROPN
fsr-3244	175	32	(	(	PUNCT
fsr-3244	175	33	2010	2010	NUM
fsr-3244	175	34	)	)	PUNCT
fsr-3244	175	35	;	;	PUNCT
fsr-3244	175	36	kothari	kothari	PROPN
fsr-3244	175	37	and	and	CCONJ
fsr-3244	175	38	shanken	shanken	VERB
fsr-3244	175	39	(	(	PUNCT
fsr-3244	175	40	2004	2004	NUM
fsr-3244	175	41	)	)	PUNCT
fsr-3244	175	42	)	)	PUNCT
fsr-3244	175	43	.	.	PUNCT
fsr-3244	176	1	the	the	DET
fsr-3244	176	2	real	real	ADJ
fsr-3244	176	3	rate	rate	NOUN
fsr-3244	176	4	of	of	ADP
fsr-3244	176	5	return	return	NOUN
fsr-3244	176	6	is	be	AUX
fsr-3244	176	7	the	the	DET
fsr-3244	176	8	sum	sum	NOUN
fsr-3244	176	9	of	of	ADP
fsr-3244	176	10	the	the	DET
fsr-3244	176	11	expected	expect	VERB
fsr-3244	176	12	real	real	ADJ
fsr-3244	176	13	yield	yield	NOUN
fsr-3244	176	14	and	and	CCONJ
fsr-3244	176	15	the	the	DET
fsr-3244	176	16	real	real	ADJ
fsr-3244	176	17	yield	yield	NOUN
fsr-3244	176	18	risk	risk	NOUN
fsr-3244	176	19	premium	premium	NOUN
fsr-3244	176	20	.	.	PUNCT
fsr-3244	177	1	thus	thus	ADV
fsr-3244	177	2	,	,	PUNCT
fsr-3244	177	3	the	the	DET
fsr-3244	177	4	inflation	inflation	NOUN
fsr-3244	177	5	-	-	PUNCT
fsr-3244	177	6	indexed	index	VERB
fsr-3244	177	7	yield	yield	NOUN
fsr-3244	177	8	in	in	ADP
fsr-3244	177	9	eq	eq	PROPN
fsr-3244	177	10	.	.	PUNCT
fsr-3244	178	1	(	(	PUNCT
fsr-3244	178	2	7b	7b	NUM
fsr-3244	178	3	)	)	PUNCT
fsr-3244	178	4	equals	equal	VERB
fsr-3244	178	5	the	the	DET
fsr-3244	178	6	real	real	ADJ
fsr-3244	178	7	rate	rate	NOUN
fsr-3244	178	8	of	of	ADP
fsr-3244	178	9	return	return	NOUN
fsr-3244	178	10	plus	plus	CCONJ
fsr-3244	178	11	a	a	DET
fsr-3244	178	12	relative	relative	ADJ
fsr-3244	178	13	liquidity	liquidity	NOUN
fsr-3244	178	14	risk	risk	NOUN
fsr-3244	178	15	premium	premium	NOUN
fsr-3244	178	16	.	.	PUNCT
fsr-3244	179	1	solve	solve	VERB
fsr-3244	179	2	eq	eq	NOUN
fsr-3244	179	3	.	.	PUNCT
fsr-3244	180	1	(	(	PUNCT
fsr-3244	180	2	7a	7a	NUM
fsr-3244	180	3	)	)	PUNCT
fsr-3244	180	4	for	for	ADP
fsr-3244	180	5	the	the	DET
fsr-3244	180	6	real	real	ADJ
fsr-3244	180	7	rate	rate	NOUN
fsr-3244	180	8	of	of	ADP
fsr-3244	180	9	return	return	NOUN
fsr-3244	180	10	and	and	CCONJ
fsr-3244	180	11	substitute	substitute	VERB
fsr-3244	180	12	the	the	DET
fsr-3244	180	13	result	result	NOUN
fsr-3244	180	14	into	into	ADP
fsr-3244	180	15	eq	eq	NOUN
fsr-3244	180	16	.	.	PUNCT
fsr-3244	181	1	(	(	PUNCT
fsr-3244	181	2	7b	7b	NUM
fsr-3244	181	3	):	):	PUNCT
fsr-3244	181	4	y*t	y*t	PROPN
fsr-3244	181	5	�	�	PROPN
fsr-3244	181	6	m	m	PROPN
fsr-3244	181	7	�	�	PROPN
fsr-3244	181	8	�	�	PROPN
fsr-3244	181	9	�	�	PROPN
fsr-3244	181	10	yt	yt	PROPN
fsr-3244	181	11	�	�	PROPN
fsr-3244	181	12	m	m	PROPN
fsr-3244	181	13	�	�	PROPN
fsr-3244	181	14	�	�	PROPN
fsr-3244	181	15	et	et	PROPN
fsr-3244	181	16	�	�	PROPN
fsr-3244	181	17	h̃t	h̃t	PROPN
fsr-3244	181	18	�	�	PROPN
fsr-3244	181	19	m	m	PROPN
fsr-3244	181	20	�	�	PROPN
fsr-3244	181	21	�	�	PROPN
fsr-3244	181	22	�	�	PROPN
fsr-3244	181	23	rpit	rpit	PROPN
fsr-3244	181	24	�	�	PROPN
fsr-3244	181	25	m	m	PROPN
fsr-3244	181	26	�	�	PROPN
fsr-3244	181	27	�	�	PROPN
fsr-3244	181	28	�	�	PROPN
fsr-3244	181	29	rplt	rplt	PROPN
fsr-3244	181	30	�	�	PROPN
fsr-3244	181	31	m	m	PROPN
fsr-3244	181	32	�	�	PROPN
fsr-3244	181	33	.	.	PUNCT
fsr-3244	182	1	(	(	PUNCT
fsr-3244	182	2	8)	8)	NUM
fsr-3244	182	3	this	this	DET
fsr-3244	182	4	equation	equation	NOUN
fsr-3244	182	5	serves	serve	VERB
fsr-3244	182	6	as	as	ADP
fsr-3244	182	7	a	a	DET
fsr-3244	182	8	template	template	NOUN
fsr-3244	182	9	for	for	ADP
fsr-3244	182	10	constructing	construct	VERB
fsr-3244	182	11	the	the	DET
fsr-3244	182	12	inflation	inflation	NOUN
fsr-3244	182	13	-	-	PUNCT
fsr-3244	182	14	indexed	index	VERB
fsr-3244	182	15	yield	yield	NOUN
fsr-3244	182	16	curve	curve	NOUN
fsr-3244	182	17	at	at	ADP
fsr-3244	182	18	each	each	DET
fsr-3244	182	19	time	time	NOUN
fsr-3244	182	20	step	step	NOUN
fsr-3244	182	21	in	in	ADP
fsr-3244	182	22	the	the	DET
fsr-3244	182	23	simulation	simulation	NOUN
fsr-3244	182	24	,	,	PUNCT
fsr-3244	182	25	given	give	VERB
fsr-3244	182	26	yields	yield	NOUN
fsr-3244	182	27	yt	yt	PROPN
fsr-3244	182	28	�	�	PROPN
fsr-3244	182	29	m	m	NOUN
fsr-3244	182	30	�	�	PROPN
fsr-3244	182	31	on	on	ADP
fsr-3244	182	32	the	the	DET
fsr-3244	182	33	nominal	nominal	ADJ
fsr-3244	182	34	zero	zero	NUM
fsr-3244	182	35	-	-	PUNCT
fsr-3244	182	36	coupon	coupon	NOUN
fsr-3244	182	37	treasury	treasury	NOUN
fsr-3244	182	38	yield	yield	NOUN
fsr-3244	182	39	curve	curve	NOUN
fsr-3244	182	40	and	and	CCONJ
fsr-3244	182	41	the	the	DET
fsr-3244	182	42	expected	expect	VERB
fsr-3244	182	43	inflation	inflation	NOUN
fsr-3244	182	44	rates	rate	NOUN
fsr-3244	182	45	et	et	PROPN
fsr-3244	182	46	�	�	PROPN
fsr-3244	182	47	h̃t	h̃t	PROPN
fsr-3244	182	48	�	�	PROPN
fsr-3244	182	49	m	m	PROPN
fsr-3244	182	50	�	�	PROPN
fsr-3244	182	51	�	�	PROPN
fsr-3244	182	52	.	.	PUNCT
fsr-3244	183	1	eq	eq	X
fsr-3244	183	2	.	.	PUNCT
fsr-3244	184	1	(	(	PUNCT
fsr-3244	184	2	8)	8)	NUM
fsr-3244	184	3	requires	require	VERB
fsr-3244	184	4	two	two	NUM
fsr-3244	184	5	risk	risk	NOUN
fsr-3244	184	6	premiums	premium	NOUN
fsr-3244	184	7	:	:	PUNCT
fsr-3244	184	8	the	the	DET
fsr-3244	184	9	liquidity	liquidity	NOUN
fsr-3244	184	10	risk	risk	NOUN
fsr-3244	184	11	premium	premium	NOUN
fsr-3244	184	12	for	for	ADP
fsr-3244	184	13	inflation	inflation	NOUN
fsr-3244	184	14	-	-	PUNCT
fsr-3244	184	15	indexed	index	VERB
fsr-3244	184	16	treasury	treasury	NOUN
fsr-3244	184	17	bonds	bond	NOUN
fsr-3244	184	18	,	,	PUNCT
fsr-3244	184	19	and	and	CCONJ
fsr-3244	184	20	the	the	DET
fsr-3244	184	21	inflation	inflation	NOUN
fsr-3244	184	22	risk	risk	NOUN
fsr-3244	184	23	premium	premium	NOUN
fsr-3244	184	24	for	for	ADP
fsr-3244	184	25	a	a	DET
fsr-3244	184	26	nominal	nominal	ADJ
fsr-3244	184	27	treasury	treasury	NOUN
fsr-3244	184	28	bond	bond	NOUN
fsr-3244	184	29	with	with	ADP
fsr-3244	184	30	the	the	DET
fsr-3244	184	31	same	same	ADJ
fsr-3244	184	32	maturity	maturity	NOUN
fsr-3244	184	33	as	as	ADP
fsr-3244	184	34	the	the	DET
fsr-3244	184	35	corresponding	corresponding	ADJ
fsr-3244	184	36	indexed	indexed	ADJ
fsr-3244	184	37	bond	bond	NOUN
fsr-3244	184	38	.	.	PUNCT
fsr-3244	185	1	evidence	evidence	NOUN
fsr-3244	185	2	in	in	ADP
fsr-3244	185	3	the	the	DET
fsr-3244	185	4	literature	literature	NOUN
fsr-3244	185	5	indicates	indicate	VERB
fsr-3244	185	6	that	that	SCONJ
fsr-3244	185	7	zero	zero	NUM
fsr-3244	185	8	is	be	AUX
fsr-3244	185	9	a	a	DET
fsr-3244	185	10	reasonable	reasonable	ADJ
fsr-3244	185	11	estimate	estimate	NOUN
fsr-3244	185	12	of	of	ADP
fsr-3244	185	13	the	the	DET
fsr-3244	185	14	liquidity	liquidity	NOUN
fsr-3244	185	15	risk	risk	NOUN
fsr-3244	185	16	premium	premium	NOUN
fsr-3244	185	17	(	(	PUNCT
fsr-3244	185	18	e.g.	e.g.	ADV
fsr-3244	185	19	,	,	PUNCT
fsr-3244	185	20	d’amico	d’amico	PROPN
fsr-3244	185	21	,	,	PUNCT
fsr-3244	185	22	kim	kim	PROPN
fsr-3244	185	23	,	,	PUNCT
fsr-3244	185	24	and	and	CCONJ
fsr-3244	185	25	wei	wei	PROPN
fsr-3244	185	26	(	(	PUNCT
fsr-3244	185	27	2008	2008	NUM
fsr-3244	185	28	)	)	PUNCT
fsr-3244	185	29	and	and	CCONJ
fsr-3244	185	30	christensen	christensen	PROPN
fsr-3244	185	31	and	and	CCONJ
fsr-3244	185	32	gillan	gillan	PROPN
fsr-3244	185	33	(	(	PUNCT
fsr-3244	185	34	2011	2011	NUM
fsr-3244	185	35	)	)	PUNCT
fsr-3244	185	36	)	)	PUNCT
fsr-3244	185	37	.	.	PUNCT
fsr-3244	186	1	we	we	PRON
fsr-3244	186	2	model	model	VERB
fsr-3244	186	3	the	the	DET
fsr-3244	186	4	inflation	inflation	NOUN
fsr-3244	186	5	risk	risk	NOUN
fsr-3244	186	6	premium	premium	NOUN
fsr-3244	186	7	based	base	VERB
fsr-3244	186	8	on	on	ADP
fsr-3244	186	9	average	average	ADJ
fsr-3244	186	10	risk	risk	NOUN
fsr-3244	186	11	premiums	premium	NOUN
fsr-3244	186	12	for	for	ADP
fsr-3244	186	13	1990–2007	1990–2007	NUM
fsr-3244	186	14	estimated	estimate	VERB
fsr-3244	186	15	by	by	ADP
fsr-3244	186	16	d’amico	d’amico	PROPN
fsr-3244	186	17	,	,	PUNCT
fsr-3244	186	18	kim	kim	PROPN
fsr-3244	186	19	,	,	PUNCT
fsr-3244	186	20	and	and	CCONJ
fsr-3244	186	21	wei	wei	PROPN
fsr-3244	186	22	(	(	PUNCT
fsr-3244	186	23	2008	2008	NUM
fsr-3244	186	24	,	,	PUNCT
fsr-3244	186	25	figs	fig	NOUN
fsr-3244	186	26	.	.	PUNCT
fsr-3244	187	1	2c	2c	NUM
fsr-3244	187	2	and	and	CCONJ
fsr-3244	187	3	fig	fig	NOUN
fsr-3244	187	4	.	.	PUNCT
fsr-3244	188	1	3c	3c	NUM
fsr-3244	188	2	)	)	PUNCT
fsr-3244	188	3	.	.	PUNCT
fsr-3244	189	1	they	they	PRON
fsr-3244	189	2	report	report	VERB
fsr-3244	189	3	an	an	DET
fsr-3244	189	4	average	average	ADJ
fsr-3244	189	5	inflation	inflation	NOUN
fsr-3244	189	6	risk	risk	NOUN
fsr-3244	189	7	premium	premium	NOUN
fsr-3244	189	8	of	of	ADP
fsr-3244	189	9	about	about	ADV
fsr-3244	189	10	0.25	0.25	NUM
fsr-3244	189	11	%	%	NOUN
fsr-3244	189	12	for	for	ADP
fsr-3244	189	13	one	one	NUM
fsr-3244	189	14	-	-	PUNCT
fsr-3244	189	15	year	year	NOUN
fsr-3244	189	16	maturities	maturity	NOUN
fsr-3244	189	17	and	and	CCONJ
fsr-3244	189	18	about	about	ADV
fsr-3244	189	19	0.75	0.75	NUM
fsr-3244	189	20	%	%	NOUN
fsr-3244	189	21	for	for	ADP
fsr-3244	189	22	10	10	NUM
fsr-3244	189	23	-	-	PUNCT
fsr-3244	189	24	year	year	NOUN
fsr-3244	189	25	maturities	maturity	NOUN
fsr-3244	189	26	.	.	PUNCT
fsr-3244	190	1	we	we	PRON
fsr-3244	190	2	apply	apply	VERB
fsr-3244	190	3	linear	linear	ADJ
fsr-3244	190	4	interpolation	interpolation	NOUN
fsr-3244	190	5	to	to	PART
fsr-3244	190	6	assign	assign	VERB
fsr-3244	190	7	risk	risk	NOUN
fsr-3244	190	8	premiums	premium	NOUN
fsr-3244	190	9	as	as	ADP
fsr-3244	190	10	a	a	DET
fsr-3244	190	11	function	function	NOUN
fsr-3244	190	12	of	of	ADP
fsr-3244	190	13	maturity	maturity	NOUN
fsr-3244	190	14	from	from	ADP
fsr-3244	190	15	one	one	NUM
fsr-3244	190	16	to	to	PART
fsr-3244	190	17	10	10	NUM
fsr-3244	190	18	years	year	NOUN
fsr-3244	190	19	.	.	PUNCT
fsr-3244	191	1	for	for	ADP
fsr-3244	191	2	maturities	maturity	NOUN
fsr-3244	191	3	less	less	ADJ
fsr-3244	191	4	than	than	ADP
fsr-3244	191	5	one	one	NUM
fsr-3244	191	6	year	year	NOUN
fsr-3244	191	7	,	,	PUNCT
fsr-3244	191	8	we	we	PRON
fsr-3244	191	9	interpolate	interpolate	VERB
fsr-3244	191	10	between	between	ADP
fsr-3244	191	11	a	a	DET
fsr-3244	191	12	zero	zero	NUM
fsr-3244	191	13	risk	risk	NOUN
fsr-3244	191	14	premium	premium	NOUN
fsr-3244	191	15	at	at	ADP
fsr-3244	191	16	maturity	maturity	NOUN
fsr-3244	191	17	and	and	CCONJ
fsr-3244	191	18	0.25	0.25	NUM
fsr-3244	191	19	%	%	NOUN
fsr-3244	191	20	risk	risk	NOUN
fsr-3244	191	21	premium	premium	NOUN
fsr-3244	191	22	with	with	ADP
fsr-3244	191	23	one	one	NUM
fsr-3244	191	24	year	year	NOUN
fsr-3244	191	25	to	to	ADP
fsr-3244	191	26	maturity	maturity	NOUN
fsr-3244	191	27	.	.	PUNCT
fsr-3244	192	1	for	for	ADP
fsr-3244	192	2	maturities	maturity	NOUN
fsr-3244	192	3	greater	great	ADJ
fsr-3244	192	4	than	than	ADP
fsr-3244	192	5	10	10	NUM
fsr-3244	192	6	years	year	NOUN
fsr-3244	192	7	,	,	PUNCT
fsr-3244	192	8	we	we	PRON
fsr-3244	192	9	assign	assign	VERB
fsr-3244	192	10	a	a	DET
fsr-3244	192	11	risk	risk	NOUN
fsr-3244	192	12	premium	premium	NOUN
fsr-3244	192	13	of	of	ADP
fsr-3244	192	14	0.75	0.75	NUM
fsr-3244	192	15	%	%	NOUN
fsr-3244	192	16	.	.	PUNCT
fsr-3244	193	1	to	to	PART
fsr-3244	193	2	estimate	estimate	VERB
fsr-3244	193	3	the	the	DET
fsr-3244	193	4	price	price	NOUN
fsr-3244	193	5	of	of	ADP
fsr-3244	193	6	a	a	DET
fsr-3244	193	7	tips	tip	NOUN
fsr-3244	193	8	in	in	ADP
fsr-3244	193	9	the	the	DET
fsr-3244	193	10	simulation	simulation	NOUN
fsr-3244	193	11	,	,	PUNCT
fsr-3244	193	12	we	we	PRON
fsr-3244	193	13	use	use	VERB
fsr-3244	193	14	the	the	DET
fsr-3244	193	15	inflation	inflation	NOUN
fsr-3244	193	16	-	-	PUNCT
fsr-3244	193	17	indexed	index	VERB
fsr-3244	193	18	zerocoupon	zerocoupon	ADJ
fsr-3244	193	19	treasury	treasury	NOUN
fsr-3244	193	20	yield	yield	NOUN
fsr-3244	193	21	curve	curve	NOUN
fsr-3244	193	22	constructed	construct	VERB
fsr-3244	193	23	in	in	ADP
fsr-3244	193	24	each	each	DET
fsr-3244	193	25	simulated	simulate	VERB
fsr-3244	193	26	month	month	NOUN
fsr-3244	193	27	and	and	CCONJ
fsr-3244	193	28	apply	apply	VERB
fsr-3244	193	29	a	a	DET
fsr-3244	193	30	pricing	pricing	NOUN
fsr-3244	193	31	model	model	NOUN
fsr-3244	193	32	based	base	VERB
fsr-3244	193	33	on	on	ADP
fsr-3244	193	34	evans	evans	PROPN
fsr-3244	193	35	(	(	PUNCT
fsr-3244	193	36	1998	1998	NUM
fsr-3244	193	37	)	)	PUNCT
fsr-3244	193	38	to	to	PART
fsr-3244	193	39	expected	expect	VERB
fsr-3244	193	40	coupons	coupon	NOUN
fsr-3244	193	41	and	and	CCONJ
fsr-3244	193	42	par	par	NOUN
fsr-3244	193	43	.	.	PUNCT
fsr-3244	194	1	4.3	4.3	NUM
fsr-3244	194	2	.	.	PUNCT
fsr-3244	194	3	outline	outline	NOUN
fsr-3244	194	4	of	of	ADP
fsr-3244	194	5	the	the	DET
fsr-3244	194	6	bootstrap	bootstrap	NOUN
fsr-3244	194	7	simulation	simulation	NOUN
fsr-3244	194	8	procedures	procedure	NOUN
fsr-3244	194	9	we	we	PRON
fsr-3244	194	10	initialize	initialize	VERB
fsr-3244	194	11	the	the	DET
fsr-3244	194	12	simulator	simulator	NOUN
fsr-3244	194	13	for	for	ADP
fsr-3244	194	14	each	each	DET
fsr-3244	194	15	strategy	strategy	NOUN
fsr-3244	194	16	and	and	CCONJ
fsr-3244	194	17	scenario	scenario	NOUN
fsr-3244	194	18	with	with	ADP
fsr-3244	194	19	a	a	DET
fsr-3244	194	20	different	different	ADJ
fsr-3244	194	21	seed	seed	NOUN
fsr-3244	194	22	for	for	ADP
fsr-3244	194	23	the	the	DET
fsr-3244	194	24	random	random	ADJ
fsr-3244	194	25	number	number	NOUN
fsr-3244	194	26	generator	generator	NOUN
fsr-3244	194	27	.	.	PUNCT
fsr-3244	195	1	hence	hence	ADV
fsr-3244	195	2	,	,	PUNCT
fsr-3244	195	3	simulation	simulation	NOUN
fsr-3244	195	4	results	result	VERB
fsr-3244	195	5	that	that	SCONJ
fsr-3244	195	6	we	we	PRON
fsr-3244	195	7	report	report	VERB
fsr-3244	195	8	for	for	ADP
fsr-3244	195	9	each	each	DET
fsr-3244	195	10	strategy	strategy	NOUN
fsr-3244	195	11	and	and	CCONJ
fsr-3244	195	12	scenario	scenario	NOUN
fsr-3244	195	13	are	be	AUX
fsr-3244	195	14	statistically	statistically	ADV
fsr-3244	195	15	independent	independent	ADJ
fsr-3244	195	16	.	.	PUNCT
fsr-3244	196	1	each	each	DET
fsr-3244	196	2	time	time	NOUN
fsr-3244	196	3	that	that	PRON
fsr-3244	196	4	we	we	PRON
fsr-3244	196	5	run	run	VERB
fsr-3244	196	6	the	the	DET
fsr-3244	196	7	simulator	simulator	NOUN
fsr-3244	196	8	,	,	PUNCT
fsr-3244	196	9	it	it	PRON
fsr-3244	196	10	367p.j	367p.j	NUM
fsr-3244	196	11	.	.	PUNCT
fsr-3244	197	1	haensly	haensly	ADV
fsr-3244	197	2	,	,	PUNCT
fsr-3244	197	3	k.p	k.p	PROPN
fsr-3244	197	4	.	.	PROPN
fsr-3244	197	5	pai	pai	PROPN
fsr-3244	197	6	/	/	SYM
fsr-3244	197	7	financial	financial	ADJ
fsr-3244	197	8	services	service	NOUN
fsr-3244	197	9	review	review	VERB
fsr-3244	197	10	24	24	NUM
fsr-3244	197	11	(	(	PUNCT
fsr-3244	197	12	2015	2015	NUM
fsr-3244	197	13	)	)	PUNCT
fsr-3244	198	1	359–386	359–386	NUM
fsr-3244	198	2	performs	perform	VERB
fsr-3244	198	3	10,000	10,000	NUM
fsr-3244	198	4	statistically	statistically	ADV
fsr-3244	198	5	independent	independent	ADJ
fsr-3244	198	6	replications	replication	NOUN
fsr-3244	198	7	,	,	PUNCT
fsr-3244	198	8	where	where	SCONJ
fsr-3244	198	9	each	each	PRON
fsr-3244	198	10	corresponds	correspond	VERB
fsr-3244	198	11	to	to	ADP
fsr-3244	198	12	the	the	DET
fsr-3244	198	13	simulated	simulated	ADJ
fsr-3244	198	14	lifetime	lifetime	NOUN
fsr-3244	198	15	of	of	ADP
fsr-3244	198	16	an	an	DET
fsr-3244	198	17	investor	investor	NOUN
fsr-3244	198	18	.	.	PUNCT
fsr-3244	199	1	at	at	ADP
fsr-3244	199	2	the	the	DET
fsr-3244	199	3	start	start	NOUN
fsr-3244	199	4	of	of	ADP
fsr-3244	199	5	each	each	DET
fsr-3244	199	6	replication	replication	NOUN
fsr-3244	199	7	,	,	PUNCT
fsr-3244	199	8	a	a	DET
fsr-3244	199	9	simulation	simulation	NOUN
fsr-3244	199	10	time	time	NOUN
fsr-3244	199	11	clock	clock	NOUN
fsr-3244	199	12	initializes	initialize	VERB
fsr-3244	199	13	.	.	PUNCT
fsr-3244	200	1	in	in	ADP
fsr-3244	200	2	each	each	DET
fsr-3244	200	3	simulated	simulate	VERB
fsr-3244	200	4	lifetime	lifetime	NOUN
fsr-3244	200	5	,	,	PUNCT
fsr-3244	200	6	the	the	DET
fsr-3244	200	7	stationary	stationary	ADJ
fsr-3244	200	8	block	block	NOUN
fsr-3244	200	9	bootstrap	bootstrap	NOUN
fsr-3244	200	10	works	work	VERB
fsr-3244	200	11	as	as	SCONJ
fsr-3244	200	12	follows	follow	VERB
fsr-3244	200	13	.	.	PUNCT
fsr-3244	201	1	at	at	ADP
fsr-3244	201	2	the	the	DET
fsr-3244	201	3	initial	initial	ADJ
fsr-3244	201	4	time	time	NOUN
fsr-3244	201	5	step	step	NOUN
fsr-3244	201	6	,	,	PUNCT
fsr-3244	201	7	the	the	DET
fsr-3244	201	8	simulator	simulator	NOUN
fsr-3244	201	9	draws	draw	VERB
fsr-3244	201	10	a	a	DET
fsr-3244	201	11	historical	historical	ADJ
fsr-3244	201	12	month	month	NOUN
fsr-3244	201	13	at	at	ADP
fsr-3244	201	14	random	random	ADJ
fsr-3244	201	15	from	from	ADP
fsr-3244	201	16	1926	1926	NUM
fsr-3244	201	17	to	to	ADP
fsr-3244	201	18	2012	2012	NUM
fsr-3244	201	19	along	along	ADP
fsr-3244	201	20	with	with	ADP
fsr-3244	201	21	the	the	DET
fsr-3244	201	22	corresponding	corresponding	ADJ
fsr-3244	201	23	zero	zero	NUM
fsr-3244	201	24	-	-	PUNCT
fsr-3244	201	25	coupon	coupon	NOUN
fsr-3244	201	26	nominal	nominal	ADJ
fsr-3244	201	27	treasury	treasury	NOUN
fsr-3244	201	28	yield	yield	NOUN
fsr-3244	201	29	curve	curve	NOUN
fsr-3244	201	30	and	and	CCONJ
fsr-3244	201	31	inflation	inflation	NOUN
fsr-3244	201	32	rate	rate	NOUN
fsr-3244	201	33	.	.	PUNCT
fsr-3244	202	1	each	each	DET
fsr-3244	202	2	month	month	NOUN
fsr-3244	202	3	has	have	VERB
fsr-3244	202	4	an	an	DET
fsr-3244	202	5	equal	equal	ADJ
fsr-3244	202	6	probability	probability	NOUN
fsr-3244	202	7	that	that	SCONJ
fsr-3244	202	8	it	it	PRON
fsr-3244	202	9	will	will	AUX
fsr-3244	202	10	be	be	AUX
fsr-3244	202	11	drawn	draw	VERB
fsr-3244	202	12	.	.	PUNCT
fsr-3244	203	1	at	at	ADP
fsr-3244	203	2	the	the	DET
fsr-3244	203	3	next	next	ADJ
fsr-3244	203	4	time	time	NOUN
fsr-3244	203	5	step	step	NOUN
fsr-3244	203	6	,	,	PUNCT
fsr-3244	203	7	with	with	ADP
fsr-3244	203	8	probability	probability	NOUN
fsr-3244	203	9	1/	1/	NUM
fsr-3244	203	10	�	�	PROPN
fsr-3244	203	11	,	,	PUNCT
fsr-3244	203	12	the	the	DET
fsr-3244	203	13	simulator	simulator	NOUN
fsr-3244	203	14	draws	draw	VERB
fsr-3244	203	15	the	the	DET
fsr-3244	203	16	next	next	ADJ
fsr-3244	203	17	month	month	NOUN
fsr-3244	203	18	at	at	ADP
fsr-3244	203	19	random	random	ADJ
fsr-3244	203	20	;	;	PUNCT
fsr-3244	203	21	otherwise	otherwise	ADV
fsr-3244	203	22	,	,	PUNCT
fsr-3244	203	23	it	it	PRON
fsr-3244	203	24	draws	draw	VERB
fsr-3244	203	25	the	the	DET
fsr-3244	203	26	next	next	ADJ
fsr-3244	203	27	consecutive	consecutive	ADJ
fsr-3244	203	28	historical	historical	ADJ
fsr-3244	203	29	month	month	NOUN
fsr-3244	203	30	.	.	PUNCT
fsr-3244	204	1	(	(	PUNCT
fsr-3244	204	2	if	if	SCONJ
fsr-3244	204	3	the	the	DET
fsr-3244	204	4	previous	previous	ADJ
fsr-3244	204	5	historical	historical	ADJ
fsr-3244	204	6	month	month	NOUN
fsr-3244	204	7	is	be	AUX
fsr-3244	204	8	december	december	PROPN
fsr-3244	204	9	2012	2012	NUM
fsr-3244	204	10	,	,	PUNCT
fsr-3244	204	11	then	then	ADV
fsr-3244	204	12	the	the	DET
fsr-3244	204	13	simulator	simulator	NOUN
fsr-3244	204	14	draws	draw	VERB
fsr-3244	204	15	january	january	PROPN
fsr-3244	204	16	1926	1926	NUM
fsr-3244	204	17	.	.	PUNCT
fsr-3244	204	18	)	)	PUNCT
fsr-3244	205	1	the	the	DET
fsr-3244	205	2	expected	expect	VERB
fsr-3244	205	3	length	length	NOUN
fsr-3244	205	4	of	of	ADP
fsr-3244	205	5	a	a	DET
fsr-3244	205	6	sequence	sequence	NOUN
fsr-3244	205	7	of	of	ADP
fsr-3244	205	8	consecutive	consecutive	ADJ
fsr-3244	205	9	historical	historical	ADJ
fsr-3244	205	10	months	month	NOUN
fsr-3244	205	11	is	be	AUX
fsr-3244	205	12	�	�	PROPN
fsr-3244	205	13	.	.	PUNCT
fsr-3244	206	1	(	(	PUNCT
fsr-3244	206	2	the	the	DET
fsr-3244	206	3	results	result	NOUN
fsr-3244	206	4	that	that	PRON
fsr-3244	206	5	we	we	PRON
fsr-3244	206	6	report	report	VERB
fsr-3244	206	7	are	be	AUX
fsr-3244	206	8	for	for	ADP
fsr-3244	206	9	�	�	PROPN
fsr-3244	206	10	�	�	PROPN
fsr-3244	206	11	60	60	NUM
fsr-3244	206	12	.	.	PUNCT
fsr-3244	207	1	test	test	NOUN
fsr-3244	207	2	runs	run	NOUN
fsr-3244	207	3	for	for	ADP
fsr-3244	207	4	�	�	PROPN
fsr-3244	207	5	�	�	PROPN
fsr-3244	207	6	48	48	NUM
fsr-3244	207	7	and	and	CCONJ
fsr-3244	207	8	�	�	PROPN
fsr-3244	207	9	�	�	PROPN
fsr-3244	207	10	72	72	NUM
fsr-3244	207	11	indicate	indicate	VERB
fsr-3244	207	12	the	the	DET
fsr-3244	207	13	simulation	simulation	NOUN
fsr-3244	207	14	results	result	NOUN
fsr-3244	207	15	are	be	AUX
fsr-3244	207	16	robust	robust	ADJ
fsr-3244	207	17	to	to	ADP
fsr-3244	207	18	choice	choice	NOUN
fsr-3244	207	19	of	of	ADP
fsr-3244	207	20	�	�	PROPN
fsr-3244	207	21	.	.	PUNCT
fsr-3244	207	22	)	)	PUNCT
fsr-3244	208	1	the	the	DET
fsr-3244	208	2	simulation	simulation	NOUN
fsr-3244	208	3	has	have	VERB
fsr-3244	208	4	three	three	NUM
fsr-3244	208	5	phases	phase	NOUN
fsr-3244	208	6	for	for	ADP
fsr-3244	208	7	each	each	DET
fsr-3244	208	8	simulated	simulate	VERB
fsr-3244	208	9	investor	investor	NOUN
fsr-3244	208	10	:	:	PUNCT
fsr-3244	208	11	prehistory	prehistory	NOUN
fsr-3244	208	12	,	,	PUNCT
fsr-3244	208	13	market	market	NOUN
fsr-3244	208	14	generation	generation	NOUN
fsr-3244	208	15	,	,	PUNCT
fsr-3244	208	16	and	and	CCONJ
fsr-3244	208	17	payout	payout	NOUN
fsr-3244	208	18	.	.	PUNCT
fsr-3244	209	1	in	in	ADP
fsr-3244	209	2	the	the	DET
fsr-3244	209	3	prehistory	prehistory	ADJ
fsr-3244	209	4	phase	phase	NOUN
fsr-3244	209	5	,	,	PUNCT
fsr-3244	209	6	the	the	DET
fsr-3244	209	7	simulator	simulator	NOUN
fsr-3244	209	8	generates	generate	VERB
fsr-3244	209	9	a	a	DET
fsr-3244	209	10	time	time	NOUN
fsr-3244	209	11	series	series	NOUN
fsr-3244	209	12	of	of	ADP
fsr-3244	209	13	yields	yield	NOUN
fsr-3244	209	14	to	to	PART
fsr-3244	209	15	begin	begin	VERB
fsr-3244	209	16	estimating	estimate	VERB
fsr-3244	209	17	expected	expect	VERB
fsr-3244	209	18	inflation	inflation	NOUN
fsr-3244	209	19	as	as	ADV
fsr-3244	209	20	well	well	ADV
fsr-3244	209	21	as	as	ADP
fsr-3244	209	22	to	to	PART
fsr-3244	209	23	estimate	estimate	VERB
fsr-3244	209	24	components	component	NOUN
fsr-3244	209	25	of	of	ADP
fsr-3244	209	26	the	the	DET
fsr-3244	209	27	bond	bond	NOUN
fsr-3244	209	28	pricing	pricing	NOUN
fsr-3244	209	29	function	function	NOUN
fsr-3244	209	30	.	.	PUNCT
fsr-3244	210	1	the	the	DET
fsr-3244	210	2	simulator	simulator	NOUN
fsr-3244	210	3	draws	draw	VERB
fsr-3244	210	4	a	a	DET
fsr-3244	210	5	stationary	stationary	ADJ
fsr-3244	210	6	block	block	NOUN
fsr-3244	210	7	bootstrap	bootstrap	NOUN
fsr-3244	210	8	sample	sample	NOUN
fsr-3244	210	9	of	of	ADP
fsr-3244	210	10	1,200	1,200	NUM
fsr-3244	210	11	historical	historical	ADJ
fsr-3244	210	12	months	month	NOUN
fsr-3244	210	13	with	with	ADP
fsr-3244	210	14	their	their	PRON
fsr-3244	210	15	respective	respective	ADJ
fsr-3244	210	16	nominal	nominal	ADJ
fsr-3244	210	17	treasury	treasury	NOUN
fsr-3244	210	18	yield	yield	NOUN
fsr-3244	210	19	curves	curve	NOUN
fsr-3244	210	20	and	and	CCONJ
fsr-3244	210	21	inflation	inflation	NOUN
fsr-3244	210	22	rates	rate	NOUN
fsr-3244	210	23	.	.	PUNCT
fsr-3244	211	1	then	then	ADV
fsr-3244	211	2	the	the	DET
fsr-3244	211	3	simulator	simulator	NOUN
fsr-3244	211	4	estimates	estimate	VERB
fsr-3244	211	5	the	the	DET
fsr-3244	211	6	coefficients	coefficient	NOUN
fsr-3244	211	7	of	of	ADP
fsr-3244	211	8	the	the	DET
fsr-3244	211	9	model	model	NOUN
fsr-3244	211	10	for	for	ADP
fsr-3244	211	11	expected	expect	VERB
fsr-3244	211	12	inflation	inflation	NOUN
fsr-3244	211	13	.	.	PUNCT
fsr-3244	212	1	we	we	PRON
fsr-3244	212	2	make	make	VERB
fsr-3244	212	3	the	the	DET
fsr-3244	212	4	simplifying	simplifying	NOUN
fsr-3244	212	5	assumption	assumption	NOUN
fsr-3244	212	6	that	that	SCONJ
fsr-3244	212	7	the	the	DET
fsr-3244	212	8	inflation	inflation	NOUN
fsr-3244	212	9	model	model	NOUN
fsr-3244	212	10	coefficients	coefficient	NOUN
fsr-3244	212	11	are	be	AUX
fsr-3244	212	12	stationary	stationary	ADJ
fsr-3244	212	13	.	.	PUNCT
fsr-3244	213	1	hence	hence	ADV
fsr-3244	213	2	,	,	PUNCT
fsr-3244	213	3	these	these	DET
fsr-3244	213	4	coefficients	coefficient	NOUN
fsr-3244	213	5	apply	apply	VERB
fsr-3244	213	6	throughout	throughout	ADP
fsr-3244	213	7	the	the	DET
fsr-3244	213	8	remainder	remainder	NOUN
fsr-3244	213	9	of	of	ADP
fsr-3244	213	10	the	the	DET
fsr-3244	213	11	simulated	simulate	VERB
fsr-3244	213	12	investor	investor	NOUN
fsr-3244	213	13	’s	’s	PART
fsr-3244	213	14	lifetime	lifetime	NOUN
fsr-3244	213	15	.	.	PUNCT
fsr-3244	214	1	(	(	PUNCT
fsr-3244	214	2	an	an	DET
fsr-3244	214	3	alternative	alternative	ADJ
fsr-3244	214	4	approach	approach	NOUN
fsr-3244	214	5	is	be	AUX
fsr-3244	214	6	to	to	PART
fsr-3244	214	7	re	re	VERB
fsr-3244	214	8	-	-	VERB
fsr-3244	214	9	estimate	estimate	VERB
fsr-3244	214	10	the	the	DET
fsr-3244	214	11	coefficients	coefficient	NOUN
fsr-3244	214	12	for	for	ADP
fsr-3244	214	13	the	the	DET
fsr-3244	214	14	expected	expect	VERB
fsr-3244	214	15	inflation	inflation	NOUN
fsr-3244	214	16	curve	curve	NOUN
fsr-3244	214	17	in	in	ADP
fsr-3244	214	18	each	each	DET
fsr-3244	214	19	simulated	simulate	VERB
fsr-3244	214	20	month	month	NOUN
fsr-3244	214	21	based	base	VERB
fsr-3244	214	22	on	on	ADP
fsr-3244	214	23	the	the	DET
fsr-3244	214	24	simulated	simulated	ADJ
fsr-3244	214	25	historical	historical	ADJ
fsr-3244	214	26	data	datum	NOUN
fsr-3244	214	27	to	to	ADP
fsr-3244	214	28	date	date	NOUN
fsr-3244	214	29	in	in	ADP
fsr-3244	214	30	the	the	DET
fsr-3244	214	31	simulated	simulated	ADJ
fsr-3244	214	32	history	history	NOUN
fsr-3244	214	33	.	.	PUNCT
fsr-3244	215	1	however	however	ADV
fsr-3244	215	2	,	,	PUNCT
fsr-3244	215	3	the	the	DET
fsr-3244	215	4	expected	expect	VERB
fsr-3244	215	5	inflation	inflation	NOUN
fsr-3244	215	6	curves	curve	NOUN
fsr-3244	215	7	are	be	AUX
fsr-3244	215	8	unrealistically	unrealistically	ADV
fsr-3244	215	9	volatile	volatile	ADJ
fsr-3244	215	10	from	from	ADP
fsr-3244	215	11	one	one	NUM
fsr-3244	215	12	month	month	NOUN
fsr-3244	215	13	to	to	ADP
fsr-3244	215	14	the	the	DET
fsr-3244	215	15	next	next	ADJ
fsr-3244	215	16	.	.	PUNCT
fsr-3244	216	1	moreover	moreover	ADV
fsr-3244	216	2	,	,	PUNCT
fsr-3244	216	3	the	the	DET
fsr-3244	216	4	end	end	NOUN
fsr-3244	216	5	results	result	NOUN
fsr-3244	216	6	are	be	AUX
fsr-3244	216	7	generally	generally	ADV
fsr-3244	216	8	similar	similar	ADJ
fsr-3244	216	9	to	to	ADP
fsr-3244	216	10	those	those	PRON
fsr-3244	216	11	when	when	SCONJ
fsr-3244	216	12	the	the	DET
fsr-3244	216	13	expected	expect	VERB
fsr-3244	216	14	inflation	inflation	NOUN
fsr-3244	216	15	model	model	NOUN
fsr-3244	216	16	coefficients	coefficient	NOUN
fsr-3244	216	17	are	be	AUX
fsr-3244	216	18	estimated	estimate	VERB
fsr-3244	216	19	once	once	ADV
fsr-3244	216	20	per	per	ADP
fsr-3244	216	21	lifetime	lifetime	NOUN
fsr-3244	216	22	,	,	PUNCT
fsr-3244	216	23	and	and	CCONJ
fsr-3244	216	24	the	the	DET
fsr-3244	216	25	simulation	simulation	NOUN
fsr-3244	216	26	runs	run	VERB
fsr-3244	216	27	an	an	DET
fsr-3244	216	28	order	order	NOUN
fsr-3244	216	29	of	of	ADP
fsr-3244	216	30	magnitude	magnitude	NOUN
fsr-3244	216	31	longer	long	ADV
fsr-3244	216	32	when	when	SCONJ
fsr-3244	216	33	the	the	DET
fsr-3244	216	34	coefficients	coefficient	NOUN
fsr-3244	216	35	are	be	AUX
fsr-3244	216	36	re	re	VERB
fsr-3244	216	37	-	-	VERB
fsr-3244	216	38	estimated	estimate	VERB
fsr-3244	216	39	each	each	DET
fsr-3244	216	40	month	month	NOUN
fsr-3244	216	41	.	.	PUNCT
fsr-3244	216	42	)	)	PUNCT
fsr-3244	217	1	the	the	DET
fsr-3244	217	2	purpose	purpose	NOUN
fsr-3244	217	3	of	of	ADP
fsr-3244	217	4	the	the	DET
fsr-3244	217	5	market	market	NOUN
fsr-3244	217	6	generation	generation	NOUN
fsr-3244	217	7	phase	phase	NOUN
fsr-3244	217	8	is	be	AUX
fsr-3244	217	9	to	to	PART
fsr-3244	217	10	create	create	VERB
fsr-3244	217	11	a	a	DET
fsr-3244	217	12	simulated	simulated	ADJ
fsr-3244	217	13	secondary	secondary	ADJ
fsr-3244	217	14	market	market	NOUN
fsr-3244	217	15	in	in	ADP
fsr-3244	217	16	tips	tip	NOUN
fsr-3244	217	17	.	.	PUNCT
fsr-3244	218	1	at	at	ADP
fsr-3244	218	2	each	each	DET
fsr-3244	218	3	time	time	NOUN
fsr-3244	218	4	step	step	NOUN
fsr-3244	218	5	,	,	PUNCT
fsr-3244	218	6	information	information	NOUN
fsr-3244	218	7	about	about	ADP
fsr-3244	218	8	outstanding	outstanding	ADJ
fsr-3244	218	9	securities	security	NOUN
fsr-3244	218	10	in	in	ADP
fsr-3244	218	11	the	the	DET
fsr-3244	218	12	secondary	secondary	ADJ
fsr-3244	218	13	market	market	NOUN
fsr-3244	218	14	is	be	AUX
fsr-3244	218	15	updated	update	VERB
fsr-3244	218	16	and	and	CCONJ
fsr-3244	218	17	new	new	ADJ
fsr-3244	218	18	coupon	coupon	NOUN
fsr-3244	218	19	tips	tip	NOUN
fsr-3244	218	20	may	may	AUX
fsr-3244	218	21	be	be	AUX
fsr-3244	218	22	issued	issue	VERB
fsr-3244	218	23	,	,	PUNCT
fsr-3244	218	24	depending	depend	VERB
fsr-3244	218	25	on	on	ADP
fsr-3244	218	26	the	the	DET
fsr-3244	218	27	auction	auction	NOUN
fsr-3244	218	28	schedule	schedule	NOUN
fsr-3244	218	29	.	.	PUNCT
fsr-3244	219	1	to	to	PART
fsr-3244	219	2	determine	determine	VERB
fsr-3244	219	3	the	the	DET
fsr-3244	219	4	coupon	coupon	NOUN
fsr-3244	219	5	rate	rate	NOUN
fsr-3244	219	6	for	for	ADP
fsr-3244	219	7	a	a	DET
fsr-3244	219	8	newly	newly	ADV
fsr-3244	219	9	issued	issue	VERB
fsr-3244	219	10	bond	bond	NOUN
fsr-3244	219	11	,	,	PUNCT
fsr-3244	219	12	the	the	DET
fsr-3244	219	13	simulator	simulator	NOUN
fsr-3244	219	14	first	first	ADV
fsr-3244	219	15	calculates	calculate	VERB
fsr-3244	219	16	the	the	DET
fsr-3244	219	17	coupon	coupon	NOUN
fsr-3244	219	18	rate	rate	NOUN
fsr-3244	219	19	as	as	SCONJ
fsr-3244	219	20	if	if	SCONJ
fsr-3244	219	21	the	the	DET
fsr-3244	219	22	bond	bond	NOUN
fsr-3244	219	23	were	be	AUX
fsr-3244	219	24	priced	price	VERB
fsr-3244	219	25	at	at	ADP
fsr-3244	219	26	par	par	NOUN
fsr-3244	219	27	,	,	PUNCT
fsr-3244	219	28	where	where	SCONJ
fsr-3244	219	29	price	price	NOUN
fsr-3244	219	30	equals	equal	VERB
fsr-3244	219	31	the	the	DET
fsr-3244	219	32	sum	sum	NOUN
fsr-3244	219	33	of	of	ADP
fsr-3244	219	34	the	the	DET
fsr-3244	219	35	discounted	discount	VERB
fsr-3244	219	36	real	real	ADJ
fsr-3244	219	37	coupon	coupon	NOUN
fsr-3244	219	38	payments	payment	NOUN
fsr-3244	219	39	and	and	CCONJ
fsr-3244	219	40	par	par	NOUN
fsr-3244	219	41	,	,	PUNCT
fsr-3244	219	42	where	where	SCONJ
fsr-3244	219	43	discounting	discount	VERB
fsr-3244	219	44	is	be	AUX
fsr-3244	219	45	back	back	ADV
fsr-3244	219	46	to	to	ADP
fsr-3244	219	47	the	the	DET
fsr-3244	219	48	auction	auction	NOUN
fsr-3244	219	49	date	date	NOUN
fsr-3244	219	50	.	.	PUNCT
fsr-3244	220	1	(	(	PUNCT
fsr-3244	220	2	we	we	PRON
fsr-3244	220	3	assume	assume	VERB
fsr-3244	220	4	no	no	DET
fsr-3244	220	5	arbitrage	arbitrage	NOUN
fsr-3244	220	6	opportunities	opportunity	NOUN
fsr-3244	220	7	;	;	PUNCT
fsr-3244	220	8	hence	hence	ADV
fsr-3244	220	9	the	the	DET
fsr-3244	220	10	auction	auction	NOUN
fsr-3244	220	11	yield	yield	NOUN
fsr-3244	220	12	is	be	AUX
fsr-3244	220	13	the	the	DET
fsr-3244	220	14	same	same	ADJ
fsr-3244	220	15	as	as	ADP
fsr-3244	220	16	the	the	DET
fsr-3244	220	17	market	market	NOUN
fsr-3244	220	18	yield	yield	NOUN
fsr-3244	220	19	.	.	PUNCT
fsr-3244	220	20	)	)	PUNCT
fsr-3244	221	1	then	then	ADV
fsr-3244	221	2	,	,	PUNCT
fsr-3244	221	3	following	follow	VERB
fsr-3244	221	4	the	the	DET
fsr-3244	221	5	treasury	treasury	NOUN
fsr-3244	221	6	custom	custom	NOUN
fsr-3244	221	7	at	at	ADP
fsr-3244	221	8	auctions	auction	NOUN
fsr-3244	221	9	for	for	ADP
fsr-3244	221	10	new	new	ADJ
fsr-3244	221	11	issues	issue	NOUN
fsr-3244	221	12	,	,	PUNCT
fsr-3244	221	13	the	the	DET
fsr-3244	221	14	simulator	simulator	NOUN
fsr-3244	221	15	rounds	round	VERB
fsr-3244	221	16	the	the	DET
fsr-3244	221	17	coupon	coupon	NOUN
fsr-3244	221	18	rate	rate	NOUN
fsr-3244	221	19	down	down	ADP
fsr-3244	221	20	to	to	ADP
fsr-3244	221	21	the	the	DET
fsr-3244	221	22	nearest	near	ADJ
fsr-3244	221	23	one	one	NUM
fsr-3244	221	24	eighth	eighth	ADJ
fsr-3244	221	25	of	of	ADP
fsr-3244	221	26	one	one	NUM
fsr-3244	221	27	percentage	percentage	NOUN
fsr-3244	221	28	(	(	PUNCT
fsr-3244	221	29	with	with	ADP
fsr-3244	221	30	a	a	DET
fsr-3244	221	31	floor	floor	NOUN
fsr-3244	221	32	of	of	ADP
fsr-3244	221	33	0.125	0.125	NUM
fsr-3244	221	34	%	%	NOUN
fsr-3244	221	35	)	)	PUNCT
fsr-3244	221	36	and	and	CCONJ
fsr-3244	221	37	prices	price	NOUN
fsr-3244	221	38	the	the	DET
fsr-3244	221	39	bond	bond	NOUN
fsr-3244	221	40	accordingly	accordingly	ADV
fsr-3244	221	41	.	.	PUNCT
fsr-3244	222	1	the	the	DET
fsr-3244	222	2	market	market	NOUN
fsr-3244	222	3	is	be	AUX
fsr-3244	222	4	saturated	saturate	VERB
fsr-3244	222	5	after	after	ADP
fsr-3244	222	6	360	360	NUM
fsr-3244	222	7	months	month	NOUN
fsr-3244	222	8	.	.	PUNCT
fsr-3244	223	1	the	the	DET
fsr-3244	223	2	payout	payout	ADJ
fsr-3244	223	3	phase	phase	NOUN
fsr-3244	223	4	assumes	assume	VERB
fsr-3244	223	5	that	that	SCONJ
fsr-3244	223	6	the	the	DET
fsr-3244	223	7	investor	investor	NOUN
fsr-3244	223	8	has	have	AUX
fsr-3244	223	9	accumulated	accumulate	VERB
fsr-3244	223	10	$	$	SYM
fsr-3244	223	11	500,000	500,000	NUM
fsr-3244	223	12	in	in	ADP
fsr-3244	223	13	savings	saving	NOUN
fsr-3244	223	14	and	and	CCONJ
fsr-3244	223	15	is	be	AUX
fsr-3244	223	16	about	about	ADJ
fsr-3244	223	17	to	to	PART
fsr-3244	223	18	retire	retire	VERB
fsr-3244	223	19	.	.	PUNCT
fsr-3244	224	1	in	in	ADP
fsr-3244	224	2	all	all	DET
fsr-3244	224	3	cases	case	NOUN
fsr-3244	224	4	,	,	PUNCT
fsr-3244	224	5	on	on	ADP
fsr-3244	224	6	retirement	retirement	NOUN
fsr-3244	224	7	the	the	DET
fsr-3244	224	8	investor	investor	NOUN
fsr-3244	224	9	uses	use	VERB
fsr-3244	224	10	all	all	DET
fsr-3244	224	11	savings	saving	NOUN
fsr-3244	224	12	either	either	CCONJ
fsr-3244	224	13	to	to	PART
fsr-3244	224	14	purchase	purchase	VERB
fsr-3244	224	15	an	an	DET
fsr-3244	224	16	immediate	immediate	ADJ
fsr-3244	224	17	,	,	PUNCT
fsr-3244	224	18	inflation	inflation	NOUN
fsr-3244	224	19	-	-	PUNCT
fsr-3244	224	20	indexed	index	VERB
fsr-3244	224	21	annuity	annuity	NOUN
fsr-3244	224	22	or	or	CCONJ
fsr-3244	224	23	to	to	PART
fsr-3244	224	24	construct	construct	VERB
fsr-3244	224	25	a	a	DET
fsr-3244	224	26	tips	tip	NOUN
fsr-3244	224	27	ladder	ladder	NOUN
fsr-3244	224	28	and	and	CCONJ
fsr-3244	224	29	buy	buy	VERB
fsr-3244	224	30	a	a	DET
fsr-3244	224	31	deferred	defer	VERB
fsr-3244	224	32	annuity	annuity	NOUN
fsr-3244	224	33	(	(	PUNCT
fsr-3244	224	34	that	that	DET
fsr-3244	224	35	may	may	AUX
fsr-3244	224	36	or	or	CCONJ
fsr-3244	224	37	may	may	AUX
fsr-3244	224	38	not	not	PART
fsr-3244	224	39	be	be	AUX
fsr-3244	224	40	indexed	index	VERB
fsr-3244	224	41	,	,	PUNCT
fsr-3244	224	42	depending	depend	VERB
fsr-3244	224	43	on	on	ADP
fsr-3244	224	44	the	the	DET
fsr-3244	224	45	scenario	scenario	NOUN
fsr-3244	224	46	)	)	PUNCT
fsr-3244	224	47	.	.	PUNCT
fsr-3244	225	1	the	the	DET
fsr-3244	225	2	simulator	simulator	NOUN
fsr-3244	225	3	uses	use	VERB
fsr-3244	225	4	mortality	mortality	NOUN
fsr-3244	225	5	data	datum	NOUN
fsr-3244	225	6	to	to	PART
fsr-3244	225	7	determine	determine	VERB
fsr-3244	225	8	when	when	SCONJ
fsr-3244	225	9	the	the	DET
fsr-3244	225	10	investor	investor	NOUN
fsr-3244	225	11	dies	die	VERB
fsr-3244	225	12	.	.	PUNCT
fsr-3244	226	1	we	we	PRON
fsr-3244	226	2	construct	construct	VERB
fsr-3244	226	3	a	a	DET
fsr-3244	226	4	unisex	unisex	NOUN
fsr-3244	226	5	mortality	mortality	NOUN
fsr-3244	226	6	table	table	NOUN
fsr-3244	226	7	based	base	VERB
fsr-3244	226	8	on	on	ADP
fsr-3244	226	9	the	the	DET
fsr-3244	226	10	society	society	NOUN
fsr-3244	226	11	of	of	ADP
fsr-3244	226	12	actuaries	actuary	NOUN
fsr-3244	226	13	rp	rp	ADP
fsr-3244	226	14	2014	2014	NUM
fsr-3244	226	15	mortality	mortality	NOUN
fsr-3244	226	16	tables	table	NOUN
fsr-3244	226	17	(	(	PUNCT
fsr-3244	226	18	2014	2014	NUM
fsr-3244	226	19	)	)	PUNCT
fsr-3244	226	20	for	for	ADP
fsr-3244	226	21	healthy	healthy	ADJ
fsr-3244	226	22	annuitants	annuitant	NOUN
fsr-3244	226	23	.	.	PUNCT
fsr-3244	227	1	368	368	NUM
fsr-3244	227	2	p.j	p.j	PROPN
fsr-3244	227	3	.	.	PROPN
fsr-3244	227	4	haensly	haensly	PROPN
fsr-3244	227	5	,	,	PUNCT
fsr-3244	227	6	k.p	k.p	PROPN
fsr-3244	227	7	.	.	PROPN
fsr-3244	227	8	pai	pai	PROPN
fsr-3244	227	9	/	/	SYM
fsr-3244	227	10	financial	financial	ADJ
fsr-3244	227	11	services	service	NOUN
fsr-3244	227	12	review	review	VERB
fsr-3244	227	13	24	24	NUM
fsr-3244	227	14	(	(	PUNCT
fsr-3244	227	15	2015	2015	NUM
fsr-3244	227	16	)	)	PUNCT
fsr-3244	227	17	359–386	359–386	NUM
fsr-3244	227	18	5	5	NUM
fsr-3244	227	19	.	.	PUNCT
fsr-3244	227	20	results	result	VERB
fsr-3244	227	21	5.1	5.1	NUM
fsr-3244	227	22	.	.	PUNCT
fsr-3244	228	1	payout	payout	NOUN
fsr-3244	228	2	rate	rate	NOUN
fsr-3244	228	3	a	a	DET
fsr-3244	228	4	key	key	ADJ
fsr-3244	228	5	point	point	NOUN
fsr-3244	228	6	to	to	PART
fsr-3244	228	7	keep	keep	VERB
fsr-3244	228	8	in	in	ADP
fsr-3244	228	9	mind	mind	NOUN
fsr-3244	228	10	is	be	AUX
fsr-3244	228	11	that	that	SCONJ
fsr-3244	228	12	the	the	DET
fsr-3244	228	13	target	target	NOUN
fsr-3244	228	14	real	real	ADJ
fsr-3244	228	15	payout	payout	NOUN
fsr-3244	228	16	rate	rate	NOUN
fsr-3244	228	17	determined	determine	VERB
fsr-3244	228	18	in	in	ADP
fsr-3244	228	19	the	the	DET
fsr-3244	228	20	construction	construction	NOUN
fsr-3244	228	21	of	of	ADP
fsr-3244	228	22	the	the	DET
fsr-3244	228	23	tips	tip	NOUN
fsr-3244	228	24	ladder	ladder	NOUN
fsr-3244	228	25	/	/	SYM
fsr-3244	228	26	deferred	defer	VERB
fsr-3244	228	27	annuity	annuity	NOUN
fsr-3244	228	28	strategy	strategy	NOUN
fsr-3244	228	29	(	(	PUNCT
fsr-3244	228	30	described	describe	VERB
fsr-3244	228	31	earlier	early	ADV
fsr-3244	228	32	in	in	ADP
fsr-3244	228	33	section	section	NOUN
fsr-3244	228	34	3.3	3.3	NUM
fsr-3244	228	35	)	)	PUNCT
fsr-3244	228	36	is	be	AUX
fsr-3244	228	37	not	not	PART
fsr-3244	228	38	necessarily	necessarily	ADV
fsr-3244	228	39	the	the	DET
fsr-3244	228	40	realized	realize	VERB
fsr-3244	228	41	real	real	ADJ
fsr-3244	228	42	payout	payout	NOUN
fsr-3244	228	43	rate	rate	NOUN
fsr-3244	228	44	.	.	PUNCT
fsr-3244	229	1	practical	practical	ADJ
fsr-3244	229	2	matters	matter	NOUN
fsr-3244	229	3	,	,	PUNCT
fsr-3244	229	4	such	such	ADJ
fsr-3244	229	5	as	as	ADP
fsr-3244	229	6	cash	cash	NOUN
fsr-3244	229	7	management	management	NOUN
fsr-3244	229	8	during	during	ADP
fsr-3244	229	9	the	the	DET
fsr-3244	229	10	tips	tip	NOUN
fsr-3244	229	11	payout	payout	NOUN
fsr-3244	229	12	phase	phase	NOUN
fsr-3244	229	13	and	and	CCONJ
fsr-3244	229	14	how	how	SCONJ
fsr-3244	229	15	(	(	PUNCT
fsr-3244	229	16	if	if	SCONJ
fsr-3244	229	17	at	at	ADV
fsr-3244	229	18	all	all	ADV
fsr-3244	229	19	)	)	PUNCT
fsr-3244	229	20	the	the	DET
fsr-3244	229	21	deferred	defer	VERB
fsr-3244	229	22	annuity	annuity	NOUN
fsr-3244	229	23	is	be	AUX
fsr-3244	229	24	indexed	index	VERB
fsr-3244	229	25	for	for	ADP
fsr-3244	229	26	inflation	inflation	NOUN
fsr-3244	229	27	,	,	PUNCT
fsr-3244	229	28	can	can	AUX
fsr-3244	229	29	cause	cause	VERB
fsr-3244	229	30	the	the	DET
fsr-3244	229	31	realized	realize	VERB
fsr-3244	229	32	rate	rate	NOUN
fsr-3244	229	33	to	to	PART
fsr-3244	229	34	deviate	deviate	VERB
fsr-3244	229	35	from	from	ADP
fsr-3244	229	36	the	the	DET
fsr-3244	229	37	target	target	NOUN
fsr-3244	229	38	rate	rate	NOUN
fsr-3244	229	39	.	.	PUNCT
fsr-3244	230	1	we	we	PRON
fsr-3244	230	2	examine	examine	VERB
fsr-3244	230	3	three	three	NUM
fsr-3244	230	4	general	general	ADJ
fsr-3244	230	5	questions	question	NOUN
fsr-3244	230	6	.	.	PUNCT
fsr-3244	231	1	first	first	ADV
fsr-3244	231	2	,	,	PUNCT
fsr-3244	231	3	what	what	PRON
fsr-3244	231	4	is	be	AUX
fsr-3244	231	5	the	the	DET
fsr-3244	231	6	target	target	NOUN
fsr-3244	231	7	level	level	NOUN
fsr-3244	231	8	of	of	ADP
fsr-3244	231	9	the	the	DET
fsr-3244	231	10	annual	annual	ADJ
fsr-3244	231	11	real	real	ADJ
fsr-3244	231	12	payout	payout	NOUN
fsr-3244	231	13	rate	rate	NOUN
fsr-3244	231	14	,	,	PUNCT
fsr-3244	231	15	given	give	VERB
fsr-3244	231	16	age	age	NOUN
fsr-3244	231	17	at	at	ADP
fsr-3244	231	18	retirement	retirement	NOUN
fsr-3244	231	19	and	and	CCONJ
fsr-3244	231	20	length	length	NOUN
fsr-3244	231	21	of	of	ADP
fsr-3244	231	22	the	the	DET
fsr-3244	231	23	tips	tip	NOUN
fsr-3244	231	24	ladder	ladder	NOUN
fsr-3244	231	25	?	?	PUNCT
fsr-3244	232	1	second	second	ADJ
fsr-3244	232	2	,	,	PUNCT
fsr-3244	232	3	what	what	PRON
fsr-3244	232	4	is	be	AUX
fsr-3244	232	5	the	the	DET
fsr-3244	232	6	relation	relation	NOUN
fsr-3244	232	7	between	between	ADP
fsr-3244	232	8	the	the	DET
fsr-3244	232	9	target	target	NOUN
fsr-3244	232	10	real	real	ADJ
fsr-3244	232	11	payout	payout	NOUN
fsr-3244	232	12	rate	rate	NOUN
fsr-3244	232	13	and	and	CCONJ
fsr-3244	232	14	market	market	NOUN
fsr-3244	232	15	yields	yield	NOUN
fsr-3244	232	16	at	at	ADP
fsr-3244	232	17	retirement	retirement	NOUN
fsr-3244	232	18	?	?	PUNCT
fsr-3244	233	1	finally	finally	ADV
fsr-3244	233	2	,	,	PUNCT
fsr-3244	233	3	how	how	SCONJ
fsr-3244	233	4	much	much	ADJ
fsr-3244	233	5	uncertainty	uncertainty	NOUN
fsr-3244	233	6	is	be	AUX
fsr-3244	233	7	there	there	ADV
fsr-3244	233	8	about	about	ADP
fsr-3244	233	9	the	the	DET
fsr-3244	233	10	realized	realize	VERB
fsr-3244	233	11	real	real	ADJ
fsr-3244	233	12	payout	payout	NOUN
fsr-3244	233	13	rate	rate	NOUN
fsr-3244	233	14	over	over	ADP
fsr-3244	233	15	retirement	retirement	NOUN
fsr-3244	233	16	,	,	PUNCT
fsr-3244	233	17	given	give	VERB
fsr-3244	233	18	market	market	NOUN
fsr-3244	233	19	yields	yield	NOUN
fsr-3244	233	20	at	at	ADP
fsr-3244	233	21	retirement	retirement	NOUN
fsr-3244	233	22	and	and	CCONJ
fsr-3244	233	23	choice	choice	NOUN
fsr-3244	233	24	of	of	ADP
fsr-3244	233	25	strategy	strategy	NOUN
fsr-3244	233	26	?	?	PUNCT
fsr-3244	234	1	alternatively	alternatively	ADV
fsr-3244	234	2	,	,	PUNCT
fsr-3244	234	3	does	do	AUX
fsr-3244	234	4	the	the	DET
fsr-3244	234	5	strategy	strategy	NOUN
fsr-3244	234	6	assure	assure	VERB
fsr-3244	234	7	that	that	SCONJ
fsr-3244	234	8	a	a	DET
fsr-3244	234	9	retiree	retiree	NOUN
fsr-3244	234	10	will	will	AUX
fsr-3244	234	11	receive	receive	VERB
fsr-3244	234	12	a	a	DET
fsr-3244	234	13	fixed	fix	VERB
fsr-3244	234	14	real	real	ADJ
fsr-3244	234	15	payout	payout	NOUN
fsr-3244	234	16	rate	rate	NOUN
fsr-3244	234	17	?	?	PUNCT
fsr-3244	235	1	5.1.1	5.1.1	NUM
fsr-3244	235	2	.	.	PUNCT
fsr-3244	235	3	target	target	NOUN
fsr-3244	235	4	level	level	NOUN
fsr-3244	235	5	of	of	ADP
fsr-3244	235	6	the	the	DET
fsr-3244	235	7	real	real	ADJ
fsr-3244	235	8	payout	payout	NOUN
fsr-3244	235	9	rate	rate	NOUN
fsr-3244	235	10	the	the	DET
fsr-3244	235	11	target	target	NOUN
fsr-3244	235	12	level	level	NOUN
fsr-3244	235	13	of	of	ADP
fsr-3244	235	14	the	the	DET
fsr-3244	235	15	real	real	ADJ
fsr-3244	235	16	payout	payout	NOUN
fsr-3244	235	17	rate	rate	NOUN
fsr-3244	235	18	from	from	ADP
fsr-3244	235	19	a	a	DET
fsr-3244	235	20	tips	tip	NOUN
fsr-3244	235	21	ladder	ladder	NOUN
fsr-3244	235	22	/	/	SYM
fsr-3244	235	23	inflation	inflation	NOUN
fsr-3244	235	24	-	-	PUNCT
fsr-3244	235	25	indexed	index	VERB
fsr-3244	235	26	deferred	deferred	ADJ
fsr-3244	235	27	annuity	annuity	NOUN
fsr-3244	235	28	strategy	strategy	NOUN
fsr-3244	235	29	is	be	AUX
fsr-3244	235	30	close	close	ADJ
fsr-3244	235	31	to	to	ADP
fsr-3244	235	32	but	but	CCONJ
fsr-3244	235	33	lower	low	ADJ
fsr-3244	235	34	than	than	ADP
fsr-3244	235	35	the	the	DET
fsr-3244	235	36	level	level	NOUN
fsr-3244	235	37	of	of	ADP
fsr-3244	235	38	the	the	DET
fsr-3244	235	39	target	target	NOUN
fsr-3244	235	40	real	real	ADJ
fsr-3244	235	41	payout	payout	NOUN
fsr-3244	235	42	from	from	ADP
fsr-3244	235	43	an	an	DET
fsr-3244	235	44	inflation	inflation	NOUN
fsr-3244	235	45	-	-	PUNCT
fsr-3244	235	46	indexed	index	VERB
fsr-3244	235	47	immediate	immediate	ADJ
fsr-3244	235	48	annuity	annuity	NOUN
fsr-3244	235	49	,	,	PUNCT
fsr-3244	235	50	conditional	conditional	ADJ
fsr-3244	235	51	on	on	ADP
fsr-3244	235	52	the	the	DET
fsr-3244	235	53	retirement	retirement	NOUN
fsr-3244	235	54	age	age	NOUN
fsr-3244	235	55	.	.	PUNCT
fsr-3244	236	1	please	please	INTJ
fsr-3244	236	2	see	see	VERB
fsr-3244	236	3	the	the	DET
fsr-3244	236	4	first	first	ADJ
fsr-3244	236	5	three	three	NUM
fsr-3244	236	6	columns	column	NOUN
fsr-3244	236	7	in	in	ADP
fsr-3244	236	8	table	table	NOUN
fsr-3244	236	9	1	1	NUM
fsr-3244	236	10	.	.	PUNCT
fsr-3244	237	1	the	the	DET
fsr-3244	237	2	distribution	distribution	NOUN
fsr-3244	237	3	of	of	ADP
fsr-3244	237	4	the	the	DET
fsr-3244	237	5	payout	payout	NOUN
fsr-3244	237	6	rates	rate	NOUN
fsr-3244	237	7	across	across	ADP
fsr-3244	237	8	all	all	DET
fsr-3244	237	9	simulation	simulation	NOUN
fsr-3244	237	10	histories	history	NOUN
fsr-3244	237	11	(	(	PUNCT
fsr-3244	237	12	hence	hence	ADV
fsr-3244	237	13	,	,	PUNCT
fsr-3244	237	14	across	across	ADP
fsr-3244	237	15	the	the	DET
fsr-3244	237	16	distribution	distribution	NOUN
fsr-3244	237	17	of	of	ADP
fsr-3244	237	18	market	market	NOUN
fsr-3244	237	19	yield	yield	NOUN
fsr-3244	237	20	curves	curve	NOUN
fsr-3244	237	21	at	at	ADP
fsr-3244	237	22	retirement	retirement	NOUN
fsr-3244	237	23	)	)	PUNCT
fsr-3244	237	24	is	be	AUX
fsr-3244	237	25	similar	similar	ADJ
fsr-3244	237	26	,	,	PUNCT
fsr-3244	237	27	because	because	SCONJ
fsr-3244	237	28	both	both	DET
fsr-3244	237	29	strategies	strategy	NOUN
fsr-3244	237	30	are	be	AUX
fsr-3244	237	31	indexed	index	VERB
fsr-3244	237	32	for	for	ADP
fsr-3244	237	33	inflation	inflation	NOUN
fsr-3244	237	34	.	.	PUNCT
fsr-3244	238	1	the	the	DET
fsr-3244	238	2	payout	payout	NOUN
fsr-3244	238	3	rates	rate	NOUN
fsr-3244	238	4	on	on	ADP
fsr-3244	238	5	the	the	DET
fsr-3244	238	6	tips	tip	NOUN
fsr-3244	238	7	ladder	ladder	NOUN
fsr-3244	238	8	/	/	SYM
fsr-3244	238	9	deferred	defer	VERB
fsr-3244	238	10	annuity	annuity	NOUN
fsr-3244	238	11	strategy	strategy	NOUN
fsr-3244	238	12	,	,	PUNCT
fsr-3244	238	13	however	however	ADV
fsr-3244	238	14	,	,	PUNCT
fsr-3244	238	15	are	be	AUX
fsr-3244	238	16	lower	low	ADJ
fsr-3244	238	17	than	than	ADP
fsr-3244	238	18	for	for	ADP
fsr-3244	238	19	the	the	DET
fsr-3244	238	20	corresponding	corresponding	ADJ
fsr-3244	238	21	immediate	immediate	ADJ
fsr-3244	238	22	annuity	annuity	NOUN
fsr-3244	238	23	,	,	PUNCT
fsr-3244	238	24	because	because	SCONJ
fsr-3244	238	25	the	the	DET
fsr-3244	238	26	immediate	immediate	ADJ
fsr-3244	238	27	annuity	annuity	NOUN
fsr-3244	238	28	investment	investment	NOUN
fsr-3244	238	29	returns	return	NOUN
fsr-3244	238	30	are	be	AUX
fsr-3244	238	31	boosted	boost	VERB
fsr-3244	238	32	by	by	ADP
fsr-3244	238	33	the	the	DET
fsr-3244	238	34	mortality	mortality	NOUN
fsr-3244	238	35	credits	credit	NOUN
fsr-3244	238	36	whereas	whereas	SCONJ
fsr-3244	238	37	tips	tip	NOUN
fsr-3244	238	38	returns	return	NOUN
fsr-3244	238	39	are	be	AUX
fsr-3244	238	40	not	not	PART
fsr-3244	238	41	.	.	PUNCT
fsr-3244	239	1	for	for	ADP
fsr-3244	239	2	strategies	strategy	NOUN
fsr-3244	239	3	with	with	ADP
fsr-3244	239	4	10	10	NUM
fsr-3244	239	5	-	-	PUNCT
fsr-3244	239	6	year	year	NOUN
fsr-3244	239	7	ladders	ladder	NOUN
fsr-3244	239	8	and	and	CCONJ
fsr-3244	239	9	inflation	inflation	NOUN
fsr-3244	239	10	-	-	PUNCT
fsr-3244	239	11	indexed	index	VERB
fsr-3244	239	12	deferred	deferred	ADJ
fsr-3244	239	13	annuities	annuity	NOUN
fsr-3244	239	14	,	,	PUNCT
fsr-3244	239	15	the	the	DET
fsr-3244	239	16	payout	payout	ADJ
fsr-3244	239	17	distribution	distribution	NOUN
fsr-3244	239	18	across	across	ADP
fsr-3244	239	19	all	all	DET
fsr-3244	239	20	simulation	simulation	NOUN
fsr-3244	239	21	histories	history	NOUN
fsr-3244	239	22	is	be	AUX
fsr-3244	239	23	the	the	DET
fsr-3244	239	24	closest	close	ADJ
fsr-3244	239	25	to	to	ADP
fsr-3244	239	26	that	that	PRON
fsr-3244	239	27	for	for	ADP
fsr-3244	239	28	an	an	DET
fsr-3244	239	29	inflation	inflation	NOUN
fsr-3244	239	30	-	-	PUNCT
fsr-3244	239	31	indexed	index	VERB
fsr-3244	239	32	immediate	immediate	ADJ
fsr-3244	239	33	annuity	annuity	NOUN
fsr-3244	239	34	.	.	PUNCT
fsr-3244	240	1	for	for	ADP
fsr-3244	240	2	example	example	NOUN
fsr-3244	240	3	,	,	PUNCT
fsr-3244	240	4	among	among	ADP
fsr-3244	240	5	investors	investor	NOUN
fsr-3244	240	6	who	who	PRON
fsr-3244	240	7	retire	retire	VERB
fsr-3244	240	8	at	at	ADP
fsr-3244	240	9	age	age	NOUN
fsr-3244	240	10	65	65	NUM
fsr-3244	240	11	and	and	CCONJ
fsr-3244	240	12	opt	opt	VERB
fsr-3244	240	13	for	for	ADP
fsr-3244	240	14	a	a	DET
fsr-3244	240	15	10	10	NUM
fsr-3244	240	16	-	-	PUNCT
fsr-3244	240	17	year	year	NOUN
fsr-3244	240	18	tips	tip	NOUN
fsr-3244	240	19	ladder	ladder	NOUN
fsr-3244	240	20	,	,	PUNCT
fsr-3244	240	21	the	the	DET
fsr-3244	240	22	median	median	ADJ
fsr-3244	240	23	real	real	ADJ
fsr-3244	240	24	payout	payout	NOUN
fsr-3244	240	25	rate	rate	NOUN
fsr-3244	240	26	is	be	AUX
fsr-3244	240	27	5.45	5.45	NUM
fsr-3244	240	28	%	%	NOUN
fsr-3244	240	29	versus	versus	ADP
fsr-3244	240	30	a	a	DET
fsr-3244	240	31	median	median	NOUN
fsr-3244	240	32	of	of	ADP
fsr-3244	240	33	5.65	5.65	NUM
fsr-3244	240	34	%	%	NOUN
fsr-3244	240	35	for	for	ADP
fsr-3244	240	36	immediate	immediate	ADJ
fsr-3244	240	37	annuities	annuity	NOUN
fsr-3244	240	38	;	;	PUNCT
fsr-3244	240	39	the	the	DET
fsr-3244	240	40	5th	5th	ADJ
fsr-3244	240	41	-	-	PUNCT
fsr-3244	240	42	percentile	percentile	ADJ
fsr-3244	240	43	rate	rate	NOUN
fsr-3244	240	44	is	be	AUX
fsr-3244	240	45	4.66	4.66	NUM
fsr-3244	240	46	%	%	NOUN
fsr-3244	240	47	versus	versus	ADP
fsr-3244	240	48	4.80	4.80	NUM
fsr-3244	240	49	%	%	NOUN
fsr-3244	240	50	;	;	PUNCT
fsr-3244	240	51	and	and	CCONJ
fsr-3244	240	52	the	the	DET
fsr-3244	240	53	95th	95th	ADJ
fsr-3244	240	54	-	-	PUNCT
fsr-3244	240	55	percentile	percentile	NOUN
fsr-3244	240	56	is	be	AUX
fsr-3244	240	57	8.31	8.31	NUM
fsr-3244	240	58	%	%	NOUN
fsr-3244	240	59	versus	versus	ADP
fsr-3244	240	60	8.80	8.80	NUM
fsr-3244	240	61	%	%	NOUN
fsr-3244	240	62	.	.	PUNCT
fsr-3244	241	1	given	give	VERB
fsr-3244	241	2	the	the	DET
fsr-3244	241	3	retirement	retirement	NOUN
fsr-3244	241	4	age	age	NOUN
fsr-3244	241	5	,	,	PUNCT
fsr-3244	241	6	the	the	DET
fsr-3244	241	7	distribution	distribution	NOUN
fsr-3244	241	8	of	of	ADP
fsr-3244	241	9	the	the	DET
fsr-3244	241	10	real	real	ADJ
fsr-3244	241	11	payout	payout	NOUN
fsr-3244	241	12	rates	rate	NOUN
fsr-3244	241	13	shift	shift	VERB
fsr-3244	241	14	downward	downward	ADV
fsr-3244	241	15	as	as	ADP
fsr-3244	241	16	the	the	DET
fsr-3244	241	17	length	length	NOUN
fsr-3244	241	18	of	of	ADP
fsr-3244	241	19	the	the	DET
fsr-3244	241	20	tips	tip	NOUN
fsr-3244	241	21	ladder	ladder	NOUN
fsr-3244	241	22	increases	increase	NOUN
fsr-3244	241	23	,	,	PUNCT
fsr-3244	241	24	as	as	SCONJ
fsr-3244	241	25	illustrated	illustrate	VERB
fsr-3244	241	26	by	by	ADP
fsr-3244	241	27	the	the	DET
fsr-3244	241	28	5th	5th	ADJ
fsr-3244	241	29	-	-	PUNCT
fsr-3244	241	30	percentile	percentile	ADJ
fsr-3244	241	31	,	,	PUNCT
fsr-3244	241	32	median	median	ADJ
fsr-3244	241	33	,	,	PUNCT
fsr-3244	241	34	and	and	CCONJ
fsr-3244	241	35	95th	95th	ADJ
fsr-3244	241	36	-	-	PUNCT
fsr-3244	241	37	percentile	percentile	ADJ
fsr-3244	241	38	statistics	statistic	NOUN
fsr-3244	241	39	.	.	PUNCT
fsr-3244	242	1	the	the	DET
fsr-3244	242	2	reason	reason	NOUN
fsr-3244	242	3	is	be	AUX
fsr-3244	242	4	that	that	SCONJ
fsr-3244	242	5	the	the	PRON
fsr-3244	242	6	longer	long	ADJ
fsr-3244	242	7	the	the	DET
fsr-3244	242	8	tips	tip	NOUN
fsr-3244	242	9	ladder	ladder	NOUN
fsr-3244	242	10	,	,	PUNCT
fsr-3244	242	11	the	the	DET
fsr-3244	242	12	shorter	short	ADJ
fsr-3244	242	13	the	the	DET
fsr-3244	242	14	deferred	deferred	ADJ
fsr-3244	242	15	annuity	annuity	NOUN
fsr-3244	242	16	payout	payout	NOUN
fsr-3244	242	17	phase	phase	NOUN
fsr-3244	242	18	,	,	PUNCT
fsr-3244	242	19	and	and	CCONJ
fsr-3244	242	20	hence	hence	ADV
fsr-3244	242	21	the	the	PRON
fsr-3244	242	22	greater	great	ADJ
fsr-3244	242	23	the	the	DET
fsr-3244	242	24	proportion	proportion	NOUN
fsr-3244	242	25	of	of	ADP
fsr-3244	242	26	the	the	DET
fsr-3244	242	27	investment	investment	NOUN
fsr-3244	242	28	that	that	PRON
fsr-3244	242	29	is	be	AUX
fsr-3244	242	30	not	not	PART
fsr-3244	242	31	benefiting	benefit	VERB
fsr-3244	242	32	from	from	ADP
fsr-3244	242	33	mortality	mortality	NOUN
fsr-3244	242	34	credits	credit	NOUN
fsr-3244	242	35	.	.	PUNCT
fsr-3244	243	1	put	put	VERB
fsr-3244	243	2	another	another	DET
fsr-3244	243	3	way	way	NOUN
fsr-3244	243	4	,	,	PUNCT
fsr-3244	243	5	the	the	DET
fsr-3244	243	6	shorter	short	ADJ
fsr-3244	243	7	the	the	DET
fsr-3244	243	8	ladder	ladder	NOUN
fsr-3244	243	9	,	,	PUNCT
fsr-3244	243	10	the	the	PRON
fsr-3244	243	11	more	more	ADV
fsr-3244	243	12	the	the	DET
fsr-3244	243	13	tips	tip	NOUN
fsr-3244	243	14	ladder	ladder	NOUN
fsr-3244	243	15	/	/	SYM
fsr-3244	243	16	deferred	defer	VERB
fsr-3244	243	17	annuity	annuity	NOUN
fsr-3244	243	18	strategy	strategy	NOUN
fsr-3244	243	19	resembles	resemble	VERB
fsr-3244	243	20	an	an	DET
fsr-3244	243	21	immediate	immediate	ADJ
fsr-3244	243	22	annuity	annuity	NOUN
fsr-3244	243	23	.	.	PUNCT
fsr-3244	244	1	table	table	NOUN
fsr-3244	244	2	1	1	NUM
fsr-3244	244	3	also	also	ADV
fsr-3244	244	4	shows	show	VERB
fsr-3244	244	5	that	that	SCONJ
fsr-3244	244	6	,	,	PUNCT
fsr-3244	244	7	given	give	VERB
fsr-3244	244	8	the	the	DET
fsr-3244	244	9	length	length	NOUN
fsr-3244	244	10	of	of	ADP
fsr-3244	244	11	the	the	DET
fsr-3244	244	12	tips	tip	NOUN
fsr-3244	244	13	ladder	ladder	NOUN
fsr-3244	244	14	,	,	PUNCT
fsr-3244	244	15	the	the	DET
fsr-3244	244	16	later	later	ADV
fsr-3244	244	17	in	in	ADP
fsr-3244	244	18	life	life	NOUN
fsr-3244	244	19	that	that	PRON
fsr-3244	244	20	the	the	DET
fsr-3244	244	21	investor	investor	NOUN
fsr-3244	244	22	retires	retire	VERB
fsr-3244	244	23	,	,	PUNCT
fsr-3244	244	24	the	the	PRON
fsr-3244	244	25	greater	great	ADJ
fsr-3244	244	26	the	the	DET
fsr-3244	244	27	real	real	ADJ
fsr-3244	244	28	payout	payout	NOUN
fsr-3244	244	29	rate	rate	NOUN
fsr-3244	244	30	.	.	PUNCT
fsr-3244	245	1	the	the	DET
fsr-3244	245	2	same	same	ADJ
fsr-3244	245	3	pattern	pattern	NOUN
fsr-3244	245	4	holds	hold	VERB
fsr-3244	245	5	for	for	ADP
fsr-3244	245	6	immediate	immediate	ADJ
fsr-3244	245	7	annuities	annuity	NOUN
fsr-3244	245	8	for	for	ADP
fsr-3244	245	9	the	the	DET
fsr-3244	245	10	same	same	ADJ
fsr-3244	245	11	reason	reason	NOUN
fsr-3244	245	12	:	:	PUNCT
fsr-3244	245	13	a	a	DET
fsr-3244	245	14	given	give	VERB
fsr-3244	245	15	level	level	NOUN
fsr-3244	245	16	of	of	ADP
fsr-3244	245	17	retirement	retirement	NOUN
fsr-3244	245	18	wealth	wealth	NOUN
fsr-3244	245	19	needs	need	VERB
fsr-3244	245	20	to	to	PART
fsr-3244	245	21	support	support	VERB
fsr-3244	245	22	fewer	few	ADJ
fsr-3244	245	23	years	year	NOUN
fsr-3244	245	24	of	of	ADP
fsr-3244	245	25	payouts	payout	NOUN
fsr-3244	245	26	.	.	PUNCT
fsr-3244	246	1	when	when	SCONJ
fsr-3244	246	2	the	the	DET
fsr-3244	246	3	deferred	deferred	ADJ
fsr-3244	246	4	annuity	annuity	NOUN
fsr-3244	246	5	is	be	AUX
fsr-3244	246	6	not	not	PART
fsr-3244	246	7	indexed	index	VERB
fsr-3244	246	8	for	for	ADP
fsr-3244	246	9	inflation	inflation	NOUN
fsr-3244	246	10	,	,	PUNCT
fsr-3244	246	11	the	the	DET
fsr-3244	246	12	target	target	NOUN
fsr-3244	246	13	real	real	ADJ
fsr-3244	246	14	payout	payout	NOUN
fsr-3244	246	15	rate	rate	NOUN
fsr-3244	246	16	from	from	ADP
fsr-3244	246	17	the	the	DET
fsr-3244	246	18	tips	tip	NOUN
fsr-3244	246	19	ladder	ladder	NOUN
fsr-3244	246	20	/	/	SYM
fsr-3244	246	21	deferred	defer	VERB
fsr-3244	246	22	annuity	annuity	NOUN
fsr-3244	246	23	strategy	strategy	NOUN
fsr-3244	246	24	is	be	AUX
fsr-3244	246	25	substantially	substantially	ADV
fsr-3244	246	26	higher	high	ADJ
fsr-3244	246	27	than	than	ADP
fsr-3244	246	28	the	the	DET
fsr-3244	246	29	corresponding	correspond	VERB
fsr-3244	246	30	369p.j	369p.j	NUM
fsr-3244	246	31	.	.	PUNCT
fsr-3244	247	1	haensly	haensly	ADV
fsr-3244	247	2	,	,	PUNCT
fsr-3244	247	3	k.p	k.p	PROPN
fsr-3244	247	4	.	.	PROPN
fsr-3244	247	5	pai	pai	PROPN
fsr-3244	247	6	/	/	SYM
fsr-3244	247	7	financial	financial	ADJ
fsr-3244	247	8	services	service	NOUN
fsr-3244	247	9	review	review	VERB
fsr-3244	247	10	24	24	NUM
fsr-3244	247	11	(	(	PUNCT
fsr-3244	247	12	2015	2015	NUM
fsr-3244	247	13	)	)	PUNCT
fsr-3244	247	14	359–386	359–386	NUM
fsr-3244	247	15	strategy	strategy	NOUN
fsr-3244	247	16	with	with	ADP
fsr-3244	247	17	an	an	DET
fsr-3244	247	18	indexed	index	VERB
fsr-3244	247	19	deferred	defer	VERB
fsr-3244	247	20	annuity	annuity	NOUN
fsr-3244	247	21	and	and	CCONJ
fsr-3244	247	22	may	may	AUX
fsr-3244	247	23	even	even	ADV
fsr-3244	247	24	exceed	exceed	VERB
fsr-3244	247	25	that	that	PRON
fsr-3244	247	26	from	from	ADP
fsr-3244	247	27	an	an	DET
fsr-3244	247	28	inflationindexed	inflationindexed	ADJ
fsr-3244	247	29	immediate	immediate	ADJ
fsr-3244	247	30	annuity	annuity	NOUN
fsr-3244	247	31	.	.	PUNCT
fsr-3244	248	1	please	please	INTJ
fsr-3244	248	2	see	see	VERB
fsr-3244	248	3	the	the	DET
fsr-3244	248	4	last	last	ADJ
fsr-3244	248	5	three	three	NUM
fsr-3244	248	6	columns	column	NOUN
fsr-3244	248	7	in	in	ADP
fsr-3244	248	8	table	table	NOUN
fsr-3244	248	9	1	1	NUM
fsr-3244	248	10	.	.	PUNCT
fsr-3244	249	1	for	for	ADP
fsr-3244	249	2	example	example	NOUN
fsr-3244	249	3	,	,	PUNCT
fsr-3244	249	4	among	among	ADP
fsr-3244	249	5	investors	investor	NOUN
fsr-3244	249	6	who	who	PRON
fsr-3244	249	7	retire	retire	VERB
fsr-3244	249	8	at	at	ADP
fsr-3244	249	9	age	age	NOUN
fsr-3244	249	10	65	65	NUM
fsr-3244	249	11	and	and	CCONJ
fsr-3244	249	12	opt	opt	VERB
fsr-3244	249	13	for	for	ADP
fsr-3244	249	14	a	a	DET
fsr-3244	249	15	10	10	NUM
fsr-3244	249	16	-	-	PUNCT
fsr-3244	249	17	year	year	NOUN
fsr-3244	249	18	tips	tip	NOUN
fsr-3244	249	19	ladder	ladder	NOUN
fsr-3244	249	20	,	,	PUNCT
fsr-3244	249	21	the	the	DET
fsr-3244	249	22	median	median	ADJ
fsr-3244	249	23	target	target	NOUN
fsr-3244	249	24	real	real	ADJ
fsr-3244	249	25	payout	payout	NOUN
fsr-3244	249	26	rate	rate	NOUN
fsr-3244	249	27	is	be	AUX
fsr-3244	249	28	6.70	6.70	NUM
fsr-3244	249	29	%	%	NOUN
fsr-3244	249	30	versus	versus	ADP
fsr-3244	249	31	a	a	DET
fsr-3244	249	32	median	median	NOUN
fsr-3244	249	33	of	of	ADP
fsr-3244	249	34	5.65	5.65	NUM
fsr-3244	249	35	%	%	NOUN
fsr-3244	249	36	for	for	ADP
fsr-3244	249	37	immediate	immediate	ADJ
fsr-3244	249	38	annuities	annuity	NOUN
fsr-3244	249	39	;	;	PUNCT
fsr-3244	249	40	the	the	DET
fsr-3244	249	41	5th	5th	ADJ
fsr-3244	249	42	-	-	PUNCT
fsr-3244	249	43	percentile	percentile	ADJ
fsr-3244	249	44	rate	rate	NOUN
fsr-3244	249	45	is	be	AUX
fsr-3244	249	46	5.47	5.47	NUM
fsr-3244	249	47	%	%	NOUN
fsr-3244	249	48	versus	versus	ADP
fsr-3244	249	49	4.80	4.80	NUM
fsr-3244	249	50	%	%	NOUN
fsr-3244	249	51	;	;	PUNCT
fsr-3244	249	52	and	and	CCONJ
fsr-3244	249	53	the	the	DET
fsr-3244	249	54	95th	95th	ADJ
fsr-3244	249	55	-	-	PUNCT
fsr-3244	249	56	percentile	percentile	NOUN
fsr-3244	249	57	is	be	AUX
fsr-3244	249	58	10.18	10.18	NUM
fsr-3244	249	59	%	%	NOUN
fsr-3244	249	60	versus	versus	ADP
fsr-3244	249	61	8.80	8.80	NUM
fsr-3244	249	62	%	%	NOUN
fsr-3244	249	63	.	.	PUNCT
fsr-3244	250	1	however	however	ADV
fsr-3244	250	2	,	,	PUNCT
fsr-3244	250	3	the	the	DET
fsr-3244	250	4	target	target	NOUN
fsr-3244	250	5	real	real	ADJ
fsr-3244	250	6	payout	payout	NOUN
fsr-3244	250	7	rate	rate	NOUN
fsr-3244	250	8	holds	hold	VERB
fsr-3244	250	9	only	only	ADV
fsr-3244	250	10	during	during	ADP
fsr-3244	250	11	the	the	DET
fsr-3244	250	12	tips	tip	NOUN
fsr-3244	250	13	ladder	ladder	NOUN
fsr-3244	250	14	phase	phase	NOUN
fsr-3244	250	15	.	.	PUNCT
fsr-3244	251	1	the	the	DET
fsr-3244	251	2	nominal	nominal	ADJ
fsr-3244	251	3	value	value	NOUN
fsr-3244	251	4	of	of	ADP
fsr-3244	251	5	the	the	DET
fsr-3244	251	6	deferred	defer	VERB
fsr-3244	251	7	annuity	annuity	NOUN
fsr-3244	251	8	payout	payout	NOUN
fsr-3244	251	9	is	be	AUX
fsr-3244	251	10	set	set	VERB
fsr-3244	251	11	equal	equal	ADJ
fsr-3244	251	12	(	(	PUNCT
fsr-3244	251	13	by	by	ADP
fsr-3244	251	14	construction	construction	NOUN
fsr-3244	251	15	)	)	PUNCT
fsr-3244	251	16	to	to	ADP
fsr-3244	251	17	the	the	DET
fsr-3244	251	18	target	target	NOUN
fsr-3244	251	19	real	real	ADJ
fsr-3244	251	20	dollar	dollar	NOUN
fsr-3244	251	21	payout	payout	NOUN
fsr-3244	251	22	.	.	PUNCT
fsr-3244	252	1	however	however	ADV
fsr-3244	252	2	,	,	PUNCT
fsr-3244	252	3	the	the	DET
fsr-3244	252	4	purchasing	purchase	VERB
fsr-3244	252	5	power	power	NOUN
fsr-3244	252	6	of	of	ADP
fsr-3244	252	7	these	these	DET
fsr-3244	252	8	nominal	nominal	ADJ
fsr-3244	252	9	payouts	payout	NOUN
fsr-3244	252	10	is	be	AUX
fsr-3244	252	11	eroded	erode	VERB
fsr-3244	252	12	by	by	ADP
fsr-3244	252	13	inflation	inflation	NOUN
fsr-3244	252	14	over	over	ADP
fsr-3244	252	15	the	the	DET
fsr-3244	252	16	investor	investor	NOUN
fsr-3244	252	17	’s	’s	PART
fsr-3244	252	18	retirement	retirement	NOUN
fsr-3244	252	19	.	.	PUNCT
fsr-3244	253	1	hence	hence	ADV
fsr-3244	253	2	,	,	PUNCT
fsr-3244	253	3	the	the	DET
fsr-3244	253	4	realized	realize	VERB
fsr-3244	253	5	real	real	ADJ
fsr-3244	253	6	payout	payout	NOUN
fsr-3244	253	7	rate	rate	NOUN
fsr-3244	253	8	during	during	ADP
fsr-3244	253	9	the	the	DET
fsr-3244	253	10	deferred	defer	VERB
fsr-3244	253	11	annuity	annuity	NOUN
fsr-3244	253	12	payout	payout	NOUN
fsr-3244	253	13	phase	phase	NOUN
fsr-3244	253	14	can	can	AUX
fsr-3244	253	15	be	be	AUX
fsr-3244	253	16	substantially	substantially	ADV
fsr-3244	253	17	lower	low	ADJ
fsr-3244	253	18	than	than	ADP
fsr-3244	253	19	the	the	DET
fsr-3244	253	20	target	target	NOUN
fsr-3244	253	21	rate	rate	NOUN
fsr-3244	253	22	for	for	ADP
fsr-3244	253	23	the	the	DET
fsr-3244	253	24	strategy	strategy	NOUN
fsr-3244	253	25	.	.	PUNCT
fsr-3244	254	1	the	the	DET
fsr-3244	254	2	distribution	distribution	NOUN
fsr-3244	254	3	of	of	ADP
fsr-3244	254	4	the	the	DET
fsr-3244	254	5	target	target	NOUN
fsr-3244	254	6	real	real	ADJ
fsr-3244	254	7	payout	payout	NOUN
fsr-3244	254	8	rate	rate	NOUN
fsr-3244	254	9	for	for	ADP
fsr-3244	254	10	a	a	DET
fsr-3244	254	11	tips	tip	NOUN
fsr-3244	254	12	ladder	ladder	NOUN
fsr-3244	254	13	/	/	SYM
fsr-3244	254	14	non	non	ADJ
fsr-3244	254	15	-	-	ADJ
fsr-3244	254	16	indexed	indexed	ADJ
fsr-3244	254	17	deferred	deferred	ADJ
fsr-3244	254	18	annuity	annuity	NOUN
fsr-3244	254	19	strategy	strategy	NOUN
fsr-3244	254	20	is	be	AUX
fsr-3244	254	21	higher	high	ADJ
fsr-3244	254	22	than	than	ADP
fsr-3244	254	23	that	that	PRON
fsr-3244	254	24	for	for	ADP
fsr-3244	254	25	a	a	DET
fsr-3244	254	26	corresponding	corresponding	ADJ
fsr-3244	254	27	strategy	strategy	NOUN
fsr-3244	254	28	with	with	ADP
fsr-3244	254	29	an	an	DET
fsr-3244	254	30	inflation	inflation	NOUN
fsr-3244	254	31	-	-	PUNCT
fsr-3244	254	32	indexed	index	VERB
fsr-3244	254	33	deferred	deferred	ADJ
fsr-3244	254	34	annuity	annuity	NOUN
fsr-3244	254	35	,	,	PUNCT
fsr-3244	254	36	because	because	SCONJ
fsr-3244	254	37	the	the	DET
fsr-3244	254	38	non	non	ADJ
fsr-3244	254	39	-	-	ADJ
fsr-3244	254	40	indexed	indexed	ADJ
fsr-3244	254	41	annuity	annuity	NOUN
fsr-3244	254	42	is	be	AUX
fsr-3244	254	43	less	less	ADV
fsr-3244	254	44	expensive	expensive	ADJ
fsr-3244	254	45	than	than	ADP
fsr-3244	254	46	its	its	PRON
fsr-3244	254	47	indexed	indexed	ADJ
fsr-3244	254	48	counterpart	counterpart	NOUN
fsr-3244	254	49	.	.	PUNCT
fsr-3244	255	1	hence	hence	ADV
fsr-3244	255	2	,	,	PUNCT
fsr-3244	255	3	for	for	ADP
fsr-3244	255	4	a	a	DET
fsr-3244	255	5	given	give	VERB
fsr-3244	255	6	level	level	NOUN
fsr-3244	255	7	of	of	ADP
fsr-3244	255	8	wealth	wealth	NOUN
fsr-3244	255	9	at	at	ADP
fsr-3244	255	10	retirement	retirement	NOUN
fsr-3244	255	11	and	and	CCONJ
fsr-3244	255	12	a	a	DET
fsr-3244	255	13	given	give	VERB
fsr-3244	255	14	length	length	NOUN
fsr-3244	255	15	ladder	ladder	NOUN
fsr-3244	255	16	,	,	PUNCT
fsr-3244	255	17	more	more	ADJ
fsr-3244	255	18	of	of	ADP
fsr-3244	255	19	that	that	DET
fsr-3244	255	20	wealth	wealth	NOUN
fsr-3244	255	21	can	can	AUX
fsr-3244	255	22	be	be	AUX
fsr-3244	255	23	invested	invest	VERB
fsr-3244	255	24	in	in	ADP
fsr-3244	255	25	the	the	DET
fsr-3244	255	26	tips	tip	NOUN
fsr-3244	255	27	ladder	ladder	NOUN
fsr-3244	255	28	.	.	PUNCT
fsr-3244	256	1	because	because	SCONJ
fsr-3244	256	2	the	the	DET
fsr-3244	256	3	realized	realize	VERB
fsr-3244	256	4	real	real	ADJ
fsr-3244	256	5	payout	payout	NOUN
fsr-3244	256	6	rate	rate	NOUN
fsr-3244	256	7	during	during	ADP
fsr-3244	256	8	the	the	DET
fsr-3244	256	9	tips	tip	NOUN
fsr-3244	256	10	ladder	ladder	NOUN
fsr-3244	256	11	phase	phase	NOUN
fsr-3244	256	12	usually	usually	ADV
fsr-3244	256	13	is	be	AUX
fsr-3244	256	14	the	the	DET
fsr-3244	256	15	target	target	NOUN
fsr-3244	256	16	rate	rate	NOUN
fsr-3244	256	17	by	by	ADP
fsr-3244	256	18	design	design	NOUN
fsr-3244	256	19	,	,	PUNCT
fsr-3244	256	20	this	this	DET
fsr-3244	256	21	rate	rate	NOUN
fsr-3244	256	22	is	be	AUX
fsr-3244	256	23	higher	high	ADJ
fsr-3244	256	24	when	when	SCONJ
fsr-3244	256	25	a	a	DET
fsr-3244	256	26	greater	great	ADJ
fsr-3244	256	27	proportion	proportion	NOUN
fsr-3244	256	28	of	of	ADP
fsr-3244	256	29	wealth	wealth	NOUN
fsr-3244	256	30	at	at	ADP
fsr-3244	256	31	retirement	retirement	NOUN
fsr-3244	256	32	is	be	AUX
fsr-3244	256	33	dedicated	dedicate	VERB
fsr-3244	256	34	to	to	ADP
fsr-3244	256	35	the	the	DET
fsr-3244	256	36	ladder	ladder	NOUN
fsr-3244	256	37	.	.	PUNCT
fsr-3244	257	1	table	table	NOUN
fsr-3244	257	2	1	1	NUM
fsr-3244	257	3	distribution	distribution	NOUN
fsr-3244	257	4	of	of	ADP
fsr-3244	257	5	target	target	NOUN
fsr-3244	257	6	real	real	ADJ
fsr-3244	257	7	annual	annual	ADJ
fsr-3244	257	8	payout	payout	NOUN
fsr-3244	257	9	rates	rate	NOUN
fsr-3244	257	10	(	(	PUNCT
fsr-3244	257	11	%	%	INTJ
fsr-3244	257	12	)	)	PUNCT
fsr-3244	257	13	by	by	ADP
fsr-3244	257	14	strategy	strategy	NOUN
fsr-3244	257	15	across	across	ADP
fsr-3244	257	16	simulated	simulated	ADJ
fsr-3244	257	17	investor	investor	NOUN
fsr-3244	257	18	histories	history	NOUN
fsr-3244	257	19	retirement	retirement	NOUN
fsr-3244	257	20	age	age	NOUN
fsr-3244	257	21	(	(	PUNCT
fsr-3244	257	22	years	year	NOUN
fsr-3244	257	23	)	)	PUNCT
fsr-3244	257	24	strategy	strategy	NOUN
fsr-3244	257	25	deferred	defer	VERB
fsr-3244	257	26	(	(	PUNCT
fsr-3244	257	27	or	or	CCONJ
fsr-3244	257	28	immediate	immediate	ADJ
fsr-3244	257	29	)	)	PUNCT
fsr-3244	257	30	annuity	annuity	NOUN
fsr-3244	257	31	indexed	index	VERB
fsr-3244	257	32	for	for	ADP
fsr-3244	257	33	inflation	inflation	NOUN
fsr-3244	257	34	deferred	defer	VERB
fsr-3244	257	35	annuity	annuity	NOUN
fsr-3244	257	36	not	not	PART
fsr-3244	257	37	indexed	index	VERB
fsr-3244	257	38	for	for	ADP
fsr-3244	257	39	inflation	inflation	NOUN
fsr-3244	257	40	5%-tile	5%-tile	NUM
fsr-3244	257	41	median	median	NOUN
fsr-3244	257	42	95%-tile	95%-tile	NUM
fsr-3244	257	43	5%-tile	5%-tile	NUM
fsr-3244	257	44	median	median	NOUN
fsr-3244	257	45	95%-tile	95%-tile	NUM
fsr-3244	257	46	55	55	NUM
fsr-3244	257	47	immediate	immediate	ADJ
fsr-3244	257	48	annuity	annuity	NOUN
fsr-3244	257	49	3.44	3.44	NUM
fsr-3244	257	50	4.29	4.29	NUM
fsr-3244	257	51	7.40	7.40	NUM
fsr-3244	257	52	55	55	NUM
fsr-3244	257	53	10	10	NUM
fsr-3244	257	54	-	-	PUNCT
fsr-3244	257	55	year	year	NOUN
fsr-3244	257	56	ladder	ladder	NOUN
fsr-3244	257	57	&	&	CCONJ
fsr-3244	257	58	da	da	PROPN
fsr-3244	257	59	3.40	3.40	NUM
fsr-3244	257	60	4.24	4.24	NUM
fsr-3244	257	61	7.20	7.20	NUM
fsr-3244	257	62	4.39	4.39	NUM
fsr-3244	257	63	5.66	5.66	NUM
fsr-3244	257	64	9.43	9.43	NUM
fsr-3244	257	65	15	15	NUM
fsr-3244	257	66	-	-	PUNCT
fsr-3244	257	67	year	year	NOUN
fsr-3244	257	68	ladder	ladder	NOUN
fsr-3244	257	69	&	&	CCONJ
fsr-3244	257	70	da	da	PROPN
fsr-3244	257	71	3.35	3.35	NUM
fsr-3244	257	72	4.17	4.17	NUM
fsr-3244	257	73	7.04	7.04	NUM
fsr-3244	257	74	4.15	4.15	NUM
fsr-3244	257	75	5.24	5.24	NUM
fsr-3244	257	76	8.41	8.41	NUM
fsr-3244	257	77	20	20	NUM
fsr-3244	257	78	-	-	PUNCT
fsr-3244	257	79	year	year	NOUN
fsr-3244	257	80	ladder	ladder	NOUN
fsr-3244	257	81	&	&	CCONJ
fsr-3244	257	82	da	da	X
fsr-3244	257	83	3.28	3.28	NUM
fsr-3244	257	84	4.09	4.09	NUM
fsr-3244	257	85	6.85	6.85	NUM
fsr-3244	257	86	3.89	3.89	NUM
fsr-3244	257	87	4.82	4.82	NUM
fsr-3244	257	88	7.54	7.54	NUM
fsr-3244	257	89	25	25	NUM
fsr-3244	257	90	-	-	PUNCT
fsr-3244	257	91	year	year	NOUN
fsr-3244	257	92	ladder	ladder	NOUN
fsr-3244	257	93	&	&	CCONJ
fsr-3244	257	94	da	da	PROPN
fsr-3244	257	95	3.15	3.15	NUM
fsr-3244	257	96	3.92	3.92	NUM
fsr-3244	257	97	6.70	6.70	NUM
fsr-3244	257	98	3.56	3.56	NUM
fsr-3244	257	99	4.36	4.36	NUM
fsr-3244	257	100	7.03	7.03	NUM
fsr-3244	257	101	30	30	NUM
fsr-3244	257	102	-	-	PUNCT
fsr-3244	257	103	year	year	NOUN
fsr-3244	257	104	ladder	ladder	NOUN
fsr-3244	257	105	&	&	CCONJ
fsr-3244	257	106	da	da	PROPN
fsr-3244	258	1	2.99	2.99	NUM
fsr-3244	258	2	3.72	3.72	NUM
fsr-3244	258	3	6.38	6.38	NUM
fsr-3244	258	4	3.21	3.21	NUM
fsr-3244	258	5	3.94	3.94	NUM
fsr-3244	258	6	6.55	6.55	NUM
fsr-3244	258	7	60	60	NUM
fsr-3244	258	8	immediate	immediate	ADJ
fsr-3244	258	9	annuity	annuity	NOUN
fsr-3244	258	10	4.01	4.01	NUM
fsr-3244	258	11	4.87	4.87	NUM
fsr-3244	258	12	7.91	7.91	NUM
fsr-3244	258	13	60	60	NUM
fsr-3244	258	14	10	10	NUM
fsr-3244	258	15	-	-	PUNCT
fsr-3244	258	16	year	year	NOUN
fsr-3244	258	17	ladder	ladder	NOUN
fsr-3244	258	18	&	&	CCONJ
fsr-3244	258	19	da	da	PROPN
fsr-3244	258	20	3.95	3.95	NUM
fsr-3244	258	21	4.81	4.81	NUM
fsr-3244	258	22	7.61	7.61	NUM
fsr-3244	258	23	4.86	4.86	NUM
fsr-3244	258	24	6.10	6.10	NUM
fsr-3244	258	25	9.65	9.65	NUM
fsr-3244	258	26	15	15	NUM
fsr-3244	258	27	-	-	PUNCT
fsr-3244	258	28	year	year	NOUN
fsr-3244	258	29	ladder	ladder	NOUN
fsr-3244	258	30	&	&	CCONJ
fsr-3244	258	31	da	da	PROPN
fsr-3244	258	32	3.86	3.86	NUM
fsr-3244	258	33	4.63	4.63	NUM
fsr-3244	258	34	7.42	7.42	NUM
fsr-3244	258	35	4.55	4.55	NUM
fsr-3244	258	36	5.57	5.57	NUM
fsr-3244	258	37	8.54	8.54	NUM
fsr-3244	258	38	20	20	NUM
fsr-3244	258	39	-	-	PUNCT
fsr-3244	258	40	year	year	NOUN
fsr-3244	258	41	ladder	ladder	NOUN
fsr-3244	258	42	&	&	CCONJ
fsr-3244	258	43	da	da	PROPN
fsr-3244	258	44	3.69	3.69	NUM
fsr-3244	258	45	4.43	4.43	NUM
fsr-3244	258	46	6.99	6.99	NUM
fsr-3244	258	47	4.16	4.16	NUM
fsr-3244	258	48	5.03	5.03	NUM
fsr-3244	258	49	7.70	7.70	NUM
fsr-3244	258	50	25	25	NUM
fsr-3244	258	51	-	-	PUNCT
fsr-3244	258	52	year	year	NOUN
fsr-3244	258	53	ladder	ladder	NOUN
fsr-3244	258	54	&	&	CCONJ
fsr-3244	258	55	da	da	PROPN
fsr-3244	258	56	3.47	3.47	NUM
fsr-3244	258	57	4.24	4.24	NUM
fsr-3244	258	58	6.93	6.93	NUM
fsr-3244	258	59	3.73	3.73	NUM
fsr-3244	258	60	4.48	4.48	NUM
fsr-3244	258	61	7.07	7.07	NUM
fsr-3244	258	62	65	65	NUM
fsr-3244	258	63	immediate	immediate	ADJ
fsr-3244	258	64	annuity	annuity	NOUN
fsr-3244	258	65	4.80	4.80	NUM
fsr-3244	258	66	5.65	5.65	NUM
fsr-3244	258	67	8.80	8.80	NUM
fsr-3244	258	68	65	65	NUM
fsr-3244	258	69	10	10	NUM
fsr-3244	258	70	-	-	PUNCT
fsr-3244	258	71	year	year	NOUN
fsr-3244	258	72	ladder	ladder	NOUN
fsr-3244	258	73	&	&	CCONJ
fsr-3244	258	74	da	da	PROPN
fsr-3244	258	75	4.66	4.66	NUM
fsr-3244	258	76	5.45	5.45	NUM
fsr-3244	258	77	8.31	8.31	NUM
fsr-3244	258	78	5.47	5.47	NUM
fsr-3244	258	79	6.70	6.70	NUM
fsr-3244	258	80	10.18	10.18	NUM
fsr-3244	258	81	15	15	NUM
fsr-3244	258	82	-	-	PUNCT
fsr-3244	258	83	year	year	NOUN
fsr-3244	258	84	ladder	ladder	NOUN
fsr-3244	258	85	&	&	CCONJ
fsr-3244	258	86	da	da	PROPN
fsr-3244	258	87	4.46	4.46	NUM
fsr-3244	258	88	5.20	5.20	NUM
fsr-3244	258	89	7.90	7.90	NUM
fsr-3244	258	90	5.02	5.02	NUM
fsr-3244	258	91	5.98	5.98	NUM
fsr-3244	258	92	8.63	8.63	NUM
fsr-3244	258	93	20	20	NUM
fsr-3244	258	94	-	-	PUNCT
fsr-3244	258	95	year	year	NOUN
fsr-3244	258	96	ladder	ladder	NOUN
fsr-3244	258	97	&	&	CCONJ
fsr-3244	258	98	da	da	PROPN
fsr-3244	258	99	4.14	4.14	NUM
fsr-3244	258	100	4.86	4.86	NUM
fsr-3244	258	101	7.46	7.46	NUM
fsr-3244	258	102	4.45	4.45	NUM
fsr-3244	258	103	5.28	5.28	NUM
fsr-3244	258	104	7.80	7.80	NUM
fsr-3244	258	105	70	70	NUM
fsr-3244	258	106	immediate	immediate	ADJ
fsr-3244	258	107	annuity	annuity	NOUN
fsr-3244	258	108	5.86	5.86	NUM
fsr-3244	258	109	6.72	6.72	NUM
fsr-3244	258	110	9.76	9.76	NUM
fsr-3244	258	111	70	70	NUM
fsr-3244	258	112	10	10	NUM
fsr-3244	258	113	-	-	PUNCT
fsr-3244	258	114	year	year	NOUN
fsr-3244	258	115	ladder	ladder	NOUN
fsr-3244	258	116	&	&	CCONJ
fsr-3244	258	117	da	da	PROPN
fsr-3244	258	118	5.57	5.57	NUM
fsr-3244	258	119	6.34	6.34	NUM
fsr-3244	258	120	9.03	9.03	NUM
fsr-3244	258	121	6.24	6.24	NUM
fsr-3244	258	122	7.37	7.37	NUM
fsr-3244	258	123	10.47	10.47	NUM
fsr-3244	258	124	15	15	NUM
fsr-3244	258	125	-	-	PUNCT
fsr-3244	258	126	year	year	NOUN
fsr-3244	258	127	ladder	ladder	NOUN
fsr-3244	258	128	&	&	CCONJ
fsr-3244	258	129	da	da	PROPN
fsr-3244	258	130	5.12	5.12	NUM
fsr-3244	258	131	5.83	5.83	NUM
fsr-3244	258	132	8.36	8.36	NUM
fsr-3244	258	133	5.52	5.52	NUM
fsr-3244	258	134	6.38	6.38	NUM
fsr-3244	258	135	8.98	8.98	NUM
fsr-3244	258	136	75	75	NUM
fsr-3244	258	137	immediate	immediate	ADJ
fsr-3244	258	138	annuity	annuity	NOUN
fsr-3244	258	139	7.41	7.41	NUM
fsr-3244	258	140	8.24	8.24	NUM
fsr-3244	258	141	11.43	11.43	NUM
fsr-3244	258	142	75	75	NUM
fsr-3244	258	143	10	10	NUM
fsr-3244	258	144	-	-	PUNCT
fsr-3244	258	145	year	year	NOUN
fsr-3244	258	146	ladder	ladder	NOUN
fsr-3244	258	147	&	&	CCONJ
fsr-3244	258	148	da	da	PROPN
fsr-3244	258	149	6.68	6.68	NUM
fsr-3244	258	150	7.40	7.40	NUM
fsr-3244	258	151	10.05	10.05	NUM
fsr-3244	258	152	7.17	7.17	NUM
fsr-3244	258	153	8.22	8.22	NUM
fsr-3244	258	154	11.07	11.07	NUM
fsr-3244	258	155	the	the	DET
fsr-3244	258	156	payout	payout	NOUN
fsr-3244	258	157	rates	rate	NOUN
fsr-3244	258	158	are	be	AUX
fsr-3244	258	159	real	real	ADJ
fsr-3244	258	160	annual	annual	ADJ
fsr-3244	258	161	payouts	payout	NOUN
fsr-3244	258	162	as	as	ADP
fsr-3244	258	163	a	a	DET
fsr-3244	258	164	percentage	percentage	NOUN
fsr-3244	258	165	of	of	ADP
fsr-3244	258	166	total	total	ADJ
fsr-3244	258	167	funds	fund	NOUN
fsr-3244	258	168	at	at	ADP
fsr-3244	258	169	retirement	retirement	NOUN
fsr-3244	258	170	.	.	PUNCT
fsr-3244	259	1	for	for	ADP
fsr-3244	259	2	strategies	strategy	NOUN
fsr-3244	259	3	with	with	ADP
fsr-3244	259	4	a	a	DET
fsr-3244	259	5	deferred	defer	VERB
fsr-3244	259	6	annuity	annuity	NOUN
fsr-3244	259	7	(	(	PUNCT
fsr-3244	259	8	da	da	NOUN
fsr-3244	259	9	)	)	PUNCT
fsr-3244	259	10	,	,	PUNCT
fsr-3244	259	11	the	the	DET
fsr-3244	259	12	annuity	annuity	NOUN
fsr-3244	259	13	payments	payment	NOUN
fsr-3244	259	14	begin	begin	VERB
fsr-3244	259	15	one	one	NUM
fsr-3244	259	16	month	month	NOUN
fsr-3244	259	17	after	after	ADP
fsr-3244	259	18	the	the	DET
fsr-3244	259	19	tips	tip	NOUN
fsr-3244	259	20	ladder	ladder	NOUN
fsr-3244	259	21	phase	phase	NOUN
fsr-3244	259	22	.	.	PUNCT
fsr-3244	260	1	when	when	SCONJ
fsr-3244	260	2	the	the	DET
fsr-3244	260	3	deferred	deferred	ADJ
fsr-3244	260	4	annuity	annuity	NOUN
fsr-3244	260	5	is	be	AUX
fsr-3244	260	6	indexed	index	VERB
fsr-3244	260	7	for	for	ADP
fsr-3244	260	8	inflation	inflation	NOUN
fsr-3244	260	9	,	,	PUNCT
fsr-3244	260	10	it	it	PRON
fsr-3244	260	11	is	be	AUX
fsr-3244	260	12	indexed	index	VERB
fsr-3244	260	13	in	in	ADP
fsr-3244	260	14	the	the	DET
fsr-3244	260	15	same	same	ADJ
fsr-3244	260	16	manner	manner	NOUN
fsr-3244	260	17	as	as	ADP
fsr-3244	260	18	tips	tip	NOUN
fsr-3244	260	19	,	,	PUNCT
fsr-3244	260	20	that	that	ADV
fsr-3244	260	21	is	is	ADV
fsr-3244	260	22	,	,	PUNCT
fsr-3244	260	23	indexed	index	VERB
fsr-3244	260	24	to	to	ADP
fsr-3244	260	25	the	the	DET
fsr-3244	260	26	cpi	cpi	NOUN
fsr-3244	260	27	-	-	PUNCT
fsr-3244	260	28	u	u	NOUN
fsr-3244	260	29	with	with	ADP
fsr-3244	260	30	a	a	DET
fsr-3244	260	31	three	three	NUM
fsr-3244	260	32	-	-	PUNCT
fsr-3244	260	33	month	month	NOUN
fsr-3244	260	34	lag	lag	NOUN
fsr-3244	260	35	.	.	PUNCT
fsr-3244	261	1	370	370	NUM
fsr-3244	261	2	p.j	p.j	PROPN
fsr-3244	261	3	.	.	PROPN
fsr-3244	261	4	haensly	haensly	PROPN
fsr-3244	261	5	,	,	PUNCT
fsr-3244	261	6	k.p	k.p	PROPN
fsr-3244	261	7	.	.	PROPN
fsr-3244	261	8	pai	pai	PROPN
fsr-3244	261	9	/	/	SYM
fsr-3244	261	10	financial	financial	ADJ
fsr-3244	261	11	services	service	NOUN
fsr-3244	261	12	review	review	VERB
fsr-3244	261	13	24	24	NUM
fsr-3244	261	14	(	(	PUNCT
fsr-3244	261	15	2015	2015	NUM
fsr-3244	261	16	)	)	PUNCT
fsr-3244	261	17	359–386	359–386	NUM
fsr-3244	261	18	5.1.2	5.1.2	NUM
fsr-3244	261	19	.	.	PUNCT
fsr-3244	262	1	influence	influence	NOUN
fsr-3244	262	2	of	of	ADP
fsr-3244	262	3	market	market	NOUN
fsr-3244	262	4	yields	yield	NOUN
fsr-3244	262	5	market	market	NOUN
fsr-3244	262	6	yields	yield	NOUN
fsr-3244	262	7	at	at	ADP
fsr-3244	262	8	retirement	retirement	NOUN
fsr-3244	262	9	determine	determine	NOUN
fsr-3244	262	10	the	the	DET
fsr-3244	262	11	target	target	NOUN
fsr-3244	262	12	payout	payout	NOUN
fsr-3244	262	13	rate	rate	NOUN
fsr-3244	262	14	in	in	ADP
fsr-3244	262	15	a	a	DET
fsr-3244	262	16	complex	complex	ADJ
fsr-3244	262	17	fashion	fashion	NOUN
fsr-3244	262	18	by	by	ADP
fsr-3244	262	19	eq	eq	PROPN
fsr-3244	262	20	.	.	PUNCT
fsr-3244	263	1	(	(	PUNCT
fsr-3244	263	2	2	2	NUM
fsr-3244	263	3	)	)	PUNCT
fsr-3244	263	4	.	.	PUNCT
fsr-3244	264	1	(	(	PUNCT
fsr-3244	264	2	in	in	ADP
fsr-3244	264	3	the	the	DET
fsr-3244	264	4	notation	notation	NOUN
fsr-3244	264	5	of	of	ADP
fsr-3244	264	6	this	this	DET
fsr-3244	264	7	equation	equation	NOUN
fsr-3244	264	8	,	,	PUNCT
fsr-3244	264	9	the	the	DET
fsr-3244	264	10	annual	annual	ADJ
fsr-3244	264	11	real	real	ADJ
fsr-3244	264	12	payout	payout	NOUN
fsr-3244	264	13	rate	rate	NOUN
fsr-3244	264	14	is	be	AUX
fsr-3244	264	15	a	a	DET
fsr-3244	264	16	/	/	SYM
fsr-3244	264	17	w.	w.	NOUN
fsr-3244	264	18	)	)	PUNCT
fsr-3244	264	19	yields	yield	NOUN
fsr-3244	264	20	at	at	ADP
fsr-3244	264	21	retirement	retirement	NOUN
fsr-3244	264	22	enter	enter	VERB
fsr-3244	264	23	into	into	ADP
fsr-3244	264	24	the	the	DET
fsr-3244	264	25	calculation	calculation	NOUN
fsr-3244	264	26	through	through	ADP
fsr-3244	264	27	the	the	DET
fsr-3244	264	28	deferred	defer	VERB
fsr-3244	264	29	pension	pension	NOUN
fsr-3244	264	30	annuity	annuity	NOUN
fsr-3244	264	31	factor	factor	NOUN
fsr-3244	264	32	and	and	CCONJ
fsr-3244	264	33	the	the	DET
fsr-3244	264	34	market	market	NOUN
fsr-3244	264	35	prices	price	NOUN
fsr-3244	264	36	of	of	ADP
fsr-3244	264	37	the	the	DET
fsr-3244	264	38	tips	tip	NOUN
fsr-3244	264	39	in	in	ADP
fsr-3244	264	40	the	the	DET
fsr-3244	264	41	ladder	ladder	NOUN
fsr-3244	264	42	.	.	PUNCT
fsr-3244	265	1	if	if	SCONJ
fsr-3244	265	2	the	the	DET
fsr-3244	265	3	deferred	deferred	ADJ
fsr-3244	265	4	annuity	annuity	NOUN
fsr-3244	265	5	is	be	AUX
fsr-3244	265	6	indexed	index	VERB
fsr-3244	265	7	for	for	ADP
fsr-3244	265	8	inflation	inflation	NOUN
fsr-3244	265	9	,	,	PUNCT
fsr-3244	265	10	then	then	ADV
fsr-3244	265	11	the	the	DET
fsr-3244	265	12	inflation	inflation	NOUN
fsr-3244	265	13	-	-	PUNCT
fsr-3244	265	14	indexed	index	VERB
fsr-3244	265	15	zero	zero	NUM
fsr-3244	265	16	-	-	PUNCT
fsr-3244	265	17	coupon	coupon	NOUN
fsr-3244	265	18	treasury	treasury	NOUN
fsr-3244	265	19	yield	yield	NOUN
fsr-3244	265	20	curve	curve	NOUN
fsr-3244	265	21	at	at	ADP
fsr-3244	265	22	retirement	retirement	NOUN
fsr-3244	265	23	determines	determine	NOUN
fsr-3244	265	24	both	both	DET
fsr-3244	265	25	dpaf	dpaf	PROPN
fsr-3244	265	26	*	*	PROPN
fsr-3244	265	27	,	,	PUNCT
fsr-3244	265	28	the	the	DET
fsr-3244	265	29	deferred	defer	VERB
fsr-3244	265	30	pension	pension	NOUN
fsr-3244	265	31	annuity	annuity	NOUN
fsr-3244	265	32	factor	factor	NOUN
fsr-3244	265	33	,	,	PUNCT
fsr-3244	265	34	and	and	CCONJ
fsr-3244	265	35	the	the	DET
fsr-3244	265	36	vector	vector	NOUN
fsr-3244	265	37	of	of	ADP
fsr-3244	265	38	tips	tip	NOUN
fsr-3244	265	39	prices	price	NOUN
fsr-3244	265	40	,	,	PUNCT
fsr-3244	265	41	p.	p.	NOUN
fsr-3244	265	42	both	both	PRON
fsr-3244	265	43	are	be	AUX
fsr-3244	265	44	in	in	ADP
fsr-3244	265	45	the	the	DET
fsr-3244	265	46	denominator	denominator	NOUN
fsr-3244	265	47	of	of	ADP
fsr-3244	265	48	eq	eq	PROPN
fsr-3244	265	49	.	.	PUNCT
fsr-3244	266	1	(	(	PUNCT
fsr-3244	266	2	2	2	NUM
fsr-3244	266	3	)	)	PUNCT
fsr-3244	266	4	.	.	PUNCT
fsr-3244	267	1	the	the	PRON
fsr-3244	267	2	higher	high	ADJ
fsr-3244	267	3	the	the	DET
fsr-3244	267	4	yields	yield	NOUN
fsr-3244	267	5	,	,	PUNCT
fsr-3244	267	6	the	the	PRON
fsr-3244	267	7	smaller	small	ADJ
fsr-3244	267	8	the	the	DET
fsr-3244	267	9	value	value	NOUN
fsr-3244	267	10	of	of	ADP
fsr-3244	267	11	dpaf	dpaf	PROPN
fsr-3244	267	12	*	*	PUNCT
fsr-3244	267	13	(	(	PUNCT
fsr-3244	267	14	see	see	VERB
fsr-3244	267	15	eq	eq	NOUN
fsr-3244	267	16	.	.	PUNCT
fsr-3244	268	1	[	[	X
fsr-3244	268	2	a1	a1	NOUN
fsr-3244	268	3	]	]	PUNCT
fsr-3244	268	4	)	)	PUNCT
fsr-3244	268	5	,	,	PUNCT
fsr-3244	268	6	hence	hence	ADV
fsr-3244	268	7	the	the	PRON
fsr-3244	268	8	greater	great	ADJ
fsr-3244	268	9	the	the	DET
fsr-3244	268	10	payout	payout	ADJ
fsr-3244	268	11	rate	rate	NOUN
fsr-3244	268	12	.	.	PUNCT
fsr-3244	269	1	furthermore	furthermore	ADV
fsr-3244	269	2	,	,	PUNCT
fsr-3244	269	3	the	the	PRON
fsr-3244	269	4	higher	high	ADJ
fsr-3244	269	5	the	the	DET
fsr-3244	269	6	yields	yield	NOUN
fsr-3244	269	7	,	,	PUNCT
fsr-3244	269	8	the	the	PRON
fsr-3244	269	9	lower	low	ADJ
fsr-3244	269	10	the	the	DET
fsr-3244	269	11	tips	tip	NOUN
fsr-3244	269	12	prices	price	NOUN
fsr-3244	269	13	(	(	PUNCT
fsr-3244	269	14	all	all	PRON
fsr-3244	269	15	else	else	ADV
fsr-3244	269	16	equal	equal	ADJ
fsr-3244	269	17	)	)	PUNCT
fsr-3244	269	18	,	,	PUNCT
fsr-3244	269	19	hence	hence	ADV
fsr-3244	269	20	the	the	PRON
fsr-3244	269	21	greater	great	ADJ
fsr-3244	269	22	the	the	DET
fsr-3244	269	23	payout	payout	ADJ
fsr-3244	269	24	rate	rate	NOUN
fsr-3244	269	25	.	.	PUNCT
fsr-3244	270	1	intuitively	intuitively	ADV
fsr-3244	270	2	,	,	PUNCT
fsr-3244	270	3	if	if	SCONJ
fsr-3244	270	4	the	the	DET
fsr-3244	270	5	inflation	inflation	NOUN
fsr-3244	270	6	-	-	PUNCT
fsr-3244	270	7	indexed	index	VERB
fsr-3244	270	8	zero	zero	NUM
fsr-3244	270	9	-	-	PUNCT
fsr-3244	270	10	coupon	coupon	NOUN
fsr-3244	270	11	treasury	treasury	NOUN
fsr-3244	270	12	yield	yield	NOUN
fsr-3244	270	13	curve	curve	NOUN
fsr-3244	270	14	shifts	shift	NOUN
fsr-3244	270	15	upward	upward	ADV
fsr-3244	270	16	(	(	PUNCT
fsr-3244	270	17	loosely	loosely	ADV
fsr-3244	270	18	speaking	speak	VERB
fsr-3244	270	19	,	,	PUNCT
fsr-3244	270	20	if	if	SCONJ
fsr-3244	270	21	real	real	ADJ
fsr-3244	270	22	yields	yield	NOUN
fsr-3244	270	23	rise	rise	VERB
fsr-3244	270	24	)	)	PUNCT
fsr-3244	270	25	,	,	PUNCT
fsr-3244	270	26	then	then	ADV
fsr-3244	270	27	the	the	DET
fsr-3244	270	28	present	present	ADJ
fsr-3244	270	29	value	value	NOUN
fsr-3244	270	30	of	of	ADP
fsr-3244	270	31	the	the	DET
fsr-3244	270	32	inflation	inflation	NOUN
fsr-3244	270	33	-	-	PUNCT
fsr-3244	270	34	indexed	index	VERB
fsr-3244	270	35	payments	payment	NOUN
fsr-3244	270	36	from	from	ADP
fsr-3244	270	37	the	the	DET
fsr-3244	270	38	tips	tip	NOUN
fsr-3244	270	39	and	and	CCONJ
fsr-3244	270	40	deferred	defer	VERB
fsr-3244	270	41	annuity	annuity	NOUN
fsr-3244	270	42	is	be	AUX
fsr-3244	270	43	smaller	small	ADJ
fsr-3244	270	44	.	.	PUNCT
fsr-3244	271	1	equivalently	equivalently	ADV
fsr-3244	271	2	,	,	PUNCT
fsr-3244	271	3	a	a	DET
fsr-3244	271	4	given	give	VERB
fsr-3244	271	5	level	level	NOUN
fsr-3244	271	6	of	of	ADP
fsr-3244	271	7	wealth	wealth	NOUN
fsr-3244	271	8	at	at	ADP
fsr-3244	271	9	retirement	retirement	NOUN
fsr-3244	271	10	can	can	AUX
fsr-3244	271	11	purchase	purchase	VERB
fsr-3244	271	12	a	a	DET
fsr-3244	271	13	stream	stream	NOUN
fsr-3244	271	14	of	of	ADP
fsr-3244	271	15	larger	large	ADJ
fsr-3244	271	16	inflation	inflation	NOUN
fsr-3244	271	17	-	-	PUNCT
fsr-3244	271	18	indexed	index	VERB
fsr-3244	271	19	payouts	payout	NOUN
fsr-3244	271	20	.	.	PUNCT
fsr-3244	272	1	in	in	ADP
fsr-3244	272	2	table	table	NOUN
fsr-3244	272	3	2	2	NUM
fsr-3244	272	4	,	,	PUNCT
fsr-3244	272	5	we	we	PRON
fsr-3244	272	6	present	present	VERB
fsr-3244	272	7	results	result	NOUN
fsr-3244	272	8	from	from	ADP
fsr-3244	272	9	linear	linear	ADJ
fsr-3244	272	10	regressions	regression	NOUN
fsr-3244	272	11	of	of	ADP
fsr-3244	272	12	the	the	DET
fsr-3244	272	13	target	target	NOUN
fsr-3244	272	14	real	real	ADJ
fsr-3244	272	15	payout	payout	NOUN
fsr-3244	272	16	rate	rate	NOUN
fsr-3244	272	17	on	on	ADP
fsr-3244	272	18	the	the	DET
fsr-3244	272	19	value	value	NOUN
fsr-3244	272	20	-	-	PUNCT
fsr-3244	272	21	weighted	weight	VERB
fsr-3244	272	22	real	real	ADJ
fsr-3244	272	23	yield	yield	NOUN
fsr-3244	272	24	of	of	ADP
fsr-3244	272	25	the	the	DET
fsr-3244	272	26	tips	tip	NOUN
fsr-3244	272	27	ladder	ladder	NOUN
fsr-3244	272	28	at	at	ADP
fsr-3244	272	29	retirement	retirement	NOUN
fsr-3244	272	30	,	,	PUNCT
fsr-3244	272	31	conditional	conditional	ADJ
fsr-3244	272	32	on	on	ADP
fsr-3244	272	33	retirement	retirement	NOUN
fsr-3244	272	34	age	age	NOUN
fsr-3244	272	35	and	and	CCONJ
fsr-3244	272	36	length	length	NOUN
fsr-3244	272	37	of	of	ADP
fsr-3244	272	38	the	the	DET
fsr-3244	272	39	tips	tip	NOUN
fsr-3244	272	40	ladder	ladder	NOUN
fsr-3244	272	41	;	;	PUNCT
fsr-3244	272	42	see	see	VERB
fsr-3244	272	43	the	the	DET
fsr-3244	272	44	first	first	ADJ
fsr-3244	272	45	three	three	NUM
fsr-3244	272	46	columns	column	NOUN
fsr-3244	272	47	for	for	ADP
fsr-3244	272	48	versions	version	NOUN
fsr-3244	272	49	of	of	ADP
fsr-3244	272	50	the	the	DET
fsr-3244	272	51	strategy	strategy	NOUN
fsr-3244	272	52	that	that	PRON
fsr-3244	272	53	use	use	VERB
fsr-3244	272	54	an	an	DET
fsr-3244	272	55	inflation	inflation	NOUN
fsr-3244	272	56	-	-	PUNCT
fsr-3244	272	57	indexed	index	VERB
fsr-3244	272	58	deferred	deferred	ADJ
fsr-3244	272	59	annuity	annuity	NOUN
fsr-3244	272	60	.	.	PUNCT
fsr-3244	273	1	goodness	goodness	NOUN
fsr-3244	273	2	of	of	ADP
fsr-3244	273	3	fit	fit	NOUN
fsr-3244	273	4	as	as	SCONJ
fsr-3244	273	5	measured	measure	VERB
fsr-3244	273	6	by	by	ADP
fsr-3244	273	7	r2	r2	PROPN
fsr-3244	273	8	is	be	AUX
fsr-3244	273	9	90	90	NUM
fsr-3244	273	10	%	%	NOUN
fsr-3244	273	11	or	or	CCONJ
fsr-3244	273	12	better	well	ADJ
fsr-3244	273	13	.	.	PUNCT
fsr-3244	274	1	the	the	DET
fsr-3244	274	2	value	value	NOUN
fsr-3244	274	3	-	-	PUNCT
fsr-3244	274	4	weighted	weight	VERB
fsr-3244	274	5	real	real	ADJ
fsr-3244	274	6	yield	yield	NOUN
fsr-3244	274	7	on	on	ADP
fsr-3244	274	8	the	the	DET
fsr-3244	274	9	tips	tip	NOUN
fsr-3244	274	10	ladder	ladder	NOUN
fsr-3244	274	11	is	be	AUX
fsr-3244	274	12	a	a	DET
fsr-3244	274	13	proxy	proxy	NOUN
fsr-3244	274	14	for	for	ADP
fsr-3244	274	15	the	the	DET
fsr-3244	274	16	yield	yield	NOUN
fsr-3244	274	17	curve	curve	NOUN
fsr-3244	274	18	.	.	PUNCT
fsr-3244	275	1	the	the	PRON
fsr-3244	275	2	longer	long	ADJ
fsr-3244	275	3	the	the	DET
fsr-3244	275	4	tips	tip	NOUN
fsr-3244	275	5	ladder	ladder	NOUN
fsr-3244	275	6	,	,	PUNCT
fsr-3244	275	7	the	the	PRON
fsr-3244	275	8	better	well	ADJ
fsr-3244	275	9	this	this	DET
fsr-3244	275	10	average	average	ADJ
fsr-3244	275	11	yield	yield	NOUN
fsr-3244	275	12	represents	represent	VERB
fsr-3244	275	13	the	the	DET
fsr-3244	275	14	entire	entire	ADJ
fsr-3244	275	15	yield	yield	NOUN
fsr-3244	275	16	curve	curve	NOUN
fsr-3244	275	17	,	,	PUNCT
fsr-3244	275	18	and	and	CCONJ
fsr-3244	275	19	the	the	DET
fsr-3244	275	20	tighter	tight	ADJ
fsr-3244	275	21	table	table	NOUN
fsr-3244	275	22	2	2	NUM
fsr-3244	275	23	linear	linear	NOUN
fsr-3244	275	24	regression	regression	NOUN
fsr-3244	275	25	of	of	ADP
fsr-3244	275	26	target	target	NOUN
fsr-3244	275	27	real	real	ADJ
fsr-3244	275	28	annual	annual	ADJ
fsr-3244	275	29	payout	payout	NOUN
fsr-3244	275	30	rate	rate	NOUN
fsr-3244	275	31	on	on	ADP
fsr-3244	275	32	the	the	DET
fsr-3244	275	33	value	value	NOUN
fsr-3244	275	34	-	-	PUNCT
fsr-3244	275	35	weighted	weight	VERB
fsr-3244	275	36	real	real	ADJ
fsr-3244	275	37	yield	yield	NOUN
fsr-3244	275	38	of	of	ADP
fsr-3244	275	39	the	the	DET
fsr-3244	275	40	tips	tip	NOUN
fsr-3244	275	41	ladder	ladder	NOUN
fsr-3244	275	42	at	at	ADP
fsr-3244	275	43	retirement	retirement	NOUN
fsr-3244	275	44	retirement	retirement	NOUN
fsr-3244	275	45	age	age	NOUN
fsr-3244	275	46	(	(	PUNCT
fsr-3244	275	47	years	year	NOUN
fsr-3244	275	48	)	)	PUNCT
fsr-3244	275	49	length	length	NOUN
fsr-3244	275	50	of	of	ADP
fsr-3244	275	51	tips	tip	NOUN
fsr-3244	275	52	ladder	ladder	NOUN
fsr-3244	275	53	(	(	PUNCT
fsr-3244	275	54	years	year	NOUN
fsr-3244	275	55	)	)	PUNCT
fsr-3244	275	56	deferred	defer	VERB
fsr-3244	275	57	annuity	annuity	NOUN
fsr-3244	275	58	indexed	index	VERB
fsr-3244	275	59	for	for	ADP
fsr-3244	275	60	inflation	inflation	NOUN
fsr-3244	275	61	deferred	defer	VERB
fsr-3244	275	62	annuity	annuity	NOUN
fsr-3244	275	63	not	not	PART
fsr-3244	275	64	indexed	index	VERB
fsr-3244	275	65	for	for	ADP
fsr-3244	275	66	inflation	inflation	NOUN
fsr-3244	275	67	intercept	intercept	NOUN
fsr-3244	275	68	estimate	estimate	NOUN
fsr-3244	275	69	slope	slope	NOUN
fsr-3244	275	70	estimate	estimate	NOUN
fsr-3244	275	71	r2	r2	NOUN
fsr-3244	275	72	intercept	intercept	NOUN
fsr-3244	275	73	estimate	estimate	NOUN
fsr-3244	275	74	slope	slope	NOUN
fsr-3244	275	75	estimate	estimate	NOUN
fsr-3244	275	76	r2	r2	PROPN
fsr-3244	275	77	55	55	NUM
fsr-3244	275	78	10	10	NUM
fsr-3244	275	79	3.54	3.54	NUM
fsr-3244	275	80	%	%	NOUN
fsr-3244	275	81	0.654	0.654	NUM
fsr-3244	275	82	89.6	89.6	NUM
fsr-3244	275	83	%	%	NOUN
fsr-3244	275	84	4.90	4.90	NUM
fsr-3244	275	85	%	%	NOUN
fsr-3244	275	86	0.755	0.755	NUM
fsr-3244	275	87	70.2	70.2	NUM
fsr-3244	275	88	%	%	NOUN
fsr-3244	275	89	15	15	NUM
fsr-3244	275	90	3.39	3.39	NUM
fsr-3244	275	91	%	%	NOUN
fsr-3244	275	92	0.647	0.647	NUM
fsr-3244	275	93	94.3	94.3	NUM
fsr-3244	275	94	%	%	NOUN
fsr-3244	275	95	4.40	4.40	NUM
fsr-3244	275	96	%	%	NOUN
fsr-3244	275	97	0.680	0.680	NUM
fsr-3244	275	98	82.3	82.3	NUM
fsr-3244	275	99	%	%	NOUN
fsr-3244	275	100	20	20	NUM
fsr-3244	275	101	3.22	3.22	NUM
fsr-3244	275	102	%	%	NOUN
fsr-3244	275	103	0.647	0.647	NUM
fsr-3244	275	104	97.1	97.1	NUM
fsr-3244	275	105	%	%	NOUN
fsr-3244	275	106	3.90	3.90	NUM
fsr-3244	275	107	%	%	NOUN
fsr-3244	275	108	0.644	0.644	NUM
fsr-3244	275	109	90.7	90.7	NUM
fsr-3244	275	110	%	%	NOUN
fsr-3244	275	111	25	25	NUM
fsr-3244	275	112	3.02	3.02	NUM
fsr-3244	275	113	%	%	NOUN
fsr-3244	275	114	0.646	0.646	NUM
fsr-3244	275	115	98.1	98.1	NUM
fsr-3244	275	116	%	%	NOUN
fsr-3244	275	117	3.44	3.44	NUM
fsr-3244	275	118	%	%	NOUN
fsr-3244	275	119	0.634	0.634	NUM
fsr-3244	275	120	95.1	95.1	NUM
fsr-3244	275	121	%	%	NOUN
fsr-3244	275	122	30	30	NUM
fsr-3244	275	123	2.81	2.81	NUM
fsr-3244	275	124	%	%	NOUN
fsr-3244	275	125	0.651	0.651	NUM
fsr-3244	275	126	98.3	98.3	NUM
fsr-3244	275	127	%	%	NOUN
fsr-3244	275	128	3.02	3.02	NUM
fsr-3244	275	129	%	%	NOUN
fsr-3244	275	130	0.640	0.640	NUM
fsr-3244	275	131	96.8	96.8	NUM
fsr-3244	275	132	%	%	NOUN
fsr-3244	275	133	60	60	NUM
fsr-3244	275	134	10	10	NUM
fsr-3244	275	135	4.07	4.07	NUM
fsr-3244	275	136	%	%	NOUN
fsr-3244	275	137	0.644	0.644	NUM
fsr-3244	275	138	90.4	90.4	NUM
fsr-3244	275	139	%	%	NOUN
fsr-3244	275	140	5.32	5.32	NUM
fsr-3244	275	141	%	%	NOUN
fsr-3244	275	142	0.748	0.748	NUM
fsr-3244	275	143	72.9	72.9	NUM
fsr-3244	275	144	%	%	NOUN
fsr-3244	275	145	15	15	NUM
fsr-3244	275	146	3.87	3.87	NUM
fsr-3244	275	147	%	%	NOUN
fsr-3244	275	148	0.636	0.636	NUM
fsr-3244	275	149	95.2	95.2	NUM
fsr-3244	275	150	%	%	NOUN
fsr-3244	275	151	4.74	4.74	NUM
fsr-3244	275	152	%	%	NOUN
fsr-3244	275	153	0.658	0.658	NUM
fsr-3244	275	154	85.5	85.5	NUM
fsr-3244	275	155	%	%	NOUN
fsr-3244	275	156	20	20	NUM
fsr-3244	275	157	3.62	3.62	NUM
fsr-3244	275	158	%	%	NOUN
fsr-3244	275	159	0.631	0.631	NUM
fsr-3244	275	160	97.7	97.7	NUM
fsr-3244	275	161	%	%	NOUN
fsr-3244	275	162	4.14	4.14	NUM
fsr-3244	275	163	%	%	NOUN
fsr-3244	275	164	0.628	0.628	NUM
fsr-3244	275	165	93.5	93.5	NUM
fsr-3244	275	166	%	%	NOUN
fsr-3244	275	167	25	25	NUM
fsr-3244	275	168	3.33	3.33	NUM
fsr-3244	275	169	%	%	NOUN
fsr-3244	275	170	0.631	0.631	NUM
fsr-3244	275	171	98.2	98.2	NUM
fsr-3244	275	172	%	%	NOUN
fsr-3244	275	173	3.60	3.60	NUM
fsr-3244	275	174	%	%	NOUN
fsr-3244	275	175	0.222	0.222	NUM
fsr-3244	275	176	96.7	96.7	NUM
fsr-3244	275	177	%	%	NOUN
fsr-3244	275	178	65	65	NUM
fsr-3244	275	179	10	10	NUM
fsr-3244	275	180	4.74	4.74	NUM
fsr-3244	275	181	%	%	NOUN
fsr-3244	275	182	0.638	0.638	NUM
fsr-3244	275	183	92.0	92.0	NUM
fsr-3244	275	184	%	%	NOUN
fsr-3244	275	185	5.90	5.90	NUM
fsr-3244	275	186	%	%	NOUN
fsr-3244	275	187	0.713	0.713	NUM
fsr-3244	275	188	76.7	76.7	NUM
fsr-3244	275	189	%	%	NOUN
fsr-3244	275	190	15	15	NUM
fsr-3244	275	191	4.44	4.44	NUM
fsr-3244	275	192	%	%	NOUN
fsr-3244	275	193	0.620	0.620	NUM
fsr-3244	275	194	96.3	96.3	NUM
fsr-3244	275	195	%	%	NOUN
fsr-3244	275	196	5.15	5.15	NUM
fsr-3244	275	197	%	%	NOUN
fsr-3244	275	198	0.626	0.626	NUM
fsr-3244	275	199	88.8	88.8	NUM
fsr-3244	275	200	%	%	NOUN
fsr-3244	275	201	20	20	NUM
fsr-3244	275	202	4.05	4.05	NUM
fsr-3244	275	203	%	%	NOUN
fsr-3244	275	204	0.615	0.615	NUM
fsr-3244	275	205	98.2	98.2	NUM
fsr-3244	275	206	%	%	NOUN
fsr-3244	275	207	4.39	4.39	NUM
fsr-3244	275	208	%	%	NOUN
fsr-3244	275	209	0.608	0.608	NUM
fsr-3244	275	210	95.7	95.7	NUM
fsr-3244	275	211	%	%	NOUN
fsr-3244	275	212	70	70	NUM
fsr-3244	275	213	10	10	NUM
fsr-3244	275	214	5.62	5.62	NUM
fsr-3244	275	215	%	%	NOUN
fsr-3244	275	216	0.622	0.622	NUM
fsr-3244	275	217	98.5	98.5	NUM
fsr-3244	275	218	%	%	NOUN
fsr-3244	275	219	6.60	6.60	NUM
fsr-3244	275	220	%	%	NOUN
fsr-3244	275	221	0.678	0.678	NUM
fsr-3244	275	222	80.4	80.4	NUM
fsr-3244	275	223	%	%	NOUN
fsr-3244	275	224	15	15	NUM
fsr-3244	275	225	5.10	5.10	NUM
fsr-3244	275	226	%	%	NOUN
fsr-3244	275	227	0.598	0.598	NUM
fsr-3244	275	228	97.3	97.3	NUM
fsr-3244	275	229	%	%	NOUN
fsr-3244	275	230	5.59	5.59	NUM
fsr-3244	275	231	%	%	NOUN
fsr-3244	275	232	0.607	0.607	NUM
fsr-3244	275	233	93.5	93.5	NUM
fsr-3244	275	234	%	%	NOUN
fsr-3244	275	235	75	75	NUM
fsr-3244	275	236	10	10	NUM
fsr-3244	275	237	6.71	6.71	NUM
fsr-3244	275	238	%	%	NOUN
fsr-3244	275	239	0.606	0.606	NUM
fsr-3244	275	240	95.9	95.9	NUM
fsr-3244	275	241	%	%	NOUN
fsr-3244	275	242	7.46	7.46	NUM
fsr-3244	275	243	%	%	NOUN
fsr-3244	275	244	0.639	0.639	NUM
fsr-3244	275	245	86.2	86.2	NUM
fsr-3244	275	246	%	%	NOUN
fsr-3244	275	247	the	the	DET
fsr-3244	275	248	payout	payout	NOUN
fsr-3244	275	249	rates	rate	NOUN
fsr-3244	275	250	are	be	AUX
fsr-3244	275	251	real	real	ADJ
fsr-3244	275	252	annual	annual	ADJ
fsr-3244	275	253	payouts	payout	NOUN
fsr-3244	275	254	as	as	ADP
fsr-3244	275	255	a	a	DET
fsr-3244	275	256	percentage	percentage	NOUN
fsr-3244	275	257	of	of	ADP
fsr-3244	275	258	total	total	ADJ
fsr-3244	275	259	funds	fund	NOUN
fsr-3244	275	260	at	at	ADP
fsr-3244	275	261	retirement	retirement	NOUN
fsr-3244	275	262	.	.	PUNCT
fsr-3244	276	1	the	the	DET
fsr-3244	276	2	deferred	defer	VERB
fsr-3244	276	3	annuity	annuity	NOUN
fsr-3244	276	4	payments	payment	NOUN
fsr-3244	276	5	begin	begin	VERB
fsr-3244	276	6	one	one	NUM
fsr-3244	276	7	month	month	NOUN
fsr-3244	276	8	after	after	ADP
fsr-3244	276	9	the	the	DET
fsr-3244	276	10	tips	tip	NOUN
fsr-3244	276	11	ladder	ladder	NOUN
fsr-3244	276	12	phase	phase	NOUN
fsr-3244	276	13	.	.	PUNCT
fsr-3244	277	1	when	when	SCONJ
fsr-3244	277	2	the	the	DET
fsr-3244	277	3	deferred	deferred	ADJ
fsr-3244	277	4	annuity	annuity	NOUN
fsr-3244	277	5	is	be	AUX
fsr-3244	277	6	indexed	index	VERB
fsr-3244	277	7	for	for	ADP
fsr-3244	277	8	inflation	inflation	NOUN
fsr-3244	277	9	,	,	PUNCT
fsr-3244	277	10	it	it	PRON
fsr-3244	277	11	is	be	AUX
fsr-3244	277	12	indexed	index	VERB
fsr-3244	277	13	in	in	ADP
fsr-3244	277	14	the	the	DET
fsr-3244	277	15	same	same	ADJ
fsr-3244	277	16	manner	manner	NOUN
fsr-3244	277	17	as	as	ADP
fsr-3244	277	18	tips	tip	NOUN
fsr-3244	277	19	,	,	PUNCT
fsr-3244	277	20	that	that	ADV
fsr-3244	277	21	is	is	ADV
fsr-3244	277	22	,	,	PUNCT
fsr-3244	277	23	indexed	index	VERB
fsr-3244	277	24	to	to	ADP
fsr-3244	277	25	the	the	DET
fsr-3244	277	26	cpi	cpi	NOUN
fsr-3244	277	27	-	-	PUNCT
fsr-3244	277	28	u	u	NOUN
fsr-3244	277	29	with	with	ADP
fsr-3244	277	30	a	a	DET
fsr-3244	277	31	three	three	NUM
fsr-3244	277	32	-	-	PUNCT
fsr-3244	277	33	month	month	NOUN
fsr-3244	277	34	lag	lag	NOUN
fsr-3244	277	35	.	.	PUNCT
fsr-3244	278	1	all	all	DET
fsr-3244	278	2	coefficient	coefficient	NOUN
fsr-3244	278	3	estimates	estimate	NOUN
fsr-3244	278	4	are	be	AUX
fsr-3244	278	5	significantly	significantly	ADV
fsr-3244	278	6	different	different	ADJ
fsr-3244	278	7	from	from	ADP
fsr-3244	278	8	zero	zero	NUM
fsr-3244	278	9	at	at	ADP
fsr-3244	278	10	the	the	DET
fsr-3244	278	11	one	one	NUM
fsr-3244	278	12	percentage	percentage	NOUN
fsr-3244	278	13	level	level	NOUN
fsr-3244	278	14	.	.	PUNCT
fsr-3244	279	1	371p.j	371p.j	NOUN
fsr-3244	279	2	.	.	PUNCT
fsr-3244	280	1	haensly	haensly	ADV
fsr-3244	280	2	,	,	PUNCT
fsr-3244	280	3	k.p	k.p	PROPN
fsr-3244	280	4	.	.	PROPN
fsr-3244	280	5	pai	pai	PROPN
fsr-3244	280	6	/	/	SYM
fsr-3244	280	7	financial	financial	ADJ
fsr-3244	280	8	services	service	NOUN
fsr-3244	280	9	review	review	VERB
fsr-3244	280	10	24	24	NUM
fsr-3244	280	11	(	(	PUNCT
fsr-3244	280	12	2015	2015	NUM
fsr-3244	280	13	)	)	PUNCT
fsr-3244	280	14	359–386	359–386	NUM
fsr-3244	280	15	the	the	DET
fsr-3244	280	16	relation	relation	NOUN
fsr-3244	280	17	between	between	ADP
fsr-3244	280	18	the	the	DET
fsr-3244	280	19	payout	payout	NOUN
fsr-3244	280	20	rate	rate	NOUN
fsr-3244	280	21	and	and	CCONJ
fsr-3244	280	22	this	this	DET
fsr-3244	280	23	average	average	ADJ
fsr-3244	280	24	yield	yield	NOUN
fsr-3244	280	25	.	.	PUNCT
fsr-3244	281	1	the	the	DET
fsr-3244	281	2	slope	slope	NOUN
fsr-3244	281	3	estimate	estimate	NOUN
fsr-3244	281	4	is	be	AUX
fsr-3244	281	5	approximately	approximately	ADV
fsr-3244	281	6	the	the	DET
fsr-3244	281	7	same	same	ADJ
fsr-3244	281	8	(	(	PUNCT
fsr-3244	281	9	about	about	ADP
fsr-3244	281	10	0.6	0.6	NUM
fsr-3244	281	11	)	)	PUNCT
fsr-3244	281	12	across	across	ADP
fsr-3244	281	13	retirement	retirement	NOUN
fsr-3244	281	14	ages	age	NOUN
fsr-3244	281	15	and	and	CCONJ
fsr-3244	281	16	ladder	ladder	NOUN
fsr-3244	281	17	lengths	length	NOUN
fsr-3244	281	18	in	in	ADP
fsr-3244	281	19	the	the	DET
fsr-3244	281	20	simulation	simulation	NOUN
fsr-3244	281	21	.	.	PUNCT
fsr-3244	282	1	hence	hence	ADV
fsr-3244	282	2	,	,	PUNCT
fsr-3244	282	3	each	each	DET
fsr-3244	282	4	increase	increase	NOUN
fsr-3244	282	5	of	of	ADP
fsr-3244	282	6	1	1	NUM
fsr-3244	282	7	%	%	NOUN
fsr-3244	282	8	in	in	ADP
fsr-3244	282	9	the	the	DET
fsr-3244	282	10	value	value	NOUN
fsr-3244	282	11	-	-	PUNCT
fsr-3244	282	12	weighted	weight	VERB
fsr-3244	282	13	real	real	ADJ
fsr-3244	282	14	yield	yield	NOUN
fsr-3244	282	15	of	of	ADP
fsr-3244	282	16	the	the	DET
fsr-3244	282	17	tips	tip	NOUN
fsr-3244	282	18	ladder	ladder	NOUN
fsr-3244	282	19	translates	translate	VERB
fsr-3244	282	20	into	into	ADP
fsr-3244	282	21	about	about	ADP
fsr-3244	282	22	a	a	DET
fsr-3244	282	23	0.6	0.6	NUM
fsr-3244	282	24	%	%	NOUN
fsr-3244	282	25	increase	increase	NOUN
fsr-3244	282	26	in	in	ADP
fsr-3244	282	27	the	the	DET
fsr-3244	282	28	strategy	strategy	NOUN
fsr-3244	282	29	payout	payout	NOUN
fsr-3244	282	30	rate	rate	NOUN
fsr-3244	282	31	,	,	PUNCT
fsr-3244	282	32	on	on	ADP
fsr-3244	282	33	average	average	ADJ
fsr-3244	282	34	.	.	PUNCT
fsr-3244	283	1	when	when	SCONJ
fsr-3244	283	2	the	the	DET
fsr-3244	283	3	deferred	deferred	ADJ
fsr-3244	283	4	annuity	annuity	NOUN
fsr-3244	283	5	is	be	AUX
fsr-3244	283	6	not	not	PART
fsr-3244	283	7	indexed	index	VERB
fsr-3244	283	8	for	for	ADP
fsr-3244	283	9	inflation	inflation	NOUN
fsr-3244	283	10	,	,	PUNCT
fsr-3244	283	11	the	the	DET
fsr-3244	283	12	target	target	NOUN
fsr-3244	283	13	payout	payout	NOUN
fsr-3244	283	14	rate	rate	NOUN
fsr-3244	283	15	is	be	AUX
fsr-3244	283	16	determined	determine	VERB
fsr-3244	283	17	by	by	ADP
fsr-3244	283	18	eq	eq	PROPN
fsr-3244	283	19	.	.	PUNCT
fsr-3244	284	1	(	(	PUNCT
fsr-3244	284	2	2	2	NUM
fsr-3244	284	3	)	)	PUNCT
fsr-3244	284	4	where	where	SCONJ
fsr-3244	284	5	dpaf	dpaf	PROPN
fsr-3244	284	6	*	*	PUNCT
fsr-3244	284	7	is	be	AUX
fsr-3244	284	8	replaced	replace	VERB
fsr-3244	284	9	by	by	ADP
fsr-3244	284	10	dpaf	dpaf	PROPN
fsr-3244	284	11	,	,	PUNCT
fsr-3244	284	12	the	the	DET
fsr-3244	284	13	deferred	deferred	ADJ
fsr-3244	284	14	pension	pension	NOUN
fsr-3244	284	15	annuity	annuity	NOUN
fsr-3244	284	16	factor	factor	NOUN
fsr-3244	284	17	calculated	calculate	VERB
fsr-3244	284	18	with	with	ADP
fsr-3244	284	19	yields	yield	NOUN
fsr-3244	284	20	from	from	ADP
fsr-3244	284	21	the	the	DET
fsr-3244	284	22	nominal	nominal	ADJ
fsr-3244	284	23	zero	zero	NUM
fsr-3244	284	24	-	-	PUNCT
fsr-3244	284	25	coupon	coupon	NOUN
fsr-3244	284	26	treasury	treasury	NOUN
fsr-3244	284	27	yield	yield	NOUN
fsr-3244	284	28	curve	curve	NOUN
fsr-3244	284	29	.	.	PUNCT
fsr-3244	285	1	this	this	DET
fsr-3244	285	2	curve	curve	NOUN
fsr-3244	285	3	is	be	AUX
fsr-3244	285	4	related	relate	VERB
fsr-3244	285	5	to	to	ADP
fsr-3244	285	6	the	the	DET
fsr-3244	285	7	inflation	inflation	NOUN
fsr-3244	285	8	-	-	PUNCT
fsr-3244	285	9	indexed	index	VERB
fsr-3244	285	10	version	version	NOUN
fsr-3244	285	11	;	;	PUNCT
fsr-3244	285	12	please	please	INTJ
fsr-3244	285	13	see	see	VERB
fsr-3244	285	14	eq	eq	NOUN
fsr-3244	285	15	.	.	PUNCT
fsr-3244	286	1	(	(	PUNCT
fsr-3244	286	2	7	7	NUM
fsr-3244	286	3	)	)	PUNCT
fsr-3244	286	4	.	.	PUNCT
fsr-3244	287	1	ignoring	ignore	VERB
fsr-3244	287	2	the	the	DET
fsr-3244	287	3	risk	risk	NOUN
fsr-3244	287	4	premiums	premium	NOUN
fsr-3244	287	5	,	,	PUNCT
fsr-3244	287	6	the	the	DET
fsr-3244	287	7	nominal	nominal	ADJ
fsr-3244	287	8	yield	yield	NOUN
fsr-3244	287	9	at	at	ADP
fsr-3244	287	10	each	each	DET
fsr-3244	287	11	point	point	NOUN
fsr-3244	287	12	on	on	ADP
fsr-3244	287	13	the	the	DET
fsr-3244	287	14	yield	yield	NOUN
fsr-3244	287	15	curve	curve	NOUN
fsr-3244	287	16	equals	equal	VERB
fsr-3244	287	17	the	the	DET
fsr-3244	287	18	inflation	inflation	NOUN
fsr-3244	287	19	-	-	PUNCT
fsr-3244	287	20	indexed	index	VERB
fsr-3244	287	21	yield	yield	NOUN
fsr-3244	287	22	plus	plus	CCONJ
fsr-3244	287	23	expected	expect	VERB
fsr-3244	287	24	inflation	inflation	NOUN
fsr-3244	287	25	for	for	ADP
fsr-3244	287	26	that	that	DET
fsr-3244	287	27	maturity	maturity	NOUN
fsr-3244	287	28	.	.	PUNCT
fsr-3244	288	1	hence	hence	ADV
fsr-3244	288	2	,	,	PUNCT
fsr-3244	288	3	the	the	DET
fsr-3244	288	4	effect	effect	NOUN
fsr-3244	288	5	of	of	ADP
fsr-3244	288	6	the	the	DET
fsr-3244	288	7	inflation	inflation	NOUN
fsr-3244	288	8	-	-	PUNCT
fsr-3244	288	9	indexed	index	VERB
fsr-3244	288	10	treasury	treasury	NOUN
fsr-3244	288	11	yields	yield	NOUN
fsr-3244	288	12	on	on	ADP
fsr-3244	288	13	the	the	DET
fsr-3244	288	14	ideal	ideal	ADJ
fsr-3244	288	15	payout	payout	NOUN
fsr-3244	288	16	rate	rate	NOUN
fsr-3244	288	17	is	be	AUX
fsr-3244	288	18	muddied	muddy	VERB
fsr-3244	288	19	by	by	ADP
fsr-3244	288	20	the	the	DET
fsr-3244	288	21	expected	expect	VERB
fsr-3244	288	22	inflation	inflation	NOUN
fsr-3244	288	23	curve	curve	NOUN
fsr-3244	288	24	.	.	PUNCT
fsr-3244	289	1	nonetheless	nonetheless	ADV
fsr-3244	289	2	,	,	PUNCT
fsr-3244	289	3	the	the	DET
fsr-3244	289	4	positive	positive	ADJ
fsr-3244	289	5	relation	relation	NOUN
fsr-3244	289	6	between	between	ADP
fsr-3244	289	7	the	the	DET
fsr-3244	289	8	market	market	NOUN
fsr-3244	289	9	yields	yield	NOUN
fsr-3244	289	10	at	at	ADP
fsr-3244	289	11	retirement	retirement	NOUN
fsr-3244	289	12	(	(	PUNCT
fsr-3244	289	13	represented	represent	VERB
fsr-3244	289	14	by	by	ADP
fsr-3244	289	15	the	the	DET
fsr-3244	289	16	value	value	NOUN
fsr-3244	289	17	-	-	PUNCT
fsr-3244	289	18	weighted	weight	VERB
fsr-3244	289	19	real	real	ADJ
fsr-3244	289	20	yield	yield	NOUN
fsr-3244	289	21	on	on	ADP
fsr-3244	289	22	the	the	DET
fsr-3244	289	23	tips	tip	NOUN
fsr-3244	289	24	ladder	ladder	NOUN
fsr-3244	289	25	)	)	PUNCT
fsr-3244	289	26	and	and	CCONJ
fsr-3244	289	27	the	the	DET
fsr-3244	289	28	target	target	NOUN
fsr-3244	289	29	real	real	ADJ
fsr-3244	289	30	payout	payout	NOUN
fsr-3244	289	31	rate	rate	NOUN
fsr-3244	289	32	still	still	ADV
fsr-3244	289	33	is	be	AUX
fsr-3244	289	34	strong	strong	ADJ
fsr-3244	289	35	.	.	PUNCT
fsr-3244	290	1	see	see	VERB
fsr-3244	290	2	the	the	DET
fsr-3244	290	3	last	last	ADJ
fsr-3244	290	4	column	column	NOUN
fsr-3244	290	5	in	in	ADP
fsr-3244	290	6	table	table	NOUN
fsr-3244	290	7	2	2	NUM
fsr-3244	290	8	.	.	PUNCT
fsr-3244	291	1	given	give	VERB
fsr-3244	291	2	the	the	DET
fsr-3244	291	3	investor	investor	NOUN
fsr-3244	291	4	’s	’s	PART
fsr-3244	291	5	wealth	wealth	NOUN
fsr-3244	291	6	at	at	ADP
fsr-3244	291	7	retirement	retirement	NOUN
fsr-3244	291	8	(	(	PUNCT
fsr-3244	291	9	w	w	NOUN
fsr-3244	291	10	)	)	PUNCT
fsr-3244	291	11	,	,	PUNCT
fsr-3244	291	12	the	the	DET
fsr-3244	291	13	deferred	defer	VERB
fsr-3244	291	14	annuity	annuity	NOUN
fsr-3244	291	15	fee	fee	NOUN
fsr-3244	291	16	(	(	PUNCT
fsr-3244	291	17	fda	fda	PROPN
fsr-3244	291	18	)	)	PUNCT
fsr-3244	291	19	,	,	PUNCT
fsr-3244	291	20	and	and	CCONJ
fsr-3244	291	21	the	the	DET
fsr-3244	291	22	secondary	secondary	ADJ
fsr-3244	291	23	market	market	NOUN
fsr-3244	291	24	trading	trading	NOUN
fsr-3244	291	25	fee	fee	NOUN
fsr-3244	291	26	for	for	ADP
fsr-3244	291	27	tips	tip	NOUN
fsr-3244	291	28	(	(	PUNCT
fsr-3244	291	29	fb	fb	INTJ
fsr-3244	291	30	)	)	PUNCT
fsr-3244	291	31	,	,	PUNCT
fsr-3244	291	32	the	the	DET
fsr-3244	291	33	target	target	NOUN
fsr-3244	291	34	annuity	annuity	NOUN
fsr-3244	291	35	payout	payout	NOUN
fsr-3244	291	36	for	for	ADP
fsr-3244	291	37	the	the	DET
fsr-3244	291	38	tips	tip	NOUN
fsr-3244	291	39	ladder/	ladder/	NUM
fsr-3244	291	40	deferred	deferred	ADJ
fsr-3244	291	41	annuity	annuity	NOUN
fsr-3244	291	42	strategy	strategy	NOUN
fsr-3244	291	43	is	be	AUX
fsr-3244	291	44	completely	completely	ADV
fsr-3244	291	45	determined	determine	VERB
fsr-3244	291	46	by	by	ADP
fsr-3244	291	47	the	the	DET
fsr-3244	291	48	inflation	inflation	NOUN
fsr-3244	291	49	-	-	PUNCT
fsr-3244	291	50	indexed	index	VERB
fsr-3244	291	51	zero	zero	NUM
fsr-3244	291	52	-	-	PUNCT
fsr-3244	291	53	coupon	coupon	NOUN
fsr-3244	291	54	treasury	treasury	NOUN
fsr-3244	291	55	yield	yield	NOUN
fsr-3244	291	56	curve	curve	NOUN
fsr-3244	291	57	at	at	ADP
fsr-3244	291	58	retirement	retirement	NOUN
fsr-3244	291	59	(	(	PUNCT
fsr-3244	291	60	along	along	ADP
fsr-3244	291	61	with	with	ADP
fsr-3244	291	62	the	the	DET
fsr-3244	291	63	expected	expect	VERB
fsr-3244	291	64	inflation	inflation	NOUN
fsr-3244	291	65	curve	curve	NOUN
fsr-3244	291	66	at	at	ADP
fsr-3244	291	67	retirement	retirement	NOUN
fsr-3244	291	68	,	,	PUNCT
fsr-3244	291	69	if	if	SCONJ
fsr-3244	291	70	the	the	DET
fsr-3244	291	71	annuity	annuity	NOUN
fsr-3244	291	72	is	be	AUX
fsr-3244	291	73	not	not	PART
fsr-3244	291	74	indexed	index	VERB
fsr-3244	291	75	)	)	PUNCT
fsr-3244	291	76	,	,	PUNCT
fsr-3244	291	77	conditional	conditional	NOUN
fsr-3244	291	78	on	on	ADP
fsr-3244	291	79	the	the	DET
fsr-3244	291	80	tips	tip	NOUN
fsr-3244	291	81	currently	currently	ADV
fsr-3244	291	82	available	available	ADJ
fsr-3244	291	83	in	in	ADP
fsr-3244	291	84	the	the	DET
fsr-3244	291	85	market	market	NOUN
fsr-3244	291	86	and	and	CCONJ
fsr-3244	291	87	their	their	PRON
fsr-3244	291	88	real	real	ADJ
fsr-3244	291	89	coupon	coupon	NOUN
fsr-3244	291	90	rates	rate	NOUN
fsr-3244	291	91	.	.	PUNCT
fsr-3244	292	1	this	this	DET
fsr-3244	292	2	last	last	ADJ
fsr-3244	292	3	factor	factor	NOUN
fsr-3244	292	4	is	be	AUX
fsr-3244	292	5	captured	capture	VERB
fsr-3244	292	6	by	by	ADP
fsr-3244	292	7	�	�	PROPN
fsr-3244	292	8	in	in	ADP
fsr-3244	292	9	eq	eq	ADP
fsr-3244	292	10	.	.	PUNCT
fsr-3244	293	1	(	(	PUNCT
fsr-3244	293	2	2	2	NUM
fsr-3244	293	3	)	)	PUNCT
fsr-3244	293	4	.	.	PUNCT
fsr-3244	294	1	in	in	ADP
fsr-3244	294	2	the	the	DET
fsr-3244	294	3	simulation	simulation	NOUN
fsr-3244	294	4	(	(	PUNCT
fsr-3244	294	5	as	as	ADP
fsr-3244	294	6	in	in	ADP
fsr-3244	294	7	actual	actual	ADJ
fsr-3244	294	8	markets	market	NOUN
fsr-3244	294	9	)	)	PUNCT
fsr-3244	294	10	,	,	PUNCT
fsr-3244	294	11	the	the	DET
fsr-3244	294	12	coupon	coupon	NOUN
fsr-3244	294	13	rates	rate	NOUN
fsr-3244	294	14	and	and	CCONJ
fsr-3244	294	15	maturities	maturity	NOUN
fsr-3244	294	16	of	of	ADP
fsr-3244	294	17	available	available	ADJ
fsr-3244	294	18	tips	tip	NOUN
fsr-3244	294	19	change	change	VERB
fsr-3244	294	20	over	over	ADP
fsr-3244	294	21	time	time	NOUN
fsr-3244	294	22	.	.	PUNCT
fsr-3244	295	1	hence	hence	ADV
fsr-3244	295	2	,	,	PUNCT
fsr-3244	295	3	to	to	PART
fsr-3244	295	4	be	be	AUX
fsr-3244	295	5	precise	precise	ADJ
fsr-3244	295	6	,	,	PUNCT
fsr-3244	295	7	the	the	DET
fsr-3244	295	8	distribution	distribution	NOUN
fsr-3244	295	9	of	of	ADP
fsr-3244	295	10	the	the	DET
fsr-3244	295	11	target	target	NOUN
fsr-3244	295	12	real	real	ADJ
fsr-3244	295	13	payout	payout	NOUN
fsr-3244	295	14	rates	rate	NOUN
fsr-3244	295	15	in	in	ADP
fsr-3244	295	16	our	our	PRON
fsr-3244	295	17	simulation	simulation	NOUN
fsr-3244	295	18	is	be	AUX
fsr-3244	295	19	determined	determine	VERB
fsr-3244	295	20	not	not	PART
fsr-3244	295	21	only	only	ADV
fsr-3244	295	22	by	by	ADP
fsr-3244	295	23	the	the	DET
fsr-3244	295	24	market	market	NOUN
fsr-3244	295	25	yields	yield	NOUN
fsr-3244	295	26	at	at	ADP
fsr-3244	295	27	retirement	retirement	NOUN
fsr-3244	295	28	but	but	CCONJ
fsr-3244	295	29	also	also	ADV
fsr-3244	295	30	by	by	ADP
fsr-3244	295	31	the	the	DET
fsr-3244	295	32	specific	specific	ADJ
fsr-3244	295	33	characteristics	characteristic	NOUN
fsr-3244	295	34	of	of	ADP
fsr-3244	295	35	the	the	DET
fsr-3244	295	36	tips	tip	NOUN
fsr-3244	295	37	available	available	ADJ
fsr-3244	295	38	at	at	ADP
fsr-3244	295	39	retirement	retirement	NOUN
fsr-3244	295	40	.	.	PUNCT
fsr-3244	296	1	5.1.3	5.1.3	NUM
fsr-3244	296	2	.	.	PUNCT
fsr-3244	296	3	comparison	comparison	NOUN
fsr-3244	296	4	with	with	ADP
fsr-3244	296	5	shankar	shankar	PROPN
fsr-3244	296	6	the	the	DET
fsr-3244	296	7	simulation	simulation	NOUN
fsr-3244	296	8	results	result	NOUN
fsr-3244	296	9	concerning	concern	VERB
fsr-3244	296	10	target	target	NOUN
fsr-3244	296	11	real	real	ADJ
fsr-3244	296	12	payout	payout	NOUN
fsr-3244	296	13	rates	rate	NOUN
fsr-3244	296	14	are	be	AUX
fsr-3244	296	15	close	close	ADJ
fsr-3244	296	16	agreement	agreement	NOUN
fsr-3244	296	17	with	with	ADP
fsr-3244	296	18	the	the	DET
fsr-3244	296	19	deterministic	deterministic	ADJ
fsr-3244	296	20	calculations	calculation	NOUN
fsr-3244	296	21	reported	report	VERB
fsr-3244	296	22	by	by	ADP
fsr-3244	296	23	shankar	shankar	PROPN
fsr-3244	296	24	(	(	PUNCT
fsr-3244	296	25	2009	2009	NUM
fsr-3244	296	26	)	)	PUNCT
fsr-3244	296	27	.	.	PUNCT
fsr-3244	297	1	shankar	shankar	PROPN
fsr-3244	297	2	carries	carry	VERB
fsr-3244	297	3	out	out	ADP
fsr-3244	297	4	this	this	DET
fsr-3244	297	5	analysis	analysis	NOUN
fsr-3244	297	6	for	for	ADP
fsr-3244	297	7	assumed	assume	VERB
fsr-3244	297	8	real	real	ADJ
fsr-3244	297	9	returns	return	NOUN
fsr-3244	297	10	of	of	ADP
fsr-3244	297	11	0	0	NUM
fsr-3244	297	12	%	%	NOUN
fsr-3244	297	13	,	,	PUNCT
fsr-3244	297	14	1	1	NUM
fsr-3244	297	15	%	%	NOUN
fsr-3244	297	16	,	,	PUNCT
fsr-3244	297	17	2	2	NUM
fsr-3244	297	18	%	%	NOUN
fsr-3244	297	19	,	,	PUNCT
fsr-3244	297	20	and	and	CCONJ
fsr-3244	297	21	3	3	NUM
fsr-3244	297	22	%	%	NOUN
fsr-3244	297	23	for	for	ADP
fsr-3244	297	24	tips	tip	NOUN
fsr-3244	297	25	and	and	CCONJ
fsr-3244	297	26	the	the	DET
fsr-3244	297	27	calculation	calculation	NOUN
fsr-3244	297	28	of	of	ADP
fsr-3244	297	29	the	the	DET
fsr-3244	297	30	deferred	defer	VERB
fsr-3244	297	31	annuity	annuity	NOUN
fsr-3244	297	32	premium	premium	NOUN
fsr-3244	297	33	.	.	PUNCT
fsr-3244	298	1	shankar	shankar	PROPN
fsr-3244	298	2	’s	’s	PART
fsr-3244	298	3	results	result	NOUN
fsr-3244	298	4	are	be	AUX
fsr-3244	298	5	for	for	ADP
fsr-3244	298	6	strategies	strategy	NOUN
fsr-3244	298	7	with	with	ADP
fsr-3244	298	8	inflation	inflation	NOUN
fsr-3244	298	9	-	-	PUNCT
fsr-3244	298	10	indexed	index	VERB
fsr-3244	298	11	deferred	deferred	ADJ
fsr-3244	298	12	annuities	annuity	NOUN
fsr-3244	298	13	.	.	PUNCT
fsr-3244	299	1	in	in	ADP
fsr-3244	299	2	table	table	NOUN
fsr-3244	299	3	3	3	NUM
fsr-3244	299	4	,	,	PUNCT
fsr-3244	299	5	we	we	PRON
fsr-3244	299	6	compare	compare	VERB
fsr-3244	299	7	the	the	DET
fsr-3244	299	8	payout	payout	NOUN
fsr-3244	299	9	rates	rate	NOUN
fsr-3244	299	10	reported	report	VERB
fsr-3244	299	11	in	in	ADP
fsr-3244	299	12	shankar	shankar	PROPN
fsr-3244	299	13	’s	’s	PART
fsr-3244	299	14	table	table	NOUN
fsr-3244	299	15	2	2	NUM
fsr-3244	299	16	with	with	ADP
fsr-3244	299	17	our	our	PRON
fsr-3244	299	18	simulation	simulation	NOUN
fsr-3244	299	19	results	result	VERB
fsr-3244	299	20	.	.	PUNCT
fsr-3244	300	1	the	the	DET
fsr-3244	300	2	level	level	NOUN
fsr-3244	300	3	of	of	ADP
fsr-3244	300	4	the	the	DET
fsr-3244	300	5	target	target	NOUN
fsr-3244	300	6	real	real	ADJ
fsr-3244	300	7	payout	payout	NOUN
fsr-3244	300	8	rates	rate	NOUN
fsr-3244	300	9	in	in	ADP
fsr-3244	300	10	the	the	DET
fsr-3244	300	11	simulation	simulation	NOUN
fsr-3244	300	12	is	be	AUX
fsr-3244	300	13	about	about	ADV
fsr-3244	300	14	the	the	DET
fsr-3244	300	15	same	same	ADJ
fsr-3244	300	16	as	as	ADP
fsr-3244	300	17	in	in	ADP
fsr-3244	300	18	shankar	shankar	PROPN
fsr-3244	300	19	(	(	PUNCT
fsr-3244	300	20	2009	2009	NUM
fsr-3244	300	21	)	)	PUNCT
fsr-3244	300	22	for	for	ADP
fsr-3244	300	23	comparable	comparable	ADJ
fsr-3244	300	24	versions	version	NOUN
fsr-3244	300	25	of	of	ADP
fsr-3244	300	26	the	the	DET
fsr-3244	300	27	tips	tip	NOUN
fsr-3244	300	28	ladder	ladder	NOUN
fsr-3244	300	29	/	/	SYM
fsr-3244	300	30	deferred	defer	VERB
fsr-3244	300	31	annuity	annuity	NOUN
fsr-3244	300	32	strategy	strategy	NOUN
fsr-3244	300	33	and	and	CCONJ
fsr-3244	300	34	market	market	NOUN
fsr-3244	300	35	real	real	ADJ
fsr-3244	300	36	yields	yield	NOUN
fsr-3244	300	37	at	at	ADP
fsr-3244	300	38	retirement	retirement	NOUN
fsr-3244	300	39	.	.	PUNCT
fsr-3244	301	1	for	for	ADP
fsr-3244	301	2	example	example	NOUN
fsr-3244	301	3	,	,	PUNCT
fsr-3244	301	4	consider	consider	VERB
fsr-3244	301	5	an	an	DET
fsr-3244	301	6	investor	investor	NOUN
fsr-3244	301	7	who	who	PRON
fsr-3244	301	8	retires	retire	VERB
fsr-3244	301	9	at	at	ADP
fsr-3244	301	10	age	age	NOUN
fsr-3244	301	11	65	65	NUM
fsr-3244	301	12	,	,	PUNCT
fsr-3244	301	13	set	set	VERB
fsr-3244	301	14	up	up	ADP
fsr-3244	301	15	a	a	DET
fsr-3244	301	16	20	20	NUM
fsr-3244	301	17	-	-	PUNCT
fsr-3244	301	18	year	year	NOUN
fsr-3244	301	19	tips	tip	NOUN
fsr-3244	301	20	ladder	ladder	NOUN
fsr-3244	301	21	,	,	PUNCT
fsr-3244	301	22	and	and	CCONJ
fsr-3244	301	23	buys	buy	VERB
fsr-3244	301	24	the	the	DET
fsr-3244	301	25	corresponding	corresponding	ADJ
fsr-3244	301	26	inflation	inflation	NOUN
fsr-3244	301	27	-	-	PUNCT
fsr-3244	301	28	indexed	index	VERB
fsr-3244	301	29	deferred	deferred	ADJ
fsr-3244	301	30	annuity	annuity	NOUN
fsr-3244	301	31	.	.	PUNCT
fsr-3244	302	1	the	the	DET
fsr-3244	302	2	statistics	statistic	NOUN
fsr-3244	302	3	in	in	ADP
fsr-3244	302	4	the	the	DET
fsr-3244	302	5	“	"	PUNCT
fsr-3244	302	6	left	left	ADJ
fsr-3244	302	7	tail	tail	NOUN
fsr-3244	302	8	”	"	PUNCT
fsr-3244	302	9	column	column	NOUN
fsr-3244	302	10	of	of	ADP
fsr-3244	302	11	table	table	NOUN
fsr-3244	302	12	3	3	NUM
fsr-3244	302	13	correspond	correspond	NOUN
fsr-3244	302	14	to	to	ADP
fsr-3244	302	15	real	real	ADJ
fsr-3244	302	16	market	market	NOUN
fsr-3244	302	17	yields	yield	NOUN
fsr-3244	302	18	at	at	ADP
fsr-3244	302	19	retirement	retirement	NOUN
fsr-3244	302	20	of	of	ADP
fsr-3244	302	21	about	about	ADV
fsr-3244	302	22	0	0	NUM
fsr-3244	302	23	%	%	NOUN
fsr-3244	302	24	.	.	PUNCT
fsr-3244	303	1	the	the	DET
fsr-3244	303	2	average	average	ADJ
fsr-3244	303	3	real	real	ADJ
fsr-3244	303	4	payout	payout	NOUN
fsr-3244	303	5	rate	rate	NOUN
fsr-3244	303	6	in	in	ADP
fsr-3244	303	7	shankar	shankar	PROPN
fsr-3244	303	8	is	be	AUX
fsr-3244	303	9	4.47	4.47	NUM
fsr-3244	303	10	%	%	NOUN
fsr-3244	303	11	,	,	PUNCT
fsr-3244	303	12	while	while	SCONJ
fsr-3244	303	13	the	the	DET
fsr-3244	303	14	corresponding	correspond	VERB
fsr-3244	303	15	rate	rate	NOUN
fsr-3244	303	16	from	from	ADP
fsr-3244	303	17	the	the	DET
fsr-3244	303	18	simulation	simulation	NOUN
fsr-3244	303	19	(	(	PUNCT
fsr-3244	303	20	based	base	VERB
fsr-3244	303	21	on	on	ADP
fsr-3244	303	22	the	the	DET
fsr-3244	303	23	5th	5th	ADJ
fsr-3244	303	24	-	-	PUNCT
fsr-3244	303	25	percentile	percentile	ADJ
fsr-3244	303	26	statistic	statistic	NOUN
fsr-3244	303	27	)	)	PUNCT
fsr-3244	303	28	is	be	AUX
fsr-3244	303	29	4.14	4.14	NUM
fsr-3244	303	30	%	%	NOUN
fsr-3244	303	31	.	.	PUNCT
fsr-3244	304	1	the	the	DET
fsr-3244	304	2	statistics	statistic	NOUN
fsr-3244	304	3	in	in	ADP
fsr-3244	304	4	the	the	DET
fsr-3244	304	5	“	"	PUNCT
fsr-3244	304	6	middle	middle	ADJ
fsr-3244	304	7	”	"	PUNCT
fsr-3244	304	8	column	column	NOUN
fsr-3244	304	9	correspond	correspond	VERB
fsr-3244	304	10	to	to	ADP
fsr-3244	304	11	real	real	ADJ
fsr-3244	304	12	yields	yield	NOUN
fsr-3244	304	13	of	of	ADP
fsr-3244	304	14	about	about	ADV
fsr-3244	304	15	1	1	NUM
fsr-3244	304	16	%	%	NOUN
fsr-3244	304	17	.	.	PUNCT
fsr-3244	305	1	the	the	DET
fsr-3244	305	2	average	average	ADJ
fsr-3244	305	3	payout	payout	NOUN
fsr-3244	305	4	rate	rate	NOUN
fsr-3244	305	5	in	in	ADP
fsr-3244	305	6	shankar	shankar	PROPN
fsr-3244	305	7	is	be	AUX
fsr-3244	305	8	4.97	4.97	NUM
fsr-3244	305	9	%	%	NOUN
fsr-3244	305	10	,	,	PUNCT
fsr-3244	305	11	while	while	SCONJ
fsr-3244	305	12	the	the	DET
fsr-3244	305	13	corresponding	correspond	VERB
fsr-3244	305	14	rate	rate	NOUN
fsr-3244	305	15	from	from	ADP
fsr-3244	305	16	the	the	DET
fsr-3244	305	17	simulation	simulation	NOUN
fsr-3244	305	18	(	(	PUNCT
fsr-3244	305	19	based	base	VERB
fsr-3244	305	20	on	on	ADP
fsr-3244	305	21	the	the	DET
fsr-3244	305	22	median	median	NOUN
fsr-3244	305	23	)	)	PUNCT
fsr-3244	305	24	is	be	AUX
fsr-3244	305	25	4.86	4.86	NUM
fsr-3244	305	26	%	%	NOUN
fsr-3244	305	27	.	.	PUNCT
fsr-3244	306	1	shankar	shankar	PROPN
fsr-3244	306	2	(	(	PUNCT
fsr-3244	306	3	2009	2009	NUM
fsr-3244	306	4	,	,	PUNCT
fsr-3244	306	5	p.	p.	NOUN
fsr-3244	306	6	54	54	NUM
fsr-3244	306	7	)	)	PUNCT
fsr-3244	306	8	claims	claim	VERB
fsr-3244	306	9	that	that	SCONJ
fsr-3244	306	10	his	his	PRON
fsr-3244	306	11	proposed	propose	VERB
fsr-3244	306	12	strategy	strategy	NOUN
fsr-3244	306	13	“	"	PUNCT
fsr-3244	306	14	.	.	PUNCT
fsr-3244	306	15	.	.	PUNCT
fsr-3244	306	16	.	.	PUNCT
fsr-3244	307	1	would	would	AUX
fsr-3244	307	2	allow	allow	VERB
fsr-3244	307	3	retirees	retiree	NOUN
fsr-3244	307	4	to	to	PART
fsr-3244	307	5	enjoy	enjoy	VERB
fsr-3244	307	6	real	real	ADJ
fsr-3244	307	7	withdrawal	withdrawal	NOUN
fsr-3244	307	8	rates	rate	NOUN
fsr-3244	307	9	substantially	substantially	ADV
fsr-3244	307	10	higher	high	ADJ
fsr-3244	307	11	than	than	ADP
fsr-3244	307	12	the	the	DET
fsr-3244	307	13	4	4	NUM
fsr-3244	307	14	%	%	NOUN
fsr-3244	307	15	.	.	PUNCT
fsr-3244	307	16	.	.	PUNCT
fsr-3244	308	1	.	.	PUNCT
fsr-3244	308	2	”	"	PUNCT
fsr-3244	309	1	suggested	suggest	VERB
fsr-3244	309	2	by	by	ADP
fsr-3244	309	3	the	the	DET
fsr-3244	309	4	current	current	ADJ
fsr-3244	309	5	con372	con372	PROPN
fsr-3244	309	6	p.j	p.j	PROPN
fsr-3244	309	7	.	.	PROPN
fsr-3244	309	8	haensly	haensly	PROPN
fsr-3244	309	9	,	,	PUNCT
fsr-3244	309	10	k.p	k.p	PROPN
fsr-3244	309	11	.	.	PROPN
fsr-3244	309	12	pai	pai	PROPN
fsr-3244	309	13	/	/	SYM
fsr-3244	309	14	financial	financial	ADJ
fsr-3244	309	15	services	service	NOUN
fsr-3244	309	16	review	review	VERB
fsr-3244	309	17	24	24	NUM
fsr-3244	309	18	(	(	PUNCT
fsr-3244	309	19	2015	2015	NUM
fsr-3244	309	20	)	)	PUNCT
fsr-3244	309	21	359–386	359–386	NUM
fsr-3244	309	22	census	census	NOUN
fsr-3244	309	23	in	in	ADP
fsr-3244	309	24	the	the	DET
fsr-3244	309	25	literature	literature	NOUN
fsr-3244	309	26	.	.	PUNCT
fsr-3244	310	1	we	we	PRON
fsr-3244	310	2	find	find	VERB
fsr-3244	310	3	that	that	SCONJ
fsr-3244	310	4	this	this	DET
fsr-3244	310	5	claim	claim	NOUN
fsr-3244	310	6	is	be	AUX
fsr-3244	310	7	true	true	ADJ
fsr-3244	310	8	for	for	ADP
fsr-3244	310	9	many	many	ADJ
fsr-3244	310	10	but	but	CCONJ
fsr-3244	310	11	not	not	PART
fsr-3244	310	12	all	all	DET
fsr-3244	310	13	circumstances	circumstance	NOUN
fsr-3244	310	14	.	.	PUNCT
fsr-3244	311	1	specifically	specifically	ADV
fsr-3244	311	2	,	,	PUNCT
fsr-3244	311	3	the	the	DET
fsr-3244	311	4	5th	5th	ADJ
fsr-3244	311	5	-	-	PUNCT
fsr-3244	311	6	percentile	percentile	ADJ
fsr-3244	311	7	statistic	statistic	NOUN
fsr-3244	311	8	for	for	ADP
fsr-3244	311	9	the	the	DET
fsr-3244	311	10	target	target	NOUN
fsr-3244	311	11	real	real	ADJ
fsr-3244	311	12	payout	payout	NOUN
fsr-3244	311	13	rate	rate	NOUN
fsr-3244	311	14	(	(	PUNCT
fsr-3244	311	15	assuming	assume	VERB
fsr-3244	311	16	an	an	DET
fsr-3244	311	17	inflation	inflation	NOUN
fsr-3244	311	18	-	-	PUNCT
fsr-3244	311	19	indexed	index	VERB
fsr-3244	311	20	deferred	deferred	ADJ
fsr-3244	311	21	annuity	annuity	NOUN
fsr-3244	311	22	)	)	PUNCT
fsr-3244	311	23	is	be	AUX
fsr-3244	311	24	less	less	ADJ
fsr-3244	311	25	than	than	ADP
fsr-3244	311	26	4	4	NUM
fsr-3244	311	27	%	%	NOUN
fsr-3244	311	28	when	when	SCONJ
fsr-3244	311	29	the	the	DET
fsr-3244	311	30	retirement	retirement	NOUN
fsr-3244	311	31	age	age	NOUN
fsr-3244	311	32	is	be	AUX
fsr-3244	311	33	55	55	NUM
fsr-3244	311	34	or	or	CCONJ
fsr-3244	311	35	60	60	NUM
fsr-3244	311	36	;	;	PUNCT
fsr-3244	311	37	the	the	DET
fsr-3244	311	38	median	median	ADJ
fsr-3244	311	39	target	target	NOUN
fsr-3244	311	40	real	real	ADJ
fsr-3244	311	41	payout	payout	NOUN
fsr-3244	311	42	rate	rate	NOUN
fsr-3244	311	43	is	be	AUX
fsr-3244	311	44	less	less	ADJ
fsr-3244	311	45	than	than	ADP
fsr-3244	311	46	4	4	NUM
fsr-3244	311	47	%	%	NOUN
fsr-3244	311	48	for	for	ADP
fsr-3244	311	49	early	early	ADJ
fsr-3244	311	50	retirement	retirement	NOUN
fsr-3244	311	51	(	(	PUNCT
fsr-3244	311	52	age	age	NOUN
fsr-3244	311	53	55	55	NUM
fsr-3244	311	54	)	)	PUNCT
fsr-3244	311	55	with	with	ADP
fsr-3244	311	56	long	long	ADJ
fsr-3244	311	57	tips	tip	NOUN
fsr-3244	311	58	ladders	ladder	NOUN
fsr-3244	311	59	(	(	PUNCT
fsr-3244	311	60	25	25	NUM
fsr-3244	311	61	years	year	NOUN
fsr-3244	311	62	or	or	CCONJ
fsr-3244	311	63	longer	long	ADJ
fsr-3244	311	64	)	)	PUNCT
fsr-3244	311	65	.	.	PUNCT
fsr-3244	312	1	please	please	INTJ
fsr-3244	312	2	see	see	VERB
fsr-3244	312	3	the	the	DET
fsr-3244	312	4	first	first	ADJ
fsr-3244	312	5	two	two	NUM
fsr-3244	312	6	columns	column	NOUN
fsr-3244	312	7	in	in	ADP
fsr-3244	312	8	table	table	NOUN
fsr-3244	312	9	1	1	NUM
fsr-3244	312	10	.	.	PUNCT
fsr-3244	313	1	our	our	PRON
fsr-3244	313	2	linear	linear	ADJ
fsr-3244	313	3	regression	regression	NOUN
fsr-3244	313	4	results	result	NOUN
fsr-3244	313	5	in	in	ADP
fsr-3244	313	6	table	table	NOUN
fsr-3244	313	7	2	2	NUM
fsr-3244	313	8	show	show	VERB
fsr-3244	313	9	that	that	SCONJ
fsr-3244	313	10	these	these	DET
fsr-3244	313	11	lower	low	ADJ
fsr-3244	313	12	real	real	ADJ
fsr-3244	313	13	payout	payout	NOUN
fsr-3244	313	14	rates	rate	NOUN
fsr-3244	313	15	occur	occur	VERB
fsr-3244	313	16	when	when	SCONJ
fsr-3244	313	17	market	market	NOUN
fsr-3244	313	18	real	real	ADJ
fsr-3244	313	19	yields	yield	NOUN
fsr-3244	313	20	are	be	AUX
fsr-3244	313	21	low	low	ADJ
fsr-3244	313	22	.	.	PUNCT
fsr-3244	314	1	nonetheless	nonetheless	ADV
fsr-3244	314	2	,	,	PUNCT
fsr-3244	314	3	if	if	SCONJ
fsr-3244	314	4	an	an	DET
fsr-3244	314	5	investor	investor	NOUN
fsr-3244	314	6	waits	wait	VERB
fsr-3244	314	7	at	at	ADP
fsr-3244	314	8	least	least	ADJ
fsr-3244	314	9	until	until	SCONJ
fsr-3244	314	10	age	age	NOUN
fsr-3244	314	11	65	65	NUM
fsr-3244	314	12	to	to	PART
fsr-3244	314	13	retire	retire	VERB
fsr-3244	314	14	,	,	PUNCT
fsr-3244	314	15	then	then	ADV
fsr-3244	314	16	the	the	DET
fsr-3244	314	17	tips	tip	NOUN
fsr-3244	314	18	ladder	ladder	NOUN
fsr-3244	314	19	/	/	SYM
fsr-3244	314	20	inflation	inflation	NOUN
fsr-3244	314	21	-	-	PUNCT
fsr-3244	314	22	indexed	index	VERB
fsr-3244	314	23	deferred	deferred	ADJ
fsr-3244	314	24	annuity	annuity	NOUN
fsr-3244	314	25	strategy	strategy	NOUN
fsr-3244	314	26	is	be	AUX
fsr-3244	314	27	highly	highly	ADV
fsr-3244	314	28	likely	likely	ADJ
fsr-3244	314	29	to	to	PART
fsr-3244	314	30	have	have	VERB
fsr-3244	314	31	a	a	DET
fsr-3244	314	32	target	target	NOUN
fsr-3244	314	33	real	real	ADJ
fsr-3244	314	34	payout	payout	NOUN
fsr-3244	314	35	rate	rate	NOUN
fsr-3244	314	36	exceeding	exceed	VERB
fsr-3244	314	37	4	4	NUM
fsr-3244	314	38	%	%	NOUN
fsr-3244	314	39	,	,	PUNCT
fsr-3244	314	40	provided	provide	VERB
fsr-3244	314	41	that	that	SCONJ
fsr-3244	314	42	the	the	DET
fsr-3244	314	43	value	value	NOUN
fsr-3244	314	44	-	-	PUNCT
fsr-3244	314	45	weighted	weight	VERB
fsr-3244	314	46	real	real	ADJ
fsr-3244	314	47	yield	yield	NOUN
fsr-3244	314	48	on	on	ADP
fsr-3244	314	49	the	the	DET
fsr-3244	314	50	tips	tip	NOUN
fsr-3244	314	51	ladder	ladder	NOUN
fsr-3244	314	52	is	be	AUX
fsr-3244	314	53	at	at	ADV
fsr-3244	314	54	least	least	ADJ
fsr-3244	314	55	0	0	NUM
fsr-3244	314	56	%	%	NOUN
fsr-3244	314	57	.	.	PUNCT
fsr-3244	315	1	table	table	NOUN
fsr-3244	315	2	3	3	NUM
fsr-3244	315	3	comparison	comparison	NOUN
fsr-3244	315	4	of	of	ADP
fsr-3244	315	5	target	target	NOUN
fsr-3244	315	6	real	real	ADJ
fsr-3244	315	7	annual	annual	ADJ
fsr-3244	315	8	payout	payout	NOUN
fsr-3244	315	9	rates	rate	NOUN
fsr-3244	315	10	:	:	PUNCT
fsr-3244	315	11	simulation	simulation	NOUN
fsr-3244	315	12	vs.	vs.	ADP
fsr-3244	315	13	shankar	shankar	PROPN
fsr-3244	315	14	(	(	PUNCT
fsr-3244	315	15	2009	2009	NUM
fsr-3244	315	16	)	)	PUNCT
fsr-3244	315	17	retirement	retirement	NOUN
fsr-3244	315	18	age	age	NOUN
fsr-3244	315	19	(	(	PUNCT
fsr-3244	315	20	years	year	NOUN
fsr-3244	315	21	)	)	PUNCT
fsr-3244	315	22	length	length	NOUN
fsr-3244	315	23	of	of	ADP
fsr-3244	315	24	tips	tip	NOUN
fsr-3244	315	25	ladder	ladder	NOUN
fsr-3244	315	26	(	(	PUNCT
fsr-3244	315	27	years	year	NOUN
fsr-3244	315	28	)	)	PUNCT
fsr-3244	315	29	gender	gender	NOUN
fsr-3244	315	30	source	source	NOUN
fsr-3244	315	31	target	target	NOUN
fsr-3244	315	32	real	real	ADJ
fsr-3244	315	33	payout	payout	NOUN
fsr-3244	315	34	rate	rate	NOUN
fsr-3244	315	35	in	in	ADP
fsr-3244	315	36	retirement	retirement	NOUN
fsr-3244	315	37	(	(	PUNCT
fsr-3244	315	38	%	%	INTJ
fsr-3244	315	39	)	)	PUNCT
fsr-3244	315	40	*	*	PUNCT
fsr-3244	315	41	left	leave	VERB
fsr-3244	315	42	tail†	tail†	NOUN
fsr-3244	316	1	middle‡	middle‡	PROPN
fsr-3244	316	2	right	right	ADJ
fsr-3244	316	3	tail§	tail§	NOUN
fsr-3244	316	4	60	60	NUM
fsr-3244	316	5	20	20	NUM
fsr-3244	316	6	male	male	NOUN
fsr-3244	316	7	shankar	shankar	NOUN
fsr-3244	316	8	4.23	4.23	NUM
fsr-3244	316	9	4.73	4.73	NUM
fsr-3244	316	10	5.54	5.54	NUM
fsr-3244	316	11	female	female	ADJ
fsr-3244	316	12	shankar	shankar	NOUN
fsr-3244	316	13	3.86	3.86	NUM
fsr-3244	316	14	4.37	4.37	NUM
fsr-3244	316	15	5.20	5.20	NUM
fsr-3244	316	16	unisex	unisex	NOUN
fsr-3244	316	17	simulation	simulation	NOUN
fsr-3244	316	18	3.69	3.69	NUM
fsr-3244	316	19	(	(	PUNCT
fsr-3244	316	20	5%-tile	5%-tile	NUM
fsr-3244	316	21	)	)	PUNCT
fsr-3244	316	22	3.62	3.62	NUM
fsr-3244	316	23	(	(	PUNCT
fsr-3244	316	24	e0	e0	PROPN
fsr-3244	316	25	)	)	PUNCT
fsr-3244	316	26	4.43	4.43	NUM
fsr-3244	316	27	(	(	PUNCT
fsr-3244	316	28	m	m	NOUN
fsr-3244	316	29	)	)	PUNCT
fsr-3244	316	30	4.25	4.25	NUM
fsr-3244	316	31	(	(	PUNCT
fsr-3244	316	32	e1	e1	PROPN
fsr-3244	316	33	)	)	PUNCT
fsr-3244	316	34	5.15	5.15	NUM
fsr-3244	316	35	(	(	PUNCT
fsr-3244	316	36	75%-tile	75%-tile	NUM
fsr-3244	316	37	)	)	PUNCT
fsr-3244	316	38	5.20	5.20	NUM
fsr-3244	316	39	(	(	PUNCT
fsr-3244	316	40	e2.5	e2.5	NOUN
fsr-3244	316	41	)	)	PUNCT
fsr-3244	316	42	65	65	NUM
fsr-3244	316	43	15	15	NUM
fsr-3244	316	44	male	male	NOUN
fsr-3244	316	45	shankar	shankar	NOUN
fsr-3244	316	46	5.28	5.28	NUM
fsr-3244	316	47	5.78	5.78	NUM
fsr-3244	316	48	6.57	6.57	NUM
fsr-3244	316	49	female	female	ADJ
fsr-3244	316	50	shankar	shankar	NOUN
fsr-3244	316	51	4.73	4.73	NUM
fsr-3244	316	52	5.23	5.23	NUM
fsr-3244	316	53	6.04	6.04	NUM
fsr-3244	316	54	unisex	unisex	NOUN
fsr-3244	316	55	simulation	simulation	NOUN
fsr-3244	316	56	4.46	4.46	NUM
fsr-3244	316	57	(	(	PUNCT
fsr-3244	316	58	5%-tile	5%-tile	NUM
fsr-3244	316	59	)	)	PUNCT
fsr-3244	316	60	4.44	4.44	NUM
fsr-3244	316	61	(	(	PUNCT
fsr-3244	316	62	e0	e0	PROPN
fsr-3244	316	63	)	)	PUNCT
fsr-3244	316	64	5.20	5.20	NUM
fsr-3244	316	65	(	(	PUNCT
fsr-3244	316	66	m	m	NOUN
fsr-3244	316	67	)	)	PUNCT
fsr-3244	316	68	5.06	5.06	NUM
fsr-3244	316	69	(	(	PUNCT
fsr-3244	316	70	e1	e1	PROPN
fsr-3244	316	71	)	)	PUNCT
fsr-3244	316	72	5.93	5.93	NUM
fsr-3244	316	73	(	(	PUNCT
fsr-3244	316	74	75%-tile	75%-tile	NUM
fsr-3244	316	75	)	)	PUNCT
fsr-3244	316	76	5.99	5.99	NUM
fsr-3244	316	77	(	(	PUNCT
fsr-3244	316	78	e2.5	e2.5	NOUN
fsr-3244	316	79	)	)	PUNCT
fsr-3244	316	80	65	65	NUM
fsr-3244	316	81	20	20	NUM
fsr-3244	316	82	male	male	NOUN
fsr-3244	316	83	shankar	shankar	NOUN
fsr-3244	316	84	4.59	4.59	NUM
fsr-3244	316	85	5.09	5.09	NUM
fsr-3244	316	86	5.88	5.88	NUM
fsr-3244	316	87	female	female	ADJ
fsr-3244	316	88	shankar	shankar	NOUN
fsr-3244	316	89	4.35	4.35	NUM
fsr-3244	316	90	4.85	4.85	NUM
fsr-3244	316	91	5.66	5.66	NUM
fsr-3244	316	92	unisex	unisex	NOUN
fsr-3244	316	93	simulation	simulation	NOUN
fsr-3244	316	94	4.14	4.14	NUM
fsr-3244	316	95	(	(	PUNCT
fsr-3244	316	96	5%-tile	5%-tile	NUM
fsr-3244	316	97	)	)	PUNCT
fsr-3244	316	98	4.05	4.05	NUM
fsr-3244	316	99	(	(	PUNCT
fsr-3244	316	100	e0	e0	PROPN
fsr-3244	316	101	)	)	PUNCT
fsr-3244	316	102	4.86	4.86	NUM
fsr-3244	316	103	(	(	PUNCT
fsr-3244	316	104	m	m	NOUN
fsr-3244	316	105	)	)	PUNCT
fsr-3244	316	106	4.66	4.66	NUM
fsr-3244	316	107	(	(	PUNCT
fsr-3244	316	108	e1	e1	PROPN
fsr-3244	316	109	)	)	PUNCT
fsr-3244	316	110	5.53	5.53	NUM
fsr-3244	316	111	(	(	PUNCT
fsr-3244	316	112	75%-tile	75%-tile	NUM
fsr-3244	316	113	)	)	PUNCT
fsr-3244	316	114	5.59	5.59	NUM
fsr-3244	316	115	(	(	PUNCT
fsr-3244	316	116	e2.5	e2.5	NOUN
fsr-3244	316	117	)	)	PUNCT
fsr-3244	316	118	all	all	DET
fsr-3244	316	119	strategies	strategy	NOUN
fsr-3244	316	120	in	in	ADP
fsr-3244	316	121	this	this	DET
fsr-3244	316	122	table	table	NOUN
fsr-3244	316	123	consist	consist	NOUN
fsr-3244	316	124	of	of	ADP
fsr-3244	316	125	a	a	DET
fsr-3244	316	126	tips	tip	NOUN
fsr-3244	316	127	ladder	ladder	NOUN
fsr-3244	316	128	and	and	CCONJ
fsr-3244	316	129	an	an	DET
fsr-3244	316	130	inflation	inflation	NOUN
fsr-3244	316	131	-	-	PUNCT
fsr-3244	316	132	indexed	index	VERB
fsr-3244	316	133	deferred	deferred	ADJ
fsr-3244	316	134	annuity	annuity	NOUN
fsr-3244	316	135	.	.	PUNCT
fsr-3244	317	1	the	the	DET
fsr-3244	317	2	deferred	defer	VERB
fsr-3244	317	3	annuity	annuity	NOUN
fsr-3244	317	4	payments	payment	NOUN
fsr-3244	317	5	begin	begin	VERB
fsr-3244	317	6	one	one	NUM
fsr-3244	317	7	month	month	NOUN
fsr-3244	317	8	after	after	ADP
fsr-3244	317	9	the	the	DET
fsr-3244	317	10	tips	tip	NOUN
fsr-3244	317	11	ladder	ladder	NOUN
fsr-3244	317	12	phase	phase	NOUN
fsr-3244	317	13	.	.	PUNCT
fsr-3244	318	1	the	the	DET
fsr-3244	318	2	strategies	strategy	NOUN
fsr-3244	318	3	are	be	AUX
fsr-3244	318	4	designed	design	VERB
fsr-3244	318	5	so	so	SCONJ
fsr-3244	318	6	that	that	SCONJ
fsr-3244	318	7	the	the	DET
fsr-3244	318	8	target	target	NOUN
fsr-3244	318	9	real	real	ADJ
fsr-3244	318	10	annual	annual	ADJ
fsr-3244	318	11	payout	payout	NOUN
fsr-3244	318	12	rate	rate	NOUN
fsr-3244	318	13	is	be	AUX
fsr-3244	318	14	the	the	DET
fsr-3244	318	15	same	same	ADJ
fsr-3244	318	16	during	during	ADP
fsr-3244	318	17	the	the	DET
fsr-3244	318	18	tips	tip	NOUN
fsr-3244	318	19	ladder	ladder	NOUN
fsr-3244	318	20	phase	phase	NOUN
fsr-3244	318	21	and	and	CCONJ
fsr-3244	318	22	the	the	DET
fsr-3244	318	23	deferred	defer	VERB
fsr-3244	318	24	annuity	annuity	NOUN
fsr-3244	318	25	phase	phase	NOUN
fsr-3244	318	26	.	.	PUNCT
fsr-3244	319	1	*	*	PUNCT
fsr-3244	319	2	shankar	shankar	PROPN
fsr-3244	319	3	’s	’s	PART
fsr-3244	319	4	annual	annual	ADJ
fsr-3244	319	5	real	real	ADJ
fsr-3244	319	6	payout	payout	NOUN
fsr-3244	319	7	rates	rate	NOUN
fsr-3244	319	8	in	in	ADP
fsr-3244	319	9	retirement	retirement	NOUN
fsr-3244	319	10	are	be	AUX
fsr-3244	319	11	based	base	VERB
fsr-3244	319	12	on	on	ADP
fsr-3244	319	13	a	a	DET
fsr-3244	319	14	deterministic	deterministic	ADJ
fsr-3244	319	15	analysis	analysis	NOUN
fsr-3244	319	16	for	for	ADP
fsr-3244	319	17	assumed	assume	VERB
fsr-3244	319	18	real	real	ADJ
fsr-3244	319	19	returns	return	NOUN
fsr-3244	319	20	of	of	ADP
fsr-3244	319	21	0	0	NUM
fsr-3244	319	22	%	%	NOUN
fsr-3244	319	23	,	,	PUNCT
fsr-3244	319	24	1	1	NUM
fsr-3244	319	25	%	%	NOUN
fsr-3244	319	26	,	,	PUNCT
fsr-3244	319	27	2	2	NUM
fsr-3244	319	28	%	%	NOUN
fsr-3244	319	29	,	,	PUNCT
fsr-3244	319	30	and	and	CCONJ
fsr-3244	319	31	3	3	NUM
fsr-3244	319	32	%	%	NOUN
fsr-3244	319	33	for	for	ADP
fsr-3244	319	34	tips	tip	NOUN
fsr-3244	319	35	and	and	CCONJ
fsr-3244	319	36	the	the	DET
fsr-3244	319	37	calculation	calculation	NOUN
fsr-3244	319	38	of	of	ADP
fsr-3244	319	39	the	the	DET
fsr-3244	319	40	deferred	defer	VERB
fsr-3244	319	41	annuity	annuity	NOUN
fsr-3244	319	42	premium	premium	NOUN
fsr-3244	319	43	.	.	PUNCT
fsr-3244	320	1	results	result	NOUN
fsr-3244	320	2	are	be	AUX
fsr-3244	320	3	from	from	ADP
fsr-3244	320	4	his	his	PRON
fsr-3244	320	5	table	table	NOUN
fsr-3244	320	6	2	2	NUM
fsr-3244	320	7	.	.	PUNCT
fsr-3244	321	1	the	the	DET
fsr-3244	321	2	rates	rate	NOUN
fsr-3244	321	3	from	from	ADP
fsr-3244	321	4	our	our	PRON
fsr-3244	321	5	simulation	simulation	NOUN
fsr-3244	321	6	are	be	AUX
fsr-3244	321	7	target	target	VERB
fsr-3244	321	8	real	real	ADJ
fsr-3244	321	9	payout	payout	NOUN
fsr-3244	321	10	rates	rate	NOUN
fsr-3244	321	11	for	for	ADP
fsr-3244	321	12	individual	individual	ADJ
fsr-3244	321	13	investors	investor	NOUN
fsr-3244	321	14	,	,	PUNCT
fsr-3244	321	15	and	and	CCONJ
fsr-3244	321	16	the	the	DET
fsr-3244	321	17	statistics	statistic	NOUN
fsr-3244	321	18	are	be	AUX
fsr-3244	321	19	based	base	VERB
fsr-3244	321	20	on	on	ADP
fsr-3244	321	21	10,000	10,000	NUM
fsr-3244	321	22	replications	replication	NOUN
fsr-3244	321	23	for	for	ADP
fsr-3244	321	24	each	each	DET
fsr-3244	321	25	strategy	strategy	NOUN
fsr-3244	321	26	.	.	PUNCT
fsr-3244	322	1	†	†	NOUN
fsr-3244	322	2	payout	payout	NOUN
fsr-3244	322	3	rates	rate	NOUN
fsr-3244	322	4	from	from	ADP
fsr-3244	322	5	shankar	shankar	PROPN
fsr-3244	322	6	correspond	correspond	PROPN
fsr-3244	322	7	to	to	ADP
fsr-3244	322	8	calculations	calculation	NOUN
fsr-3244	322	9	based	base	VERB
fsr-3244	322	10	an	an	DET
fsr-3244	322	11	assumed	assumed	ADJ
fsr-3244	322	12	real	real	ADJ
fsr-3244	322	13	return	return	NOUN
fsr-3244	322	14	of	of	ADP
fsr-3244	322	15	0	0	NUM
fsr-3244	322	16	%	%	NOUN
fsr-3244	322	17	.	.	PUNCT
fsr-3244	323	1	target	target	VERB
fsr-3244	323	2	payout	payout	NOUN
fsr-3244	323	3	rates	rate	NOUN
fsr-3244	323	4	from	from	ADP
fsr-3244	323	5	our	our	PRON
fsr-3244	323	6	simulation	simulation	NOUN
fsr-3244	323	7	either	either	CCONJ
fsr-3244	323	8	are	be	AUX
fsr-3244	323	9	the	the	DET
fsr-3244	323	10	5%-tile	5%-tile	NUM
fsr-3244	323	11	statistics	statistic	NOUN
fsr-3244	323	12	or	or	CCONJ
fsr-3244	323	13	the	the	DET
fsr-3244	323	14	expected	expect	VERB
fsr-3244	323	15	target	target	NOUN
fsr-3244	323	16	payout	payout	NOUN
fsr-3244	323	17	based	base	VERB
fsr-3244	323	18	on	on	ADP
fsr-3244	323	19	linear	linear	ADJ
fsr-3244	323	20	regression	regression	NOUN
fsr-3244	323	21	analysis	analysis	NOUN
fsr-3244	323	22	(	(	PUNCT
fsr-3244	323	23	e0	e0	PROPN
fsr-3244	323	24	)	)	PUNCT
fsr-3244	323	25	,	,	PUNCT
fsr-3244	323	26	given	give	VERB
fsr-3244	323	27	a	a	DET
fsr-3244	323	28	0	0	NUM
fsr-3244	323	29	%	%	NOUN
fsr-3244	323	30	value	value	NOUN
fsr-3244	323	31	-	-	PUNCT
fsr-3244	323	32	weighted	weight	VERB
fsr-3244	323	33	average	average	ADJ
fsr-3244	323	34	real	real	ADJ
fsr-3244	323	35	yield	yield	NOUN
fsr-3244	323	36	on	on	ADP
fsr-3244	323	37	the	the	DET
fsr-3244	323	38	tips	tip	NOUN
fsr-3244	323	39	ladder	ladder	NOUN
fsr-3244	323	40	.	.	PUNCT
fsr-3244	324	1	(	(	PUNCT
fsr-3244	324	2	note	note	VERB
fsr-3244	324	3	:	:	PUNCT
fsr-3244	324	4	the	the	DET
fsr-3244	324	5	5%-tile	5%-tile	NUM
fsr-3244	324	6	of	of	ADP
fsr-3244	324	7	the	the	DET
fsr-3244	324	8	value	value	NOUN
fsr-3244	324	9	-	-	PUNCT
fsr-3244	324	10	weighted	weight	VERB
fsr-3244	324	11	average	average	ADJ
fsr-3244	324	12	real	real	ADJ
fsr-3244	324	13	yield	yield	NOUN
fsr-3244	324	14	on	on	ADP
fsr-3244	324	15	the	the	DET
fsr-3244	324	16	tips	tip	NOUN
fsr-3244	324	17	ladder	ladder	NOUN
fsr-3244	324	18	is	be	AUX
fsr-3244	324	19	about	about	ADV
fsr-3244	324	20	0.09	0.09	NUM
fsr-3244	324	21	%	%	NOUN
fsr-3244	324	22	for	for	ADP
fsr-3244	324	23	15	15	NUM
fsr-3244	324	24	-	-	PUNCT
fsr-3244	324	25	year	year	NOUN
fsr-3244	324	26	ladders	ladder	NOUN
fsr-3244	324	27	and	and	CCONJ
fsr-3244	324	28	about	about	ADV
fsr-3244	324	29	0.14	0.14	NUM
fsr-3244	324	30	%	%	NOUN
fsr-3244	324	31	for	for	ADP
fsr-3244	324	32	20	20	NUM
fsr-3244	324	33	-	-	PUNCT
fsr-3244	324	34	year	year	NOUN
fsr-3244	324	35	ladders	ladder	NOUN
fsr-3244	324	36	in	in	ADP
fsr-3244	324	37	the	the	DET
fsr-3244	324	38	simulation	simulation	NOUN
fsr-3244	324	39	.	.	PUNCT
fsr-3244	324	40	)	)	PUNCT
fsr-3244	325	1	‡	‡	VERB
fsr-3244	325	2	payout	payout	NOUN
fsr-3244	325	3	rates	rate	NOUN
fsr-3244	325	4	from	from	ADP
fsr-3244	325	5	shankar	shankar	PROPN
fsr-3244	325	6	correspond	correspond	PROPN
fsr-3244	325	7	to	to	ADP
fsr-3244	325	8	calculations	calculation	NOUN
fsr-3244	325	9	based	base	VERB
fsr-3244	325	10	an	an	DET
fsr-3244	325	11	assumed	assumed	ADJ
fsr-3244	325	12	real	real	ADJ
fsr-3244	325	13	return	return	NOUN
fsr-3244	325	14	of	of	ADP
fsr-3244	325	15	1	1	NUM
fsr-3244	325	16	%	%	NOUN
fsr-3244	325	17	.	.	PUNCT
fsr-3244	326	1	target	target	VERB
fsr-3244	326	2	payout	payout	NOUN
fsr-3244	326	3	rates	rate	NOUN
fsr-3244	326	4	from	from	ADP
fsr-3244	326	5	our	our	PRON
fsr-3244	326	6	simulation	simulation	NOUN
fsr-3244	326	7	either	either	CCONJ
fsr-3244	326	8	are	be	AUX
fsr-3244	326	9	the	the	DET
fsr-3244	326	10	median	median	ADJ
fsr-3244	326	11	statistics	statistic	NOUN
fsr-3244	326	12	(	(	PUNCT
fsr-3244	326	13	m	m	NOUN
fsr-3244	326	14	)	)	PUNCT
fsr-3244	326	15	or	or	CCONJ
fsr-3244	326	16	the	the	DET
fsr-3244	326	17	expected	expect	VERB
fsr-3244	326	18	target	target	NOUN
fsr-3244	326	19	payout	payout	NOUN
fsr-3244	326	20	based	base	VERB
fsr-3244	326	21	on	on	ADP
fsr-3244	326	22	linear	linear	ADJ
fsr-3244	326	23	regression	regression	NOUN
fsr-3244	326	24	analysis	analysis	NOUN
fsr-3244	326	25	(	(	PUNCT
fsr-3244	326	26	e1	e1	NOUN
fsr-3244	326	27	)	)	PUNCT
fsr-3244	326	28	,	,	PUNCT
fsr-3244	326	29	given	give	VERB
fsr-3244	326	30	a	a	DET
fsr-3244	326	31	1	1	NUM
fsr-3244	326	32	%	%	NOUN
fsr-3244	326	33	value	value	NOUN
fsr-3244	326	34	-	-	PUNCT
fsr-3244	326	35	weighted	weight	VERB
fsr-3244	326	36	average	average	ADJ
fsr-3244	326	37	real	real	ADJ
fsr-3244	326	38	yield	yield	NOUN
fsr-3244	326	39	on	on	ADP
fsr-3244	326	40	the	the	DET
fsr-3244	326	41	tips	tip	NOUN
fsr-3244	326	42	ladder	ladder	NOUN
fsr-3244	326	43	.	.	PUNCT
fsr-3244	327	1	(	(	PUNCT
fsr-3244	327	2	note	note	NOUN
fsr-3244	327	3	:	:	PUNCT
fsr-3244	327	4	the	the	DET
fsr-3244	327	5	median	median	NOUN
fsr-3244	327	6	of	of	ADP
fsr-3244	327	7	the	the	DET
fsr-3244	327	8	value	value	NOUN
fsr-3244	327	9	-	-	PUNCT
fsr-3244	327	10	weighted	weight	VERB
fsr-3244	327	11	average	average	ADJ
fsr-3244	327	12	real	real	ADJ
fsr-3244	327	13	yield	yield	NOUN
fsr-3244	327	14	on	on	ADP
fsr-3244	327	15	the	the	DET
fsr-3244	327	16	tips	tip	NOUN
fsr-3244	327	17	ladder	ladder	NOUN
fsr-3244	327	18	is	be	AUX
fsr-3244	327	19	about	about	ADV
fsr-3244	327	20	1.15	1.15	NUM
fsr-3244	327	21	%	%	NOUN
fsr-3244	327	22	for	for	ADP
fsr-3244	327	23	15	15	NUM
fsr-3244	327	24	-	-	PUNCT
fsr-3244	327	25	year	year	NOUN
fsr-3244	327	26	ladders	ladder	NOUN
fsr-3244	327	27	and	and	CCONJ
fsr-3244	327	28	about	about	ADV
fsr-3244	327	29	1.32	1.32	NUM
fsr-3244	327	30	%	%	NOUN
fsr-3244	327	31	for	for	ADP
fsr-3244	327	32	20	20	NUM
fsr-3244	327	33	-	-	PUNCT
fsr-3244	327	34	year	year	NOUN
fsr-3244	327	35	ladders	ladder	NOUN
fsr-3244	327	36	in	in	ADP
fsr-3244	327	37	the	the	DET
fsr-3244	327	38	simulation	simulation	NOUN
fsr-3244	327	39	.	.	PUNCT
fsr-3244	327	40	)	)	PUNCT
fsr-3244	328	1	§	§	NOUN
fsr-3244	328	2	payout	payout	NOUN
fsr-3244	328	3	rates	rate	NOUN
fsr-3244	328	4	from	from	ADP
fsr-3244	328	5	shankar	shankar	PROPN
fsr-3244	328	6	correspond	correspond	PROPN
fsr-3244	328	7	to	to	ADP
fsr-3244	328	8	the	the	DET
fsr-3244	328	9	simple	simple	ADJ
fsr-3244	328	10	average	average	NOUN
fsr-3244	328	11	of	of	ADP
fsr-3244	328	12	the	the	DET
fsr-3244	328	13	results	result	NOUN
fsr-3244	328	14	based	base	VERB
fsr-3244	328	15	assumed	assume	VERB
fsr-3244	328	16	real	real	ADJ
fsr-3244	328	17	returns	return	NOUN
fsr-3244	328	18	of	of	ADP
fsr-3244	328	19	2	2	NUM
fsr-3244	328	20	%	%	NOUN
fsr-3244	328	21	and	and	CCONJ
fsr-3244	328	22	3	3	NUM
fsr-3244	328	23	%	%	NOUN
fsr-3244	328	24	.	.	PUNCT
fsr-3244	329	1	target	target	VERB
fsr-3244	329	2	payout	payout	NOUN
fsr-3244	329	3	rates	rate	NOUN
fsr-3244	329	4	from	from	ADP
fsr-3244	329	5	our	our	PRON
fsr-3244	329	6	simulation	simulation	NOUN
fsr-3244	329	7	either	either	CCONJ
fsr-3244	329	8	are	be	AUX
fsr-3244	329	9	the	the	DET
fsr-3244	329	10	75%-tile	75%-tile	NUM
fsr-3244	329	11	statistics	statistic	NOUN
fsr-3244	329	12	or	or	CCONJ
fsr-3244	329	13	the	the	DET
fsr-3244	329	14	expected	expect	VERB
fsr-3244	329	15	target	target	NOUN
fsr-3244	329	16	payout	payout	NOUN
fsr-3244	329	17	based	base	VERB
fsr-3244	329	18	on	on	ADP
fsr-3244	329	19	linear	linear	ADJ
fsr-3244	329	20	regression	regression	NOUN
fsr-3244	329	21	analysis	analysis	NOUN
fsr-3244	329	22	(	(	PUNCT
fsr-3244	329	23	e2.5	e2.5	NOUN
fsr-3244	329	24	)	)	PUNCT
fsr-3244	329	25	,	,	PUNCT
fsr-3244	329	26	given	give	VERB
fsr-3244	329	27	a	a	DET
fsr-3244	329	28	2.5	2.5	NUM
fsr-3244	329	29	%	%	NOUN
fsr-3244	329	30	value	value	NOUN
fsr-3244	329	31	-	-	PUNCT
fsr-3244	329	32	weighted	weight	VERB
fsr-3244	329	33	average	average	ADJ
fsr-3244	329	34	real	real	ADJ
fsr-3244	329	35	yield	yield	NOUN
fsr-3244	329	36	on	on	ADP
fsr-3244	329	37	the	the	DET
fsr-3244	329	38	tips	tip	NOUN
fsr-3244	329	39	ladder	ladder	NOUN
fsr-3244	329	40	.	.	PUNCT
fsr-3244	330	1	(	(	PUNCT
fsr-3244	330	2	note	note	VERB
fsr-3244	330	3	:	:	PUNCT
fsr-3244	330	4	the	the	DET
fsr-3244	330	5	75%-tile	75%-tile	NUM
fsr-3244	330	6	of	of	ADP
fsr-3244	330	7	the	the	DET
fsr-3244	330	8	value	value	NOUN
fsr-3244	330	9	-	-	PUNCT
fsr-3244	330	10	weighted	weight	VERB
fsr-3244	330	11	average	average	ADJ
fsr-3244	330	12	real	real	ADJ
fsr-3244	330	13	yield	yield	NOUN
fsr-3244	330	14	on	on	ADP
fsr-3244	330	15	the	the	DET
fsr-3244	330	16	tips	tip	NOUN
fsr-3244	330	17	ladder	ladder	NOUN
fsr-3244	330	18	is	be	AUX
fsr-3244	330	19	about	about	ADV
fsr-3244	330	20	2.47	2.47	NUM
fsr-3244	330	21	%	%	NOUN
fsr-3244	330	22	for	for	ADP
fsr-3244	330	23	15	15	NUM
fsr-3244	330	24	-	-	PUNCT
fsr-3244	330	25	year	year	NOUN
fsr-3244	330	26	ladders	ladder	NOUN
fsr-3244	330	27	and	and	CCONJ
fsr-3244	330	28	about	about	ADV
fsr-3244	330	29	2.55	2.55	NUM
fsr-3244	330	30	%	%	NOUN
fsr-3244	330	31	for	for	ADP
fsr-3244	330	32	20	20	NUM
fsr-3244	330	33	-	-	PUNCT
fsr-3244	330	34	year	year	NOUN
fsr-3244	330	35	ladders	ladder	NOUN
fsr-3244	330	36	in	in	ADP
fsr-3244	330	37	the	the	DET
fsr-3244	330	38	simulation	simulation	NOUN
fsr-3244	330	39	.	.	PUNCT
fsr-3244	330	40	)	)	PUNCT
fsr-3244	331	1	373p.j	373p.j	NUM
fsr-3244	331	2	.	.	PUNCT
fsr-3244	332	1	haensly	haensly	ADV
fsr-3244	332	2	,	,	PUNCT
fsr-3244	332	3	k.p	k.p	PROPN
fsr-3244	332	4	.	.	PROPN
fsr-3244	332	5	pai	pai	PROPN
fsr-3244	332	6	/	/	SYM
fsr-3244	332	7	financial	financial	ADJ
fsr-3244	332	8	services	service	NOUN
fsr-3244	332	9	review	review	VERB
fsr-3244	332	10	24	24	NUM
fsr-3244	332	11	(	(	PUNCT
fsr-3244	332	12	2015	2015	NUM
fsr-3244	332	13	)	)	PUNCT
fsr-3244	333	1	359–386	359–386	NUM
fsr-3244	333	2	5.1.4	5.1.4	NUM
fsr-3244	333	3	.	.	PUNCT
fsr-3244	334	1	shortfall	shortfall	NOUN
fsr-3244	334	2	risk	risk	NOUN
fsr-3244	334	3	an	an	DET
fsr-3244	334	4	important	important	ADJ
fsr-3244	334	5	claim	claim	NOUN
fsr-3244	334	6	in	in	ADP
fsr-3244	334	7	shankar	shankar	PROPN
fsr-3244	334	8	(	(	PUNCT
fsr-3244	334	9	2009	2009	NUM
fsr-3244	334	10	)	)	PUNCT
fsr-3244	334	11	as	as	ADV
fsr-3244	334	12	well	well	ADV
fsr-3244	334	13	as	as	ADP
fsr-3244	334	14	in	in	ADP
fsr-3244	334	15	sexauer	sexauer	ADJ
fsr-3244	334	16	,	,	PUNCT
fsr-3244	334	17	peskin	peskin	ADJ
fsr-3244	334	18	,	,	PUNCT
fsr-3244	334	19	and	and	CCONJ
fsr-3244	334	20	cassidy	cassidy	PROPN
fsr-3244	334	21	(	(	PUNCT
fsr-3244	334	22	2012	2012	NUM
fsr-3244	334	23	)	)	PUNCT
fsr-3244	334	24	is	be	AUX
fsr-3244	334	25	that	that	SCONJ
fsr-3244	334	26	the	the	DET
fsr-3244	334	27	tips	tip	NOUN
fsr-3244	334	28	ladder	ladder	NOUN
fsr-3244	334	29	/	/	SYM
fsr-3244	334	30	deferred	defer	VERB
fsr-3244	334	31	annuity	annuity	NOUN
fsr-3244	334	32	strategy	strategy	NOUN
fsr-3244	334	33	guarantees	guarantee	VERB
fsr-3244	334	34	a	a	DET
fsr-3244	334	35	fixed	fix	VERB
fsr-3244	334	36	real	real	ADJ
fsr-3244	334	37	payout	payout	NOUN
fsr-3244	334	38	rate	rate	NOUN
fsr-3244	334	39	.	.	PUNCT
fsr-3244	335	1	we	we	PRON
fsr-3244	335	2	analyze	analyze	VERB
fsr-3244	335	3	this	this	DET
fsr-3244	335	4	claim	claim	NOUN
fsr-3244	335	5	by	by	ADP
fsr-3244	335	6	examining	examine	VERB
fsr-3244	335	7	shortfall	shortfall	NOUN
fsr-3244	335	8	risk	risk	NOUN
fsr-3244	335	9	over	over	ADP
fsr-3244	335	10	retirement	retirement	NOUN
fsr-3244	335	11	relative	relative	ADJ
fsr-3244	335	12	to	to	ADP
fsr-3244	335	13	the	the	DET
fsr-3244	335	14	target	target	NOUN
fsr-3244	335	15	real	real	ADJ
fsr-3244	335	16	annual	annual	ADJ
fsr-3244	335	17	payout	payout	NOUN
fsr-3244	335	18	rate	rate	NOUN
fsr-3244	335	19	.	.	PUNCT
fsr-3244	336	1	specifically	specifically	ADV
fsr-3244	336	2	,	,	PUNCT
fsr-3244	336	3	we	we	PRON
fsr-3244	336	4	examine	examine	VERB
fsr-3244	336	5	the	the	DET
fsr-3244	336	6	difference	difference	NOUN
fsr-3244	336	7	between	between	ADP
fsr-3244	336	8	the	the	DET
fsr-3244	336	9	target	target	NOUN
fsr-3244	336	10	real	real	ADJ
fsr-3244	336	11	annual	annual	ADJ
fsr-3244	336	12	payout	payout	NOUN
fsr-3244	336	13	rate	rate	NOUN
fsr-3244	336	14	and	and	CCONJ
fsr-3244	336	15	the	the	DET
fsr-3244	336	16	lowest	low	ADJ
fsr-3244	336	17	realized	realize	VERB
fsr-3244	336	18	12	12	NUM
fsr-3244	336	19	-	-	PUNCT
fsr-3244	336	20	month	month	NOUN
fsr-3244	336	21	real	real	ADJ
fsr-3244	336	22	payout	payout	NOUN
fsr-3244	336	23	rate	rate	NOUN
fsr-3244	336	24	.	.	PUNCT
fsr-3244	337	1	5.1.4.1	5.1.4.1	X
fsr-3244	337	2	.	.	PUNCT
fsr-3244	337	3	shortfall	shortfall	NOUN
fsr-3244	337	4	risk	risk	NOUN
fsr-3244	337	5	when	when	SCONJ
fsr-3244	337	6	the	the	DET
fsr-3244	337	7	deferred	deferred	ADJ
fsr-3244	337	8	annuity	annuity	NOUN
fsr-3244	337	9	is	be	AUX
fsr-3244	337	10	indexed	index	VERB
fsr-3244	337	11	.	.	PUNCT
fsr-3244	338	1	first	first	ADV
fsr-3244	338	2	,	,	PUNCT
fsr-3244	338	3	consider	consider	VERB
fsr-3244	338	4	tips	tip	NOUN
fsr-3244	338	5	ladder/	ladder/	NUM
fsr-3244	338	6	deferred	deferred	ADJ
fsr-3244	338	7	annuity	annuity	NOUN
fsr-3244	338	8	strategies	strategy	NOUN
fsr-3244	338	9	in	in	ADP
fsr-3244	338	10	which	which	PRON
fsr-3244	338	11	the	the	DET
fsr-3244	338	12	annuity	annuity	NOUN
fsr-3244	338	13	is	be	AUX
fsr-3244	338	14	indexed	index	VERB
fsr-3244	338	15	for	for	ADP
fsr-3244	338	16	inflation	inflation	NOUN
fsr-3244	338	17	.	.	PUNCT
fsr-3244	339	1	we	we	PRON
fsr-3244	339	2	find	find	VERB
fsr-3244	339	3	that	that	SCONJ
fsr-3244	339	4	the	the	DET
fsr-3244	339	5	shortfall	shortfall	NOUN
fsr-3244	339	6	risk	risk	NOUN
fsr-3244	339	7	is	be	AUX
fsr-3244	339	8	likely	likely	ADJ
fsr-3244	339	9	to	to	PART
fsr-3244	339	10	be	be	AUX
fsr-3244	339	11	small	small	ADJ
fsr-3244	339	12	.	.	PUNCT
fsr-3244	340	1	please	please	INTJ
fsr-3244	340	2	see	see	VERB
fsr-3244	340	3	the	the	DET
fsr-3244	340	4	first	first	ADJ
fsr-3244	340	5	three	three	NUM
fsr-3244	340	6	columns	column	NOUN
fsr-3244	340	7	in	in	ADP
fsr-3244	340	8	panel	panel	NOUN
fsr-3244	340	9	a	a	PRON
fsr-3244	340	10	of	of	ADP
fsr-3244	340	11	table	table	NOUN
fsr-3244	340	12	4	4	NUM
fsr-3244	340	13	.	.	PUNCT
fsr-3244	341	1	the	the	DET
fsr-3244	341	2	median	median	ADJ
fsr-3244	341	3	shortfall	shortfall	NOUN
fsr-3244	341	4	in	in	ADP
fsr-3244	341	5	the	the	DET
fsr-3244	341	6	real	real	ADJ
fsr-3244	341	7	payout	payout	NOUN
fsr-3244	341	8	rate	rate	NOUN
fsr-3244	341	9	is	be	AUX
fsr-3244	341	10	on	on	ADP
fsr-3244	341	11	the	the	DET
fsr-3244	341	12	order	order	NOUN
fsr-3244	341	13	of	of	ADP
fsr-3244	341	14	about	about	ADV
fsr-3244	341	15	0.1	0.1	NUM
fsr-3244	341	16	%	%	NOUN
fsr-3244	341	17	across	across	ADP
fsr-3244	341	18	all	all	DET
fsr-3244	341	19	strategies	strategy	NOUN
fsr-3244	341	20	,	,	PUNCT
fsr-3244	341	21	and	and	CCONJ
fsr-3244	341	22	the	the	DET
fsr-3244	341	23	95th	95th	ADJ
fsr-3244	341	24	-	-	PUNCT
fsr-3244	341	25	percentile	percentile	ADJ
fsr-3244	341	26	shortfall	shortfall	NOUN
fsr-3244	341	27	is	be	AUX
fsr-3244	341	28	about	about	ADV
fsr-3244	341	29	0.75	0.75	NUM
fsr-3244	341	30	%	%	NOUN
fsr-3244	341	31	or	or	CCONJ
fsr-3244	341	32	less	less	ADJ
fsr-3244	341	33	.	.	PUNCT
fsr-3244	342	1	in	in	ADP
fsr-3244	342	2	real	real	ADJ
fsr-3244	342	3	dollar	dollar	NOUN
fsr-3244	342	4	terms	term	NOUN
fsr-3244	342	5	,	,	PUNCT
fsr-3244	342	6	if	if	SCONJ
fsr-3244	342	7	the	the	DET
fsr-3244	342	8	ideal	ideal	ADJ
fsr-3244	342	9	payout	payout	NOUN
fsr-3244	342	10	ratio	ratio	NOUN
fsr-3244	342	11	is	be	AUX
fsr-3244	342	12	4	4	NUM
fsr-3244	342	13	%	%	NOUN
fsr-3244	342	14	(	(	PUNCT
fsr-3244	342	15	corresponding	correspond	VERB
fsr-3244	342	16	to	to	ADP
fsr-3244	342	17	annual	annual	ADJ
fsr-3244	342	18	real	real	ADJ
fsr-3244	342	19	payout	payout	NOUN
fsr-3244	342	20	of	of	ADP
fsr-3244	342	21	$	$	SYM
fsr-3244	342	22	20,000	20,000	NUM
fsr-3244	342	23	when	when	SCONJ
fsr-3244	342	24	wealth	wealth	NOUN
fsr-3244	342	25	at	at	ADP
fsr-3244	342	26	retirement	retirement	NOUN
fsr-3244	342	27	is	be	AUX
fsr-3244	342	28	$	$	SYM
fsr-3244	342	29	500,000	500,000	NUM
fsr-3244	342	30	)	)	PUNCT
fsr-3244	342	31	,	,	PUNCT
fsr-3244	342	32	then	then	ADV
fsr-3244	342	33	a	a	DET
fsr-3244	342	34	shortfall	shortfall	NOUN
fsr-3244	342	35	of	of	ADP
fsr-3244	342	36	0.75	0.75	NUM
fsr-3244	342	37	%	%	NOUN
fsr-3244	342	38	is	be	AUX
fsr-3244	342	39	about	about	ADV
fsr-3244	342	40	19	19	NUM
fsr-3244	342	41	%	%	NOUN
fsr-3244	342	42	of	of	ADP
fsr-3244	342	43	the	the	DET
fsr-3244	342	44	annual	annual	ADJ
fsr-3244	342	45	payout	payout	NOUN
fsr-3244	342	46	(	(	PUNCT
fsr-3244	342	47	or	or	CCONJ
fsr-3244	342	48	$	$	SYM
fsr-3244	342	49	3,750	3,750	NUM
fsr-3244	342	50	in	in	ADP
fsr-3244	342	51	purchasing	purchase	VERB
fsr-3244	342	52	power	power	NOUN
fsr-3244	342	53	)	)	PUNCT
fsr-3244	342	54	.	.	PUNCT
fsr-3244	343	1	over	over	ADP
fsr-3244	343	2	the	the	DET
fsr-3244	343	3	tips	tip	NOUN
fsr-3244	343	4	ladder	ladder	NOUN
fsr-3244	343	5	phase	phase	NOUN
fsr-3244	343	6	,	,	PUNCT
fsr-3244	343	7	however	however	ADV
fsr-3244	343	8	,	,	PUNCT
fsr-3244	343	9	we	we	PRON
fsr-3244	343	10	find	find	VERB
fsr-3244	343	11	the	the	DET
fsr-3244	343	12	shortfall	shortfall	NOUN
fsr-3244	343	13	is	be	AUX
fsr-3244	343	14	a	a	DET
fsr-3244	343	15	rare	rare	ADJ
fsr-3244	343	16	,	,	PUNCT
fsr-3244	343	17	transient	transient	ADJ
fsr-3244	343	18	event	event	NOUN
fsr-3244	343	19	.	.	PUNCT
fsr-3244	344	1	depending	depend	VERB
fsr-3244	344	2	on	on	ADP
fsr-3244	344	3	the	the	DET
fsr-3244	344	4	retirement	retirement	NOUN
fsr-3244	344	5	age	age	NOUN
fsr-3244	344	6	and	and	CCONJ
fsr-3244	344	7	length	length	NOUN
fsr-3244	344	8	of	of	ADP
fsr-3244	344	9	the	the	DET
fsr-3244	344	10	ladder	ladder	NOUN
fsr-3244	344	11	,	,	PUNCT
fsr-3244	344	12	the	the	DET
fsr-3244	344	13	odds	odd	NOUN
fsr-3244	344	14	of	of	ADP
fsr-3244	344	15	a	a	DET
fsr-3244	344	16	shortfall	shortfall	NOUN
fsr-3244	344	17	are	be	AUX
fsr-3244	344	18	about	about	ADV
fsr-3244	344	19	5	5	NUM
fsr-3244	344	20	%	%	NOUN
fsr-3244	344	21	to	to	PART
fsr-3244	344	22	15	15	NUM
fsr-3244	344	23	%	%	NOUN
fsr-3244	344	24	.	.	PUNCT
fsr-3244	345	1	for	for	ADP
fsr-3244	345	2	almost	almost	ADV
fsr-3244	345	3	all	all	PRON
fsr-3244	345	4	simulated	simulated	ADJ
fsr-3244	345	5	investors	investor	NOUN
fsr-3244	345	6	who	who	PRON
fsr-3244	345	7	experience	experience	VERB
fsr-3244	345	8	a	a	DET
fsr-3244	345	9	shortfall	shortfall	NOUN
fsr-3244	345	10	,	,	PUNCT
fsr-3244	345	11	the	the	DET
fsr-3244	345	12	shortfall	shortfall	NOUN
fsr-3244	345	13	occurs	occur	VERB
fsr-3244	345	14	only	only	ADV
fsr-3244	345	15	once	once	ADV
fsr-3244	345	16	(	(	PUNCT
fsr-3244	345	17	specifically	specifically	ADV
fsr-3244	345	18	,	,	PUNCT
fsr-3244	345	19	in	in	ADP
fsr-3244	345	20	only	only	ADV
fsr-3244	345	21	one	one	NUM
fsr-3244	345	22	ladder	ladder	NOUN
fsr-3244	345	23	year	year	NOUN
fsr-3244	345	24	)	)	PUNCT
fsr-3244	345	25	.	.	PUNCT
fsr-3244	346	1	for	for	ADP
fsr-3244	346	2	example	example	NOUN
fsr-3244	346	3	,	,	PUNCT
fsr-3244	346	4	among	among	ADP
fsr-3244	346	5	investors	investor	NOUN
fsr-3244	346	6	who	who	PRON
fsr-3244	346	7	retire	retire	VERB
fsr-3244	346	8	at	at	ADP
fsr-3244	346	9	age	age	NOUN
fsr-3244	346	10	65	65	NUM
fsr-3244	346	11	and	and	CCONJ
fsr-3244	346	12	elect	elect	VERB
fsr-3244	346	13	a	a	DET
fsr-3244	346	14	20	20	NUM
fsr-3244	346	15	-	-	PUNCT
fsr-3244	346	16	year	year	NOUN
fsr-3244	346	17	tips	tip	NOUN
fsr-3244	346	18	ladder	ladder	NOUN
fsr-3244	346	19	,	,	PUNCT
fsr-3244	346	20	86.78	86.78	NUM
fsr-3244	346	21	%	%	NOUN
fsr-3244	346	22	experience	experience	NOUN
fsr-3244	346	23	no	no	DET
fsr-3244	346	24	shortfall	shortfall	NOUN
fsr-3244	346	25	during	during	ADP
fsr-3244	346	26	the	the	DET
fsr-3244	346	27	ladder	ladder	NOUN
fsr-3244	346	28	period	period	NOUN
fsr-3244	346	29	(	(	PUNCT
fsr-3244	346	30	i.e.	i.e.	X
fsr-3244	346	31	,	,	PUNCT
fsr-3244	346	32	the	the	DET
fsr-3244	346	33	realized	realize	VERB
fsr-3244	346	34	real	real	ADJ
fsr-3244	346	35	payout	payout	NOUN
fsr-3244	346	36	rate	rate	NOUN
fsr-3244	346	37	equals	equal	VERB
fsr-3244	346	38	the	the	DET
fsr-3244	346	39	target	target	NOUN
fsr-3244	346	40	rate	rate	NOUN
fsr-3244	346	41	)	)	PUNCT
fsr-3244	346	42	;	;	PUNCT
fsr-3244	346	43	12.74	12.74	NUM
fsr-3244	346	44	%	%	NOUN
fsr-3244	346	45	experience	experience	NOUN
fsr-3244	346	46	one	one	NUM
fsr-3244	346	47	month	month	NOUN
fsr-3244	346	48	with	with	ADP
fsr-3244	346	49	no	no	DET
fsr-3244	346	50	payout	payout	NOUN
fsr-3244	346	51	;	;	PUNCT
fsr-3244	346	52	and	and	CCONJ
fsr-3244	346	53	0.48	0.48	NUM
fsr-3244	346	54	%	%	NOUN
fsr-3244	346	55	experience	experience	NOUN
fsr-3244	346	56	two	two	NUM
fsr-3244	346	57	months	month	NOUN
fsr-3244	346	58	with	with	ADP
fsr-3244	346	59	no	no	DET
fsr-3244	346	60	payout	payout	NOUN
fsr-3244	346	61	.	.	PUNCT
fsr-3244	347	1	these	these	DET
fsr-3244	347	2	relatively	relatively	ADV
fsr-3244	347	3	small	small	ADJ
fsr-3244	347	4	fluctuations	fluctuation	NOUN
fsr-3244	347	5	are	be	AUX
fsr-3244	347	6	a	a	DET
fsr-3244	347	7	consequence	consequence	NOUN
fsr-3244	347	8	of	of	ADP
fsr-3244	347	9	the	the	DET
fsr-3244	347	10	cash	cash	NOUN
fsr-3244	347	11	management	management	NOUN
fsr-3244	347	12	strategy	strategy	NOUN
fsr-3244	347	13	in	in	ADP
fsr-3244	347	14	the	the	DET
fsr-3244	347	15	simulation	simulation	NOUN
fsr-3244	347	16	.	.	PUNCT
fsr-3244	348	1	specifically	specifically	ADV
fsr-3244	348	2	,	,	PUNCT
fsr-3244	348	3	during	during	ADP
fsr-3244	348	4	the	the	DET
fsr-3244	348	5	life	life	NOUN
fsr-3244	348	6	of	of	ADP
fsr-3244	348	7	the	the	DET
fsr-3244	348	8	ladder	ladder	NOUN
fsr-3244	348	9	,	,	PUNCT
fsr-3244	348	10	the	the	DET
fsr-3244	348	11	tips	tip	NOUN
fsr-3244	348	12	for	for	ADP
fsr-3244	348	13	a	a	DET
fsr-3244	348	14	given	give	VERB
fsr-3244	348	15	annual	annual	ADJ
fsr-3244	348	16	rung	rung	NOUN
fsr-3244	348	17	in	in	ADP
fsr-3244	348	18	the	the	DET
fsr-3244	348	19	ladder	ladder	NOUN
fsr-3244	348	20	are	be	AUX
fsr-3244	348	21	selected	select	VERB
fsr-3244	348	22	to	to	PART
fsr-3244	348	23	mature	mature	VERB
fsr-3244	348	24	shortly	shortly	ADV
fsr-3244	348	25	before	before	ADP
fsr-3244	348	26	that	that	DET
fsr-3244	348	27	year	year	NOUN
fsr-3244	348	28	.	.	PUNCT
fsr-3244	349	1	the	the	DET
fsr-3244	349	2	proceeds	proceed	NOUN
fsr-3244	349	3	are	be	AUX
fsr-3244	349	4	held	hold	VERB
fsr-3244	349	5	in	in	ADP
fsr-3244	349	6	a	a	DET
fsr-3244	349	7	cash	cash	NOUN
fsr-3244	349	8	account	account	NOUN
fsr-3244	349	9	that	that	PRON
fsr-3244	349	10	earns	earn	VERB
fsr-3244	349	11	a	a	DET
fsr-3244	349	12	nominal	nominal	ADJ
fsr-3244	349	13	one	one	NUM
fsr-3244	349	14	-	-	PUNCT
fsr-3244	349	15	month	month	NOUN
fsr-3244	349	16	nominal	nominal	ADJ
fsr-3244	349	17	t	t	PROPN
fsr-3244	349	18	-	-	PUNCT
fsr-3244	349	19	bill	bill	NOUN
fsr-3244	349	20	return	return	NOUN
fsr-3244	349	21	.	.	PUNCT
fsr-3244	350	1	hence	hence	ADV
fsr-3244	350	2	,	,	PUNCT
fsr-3244	350	3	fluctuations	fluctuation	NOUN
fsr-3244	350	4	in	in	ADP
fsr-3244	350	5	the	the	DET
fsr-3244	350	6	t	t	PROPN
fsr-3244	350	7	-	-	PUNCT
fsr-3244	350	8	bill	bill	NOUN
fsr-3244	350	9	rate	rate	NOUN
fsr-3244	350	10	relative	relative	ADJ
fsr-3244	350	11	to	to	ADP
fsr-3244	350	12	the	the	DET
fsr-3244	350	13	realized	realize	VERB
fsr-3244	350	14	inflation	inflation	NOUN
fsr-3244	350	15	rate	rate	NOUN
fsr-3244	350	16	occasionally	occasionally	ADV
fsr-3244	350	17	cause	cause	VERB
fsr-3244	350	18	the	the	DET
fsr-3244	350	19	retiree	retiree	NOUN
fsr-3244	350	20	to	to	PART
fsr-3244	350	21	come	come	VERB
fsr-3244	350	22	up	up	ADP
fsr-3244	350	23	short	short	ADV
fsr-3244	350	24	at	at	ADP
fsr-3244	350	25	the	the	DET
fsr-3244	350	26	end	end	NOUN
fsr-3244	350	27	of	of	ADP
fsr-3244	350	28	a	a	DET
fsr-3244	350	29	year	year	NOUN
fsr-3244	350	30	in	in	ADP
fsr-3244	350	31	the	the	DET
fsr-3244	350	32	tips	tip	NOUN
fsr-3244	350	33	ladder	ladder	NOUN
fsr-3244	350	34	phase	phase	NOUN
fsr-3244	350	35	.	.	PUNCT
fsr-3244	351	1	over	over	ADP
fsr-3244	351	2	the	the	DET
fsr-3244	351	3	deferred	defer	VERB
fsr-3244	351	4	annuity	annuity	NOUN
fsr-3244	351	5	payout	payout	NOUN
fsr-3244	351	6	period	period	NOUN
fsr-3244	351	7	,	,	PUNCT
fsr-3244	351	8	fluctuations	fluctuation	NOUN
fsr-3244	351	9	in	in	ADP
fsr-3244	351	10	the	the	DET
fsr-3244	351	11	real	real	ADJ
fsr-3244	351	12	payout	payout	NOUN
fsr-3244	351	13	rate	rate	NOUN
fsr-3244	351	14	are	be	AUX
fsr-3244	351	15	much	much	ADV
fsr-3244	351	16	more	more	ADV
fsr-3244	351	17	common	common	ADJ
fsr-3244	351	18	but	but	CCONJ
fsr-3244	351	19	also	also	ADV
fsr-3244	351	20	are	be	AUX
fsr-3244	351	21	small	small	ADJ
fsr-3244	351	22	and	and	CCONJ
fsr-3244	351	23	on	on	ADP
fsr-3244	351	24	the	the	DET
fsr-3244	351	25	order	order	NOUN
fsr-3244	351	26	of	of	ADP
fsr-3244	351	27	0.25	0.25	NUM
fsr-3244	351	28	%	%	NOUN
fsr-3244	351	29	or	or	CCONJ
fsr-3244	351	30	less	less	ADJ
fsr-3244	351	31	.	.	PUNCT
fsr-3244	352	1	please	please	INTJ
fsr-3244	352	2	see	see	VERB
fsr-3244	352	3	the	the	DET
fsr-3244	352	4	last	last	ADJ
fsr-3244	352	5	three	three	NUM
fsr-3244	352	6	columns	column	NOUN
fsr-3244	352	7	of	of	ADP
fsr-3244	352	8	panel	panel	NOUN
fsr-3244	352	9	a	a	DET
fsr-3244	352	10	in	in	ADP
fsr-3244	352	11	table	table	NOUN
fsr-3244	352	12	4	4	NUM
fsr-3244	352	13	.	.	PUNCT
fsr-3244	353	1	in	in	ADP
fsr-3244	353	2	the	the	DET
fsr-3244	353	3	simulation	simulation	NOUN
fsr-3244	353	4	,	,	PUNCT
fsr-3244	353	5	when	when	SCONJ
fsr-3244	353	6	deferred	deferred	ADJ
fsr-3244	353	7	annuities	annuity	NOUN
fsr-3244	353	8	are	be	AUX
fsr-3244	353	9	inflationindexed	inflationindexe	VERB
fsr-3244	353	10	,	,	PUNCT
fsr-3244	353	11	they	they	PRON
fsr-3244	353	12	are	be	AUX
fsr-3244	353	13	indexed	index	VERB
fsr-3244	353	14	to	to	ADP
fsr-3244	353	15	the	the	DET
fsr-3244	353	16	cpi	cpi	NOUN
fsr-3244	353	17	-	-	PUNCT
fsr-3244	353	18	u	u	NOUN
fsr-3244	353	19	with	with	ADP
fsr-3244	353	20	a	a	DET
fsr-3244	353	21	three	three	NUM
fsr-3244	353	22	-	-	PUNCT
fsr-3244	353	23	month	month	NOUN
fsr-3244	353	24	lag	lag	NOUN
fsr-3244	353	25	.	.	PUNCT
fsr-3244	354	1	we	we	PRON
fsr-3244	354	2	calculate	calculate	VERB
fsr-3244	354	3	the	the	DET
fsr-3244	354	4	real	real	ADJ
fsr-3244	354	5	value	value	NOUN
fsr-3244	354	6	of	of	ADP
fsr-3244	354	7	each	each	DET
fsr-3244	354	8	realized	realize	VERB
fsr-3244	354	9	payout	payout	NOUN
fsr-3244	354	10	in	in	ADP
fsr-3244	354	11	terms	term	NOUN
fsr-3244	354	12	of	of	ADP
fsr-3244	354	13	retirement	retirement	NOUN
fsr-3244	354	14	date	date	NOUN
fsr-3244	354	15	dollars	dollar	NOUN
fsr-3244	354	16	.	.	PUNCT
fsr-3244	355	1	as	as	ADP
fsr-3244	355	2	a	a	DET
fsr-3244	355	3	consequence	consequence	NOUN
fsr-3244	355	4	,	,	PUNCT
fsr-3244	355	5	the	the	DET
fsr-3244	355	6	indexation	indexation	NOUN
fsr-3244	355	7	lag	lag	NOUN
fsr-3244	355	8	induces	induce	VERB
fsr-3244	355	9	relatively	relatively	ADV
fsr-3244	355	10	small	small	ADJ
fsr-3244	355	11	fluctuations	fluctuation	NOUN
fsr-3244	355	12	in	in	ADP
fsr-3244	355	13	the	the	DET
fsr-3244	355	14	real	real	ADJ
fsr-3244	355	15	payout	payout	NOUN
fsr-3244	355	16	rate	rate	NOUN
fsr-3244	355	17	during	during	ADP
fsr-3244	355	18	the	the	DET
fsr-3244	355	19	deferred	defer	VERB
fsr-3244	355	20	annuity	annuity	NOUN
fsr-3244	355	21	payout	payout	NOUN
fsr-3244	355	22	phase	phase	NOUN
fsr-3244	355	23	.	.	PUNCT
fsr-3244	356	1	in	in	ADP
fsr-3244	356	2	some	some	DET
fsr-3244	356	3	cases	case	NOUN
fsr-3244	356	4	,	,	PUNCT
fsr-3244	356	5	the	the	DET
fsr-3244	356	6	fluctuations	fluctuation	NOUN
fsr-3244	356	7	may	may	AUX
fsr-3244	356	8	even	even	ADV
fsr-3244	356	9	be	be	AUX
fsr-3244	356	10	in	in	ADP
fsr-3244	356	11	favor	favor	NOUN
fsr-3244	356	12	of	of	ADP
fsr-3244	356	13	the	the	DET
fsr-3244	356	14	retiree	retiree	NOUN
fsr-3244	356	15	;	;	PUNCT
fsr-3244	356	16	see	see	VERB
fsr-3244	356	17	the	the	DET
fsr-3244	356	18	5th	5th	ADJ
fsr-3244	356	19	-	-	PUNCT
fsr-3244	356	20	percentile	percentile	ADJ
fsr-3244	356	21	column	column	NOUN
fsr-3244	356	22	.	.	PUNCT
fsr-3244	357	1	when	when	SCONJ
fsr-3244	357	2	this	this	DET
fsr-3244	357	3	shortfall	shortfall	NOUN
fsr-3244	357	4	statistic	statistic	NOUN
fsr-3244	357	5	is	be	AUX
fsr-3244	357	6	negative	negative	ADJ
fsr-3244	357	7	,	,	PUNCT
fsr-3244	357	8	it	it	PRON
fsr-3244	357	9	means	mean	VERB
fsr-3244	357	10	that	that	SCONJ
fsr-3244	357	11	the	the	DET
fsr-3244	357	12	realized	realize	VERB
fsr-3244	357	13	real	real	ADJ
fsr-3244	357	14	payout	payout	NOUN
fsr-3244	357	15	rate	rate	NOUN
fsr-3244	357	16	in	in	ADP
fsr-3244	357	17	all	all	DET
fsr-3244	357	18	rolling	roll	VERB
fsr-3244	357	19	12	12	NUM
fsr-3244	357	20	-	-	PUNCT
fsr-3244	357	21	month	month	NOUN
fsr-3244	357	22	periods	period	NOUN
fsr-3244	357	23	exceeded	exceed	VERB
fsr-3244	357	24	the	the	DET
fsr-3244	357	25	target	target	NOUN
fsr-3244	357	26	payout	payout	NOUN
fsr-3244	357	27	rate	rate	NOUN
fsr-3244	357	28	for	for	ADP
fsr-3244	357	29	at	at	ADV
fsr-3244	357	30	least	least	ADV
fsr-3244	357	31	five	five	NUM
fsr-3244	357	32	percent	percent	NOUN
fsr-3244	357	33	of	of	ADP
fsr-3244	357	34	investors	investor	NOUN
fsr-3244	357	35	.	.	PUNCT
fsr-3244	358	1	these	these	DET
fsr-3244	358	2	fluctuations	fluctuation	NOUN
fsr-3244	358	3	also	also	ADV
fsr-3244	358	4	affect	affect	VERB
fsr-3244	358	5	inflation	inflation	NOUN
fsr-3244	358	6	-	-	PUNCT
fsr-3244	358	7	indexed	index	VERB
fsr-3244	358	8	immediate	immediate	ADJ
fsr-3244	358	9	annuities	annuity	NOUN
fsr-3244	358	10	.	.	PUNCT
fsr-3244	359	1	in	in	ADP
fsr-3244	359	2	our	our	PRON
fsr-3244	359	3	simulations	simulation	NOUN
fsr-3244	359	4	,	,	PUNCT
fsr-3244	359	5	the	the	DET
fsr-3244	359	6	median	median	ADJ
fsr-3244	359	7	range	range	NOUN
fsr-3244	359	8	for	for	ADP
fsr-3244	359	9	immediate	immediate	ADJ
fsr-3244	359	10	annuity	annuity	NOUN
fsr-3244	359	11	payouts	payout	NOUN
fsr-3244	359	12	(	(	PUNCT
fsr-3244	359	13	measured	measure	VERB
fsr-3244	359	14	as	as	ADP
fsr-3244	359	15	the	the	DET
fsr-3244	359	16	difference	difference	NOUN
fsr-3244	359	17	between	between	ADP
fsr-3244	359	18	the	the	DET
fsr-3244	359	19	highest	high	ADJ
fsr-3244	359	20	and	and	CCONJ
fsr-3244	359	21	lowest	low	ADJ
fsr-3244	359	22	12	12	NUM
fsr-3244	359	23	-	-	PUNCT
fsr-3244	359	24	month	month	NOUN
fsr-3244	359	25	rolling	rolling	NOUN
fsr-3244	359	26	realized	realize	VERB
fsr-3244	359	27	real	real	ADJ
fsr-3244	359	28	payout	payout	NOUN
fsr-3244	359	29	rates	rate	NOUN
fsr-3244	359	30	)	)	PUNCT
fsr-3244	359	31	is	be	AUX
fsr-3244	359	32	about	about	ADV
fsr-3244	359	33	0.25	0.25	NUM
fsr-3244	359	34	%	%	NOUN
fsr-3244	359	35	and	and	CCONJ
fsr-3244	359	36	the	the	DET
fsr-3244	359	37	95th	95th	ADJ
fsr-3244	359	38	-	-	PUNCT
fsr-3244	359	39	percentile	percentile	ADJ
fsr-3244	359	40	range	range	NOUN
fsr-3244	359	41	is	be	AUX
fsr-3244	359	42	about	about	ADV
fsr-3244	359	43	0.5	0.5	NUM
fsr-3244	359	44	%	%	NOUN
fsr-3244	359	45	or	or	CCONJ
fsr-3244	359	46	less	less	ADJ
fsr-3244	359	47	.	.	PUNCT
fsr-3244	360	1	in	in	ADP
fsr-3244	360	2	short	short	ADJ
fsr-3244	360	3	,	,	PUNCT
fsr-3244	360	4	any	any	DET
fsr-3244	360	5	annuity	annuity	NOUN
fsr-3244	360	6	that	that	PRON
fsr-3244	360	7	is	be	AUX
fsr-3244	360	8	indexed	index	VERB
fsr-3244	360	9	with	with	ADP
fsr-3244	360	10	a	a	DET
fsr-3244	360	11	lag	lag	NOUN
fsr-3244	360	12	will	will	AUX
fsr-3244	360	13	not	not	PART
fsr-3244	360	14	perfectly	perfectly	ADV
fsr-3244	360	15	track	track	VERB
fsr-3244	360	16	changes	change	NOUN
fsr-3244	360	17	in	in	ADP
fsr-3244	360	18	purchasing	purchase	VERB
fsr-3244	360	19	power	power	NOUN
fsr-3244	360	20	as	as	SCONJ
fsr-3244	360	21	measured	measure	VERB
fsr-3244	360	22	by	by	ADP
fsr-3244	360	23	changes	change	NOUN
fsr-3244	360	24	in	in	ADP
fsr-3244	360	25	the	the	DET
fsr-3244	360	26	cpi	cpi	PROPN
fsr-3244	360	27	-	-	PUNCT
fsr-3244	360	28	u.	u.	PROPN
fsr-3244	360	29	374	374	NUM
fsr-3244	360	30	p.j	p.j	PROPN
fsr-3244	360	31	.	.	PROPN
fsr-3244	360	32	haensly	haensly	PROPN
fsr-3244	360	33	,	,	PUNCT
fsr-3244	360	34	k.p	k.p	PROPN
fsr-3244	360	35	.	.	PROPN
fsr-3244	360	36	pai	pai	PROPN
fsr-3244	360	37	/	/	SYM
fsr-3244	360	38	financial	financial	ADJ
fsr-3244	360	39	services	service	NOUN
fsr-3244	360	40	review	review	VERB
fsr-3244	360	41	24	24	NUM
fsr-3244	360	42	(	(	PUNCT
fsr-3244	360	43	2015	2015	NUM
fsr-3244	360	44	)	)	PUNCT
fsr-3244	360	45	359–386	359–386	NUM
fsr-3244	360	46	5.1.4.2	5.1.4.2	NUM
fsr-3244	360	47	.	.	PUNCT
fsr-3244	361	1	shortfall	shortfall	NOUN
fsr-3244	361	2	risk	risk	NOUN
fsr-3244	361	3	when	when	SCONJ
fsr-3244	361	4	the	the	DET
fsr-3244	361	5	deferred	deferred	ADJ
fsr-3244	361	6	annuity	annuity	NOUN
fsr-3244	361	7	is	be	AUX
fsr-3244	361	8	not	not	PART
fsr-3244	361	9	indexed	index	VERB
fsr-3244	361	10	.	.	PUNCT
fsr-3244	362	1	the	the	DET
fsr-3244	362	2	story	story	NOUN
fsr-3244	362	3	is	be	AUX
fsr-3244	362	4	much	much	ADV
fsr-3244	362	5	worse	bad	ADJ
fsr-3244	362	6	when	when	SCONJ
fsr-3244	362	7	the	the	DET
fsr-3244	362	8	deferred	deferred	ADJ
fsr-3244	362	9	annuity	annuity	NOUN
fsr-3244	362	10	is	be	AUX
fsr-3244	362	11	not	not	PART
fsr-3244	362	12	indexed	index	VERB
fsr-3244	362	13	for	for	ADP
fsr-3244	362	14	inflation	inflation	NOUN
fsr-3244	362	15	.	.	PUNCT
fsr-3244	363	1	the	the	DET
fsr-3244	363	2	shortfall	shortfall	NOUN
fsr-3244	363	3	over	over	ADP
fsr-3244	363	4	retirement	retirement	NOUN
fsr-3244	363	5	can	can	AUX
fsr-3244	363	6	be	be	AUX
fsr-3244	363	7	large	large	ADJ
fsr-3244	363	8	.	.	PUNCT
fsr-3244	364	1	please	please	INTJ
fsr-3244	364	2	see	see	VERB
fsr-3244	364	3	panel	panel	NOUN
fsr-3244	364	4	b	b	PROPN
fsr-3244	364	5	in	in	ADP
fsr-3244	364	6	table	table	NOUN
fsr-3244	364	7	4	4	NUM
fsr-3244	364	8	.	.	PUNCT
fsr-3244	365	1	over	over	ADP
fsr-3244	365	2	the	the	DET
fsr-3244	365	3	tips	tip	NOUN
fsr-3244	365	4	ladder	ladder	NOUN
fsr-3244	365	5	phase	phase	NOUN
fsr-3244	365	6	,	,	PUNCT
fsr-3244	365	7	the	the	DET
fsr-3244	365	8	shortfall	shortfall	NOUN
fsr-3244	365	9	risk	risk	NOUN
fsr-3244	365	10	is	be	AUX
fsr-3244	365	11	low	low	ADJ
fsr-3244	365	12	,	,	PUNCT
fsr-3244	365	13	and	and	CCONJ
fsr-3244	365	14	magnitude	magnitude	NOUN
fsr-3244	365	15	of	of	ADP
fsr-3244	365	16	the	the	DET
fsr-3244	365	17	shortfall	shortfall	NOUN
fsr-3244	365	18	is	be	AUX
fsr-3244	365	19	about	about	ADV
fsr-3244	365	20	the	the	DET
fsr-3244	365	21	same	same	ADJ
fsr-3244	365	22	as	as	ADP
fsr-3244	365	23	for	for	ADP
fsr-3244	365	24	corresponding	correspond	VERB
fsr-3244	365	25	scenarios	scenario	NOUN
fsr-3244	365	26	when	when	SCONJ
fsr-3244	365	27	the	the	DET
fsr-3244	365	28	deferred	deferred	ADJ
fsr-3244	365	29	annuity	annuity	NOUN
fsr-3244	365	30	is	be	AUX
fsr-3244	365	31	indexed	index	VERB
fsr-3244	365	32	.	.	PUNCT
fsr-3244	366	1	however	however	ADV
fsr-3244	366	2	,	,	PUNCT
fsr-3244	366	3	if	if	SCONJ
fsr-3244	366	4	the	the	DET
fsr-3244	366	5	retiree	retiree	NOUN
fsr-3244	366	6	survives	survive	VERB
fsr-3244	366	7	to	to	ADP
fsr-3244	366	8	the	the	DET
fsr-3244	366	9	deferred	defer	VERB
fsr-3244	366	10	annuity	annuity	NOUN
fsr-3244	366	11	phase	phase	NOUN
fsr-3244	366	12	,	,	PUNCT
fsr-3244	366	13	then	then	ADV
fsr-3244	366	14	the	the	DET
fsr-3244	366	15	shortfall	shortfall	NOUN
fsr-3244	366	16	can	can	AUX
fsr-3244	366	17	be	be	AUX
fsr-3244	366	18	dramatic	dramatic	ADJ
fsr-3244	366	19	.	.	PUNCT
fsr-3244	367	1	the	the	DET
fsr-3244	367	2	median	median	ADJ
fsr-3244	367	3	shortfall	shortfall	NOUN
fsr-3244	367	4	is	be	AUX
fsr-3244	367	5	on	on	ADP
fsr-3244	367	6	the	the	DET
fsr-3244	367	7	order	order	NOUN
fsr-3244	367	8	of	of	ADP
fsr-3244	367	9	about	about	ADV
fsr-3244	367	10	half	half	NOUN
fsr-3244	367	11	of	of	ADP
fsr-3244	367	12	the	the	DET
fsr-3244	367	13	median	median	ADJ
fsr-3244	367	14	target	target	NOUN
fsr-3244	367	15	real	real	ADJ
fsr-3244	367	16	payout	payout	NOUN
fsr-3244	367	17	ratio	ratio	NOUN
fsr-3244	367	18	.	.	PUNCT
fsr-3244	368	1	this	this	DET
fsr-3244	368	2	shortfall	shortfall	NOUN
fsr-3244	368	3	is	be	AUX
fsr-3244	368	4	not	not	PART
fsr-3244	368	5	transient	transient	ADJ
fsr-3244	368	6	.	.	PUNCT
fsr-3244	369	1	although	although	SCONJ
fsr-3244	369	2	deflationary	deflationary	ADJ
fsr-3244	369	3	periods	period	NOUN
fsr-3244	369	4	can	can	AUX
fsr-3244	369	5	occur	occur	VERB
fsr-3244	369	6	in	in	ADP
fsr-3244	369	7	the	the	DET
fsr-3244	369	8	simulation	simulation	NOUN
fsr-3244	369	9	as	as	ADP
fsr-3244	369	10	over	over	ADP
fsr-3244	369	11	the	the	DET
fsr-3244	369	12	historical	historical	ADJ
fsr-3244	369	13	period	period	NOUN
fsr-3244	369	14	from	from	ADP
fsr-3244	369	15	which	which	PRON
fsr-3244	369	16	our	our	PRON
fsr-3244	369	17	expected	expect	VERB
fsr-3244	369	18	inflation	inflation	NOUN
fsr-3244	369	19	curves	curve	NOUN
fsr-3244	369	20	are	be	AUX
fsr-3244	369	21	estimated	estimate	VERB
fsr-3244	369	22	,	,	PUNCT
fsr-3244	369	23	the	the	DET
fsr-3244	369	24	table	table	NOUN
fsr-3244	369	25	4	4	NUM
fsr-3244	369	26	shortfall	shortfall	NOUN
fsr-3244	369	27	risk	risk	NOUN
fsr-3244	369	28	:	:	PUNCT
fsr-3244	369	29	target	target	VERB
fsr-3244	369	30	real	real	ADJ
fsr-3244	369	31	annual	annual	ADJ
fsr-3244	369	32	payout	payout	NOUN
fsr-3244	369	33	rate	rate	NOUN
fsr-3244	369	34	minus	minus	CCONJ
fsr-3244	369	35	lowest	low	ADJ
fsr-3244	369	36	realized	realize	VERB
fsr-3244	369	37	rolling	roll	VERB
fsr-3244	369	38	12	12	NUM
fsr-3244	369	39	-	-	PUNCT
fsr-3244	369	40	month	month	NOUN
fsr-3244	369	41	real	real	ADJ
fsr-3244	369	42	payout	payout	NOUN
fsr-3244	369	43	rate	rate	NOUN
fsr-3244	369	44	(	(	PUNCT
fsr-3244	369	45	%	%	INTJ
fsr-3244	369	46	)	)	PUNCT
fsr-3244	369	47	retirement	retirement	NOUN
fsr-3244	369	48	age	age	NOUN
fsr-3244	369	49	(	(	PUNCT
fsr-3244	369	50	years	year	NOUN
fsr-3244	369	51	)	)	PUNCT
fsr-3244	369	52	tips	tip	NOUN
fsr-3244	369	53	ladder	ladder	NOUN
fsr-3244	369	54	(	(	PUNCT
fsr-3244	369	55	years	year	NOUN
fsr-3244	369	56	)	)	PUNCT
fsr-3244	369	57	over	over	ADP
fsr-3244	369	58	retirement	retirement	NOUN
fsr-3244	369	59	over	over	ADP
fsr-3244	369	60	life	life	NOUN
fsr-3244	369	61	of	of	ADP
fsr-3244	369	62	tips	tip	NOUN
fsr-3244	369	63	ladder	ladder	VERB
fsr-3244	369	64	over	over	ADP
fsr-3244	369	65	deferred	defer	VERB
fsr-3244	369	66	annuity	annuity	NOUN
fsr-3244	369	67	payout	payout	NOUN
fsr-3244	369	68	5%-tile	5%-tile	NUM
fsr-3244	369	69	median	median	NOUN
fsr-3244	369	70	95%-tile	95%-tile	NUM
fsr-3244	369	71	5%-tile	5%-tile	NUM
fsr-3244	369	72	median	median	NOUN
fsr-3244	369	73	95%-tile	95%-tile	NUM
fsr-3244	369	74	5%-tile	5%-tile	NUM
fsr-3244	369	75	median	median	NOUN
fsr-3244	369	76	95%-tile	95%-tile	NUM
fsr-3244	369	77	panel	panel	NOUN
fsr-3244	369	78	a	a	DET
fsr-3244	369	79	:	:	PUNCT
fsr-3244	369	80	strategies	strategy	NOUN
fsr-3244	369	81	with	with	ADP
fsr-3244	369	82	inflation	inflation	NOUN
fsr-3244	369	83	-	-	PUNCT
fsr-3244	369	84	indexed	index	VERB
fsr-3244	369	85	deferred	deferred	ADJ
fsr-3244	369	86	annuity	annuity	NOUN
fsr-3244	369	87	55	55	NUM
fsr-3244	369	88	10	10	NUM
fsr-3244	369	89	0.00	0.00	NUM
fsr-3244	369	90	0.11	0.11	NUM
fsr-3244	369	91	0.42	0.42	NUM
fsr-3244	369	92	0.00	0.00	NUM
fsr-3244	369	93	0.00	0.00	NUM
fsr-3244	369	94	0.40	0.40	NUM
fsr-3244	369	95	�	�	PROPN
fsr-3244	369	96	0.03	0.03	NUM
fsr-3244	369	97	0.09	0.09	NUM
fsr-3244	369	98	0.22	0.22	NUM
fsr-3244	369	99	15	15	NUM
fsr-3244	369	100	0.00	0.00	NUM
fsr-3244	369	101	0.10	0.10	NUM
fsr-3244	369	102	0.61	0.61	NUM
fsr-3244	369	103	0.00	0.00	NUM
fsr-3244	369	104	0.00	0.00	NUM
fsr-3244	369	105	0.56	0.56	NUM
fsr-3244	369	106	�	�	NOUN
fsr-3244	369	107	0.04	0.04	NUM
fsr-3244	369	108	0.08	0.08	NUM
fsr-3244	369	109	0.20	0.20	NUM
fsr-3244	369	110	20	20	NUM
fsr-3244	369	111	0.00	0.00	NUM
fsr-3244	369	112	0.08	0.08	NUM
fsr-3244	369	113	0.60	0.60	NUM
fsr-3244	369	114	0.00	0.00	NUM
fsr-3244	369	115	0.00	0.00	NUM
fsr-3244	369	116	0.56	0.56	NUM
fsr-3244	369	117	�	�	NOUN
fsr-3244	369	118	0.05	0.05	NUM
fsr-3244	369	119	0.06	0.06	NUM
fsr-3244	369	120	0.19	0.19	NUM
fsr-3244	369	121	25	25	NUM
fsr-3244	369	122	0.00	0.00	NUM
fsr-3244	369	123	0.05	0.05	NUM
fsr-3244	369	124	0.57	0.57	NUM
fsr-3244	369	125	0.00	0.00	NUM
fsr-3244	369	126	0.00	0.00	NUM
fsr-3244	369	127	0.53	0.53	NUM
fsr-3244	369	128	�	�	PROPN
fsr-3244	369	129	0.07	0.07	NUM
fsr-3244	369	130	0.05	0.05	NUM
fsr-3244	369	131	0.18	0.18	NUM
fsr-3244	369	132	30	30	NUM
fsr-3244	369	133	0.00	0.00	NUM
fsr-3244	369	134	0.00	0.00	NUM
fsr-3244	369	135	0.50	0.50	NUM
fsr-3244	369	136	0.00	0.00	NUM
fsr-3244	369	137	0.00	0.00	NUM
fsr-3244	369	138	0.47	0.47	NUM
fsr-3244	369	139	�	�	PROPN
fsr-3244	370	1	0.08	0.08	NUM
fsr-3244	370	2	0.04	0.04	NUM
fsr-3244	370	3	0.17	0.17	NUM
fsr-3244	370	4	60	60	NUM
fsr-3244	370	5	10	10	NUM
fsr-3244	370	6	0.00	0.00	NUM
fsr-3244	370	7	0.12	0.12	NUM
fsr-3244	370	8	0.47	0.47	NUM
fsr-3244	370	9	0.00	0.00	NUM
fsr-3244	370	10	0.00	0.00	NUM
fsr-3244	370	11	0.44	0.44	NUM
fsr-3244	370	12	�	�	NOUN
fsr-3244	370	13	0.05	0.05	NUM
fsr-3244	370	14	0.09	0.09	NUM
fsr-3244	370	15	0.23	0.23	NUM
fsr-3244	370	16	15	15	NUM
fsr-3244	370	17	0.00	0.00	NUM
fsr-3244	370	18	0.09	0.09	NUM
fsr-3244	370	19	0.67	0.67	NUM
fsr-3244	370	20	0.00	0.00	NUM
fsr-3244	370	21	0.00	0.00	NUM
fsr-3244	370	22	0.61	0.61	NUM
fsr-3244	370	23	�	�	NOUN
fsr-3244	370	24	0.05	0.05	NUM
fsr-3244	370	25	0.07	0.07	NUM
fsr-3244	370	26	0.21	0.21	NUM
fsr-3244	370	27	20	20	NUM
fsr-3244	370	28	0.00	0.00	NUM
fsr-3244	370	29	0.05	0.05	NUM
fsr-3244	370	30	0.63	0.63	NUM
fsr-3244	370	31	0.00	0.00	NUM
fsr-3244	370	32	0.00	0.00	NUM
fsr-3244	370	33	0.58	0.58	NUM
fsr-3244	370	34	�	�	PROPN
fsr-3244	370	35	0.07	0.07	NUM
fsr-3244	370	36	0.06	0.06	NUM
fsr-3244	370	37	0.20	0.20	NUM
fsr-3244	370	38	25	25	NUM
fsr-3244	370	39	0.00	0.00	NUM
fsr-3244	370	40	0.01	0.01	NUM
fsr-3244	370	41	0.57	0.57	NUM
fsr-3244	370	42	0.00	0.00	NUM
fsr-3244	370	43	0.00	0.00	NUM
fsr-3244	370	44	0.54	0.54	NUM
fsr-3244	370	45	�	�	NOUN
fsr-3244	370	46	0.09	0.09	NUM
fsr-3244	370	47	0.04	0.04	NUM
fsr-3244	370	48	0.18	0.18	NUM
fsr-3244	370	49	65	65	NUM
fsr-3244	370	50	10	10	NUM
fsr-3244	370	51	0.00	0.00	NUM
fsr-3244	370	52	0.12	0.12	NUM
fsr-3244	370	53	0.53	0.53	NUM
fsr-3244	370	54	0.00	0.00	NUM
fsr-3244	370	55	0.00	0.00	NUM
fsr-3244	370	56	0.50	0.50	NUM
fsr-3244	370	57	�	�	PROPN
fsr-3244	370	58	0.06	0.06	NUM
fsr-3244	370	59	0.08	0.08	NUM
fsr-3244	370	60	0.25	0.25	NUM
fsr-3244	370	61	15	15	NUM
fsr-3244	370	62	0.00	0.00	NUM
fsr-3244	370	63	0.07	0.07	NUM
fsr-3244	370	64	0.73	0.73	NUM
fsr-3244	370	65	0.00	0.00	NUM
fsr-3244	370	66	0.00	0.00	NUM
fsr-3244	370	67	0.67	0.67	NUM
fsr-3244	370	68	�	�	NOUN
fsr-3244	370	69	0.08	0.08	NUM
fsr-3244	370	70	0.07	0.07	NUM
fsr-3244	370	71	0.23	0.23	NUM
fsr-3244	370	72	20	20	NUM
fsr-3244	370	73	0.00	0.00	NUM
fsr-3244	370	74	0.01	0.01	NUM
fsr-3244	370	75	0.64	0.64	NUM
fsr-3244	370	76	0.00	0.00	NUM
fsr-3244	370	77	0.00	0.00	NUM
fsr-3244	370	78	0.59	0.59	NUM
fsr-3244	370	79	�	�	PROPN
fsr-3244	370	80	0.10	0.10	NUM
fsr-3244	370	81	0.05	0.05	NUM
fsr-3244	370	82	0.20	0.20	NUM
fsr-3244	370	83	70	70	NUM
fsr-3244	370	84	10	10	NUM
fsr-3244	370	85	0.00	0.00	NUM
fsr-3244	370	86	0.11	0.11	NUM
fsr-3244	370	87	0.61	0.61	NUM
fsr-3244	370	88	0.00	0.00	NUM
fsr-3244	370	89	0.00	0.00	NUM
fsr-3244	370	90	0.57	0.57	NUM
fsr-3244	370	91	�	�	NOUN
fsr-3244	370	92	0.09	0.09	NUM
fsr-3244	370	93	0.08	0.08	NUM
fsr-3244	370	94	0.28	0.28	NUM
fsr-3244	370	95	15	15	NUM
fsr-3244	370	96	0.00	0.00	NUM
fsr-3244	370	97	0.02	0.02	NUM
fsr-3244	370	98	0.75	0.75	NUM
fsr-3244	370	99	0.00	0.00	NUM
fsr-3244	370	100	0.00	0.00	NUM
fsr-3244	370	101	0.68	0.68	NUM
fsr-3244	370	102	�	�	NOUN
fsr-3244	370	103	0.12	0.12	NUM
fsr-3244	370	104	0.06	0.06	NUM
fsr-3244	370	105	0.24	0.24	NUM
fsr-3244	370	106	75	75	NUM
fsr-3244	370	107	10	10	NUM
fsr-3244	370	108	0.00	0.00	NUM
fsr-3244	370	109	0.08	0.08	NUM
fsr-3244	370	110	0.67	0.67	NUM
fsr-3244	370	111	0.00	0.00	NUM
fsr-3244	370	112	0.00	0.00	NUM
fsr-3244	370	113	0.64	0.64	NUM
fsr-3244	370	114	�	�	NOUN
fsr-3244	370	115	0.13	0.13	NUM
fsr-3244	370	116	0.07	0.07	NUM
fsr-3244	370	117	0.30	0.30	NUM
fsr-3244	370	118	panel	panel	NOUN
fsr-3244	370	119	b	b	NOUN
fsr-3244	370	120	:	:	PUNCT
fsr-3244	370	121	strategies	strategy	NOUN
fsr-3244	370	122	with	with	ADP
fsr-3244	370	123	deferred	deferred	ADJ
fsr-3244	370	124	annuity	annuity	NOUN
fsr-3244	370	125	that	that	PRON
fsr-3244	370	126	is	be	AUX
fsr-3244	370	127	not	not	PART
fsr-3244	370	128	indexed	index	VERB
fsr-3244	370	129	for	for	ADP
fsr-3244	370	130	inflation	inflation	NOUN
fsr-3244	370	131	55	55	NUM
fsr-3244	370	132	10	10	NUM
fsr-3244	370	133	0.00	0.00	NUM
fsr-3244	370	134	3.20	3.20	NUM
fsr-3244	370	135	6.15	6.15	NUM
fsr-3244	370	136	0.00	0.00	NUM
fsr-3244	370	137	0.00	0.00	NUM
fsr-3244	370	138	0.48	0.48	NUM
fsr-3244	370	139	1.12	1.12	NUM
fsr-3244	370	140	3.33	3.33	NUM
fsr-3244	370	141	6.22	6.22	NUM
fsr-3244	370	142	15	15	NUM
fsr-3244	370	143	0.00	0.00	NUM
fsr-3244	370	144	2.98	2.98	NUM
fsr-3244	370	145	5.44	5.44	NUM
fsr-3244	370	146	0.00	0.00	NUM
fsr-3244	370	147	0.00	0.00	NUM
fsr-3244	370	148	0.66	0.66	NUM
fsr-3244	370	149	1.18	1.18	NUM
fsr-3244	370	150	3.17	3.17	NUM
fsr-3244	370	151	5.56	5.56	NUM
fsr-3244	370	152	20	20	NUM
fsr-3244	370	153	0.00	0.00	NUM
fsr-3244	370	154	2.65	2.65	NUM
fsr-3244	370	155	4.87	4.87	NUM
fsr-3244	370	156	0.00	0.00	NUM
fsr-3244	370	157	0.00	0.00	NUM
fsr-3244	370	158	0.62	0.62	NUM
fsr-3244	370	159	1.08	1.08	NUM
fsr-3244	370	160	2.98	2.98	NUM
fsr-3244	370	161	5.07	5.07	NUM
fsr-3244	370	162	25	25	NUM
fsr-3244	370	163	0.00	0.00	NUM
fsr-3244	370	164	2.22	2.22	NUM
fsr-3244	370	165	4.46	4.46	NUM
fsr-3244	370	166	0.00	0.00	NUM
fsr-3244	370	167	0.00	0.00	NUM
fsr-3244	370	168	0.56	0.56	NUM
fsr-3244	370	169	1.12	1.12	NUM
fsr-3244	370	170	2.78	2.78	NUM
fsr-3244	370	171	4.82	4.82	NUM
fsr-3244	370	172	30	30	NUM
fsr-3244	370	173	0.00	0.00	NUM
fsr-3244	370	174	0.70	0.70	NUM
fsr-3244	370	175	3.97	3.97	NUM
fsr-3244	370	176	0.00	0.00	NUM
fsr-3244	370	177	0.00	0.00	NUM
fsr-3244	370	178	0.49	0.49	NUM
fsr-3244	370	179	0.97	0.97	NUM
fsr-3244	370	180	2.60	2.60	NUM
fsr-3244	370	181	4.51	4.51	NUM
fsr-3244	370	182	60	60	NUM
fsr-3244	370	183	10	10	NUM
fsr-3244	370	184	0.00	0.00	NUM
fsr-3244	370	185	3.10	3.10	NUM
fsr-3244	370	186	5.99	5.99	NUM
fsr-3244	370	187	0.00	0.00	NUM
fsr-3244	370	188	0.00	0.00	NUM
fsr-3244	370	189	0.52	0.52	NUM
fsr-3244	370	190	0.83	0.83	NUM
fsr-3244	370	191	3.29	3.29	NUM
fsr-3244	370	192	6.08	6.08	NUM
fsr-3244	370	193	15	15	NUM
fsr-3244	370	194	0.00	0.00	NUM
fsr-3244	370	195	2.79	2.79	NUM
fsr-3244	370	196	5.24	5.24	NUM
fsr-3244	370	197	0.00	0.00	NUM
fsr-3244	370	198	0.00	0.00	NUM
fsr-3244	370	199	0.70	0.70	NUM
fsr-3244	370	200	0.94	0.94	NUM
fsr-3244	370	201	3.10	3.10	NUM
fsr-3244	370	202	5.36	5.36	NUM
fsr-3244	370	203	20	20	NUM
fsr-3244	370	204	0.00	0.00	NUM
fsr-3244	370	205	2.36	2.36	NUM
fsr-3244	370	206	4.68	4.68	NUM
fsr-3244	370	207	0.00	0.00	NUM
fsr-3244	370	208	0.00	0.00	NUM
fsr-3244	370	209	0.62	0.62	NUM
fsr-3244	370	210	0.89	0.89	NUM
fsr-3244	370	211	2.95	2.95	NUM
fsr-3244	370	212	5.02	5.02	NUM
fsr-3244	370	213	25	25	NUM
fsr-3244	370	214	0.00	0.00	NUM
fsr-3244	370	215	1.04	1.04	NUM
fsr-3244	370	216	4.16	4.16	NUM
fsr-3244	370	217	0.00	0.00	NUM
fsr-3244	370	218	0.00	0.00	NUM
fsr-3244	370	219	0.55	0.55	NUM
fsr-3244	370	220	0.99	0.99	NUM
fsr-3244	370	221	2.78	2.78	NUM
fsr-3244	370	222	4.68	4.68	NUM
fsr-3244	370	223	65	65	NUM
fsr-3244	370	224	10	10	NUM
fsr-3244	370	225	0.00	0.00	NUM
fsr-3244	370	226	3.01	3.01	NUM
fsr-3244	370	227	5.93	5.93	NUM
fsr-3244	370	228	0.00	0.00	NUM
fsr-3244	370	229	0.00	0.00	NUM
fsr-3244	370	230	0.57	0.57	NUM
fsr-3244	370	231	0.75	0.75	NUM
fsr-3244	370	232	3.33	3.33	NUM
fsr-3244	370	233	6.10	6.10	NUM
fsr-3244	370	234	15	15	NUM
fsr-3244	370	235	0.00	0.00	NUM
fsr-3244	370	236	2.50	2.50	NUM
fsr-3244	370	237	5.05	5.05	NUM
fsr-3244	370	238	0.00	0.00	NUM
fsr-3244	370	239	0.00	0.00	NUM
fsr-3244	370	240	0.72	0.72	NUM
fsr-3244	370	241	0.69	0.69	NUM
fsr-3244	370	242	3.10	3.10	NUM
fsr-3244	370	243	5.29	5.29	NUM
fsr-3244	370	244	20	20	NUM
fsr-3244	370	245	0.00	0.00	NUM
fsr-3244	370	246	1.38	1.38	NUM
fsr-3244	370	247	4.44	4.44	NUM
fsr-3244	370	248	0.00	0.00	NUM
fsr-3244	370	249	0.00	0.00	NUM
fsr-3244	370	250	0.63	0.63	NUM
fsr-3244	370	251	0.66	0.66	NUM
fsr-3244	370	252	2.92	2.92	NUM
fsr-3244	370	253	4.83	4.83	NUM
fsr-3244	370	254	70	70	NUM
fsr-3244	370	255	10	10	NUM
fsr-3244	370	256	0.00	0.00	NUM
fsr-3244	370	257	2.73	2.73	NUM
fsr-3244	370	258	5.72	5.72	NUM
fsr-3244	370	259	0.00	0.00	NUM
fsr-3244	370	260	0.00	0.00	NUM
fsr-3244	370	261	0.63	0.63	NUM
fsr-3244	370	262	0.51	0.51	NUM
fsr-3244	370	263	3.31	3.31	NUM
fsr-3244	370	264	5.94	5.94	NUM
fsr-3244	370	265	15	15	NUM
fsr-3244	370	266	0.00	0.00	NUM
fsr-3244	370	267	1.74	1.74	NUM
fsr-3244	370	268	4.87	4.87	NUM
fsr-3244	370	269	0.00	0.00	NUM
fsr-3244	370	270	0.00	0.00	NUM
fsr-3244	370	271	0.74	0.74	NUM
fsr-3244	370	272	0.50	0.50	NUM
fsr-3244	370	273	3.10	3.10	NUM
fsr-3244	370	274	5.26	5.26	NUM
fsr-3244	370	275	75	75	NUM
fsr-3244	370	276	10	10	NUM
fsr-3244	370	277	0.00	0.00	NUM
fsr-3244	370	278	2.07	2.07	NUM
fsr-3244	370	279	5.60	5.60	NUM
fsr-3244	370	280	0.00	0.00	NUM
fsr-3244	370	281	0.00	0.00	NUM
fsr-3244	370	282	0.69	0.69	NUM
fsr-3244	370	283	0.12	0.12	NUM
fsr-3244	370	284	3.25	3.25	NUM
fsr-3244	370	285	5.96	5.96	NUM
fsr-3244	370	286	all	all	DET
fsr-3244	370	287	strategies	strategy	NOUN
fsr-3244	370	288	consist	consist	VERB
fsr-3244	370	289	of	of	ADP
fsr-3244	370	290	a	a	DET
fsr-3244	370	291	tips	tip	NOUN
fsr-3244	370	292	ladder	ladder	NOUN
fsr-3244	370	293	and	and	CCONJ
fsr-3244	370	294	a	a	DET
fsr-3244	370	295	deferred	deferred	ADJ
fsr-3244	370	296	annuity	annuity	NOUN
fsr-3244	370	297	.	.	PUNCT
fsr-3244	371	1	annuity	annuity	NOUN
fsr-3244	371	2	payments	payment	NOUN
fsr-3244	371	3	begin	begin	VERB
fsr-3244	371	4	one	one	NUM
fsr-3244	371	5	month	month	NOUN
fsr-3244	371	6	after	after	ADP
fsr-3244	371	7	the	the	DET
fsr-3244	371	8	tips	tip	NOUN
fsr-3244	371	9	ladder	ladder	NOUN
fsr-3244	371	10	phase	phase	NOUN
fsr-3244	371	11	.	.	PUNCT
fsr-3244	372	1	when	when	SCONJ
fsr-3244	372	2	the	the	DET
fsr-3244	372	3	annuity	annuity	NOUN
fsr-3244	372	4	is	be	AUX
fsr-3244	372	5	indexed	index	VERB
fsr-3244	372	6	for	for	ADP
fsr-3244	372	7	inflation	inflation	NOUN
fsr-3244	372	8	,	,	PUNCT
fsr-3244	372	9	it	it	PRON
fsr-3244	372	10	is	be	AUX
fsr-3244	372	11	indexed	index	VERB
fsr-3244	372	12	in	in	ADP
fsr-3244	372	13	the	the	DET
fsr-3244	372	14	same	same	ADJ
fsr-3244	372	15	manner	manner	NOUN
fsr-3244	372	16	as	as	ADP
fsr-3244	372	17	tips	tip	NOUN
fsr-3244	372	18	,	,	PUNCT
fsr-3244	372	19	that	that	ADV
fsr-3244	372	20	is	is	ADV
fsr-3244	372	21	,	,	PUNCT
fsr-3244	372	22	to	to	ADP
fsr-3244	372	23	the	the	DET
fsr-3244	372	24	cpi	cpi	NOUN
fsr-3244	372	25	-	-	PUNCT
fsr-3244	372	26	u	u	NOUN
fsr-3244	372	27	with	with	ADP
fsr-3244	372	28	a	a	DET
fsr-3244	372	29	three	three	NUM
fsr-3244	372	30	-	-	PUNCT
fsr-3244	372	31	month	month	NOUN
fsr-3244	372	32	lag	lag	NOUN
fsr-3244	372	33	.	.	PUNCT
fsr-3244	373	1	payout	payout	NOUN
fsr-3244	373	2	rates	rate	NOUN
fsr-3244	373	3	are	be	AUX
fsr-3244	373	4	real	real	ADJ
fsr-3244	373	5	annual	annual	ADJ
fsr-3244	373	6	payouts	payout	NOUN
fsr-3244	373	7	as	as	ADP
fsr-3244	373	8	a	a	DET
fsr-3244	373	9	percentage	percentage	NOUN
fsr-3244	373	10	of	of	ADP
fsr-3244	373	11	total	total	ADJ
fsr-3244	373	12	funds	fund	NOUN
fsr-3244	373	13	at	at	ADP
fsr-3244	373	14	retirement	retirement	NOUN
fsr-3244	373	15	.	.	PUNCT
fsr-3244	374	1	the	the	DET
fsr-3244	374	2	statistics	statistic	NOUN
fsr-3244	374	3	in	in	ADP
fsr-3244	374	4	this	this	DET
fsr-3244	374	5	table	table	NOUN
fsr-3244	374	6	are	be	AUX
fsr-3244	374	7	conditional	conditional	ADJ
fsr-3244	374	8	on	on	ADP
fsr-3244	374	9	the	the	DET
fsr-3244	374	10	retiree	retiree	NOUN
fsr-3244	374	11	collecting	collecting	NOUN
fsr-3244	374	12	at	at	ADV
fsr-3244	374	13	least	least	ADV
fsr-3244	374	14	12	12	NUM
fsr-3244	374	15	payments	payment	NOUN
fsr-3244	374	16	in	in	ADP
fsr-3244	374	17	the	the	DET
fsr-3244	374	18	respective	respective	ADJ
fsr-3244	374	19	period	period	NOUN
fsr-3244	374	20	.	.	PUNCT
fsr-3244	375	1	375p.j	375p.j	X
fsr-3244	375	2	.	.	PUNCT
fsr-3244	376	1	haensly	haensly	ADV
fsr-3244	376	2	,	,	PUNCT
fsr-3244	376	3	k.p	k.p	PROPN
fsr-3244	376	4	.	.	PROPN
fsr-3244	376	5	pai	pai	PROPN
fsr-3244	376	6	/	/	SYM
fsr-3244	376	7	financial	financial	ADJ
fsr-3244	376	8	services	service	NOUN
fsr-3244	376	9	review	review	VERB
fsr-3244	376	10	24	24	NUM
fsr-3244	376	11	(	(	PUNCT
fsr-3244	376	12	2015	2015	NUM
fsr-3244	376	13	)	)	PUNCT
fsr-3244	376	14	359–386	359–386	NUM
fsr-3244	376	15	general	general	ADJ
fsr-3244	376	16	trend	trend	NOUN
fsr-3244	376	17	in	in	ADP
fsr-3244	376	18	purchasing	purchase	VERB
fsr-3244	376	19	power	power	NOUN
fsr-3244	376	20	in	in	ADP
fsr-3244	376	21	the	the	DET
fsr-3244	376	22	united	united	PROPN
fsr-3244	376	23	states	states	PROPN
fsr-3244	376	24	over	over	ADP
fsr-3244	376	25	the	the	DET
fsr-3244	376	26	last	last	ADJ
fsr-3244	376	27	century	century	NOUN
fsr-3244	376	28	has	have	AUX
fsr-3244	376	29	been	be	AUX
fsr-3244	376	30	downward	downward	ADJ
fsr-3244	376	31	.	.	PUNCT
fsr-3244	377	1	hence	hence	ADV
fsr-3244	377	2	,	,	PUNCT
fsr-3244	377	3	over	over	ADP
fsr-3244	377	4	the	the	DET
fsr-3244	377	5	tips	tip	NOUN
fsr-3244	377	6	ladder	ladder	NOUN
fsr-3244	377	7	phase	phase	NOUN
fsr-3244	377	8	of	of	ADP
fsr-3244	377	9	10	10	NUM
fsr-3244	377	10	to	to	PART
fsr-3244	377	11	30	30	NUM
fsr-3244	377	12	years	year	NOUN
fsr-3244	377	13	,	,	PUNCT
fsr-3244	377	14	purchasing	purchase	VERB
fsr-3244	377	15	power	power	NOUN
fsr-3244	377	16	of	of	ADP
fsr-3244	377	17	the	the	DET
fsr-3244	377	18	nominal	nominal	ADJ
fsr-3244	377	19	deferred	deferred	ADJ
fsr-3244	377	20	annuity	annuity	NOUN
fsr-3244	377	21	payment	payment	NOUN
fsr-3244	377	22	is	be	AUX
fsr-3244	377	23	likely	likely	ADJ
fsr-3244	377	24	to	to	PART
fsr-3244	377	25	be	be	AUX
fsr-3244	377	26	reduced	reduce	VERB
fsr-3244	377	27	significantly	significantly	ADV
fsr-3244	377	28	.	.	PUNCT
fsr-3244	378	1	this	this	DET
fsr-3244	378	2	trend	trend	NOUN
fsr-3244	378	3	generally	generally	ADV
fsr-3244	378	4	continues	continue	VERB
fsr-3244	378	5	during	during	ADP
fsr-3244	378	6	the	the	DET
fsr-3244	378	7	annuity	annuity	NOUN
fsr-3244	378	8	payout	payout	NOUN
fsr-3244	378	9	.	.	PUNCT
fsr-3244	379	1	hence	hence	ADV
fsr-3244	379	2	,	,	PUNCT
fsr-3244	379	3	the	the	DET
fsr-3244	379	4	shortfall	shortfall	NOUN
fsr-3244	379	5	statistics	statistic	NOUN
fsr-3244	379	6	in	in	ADP
fsr-3244	379	7	panel	panel	PROPN
fsr-3244	379	8	b	b	PROPN
fsr-3244	379	9	of	of	ADP
fsr-3244	379	10	table	table	NOUN
fsr-3244	379	11	4	4	NUM
fsr-3244	379	12	represent	represent	VERB
fsr-3244	379	13	shortfall	shortfall	NOUN
fsr-3244	379	14	at	at	ADP
fsr-3244	379	15	or	or	CCONJ
fsr-3244	379	16	near	near	ADP
fsr-3244	379	17	the	the	DET
fsr-3244	379	18	end	end	NOUN
fsr-3244	379	19	of	of	ADP
fsr-3244	379	20	the	the	DET
fsr-3244	379	21	retiree	retiree	NOUN
fsr-3244	379	22	’s	’s	PART
fsr-3244	379	23	life	life	NOUN
fsr-3244	379	24	.	.	PUNCT
fsr-3244	380	1	5.2	5.2	NUM
fsr-3244	380	2	.	.	PUNCT
fsr-3244	380	3	initial	initial	ADJ
fsr-3244	380	4	allocation	allocation	NOUN
fsr-3244	380	5	and	and	CCONJ
fsr-3244	380	6	reluctance	reluctance	NOUN
fsr-3244	380	7	to	to	PART
fsr-3244	380	8	annuitize	annuitize	VERB
fsr-3244	380	9	the	the	DET
fsr-3244	380	10	earlier	early	ADJ
fsr-3244	380	11	the	the	DET
fsr-3244	380	12	age	age	NOUN
fsr-3244	380	13	when	when	SCONJ
fsr-3244	380	14	the	the	DET
fsr-3244	380	15	deferred	deferred	ADJ
fsr-3244	380	16	annuity	annuity	NOUN
fsr-3244	380	17	payout	payout	NOUN
fsr-3244	380	18	begins	begin	VERB
fsr-3244	380	19	and	and	CCONJ
fsr-3244	380	20	the	the	DET
fsr-3244	380	21	shorter	short	ADJ
fsr-3244	380	22	the	the	DET
fsr-3244	380	23	life	life	NOUN
fsr-3244	380	24	of	of	ADP
fsr-3244	380	25	the	the	DET
fsr-3244	380	26	tips	tip	NOUN
fsr-3244	380	27	ladder	ladder	NOUN
fsr-3244	380	28	,	,	PUNCT
fsr-3244	380	29	the	the	PRON
fsr-3244	380	30	higher	high	ADJ
fsr-3244	380	31	the	the	DET
fsr-3244	380	32	allocation	allocation	NOUN
fsr-3244	380	33	at	at	ADP
fsr-3244	380	34	retirement	retirement	NOUN
fsr-3244	380	35	to	to	ADP
fsr-3244	380	36	the	the	DET
fsr-3244	380	37	deferred	defer	VERB
fsr-3244	380	38	annuity	annuity	NOUN
fsr-3244	380	39	premium	premium	NOUN
fsr-3244	380	40	.	.	PUNCT
fsr-3244	381	1	this	this	DET
fsr-3244	381	2	relation	relation	NOUN
fsr-3244	381	3	generally	generally	ADV
fsr-3244	381	4	holds	hold	VERB
fsr-3244	381	5	true	true	ADJ
fsr-3244	381	6	whether	whether	SCONJ
fsr-3244	381	7	the	the	DET
fsr-3244	381	8	deferred	deferred	ADJ
fsr-3244	381	9	annuity	annuity	NOUN
fsr-3244	381	10	is	be	AUX
fsr-3244	381	11	indexed	index	VERB
fsr-3244	381	12	for	for	ADP
fsr-3244	381	13	inflation	inflation	NOUN
fsr-3244	381	14	or	or	CCONJ
fsr-3244	381	15	not	not	PART
fsr-3244	381	16	.	.	PUNCT
fsr-3244	382	1	please	please	INTJ
fsr-3244	382	2	see	see	VERB
fsr-3244	382	3	panel	panel	NOUN
fsr-3244	382	4	a	a	PRON
fsr-3244	382	5	of	of	ADP
fsr-3244	382	6	table	table	NOUN
fsr-3244	382	7	5	5	NUM
fsr-3244	382	8	.	.	PUNCT
fsr-3244	383	1	these	these	DET
fsr-3244	383	2	results	result	NOUN
fsr-3244	383	3	are	be	AUX
fsr-3244	383	4	consistent	consistent	ADJ
fsr-3244	383	5	with	with	ADP
fsr-3244	383	6	common	common	ADJ
fsr-3244	383	7	financial	financial	ADJ
fsr-3244	383	8	sense	sense	NOUN
fsr-3244	383	9	.	.	PUNCT
fsr-3244	384	1	the	the	PRON
fsr-3244	384	2	earlier	early	ADJ
fsr-3244	384	3	the	the	DET
fsr-3244	384	4	age	age	NOUN
fsr-3244	384	5	when	when	SCONJ
fsr-3244	384	6	a	a	DET
fsr-3244	384	7	deferred	defer	VERB
fsr-3244	384	8	annuity	annuity	NOUN
fsr-3244	384	9	begins	begin	VERB
fsr-3244	384	10	its	its	PRON
fsr-3244	384	11	payout	payout	NOUN
fsr-3244	384	12	,	,	PUNCT
fsr-3244	384	13	the	the	DET
fsr-3244	384	14	more	more	ADJ
fsr-3244	384	15	payments	payment	NOUN
fsr-3244	384	16	the	the	DET
fsr-3244	384	17	investor	investor	NOUN
fsr-3244	384	18	is	be	AUX
fsr-3244	384	19	likely	likely	ADJ
fsr-3244	384	20	to	to	PART
fsr-3244	384	21	collect	collect	VERB
fsr-3244	384	22	.	.	PUNCT
fsr-3244	385	1	hence	hence	ADV
fsr-3244	385	2	the	the	DET
fsr-3244	385	3	annuity	annuity	NOUN
fsr-3244	385	4	is	be	AUX
fsr-3244	385	5	more	more	ADV
fsr-3244	385	6	expensive	expensive	ADJ
fsr-3244	385	7	.	.	PUNCT
fsr-3244	386	1	furthermore	furthermore	ADV
fsr-3244	386	2	,	,	PUNCT
fsr-3244	386	3	conditional	conditional	ADJ
fsr-3244	386	4	on	on	ADP
fsr-3244	386	5	age	age	NOUN
fsr-3244	386	6	of	of	ADP
fsr-3244	386	7	retirement	retirement	NOUN
fsr-3244	386	8	,	,	PUNCT
fsr-3244	386	9	the	the	PRON
fsr-3244	386	10	shorter	short	ADJ
fsr-3244	386	11	the	the	DET
fsr-3244	386	12	life	life	NOUN
fsr-3244	386	13	of	of	ADP
fsr-3244	386	14	the	the	DET
fsr-3244	386	15	tips	tip	NOUN
fsr-3244	386	16	ladder	ladder	NOUN
fsr-3244	386	17	,	,	PUNCT
fsr-3244	386	18	the	the	PRON
fsr-3244	386	19	longer	long	ADJ
fsr-3244	386	20	the	the	DET
fsr-3244	386	21	period	period	NOUN
fsr-3244	386	22	in	in	ADP
fsr-3244	386	23	retirement	retirement	NOUN
fsr-3244	386	24	that	that	PRON
fsr-3244	386	25	the	the	DET
fsr-3244	386	26	investor	investor	NOUN
fsr-3244	386	27	expects	expect	VERB
fsr-3244	386	28	to	to	PART
fsr-3244	386	29	require	require	VERB
fsr-3244	386	30	payouts	payout	NOUN
fsr-3244	386	31	from	from	ADP
fsr-3244	386	32	the	the	DET
fsr-3244	386	33	deferred	defer	VERB
fsr-3244	386	34	annuity	annuity	NOUN
fsr-3244	386	35	.	.	PUNCT
fsr-3244	387	1	hence	hence	ADV
fsr-3244	387	2	,	,	PUNCT
fsr-3244	387	3	the	the	DET
fsr-3244	387	4	deferred	defer	VERB
fsr-3244	387	5	annuity	annuity	NOUN
fsr-3244	387	6	is	be	AUX
fsr-3244	387	7	more	more	ADV
fsr-3244	387	8	expensive	expensive	ADJ
fsr-3244	387	9	.	.	PUNCT
fsr-3244	388	1	thus	thus	ADV
fsr-3244	388	2	,	,	PUNCT
fsr-3244	388	3	the	the	DET
fsr-3244	388	4	allocation	allocation	NOUN
fsr-3244	388	5	at	at	ADP
fsr-3244	388	6	retirement	retirement	NOUN
fsr-3244	388	7	to	to	ADP
fsr-3244	388	8	the	the	DET
fsr-3244	388	9	deferred	defer	VERB
fsr-3244	388	10	annuity	annuity	NOUN
fsr-3244	388	11	premium	premium	NOUN
fsr-3244	388	12	is	be	AUX
fsr-3244	388	13	greater	great	ADJ
fsr-3244	388	14	.	.	PUNCT
fsr-3244	389	1	see	see	VERB
fsr-3244	389	2	panel	panel	NOUN
fsr-3244	389	3	b	b	PROPN
fsr-3244	389	4	in	in	ADP
fsr-3244	389	5	table	table	NOUN
fsr-3244	389	6	5	5	NUM
fsr-3244	389	7	.	.	PUNCT
fsr-3244	390	1	we	we	PRON
fsr-3244	390	2	also	also	ADV
fsr-3244	390	3	examine	examine	VERB
fsr-3244	390	4	the	the	DET
fsr-3244	390	5	relation	relation	NOUN
fsr-3244	390	6	between	between	ADP
fsr-3244	390	7	the	the	DET
fsr-3244	390	8	allocation	allocation	NOUN
fsr-3244	390	9	to	to	ADP
fsr-3244	390	10	the	the	DET
fsr-3244	390	11	deferred	defer	VERB
fsr-3244	390	12	annuity	annuity	NOUN
fsr-3244	390	13	and	and	CCONJ
fsr-3244	390	14	the	the	DET
fsr-3244	390	15	valueweighted	valueweighted	ADJ
fsr-3244	390	16	real	real	ADJ
fsr-3244	390	17	yield	yield	NOUN
fsr-3244	390	18	on	on	ADP
fsr-3244	390	19	the	the	DET
fsr-3244	390	20	tips	tip	NOUN
fsr-3244	390	21	ladder	ladder	NOUN
fsr-3244	390	22	at	at	ADP
fsr-3244	390	23	retirement	retirement	NOUN
fsr-3244	390	24	.	.	PUNCT
fsr-3244	391	1	the	the	DET
fsr-3244	391	2	latter	latter	ADJ
fsr-3244	391	3	serves	serve	VERB
fsr-3244	391	4	as	as	ADP
fsr-3244	391	5	proxy	proxy	NOUN
fsr-3244	391	6	for	for	ADP
fsr-3244	391	7	market	market	NOUN
fsr-3244	391	8	yields	yield	NOUN
fsr-3244	391	9	at	at	ADP
fsr-3244	391	10	retirement	retirement	NOUN
fsr-3244	391	11	.	.	PUNCT
fsr-3244	392	1	conditional	conditional	ADJ
fsr-3244	392	2	on	on	ADP
fsr-3244	392	3	age	age	NOUN
fsr-3244	392	4	of	of	ADP
fsr-3244	392	5	retirement	retirement	NOUN
fsr-3244	392	6	and	and	CCONJ
fsr-3244	392	7	length	length	NOUN
fsr-3244	392	8	of	of	ADP
fsr-3244	392	9	the	the	DET
fsr-3244	392	10	tips	tip	NOUN
fsr-3244	392	11	ladder	ladder	NOUN
fsr-3244	392	12	in	in	ADP
fsr-3244	392	13	years	year	NOUN
fsr-3244	392	14	,	,	PUNCT
fsr-3244	392	15	the	the	DET
fsr-3244	392	16	allocation	allocation	NOUN
fsr-3244	392	17	to	to	ADP
fsr-3244	392	18	the	the	DET
fsr-3244	392	19	deferred	defer	VERB
fsr-3244	392	20	annuity	annuity	NOUN
fsr-3244	392	21	generally	generally	ADV
fsr-3244	392	22	declines	decline	VERB
fsr-3244	392	23	the	the	DET
fsr-3244	392	24	higher	high	ADJ
fsr-3244	392	25	the	the	DET
fsr-3244	392	26	market	market	NOUN
fsr-3244	392	27	yields	yield	NOUN
fsr-3244	392	28	.	.	PUNCT
fsr-3244	393	1	for	for	ADP
fsr-3244	393	2	example	example	NOUN
fsr-3244	393	3	,	,	PUNCT
fsr-3244	393	4	see	see	VERB
fsr-3244	393	5	fig	fig	NOUN
fsr-3244	393	6	.	.	PUNCT
fsr-3244	394	1	1	1	X
fsr-3244	394	2	.	.	X
fsr-3244	394	3	again	again	ADV
fsr-3244	394	4	,	,	PUNCT
fsr-3244	394	5	this	this	DET
fsr-3244	394	6	relation	relation	NOUN
fsr-3244	394	7	makes	make	VERB
fsr-3244	394	8	financial	financial	ADJ
fsr-3244	394	9	sense	sense	NOUN
fsr-3244	394	10	.	.	PUNCT
fsr-3244	395	1	the	the	PRON
fsr-3244	395	2	lower	low	ADJ
fsr-3244	395	3	the	the	DET
fsr-3244	395	4	discount	discount	NOUN
fsr-3244	395	5	rate	rate	NOUN
fsr-3244	395	6	applied	apply	VERB
fsr-3244	395	7	to	to	ADP
fsr-3244	395	8	real	real	ADJ
fsr-3244	395	9	dollar	dollar	NOUN
fsr-3244	395	10	payouts	payout	NOUN
fsr-3244	395	11	from	from	ADP
fsr-3244	395	12	the	the	DET
fsr-3244	395	13	deferred	defer	VERB
fsr-3244	395	14	annuity	annuity	NOUN
fsr-3244	395	15	,	,	PUNCT
fsr-3244	395	16	the	the	PRON
fsr-3244	395	17	greater	great	ADJ
fsr-3244	395	18	the	the	DET
fsr-3244	395	19	present	present	ADJ
fsr-3244	395	20	value	value	NOUN
fsr-3244	395	21	of	of	ADP
fsr-3244	395	22	the	the	DET
fsr-3244	395	23	deferred	defer	VERB
fsr-3244	395	24	annuity	annuity	NOUN
fsr-3244	395	25	.	.	PUNCT
fsr-3244	396	1	the	the	DET
fsr-3244	396	2	distribution	distribution	NOUN
fsr-3244	396	3	of	of	ADP
fsr-3244	396	4	market	market	NOUN
fsr-3244	396	5	yield	yield	NOUN
fsr-3244	396	6	curves	curve	NOUN
fsr-3244	396	7	at	at	ADP
fsr-3244	396	8	retirement	retirement	NOUN
fsr-3244	396	9	across	across	ADP
fsr-3244	396	10	simulated	simulated	ADJ
fsr-3244	396	11	retiree	retiree	NOUN
fsr-3244	396	12	histories	history	NOUN
fsr-3244	396	13	accounts	account	VERB
fsr-3244	396	14	for	for	ADP
fsr-3244	396	15	the	the	DET
fsr-3244	396	16	range	range	NOUN
fsr-3244	396	17	of	of	ADP
fsr-3244	396	18	initial	initial	ADJ
fsr-3244	396	19	allocations	allocation	NOUN
fsr-3244	396	20	to	to	ADP
fsr-3244	396	21	the	the	DET
fsr-3244	396	22	deferred	defer	VERB
fsr-3244	396	23	annuity	annuity	NOUN
fsr-3244	396	24	,	,	PUNCT
fsr-3244	396	25	given	give	VERB
fsr-3244	396	26	retirement	retirement	NOUN
fsr-3244	396	27	age	age	NOUN
fsr-3244	396	28	and	and	CCONJ
fsr-3244	396	29	length	length	NOUN
fsr-3244	396	30	of	of	ADP
fsr-3244	396	31	the	the	DET
fsr-3244	396	32	tips	tip	NOUN
fsr-3244	396	33	ladder	ladder	NOUN
fsr-3244	396	34	.	.	PUNCT
fsr-3244	397	1	please	please	INTJ
fsr-3244	397	2	see	see	VERB
fsr-3244	397	3	the	the	DET
fsr-3244	397	4	5thand	5thand	NUM
fsr-3244	397	5	95th	95th	ADJ
fsr-3244	397	6	-	-	PUNCT
fsr-3244	397	7	percentile	percentile	ADJ
fsr-3244	397	8	statistics	statistic	NOUN
fsr-3244	397	9	in	in	ADP
fsr-3244	397	10	table	table	NOUN
fsr-3244	397	11	5	5	NUM
fsr-3244	397	12	.	.	PUNCT
fsr-3244	398	1	an	an	DET
fsr-3244	398	2	important	important	ADJ
fsr-3244	398	3	claim	claim	NOUN
fsr-3244	398	4	in	in	ADP
fsr-3244	398	5	shankar	shankar	PROPN
fsr-3244	398	6	(	(	PUNCT
fsr-3244	398	7	2009	2009	NUM
fsr-3244	398	8	)	)	PUNCT
fsr-3244	398	9	is	be	AUX
fsr-3244	398	10	that	that	SCONJ
fsr-3244	398	11	a	a	DET
fsr-3244	398	12	tips	tip	NOUN
fsr-3244	398	13	ladder	ladder	NOUN
fsr-3244	398	14	/	/	SYM
fsr-3244	398	15	deferred	defer	VERB
fsr-3244	398	16	annuity	annuity	NOUN
fsr-3244	398	17	strategy	strategy	NOUN
fsr-3244	398	18	significantly	significantly	ADV
fsr-3244	398	19	reduces	reduce	VERB
fsr-3244	398	20	the	the	DET
fsr-3244	398	21	liquidity	liquidity	NOUN
fsr-3244	398	22	problem	problem	NOUN
fsr-3244	398	23	present	present	ADJ
fsr-3244	398	24	when	when	SCONJ
fsr-3244	398	25	buying	buy	VERB
fsr-3244	398	26	a	a	DET
fsr-3244	398	27	non	non	ADJ
fsr-3244	398	28	-	-	ADJ
fsr-3244	398	29	refundable	refundable	ADJ
fsr-3244	398	30	immediate	immediate	ADJ
fsr-3244	398	31	life	life	NOUN
fsr-3244	398	32	annuity	annuity	NOUN
fsr-3244	398	33	.	.	PUNCT
fsr-3244	399	1	shankar	shankar	PROPN
fsr-3244	399	2	(	(	PUNCT
fsr-3244	399	3	p.	p.	NOUN
fsr-3244	399	4	58	58	NUM
fsr-3244	399	5	)	)	PUNCT
fsr-3244	399	6	states	state	NOUN
fsr-3244	399	7	,	,	PUNCT
fsr-3244	399	8	“	"	PUNCT
fsr-3244	399	9	.	.	PUNCT
fsr-3244	399	10	.	.	PUNCT
fsr-3244	399	11	.	.	PUNCT
fsr-3244	400	1	the	the	DET
fsr-3244	400	2	ipra	ipra	PROPN
fsr-3244	400	3	strategy	strategy	NOUN
fsr-3244	400	4	allows	allow	VERB
fsr-3244	400	5	the	the	DET
fsr-3244	400	6	bulk	bulk	NOUN
fsr-3244	400	7	of	of	ADP
fsr-3244	400	8	the	the	DET
fsr-3244	400	9	retirement	retirement	NOUN
fsr-3244	400	10	portfolio	portfolio	NOUN
fsr-3244	400	11	to	to	PART
fsr-3244	400	12	be	be	AUX
fsr-3244	400	13	held	hold	VERB
fsr-3244	400	14	in	in	ADP
fsr-3244	400	15	tips	tip	NOUN
fsr-3244	400	16	and	and	CCONJ
fsr-3244	400	17	requires	require	VERB
fsr-3244	400	18	only	only	ADV
fsr-3244	400	19	a	a	DET
fsr-3244	400	20	small	small	ADJ
fsr-3244	400	21	fraction	fraction	NOUN
fsr-3244	400	22	of	of	ADP
fsr-3244	400	23	the	the	DET
fsr-3244	400	24	retirement	retirement	NOUN
fsr-3244	400	25	savings	saving	NOUN
fsr-3244	400	26	to	to	PART
fsr-3244	400	27	be	be	AUX
fsr-3244	400	28	used	use	VERB
fsr-3244	400	29	to	to	PART
fsr-3244	400	30	pay	pay	VERB
fsr-3244	400	31	the	the	DET
fsr-3244	400	32	non	non	ADJ
fsr-3244	400	33	-	-	ADJ
fsr-3244	400	34	refundable	refundable	ADJ
fsr-3244	400	35	longevity	longevity	NOUN
fsr-3244	400	36	policy	policy	NOUN
fsr-3244	400	37	premium	premium	NOUN
fsr-3244	400	38	;	;	PUNCT
fsr-3244	400	39	this	this	PRON
fsr-3244	400	40	mitigates	mitigate	VERB
fsr-3244	400	41	the	the	DET
fsr-3244	400	42	‘	'	PUNCT
fsr-3244	400	43	large	large	ADJ
fsr-3244	400	44	irreversible	irreversible	ADJ
fsr-3244	400	45	commitment	commitment	NOUN
fsr-3244	400	46	’	'	PUNCT
fsr-3244	400	47	inherent	inherent	ADJ
fsr-3244	400	48	in	in	ADP
fsr-3244	400	49	buying	buy	VERB
fsr-3244	400	50	an	an	DET
fsr-3244	400	51	immediate	immediate	ADJ
fsr-3244	400	52	lifetime	lifetime	NOUN
fsr-3244	400	53	annuity	annuity	NOUN
fsr-3244	400	54	with	with	ADP
fsr-3244	400	55	the	the	DET
fsr-3244	400	56	entire	entire	ADJ
fsr-3244	400	57	retirement	retirement	NOUN
fsr-3244	400	58	savings	saving	NOUN
fsr-3244	400	59	.	.	PUNCT
fsr-3244	400	60	”	"	PUNCT
fsr-3244	401	1	however	however	ADV
fsr-3244	401	2	,	,	PUNCT
fsr-3244	401	3	we	we	PRON
fsr-3244	401	4	determine	determine	VERB
fsr-3244	401	5	that	that	SCONJ
fsr-3244	401	6	for	for	ADP
fsr-3244	401	7	shorter	short	ADJ
fsr-3244	401	8	ladders	ladder	NOUN
fsr-3244	401	9	and	and	CCONJ
fsr-3244	401	10	low	low	ADJ
fsr-3244	401	11	real	real	ADJ
fsr-3244	401	12	market	market	NOUN
fsr-3244	401	13	yields	yield	NOUN
fsr-3244	401	14	at	at	ADP
fsr-3244	401	15	retirement	retirement	NOUN
fsr-3244	401	16	,	,	PUNCT
fsr-3244	401	17	the	the	DET
fsr-3244	401	18	investor	investor	NOUN
fsr-3244	401	19	may	may	AUX
fsr-3244	401	20	need	need	VERB
fsr-3244	401	21	to	to	PART
fsr-3244	401	22	allocate	allocate	VERB
fsr-3244	401	23	50	50	NUM
fsr-3244	401	24	%	%	NOUN
fsr-3244	401	25	or	or	CCONJ
fsr-3244	401	26	more	more	ADJ
fsr-3244	401	27	of	of	ADP
fsr-3244	401	28	savings	saving	NOUN
fsr-3244	401	29	at	at	ADP
fsr-3244	401	30	retirement	retirement	NOUN
fsr-3244	401	31	to	to	ADP
fsr-3244	401	32	the	the	DET
fsr-3244	401	33	deferred	defer	VERB
fsr-3244	401	34	annuity	annuity	NOUN
fsr-3244	401	35	premium	premium	NOUN
fsr-3244	401	36	.	.	PUNCT
fsr-3244	402	1	please	please	INTJ
fsr-3244	402	2	see	see	VERB
fsr-3244	402	3	table	table	NOUN
fsr-3244	402	4	5	5	NUM
fsr-3244	402	5	.	.	PUNCT
fsr-3244	403	1	nevertheless	nevertheless	ADV
fsr-3244	403	2	,	,	PUNCT
fsr-3244	403	3	the	the	DET
fsr-3244	403	4	simulation	simulation	NOUN
fsr-3244	403	5	results	result	NOUN
fsr-3244	403	6	show	show	VERB
fsr-3244	403	7	that	that	SCONJ
fsr-3244	403	8	the	the	DET
fsr-3244	403	9	investor	investor	NOUN
fsr-3244	403	10	can	can	AUX
fsr-3244	403	11	keep	keep	VERB
fsr-3244	403	12	the	the	DET
fsr-3244	403	13	allocation	allocation	NOUN
fsr-3244	403	14	to	to	ADP
fsr-3244	403	15	the	the	DET
fsr-3244	403	16	deferred	defer	VERB
fsr-3244	403	17	annuity	annuity	NOUN
fsr-3244	403	18	low	low	NOUN
fsr-3244	403	19	regardless	regardless	ADV
fsr-3244	403	20	of	of	ADP
fsr-3244	403	21	market	market	NOUN
fsr-3244	403	22	real	real	ADJ
fsr-3244	403	23	yields	yield	NOUN
fsr-3244	403	24	at	at	ADP
fsr-3244	403	25	retirement	retirement	NOUN
fsr-3244	403	26	if	if	SCONJ
fsr-3244	403	27	the	the	DET
fsr-3244	403	28	investor	investor	NOUN
fsr-3244	403	29	chooses	choose	VERB
fsr-3244	403	30	a	a	DET
fsr-3244	403	31	long	long	ADJ
fsr-3244	403	32	tips	tip	NOUN
fsr-3244	403	33	ladder	ladder	NOUN
fsr-3244	403	34	.	.	PUNCT
fsr-3244	404	1	the	the	DET
fsr-3244	404	2	earlier	early	ADV
fsr-3244	404	3	that	that	SCONJ
fsr-3244	404	4	the	the	DET
fsr-3244	404	5	investor	investor	NOUN
fsr-3244	404	6	retires	retire	VERB
fsr-3244	404	7	,	,	PUNCT
fsr-3244	404	8	the	the	PRON
fsr-3244	404	9	longer	long	ADV
fsr-3244	404	10	the	the	DET
fsr-3244	404	11	tips	tip	NOUN
fsr-3244	404	12	ladder	ladder	NOUN
fsr-3244	404	13	needs	need	VERB
fsr-3244	404	14	to	to	PART
fsr-3244	404	15	be	be	AUX
fsr-3244	404	16	.	.	PUNCT
fsr-3244	405	1	for	for	ADP
fsr-3244	405	2	example	example	NOUN
fsr-3244	405	3	,	,	PUNCT
fsr-3244	405	4	an	an	DET
fsr-3244	405	5	investor	investor	NOUN
fsr-3244	405	6	who	who	PRON
fsr-3244	405	7	wants	want	VERB
fsr-3244	405	8	to	to	PART
fsr-3244	405	9	cap	cap	VERB
fsr-3244	405	10	the	the	DET
fsr-3244	405	11	allocation	allocation	NOUN
fsr-3244	405	12	to	to	ADP
fsr-3244	405	13	a	a	DET
fsr-3244	405	14	non	non	ADJ
fsr-3244	405	15	-	-	ADJ
fsr-3244	405	16	indexed	indexed	ADJ
fsr-3244	405	17	deferred	deferred	ADJ
fsr-3244	405	18	annuity	annuity	NOUN
fsr-3244	405	19	to	to	ADP
fsr-3244	405	20	about	about	ADV
fsr-3244	405	21	25	25	NUM
fsr-3244	405	22	%	%	NOUN
fsr-3244	405	23	,	,	PUNCT
fsr-3244	405	24	regardless	regardless	ADV
fsr-3244	405	25	of	of	ADP
fsr-3244	405	26	market	market	NOUN
fsr-3244	405	27	rates	rate	NOUN
fsr-3244	405	28	at	at	ADP
fsr-3244	405	29	retirement	retirement	NOUN
fsr-3244	405	30	,	,	PUNCT
fsr-3244	405	31	needs	need	VERB
fsr-3244	405	32	a	a	DET
fsr-3244	405	33	20	20	NUM
fsr-3244	405	34	-	-	PUNCT
fsr-3244	405	35	year	year	NOUN
fsr-3244	405	36	ladder	ladder	NOUN
fsr-3244	405	37	if	if	SCONJ
fsr-3244	405	38	retiring	retire	VERB
fsr-3244	405	39	at	at	ADP
fsr-3244	405	40	age	age	NOUN
fsr-3244	405	41	55	55	NUM
fsr-3244	405	42	but	but	CCONJ
fsr-3244	405	43	only	only	ADV
fsr-3244	405	44	a	a	DET
fsr-3244	405	45	15	15	NUM
fsr-3244	405	46	-	-	PUNCT
fsr-3244	405	47	year	year	NOUN
fsr-3244	405	48	ladder	ladder	NOUN
fsr-3244	405	49	if	if	SCONJ
fsr-3244	405	50	retiring	retire	VERB
fsr-3244	405	51	at	at	ADP
fsr-3244	405	52	age	age	NOUN
fsr-3244	405	53	65	65	NUM
fsr-3244	405	54	.	.	PUNCT
fsr-3244	406	1	376	376	NUM
fsr-3244	406	2	p.j	p.j	PROPN
fsr-3244	406	3	.	.	PROPN
fsr-3244	406	4	haensly	haensly	PROPN
fsr-3244	406	5	,	,	PUNCT
fsr-3244	406	6	k.p	k.p	PROPN
fsr-3244	406	7	.	.	PROPN
fsr-3244	406	8	pai	pai	PROPN
fsr-3244	406	9	/	/	SYM
fsr-3244	406	10	financial	financial	ADJ
fsr-3244	406	11	services	service	NOUN
fsr-3244	406	12	review	review	VERB
fsr-3244	406	13	24	24	NUM
fsr-3244	406	14	(	(	PUNCT
fsr-3244	406	15	2015	2015	NUM
fsr-3244	406	16	)	)	PUNCT
fsr-3244	406	17	359–386	359–386	NUM
fsr-3244	406	18	5.3	5.3	NUM
fsr-3244	406	19	.	.	PUNCT
fsr-3244	407	1	the	the	DET
fsr-3244	407	2	bequest	bequest	NOUN
fsr-3244	407	3	motive	motive	NOUN
fsr-3244	407	4	and	and	CCONJ
fsr-3244	407	5	preferences	preference	NOUN
fsr-3244	407	6	for	for	ADP
fsr-3244	407	7	retirement	retirement	NOUN
fsr-3244	407	8	strategies	strategy	NOUN
fsr-3244	407	9	to	to	PART
fsr-3244	407	10	evaluate	evaluate	VERB
fsr-3244	407	11	the	the	DET
fsr-3244	407	12	effect	effect	NOUN
fsr-3244	407	13	of	of	ADP
fsr-3244	407	14	the	the	DET
fsr-3244	407	15	strength	strength	NOUN
fsr-3244	407	16	of	of	ADP
fsr-3244	407	17	the	the	DET
fsr-3244	407	18	bequest	bequest	NOUN
fsr-3244	407	19	motive	motive	NOUN
fsr-3244	407	20	,	,	PUNCT
fsr-3244	407	21	d	d	X
fsr-3244	407	22	,	,	PUNCT
fsr-3244	407	23	on	on	ADP
fsr-3244	407	24	reluctance	reluctance	NOUN
fsr-3244	407	25	to	to	PART
fsr-3244	407	26	commit	commit	VERB
fsr-3244	407	27	all	all	DET
fsr-3244	407	28	savings	saving	NOUN
fsr-3244	407	29	at	at	ADP
fsr-3244	407	30	retirement	retirement	NOUN
fsr-3244	407	31	to	to	ADP
fsr-3244	407	32	an	an	DET
fsr-3244	407	33	immediate	immediate	ADJ
fsr-3244	407	34	annuity	annuity	NOUN
fsr-3244	407	35	,	,	PUNCT
fsr-3244	407	36	we	we	PRON
fsr-3244	407	37	analyze	analyze	VERB
fsr-3244	407	38	expected	expect	VERB
fsr-3244	407	39	utility	utility	NOUN
fsr-3244	407	40	at	at	ADP
fsr-3244	407	41	several	several	ADJ
fsr-3244	407	42	table	table	NOUN
fsr-3244	407	43	5	5	NUM
fsr-3244	407	44	initial	initial	ADJ
fsr-3244	407	45	asset	asset	NOUN
fsr-3244	407	46	allocation	allocation	NOUN
fsr-3244	407	47	for	for	ADP
fsr-3244	407	48	strategies	strategy	NOUN
fsr-3244	407	49	with	with	ADP
fsr-3244	407	50	tips	tip	NOUN
fsr-3244	407	51	ladder	ladder	NOUN
fsr-3244	407	52	and	and	CCONJ
fsr-3244	407	53	deferred	defer	VERB
fsr-3244	407	54	annuity	annuity	NOUN
fsr-3244	407	55	retirement	retirement	NOUN
fsr-3244	407	56	age	age	NOUN
fsr-3244	407	57	(	(	PUNCT
fsr-3244	407	58	yrs	yrs	PROPN
fsr-3244	407	59	.	.	PUNCT
fsr-3244	407	60	)	)	PUNCT
fsr-3244	408	1	tips	tip	NOUN
fsr-3244	408	2	ladder	ladder	NOUN
fsr-3244	408	3	(	(	PUNCT
fsr-3244	408	4	yrs	yrs	PROPN
fsr-3244	408	5	.	.	PUNCT
fsr-3244	408	6	)	)	PUNCT
fsr-3244	408	7	allocation	allocation	NOUN
fsr-3244	408	8	to	to	ADP
fsr-3244	408	9	inflation	inflation	NOUN
fsr-3244	408	10	-	-	PUNCT
fsr-3244	408	11	indexed	index	VERB
fsr-3244	408	12	deferred	deferred	ADJ
fsr-3244	408	13	annuity	annuity	NOUN
fsr-3244	408	14	in	in	ADP
fsr-3244	408	15	shankar	shankar	ADJ
fsr-3244	408	16	age	age	NOUN
fsr-3244	408	17	when	when	SCONJ
fsr-3244	408	18	annuity	annuity	NOUN
fsr-3244	408	19	payout	payout	NOUN
fsr-3244	408	20	begins	begin	VERB
fsr-3244	408	21	(	(	PUNCT
fsr-3244	408	22	years	year	NOUN
fsr-3244	408	23	)	)	PUNCT
fsr-3244	408	24	allocation	allocation	NOUN
fsr-3244	408	25	to	to	PART
fsr-3244	408	26	inflationindexed	inflationindexe	VERB
fsr-3244	408	27	deferred	deferred	ADJ
fsr-3244	408	28	annuity	annuity	NOUN
fsr-3244	408	29	in	in	ADP
fsr-3244	408	30	the	the	DET
fsr-3244	408	31	simulation	simulation	NOUN
fsr-3244	408	32	allocation	allocation	NOUN
fsr-3244	408	33	to	to	ADP
fsr-3244	408	34	non	non	ADJ
fsr-3244	408	35	-	-	ADJ
fsr-3244	408	36	indexed	indexed	ADJ
fsr-3244	408	37	deferred	deferred	ADJ
fsr-3244	408	38	annuity	annuity	NOUN
fsr-3244	408	39	in	in	ADP
fsr-3244	408	40	the	the	DET
fsr-3244	408	41	simulation	simulation	NOUN
fsr-3244	408	42	5%-tile	5%-tile	NUM
fsr-3244	408	43	median	median	NOUN
fsr-3244	408	44	95%-tile	95%-tile	NUM
fsr-3244	408	45	5%-tile	5%-tile	NUM
fsr-3244	408	46	median	median	NOUN
fsr-3244	408	47	95%-tile	95%-tile	NUM
fsr-3244	408	48	panel	panel	NOUN
fsr-3244	408	49	a	a	PRON
fsr-3244	408	50	:	:	PUNCT
fsr-3244	408	51	scenarios	scenario	NOUN
fsr-3244	408	52	ranked	rank	VERB
fsr-3244	408	53	by	by	ADP
fsr-3244	408	54	median	median	ADJ
fsr-3244	408	55	allocation	allocation	NOUN
fsr-3244	408	56	to	to	ADP
fsr-3244	408	57	the	the	DET
fsr-3244	408	58	inflation	inflation	NOUN
fsr-3244	408	59	-	-	PUNCT
fsr-3244	408	60	indexed	index	VERB
fsr-3244	408	61	deferred	deferred	ADJ
fsr-3244	408	62	annuity	annuity	NOUN
fsr-3244	408	63	in	in	ADP
fsr-3244	408	64	the	the	DET
fsr-3244	408	65	simulation	simulation	NOUN
fsr-3244	408	66	55	55	NUM
fsr-3244	408	67	30	30	NUM
fsr-3244	408	68	85	85	NUM
fsr-3244	408	69	0.037	0.037	NUM
fsr-3244	408	70	0.084	0.084	NUM
fsr-3244	408	71	0.117	0.117	NUM
fsr-3244	408	72	0.007	0.007	NUM
fsr-3244	408	73	0.034	0.034	NUM
fsr-3244	408	74	0.062	0.062	NUM
fsr-3244	408	75	60	60	NUM
fsr-3244	408	76	25	25	NUM
fsr-3244	408	77	85	85	NUM
fsr-3244	408	78	0.051	0.051	NUM
fsr-3244	408	79	0.104	0.104	NUM
fsr-3244	408	80	0.140	0.140	NUM
fsr-3244	408	81	0.013	0.013	NUM
fsr-3244	408	82	0.048	0.048	NUM
fsr-3244	408	83	0.082	0.082	NUM
fsr-3244	408	84	65	65	NUM
fsr-3244	408	85	20	20	NUM
fsr-3244	408	86	male	male	NOUN
fsr-3244	408	87	:	:	PUNCT
fsr-3244	408	88	0.073	0.073	NUM
fsr-3244	408	89	;	;	PUNCT
fsr-3244	408	90	female	female	NOUN
fsr-3244	408	91	:	:	PUNCT
fsr-3244	408	92	0.116	0.116	NUM
fsr-3244	408	93	85	85	NUM
fsr-3244	408	94	0.075	0.075	NUM
fsr-3244	408	95	0.135	0.135	NUM
fsr-3244	408	96	0.172	0.172	NUM
fsr-3244	408	97	0.023	0.023	NUM
fsr-3244	408	98	0.073	0.073	NUM
fsr-3244	408	99	0.112	0.112	NUM
fsr-3244	408	100	55	55	NUM
fsr-3244	408	101	25	25	NUM
fsr-3244	408	102	80	80	NUM
fsr-3244	408	103	0.081	0.081	NUM
fsr-3244	408	104	0.165	0.165	NUM
fsr-3244	408	105	0.220	0.220	NUM
fsr-3244	408	106	0.020	0.020	NUM
fsr-3244	408	107	0.077	0.077	NUM
fsr-3244	408	108	0.131	0.131	NUM
fsr-3244	408	109	70	70	NUM
fsr-3244	408	110	15	15	NUM
fsr-3244	408	111	85	85	NUM
fsr-3244	408	112	0.120	0.120	NUM
fsr-3244	408	113	0.188	0.188	NUM
fsr-3244	408	114	0.228	0.228	NUM
fsr-3244	408	115	0.048	0.048	NUM
fsr-3244	408	116	0.118	0.118	NUM
fsr-3244	408	117	0.165	0.165	NUM
fsr-3244	408	118	60	60	NUM
fsr-3244	408	119	20	20	NUM
fsr-3244	408	120	male	male	NOUN
fsr-3244	408	121	:	:	PUNCT
fsr-3244	408	122	0.138	0.138	NUM
fsr-3244	408	123	;	;	PUNCT
fsr-3244	408	124	female	female	NOUN
fsr-3244	408	125	:	:	PUNCT
fsr-3244	408	126	0.203	0.203	NUM
fsr-3244	408	127	80	80	NUM
fsr-3244	408	128	0.119	0.119	NUM
fsr-3244	408	129	0.207	0.207	NUM
fsr-3244	408	130	0.264	0.264	NUM
fsr-3244	408	131	0.035	0.035	NUM
fsr-3244	408	132	0.114	0.114	NUM
fsr-3244	408	133	0.173	0.173	NUM
fsr-3244	408	134	75	75	NUM
fsr-3244	408	135	10	10	NUM
fsr-3244	408	136	85	85	NUM
fsr-3244	408	137	0.207	0.207	NUM
fsr-3244	408	138	0.291	0.291	NUM
fsr-3244	408	139	0.327	0.327	NUM
fsr-3244	408	140	0.115	0.115	NUM
fsr-3244	408	141	0.216	0.216	NUM
fsr-3244	408	142	0.271	0.271	NUM
fsr-3244	408	143	55	55	NUM
fsr-3244	408	144	20	20	NUM
fsr-3244	408	145	75	75	NUM
fsr-3244	408	146	0.153	0.153	NUM
fsr-3244	408	147	0.275	0.275	NUM
fsr-3244	408	148	0.347	0.347	NUM
fsr-3244	408	149	0.046	0.046	NUM
fsr-3244	408	150	0.152	0.152	NUM
fsr-3244	408	151	0.231	0.231	NUM
fsr-3244	408	152	65	65	NUM
fsr-3244	408	153	15	15	NUM
fsr-3244	408	154	male	male	NOUN
fsr-3244	408	155	:	:	PUNCT
fsr-3244	408	156	0.190	0.190	NUM
fsr-3244	408	157	;	;	PUNCT
fsr-3244	408	158	female	female	NOUN
fsr-3244	408	159	:	:	PUNCT
fsr-3244	408	160	0.267	0.267	NUM
fsr-3244	408	161	80	80	NUM
fsr-3244	408	162	0.173	0.173	NUM
fsr-3244	408	163	0.276	0.276	NUM
fsr-3244	408	164	0.332	0.332	NUM
fsr-3244	408	165	0.071	0.071	NUM
fsr-3244	408	166	0.177	0.177	NUM
fsr-3244	408	167	0.243	0.243	NUM
fsr-3244	408	168	60	60	NUM
fsr-3244	408	169	15	15	NUM
fsr-3244	408	170	75	75	NUM
fsr-3244	408	171	0.222	0.222	NUM
fsr-3244	408	172	0.354	0.354	NUM
fsr-3244	408	173	0.424	0.424	NUM
fsr-3244	408	174	0.090	0.090	NUM
fsr-3244	408	175	0.229	0.229	NUM
fsr-3244	408	176	0.313	0.313	NUM
fsr-3244	408	177	70	70	NUM
fsr-3244	408	178	10	10	NUM
fsr-3244	408	179	80	80	NUM
fsr-3244	408	180	0.285	0.285	NUM
fsr-3244	408	181	0.393	0.393	NUM
fsr-3244	408	182	0.442	0.442	NUM
fsr-3244	408	183	0.158	0.158	NUM
fsr-3244	408	184	0.295	0.295	NUM
fsr-3244	408	185	0.367	0.367	NUM
fsr-3244	408	186	55	55	NUM
fsr-3244	408	187	15	15	NUM
fsr-3244	408	188	70	70	NUM
fsr-3244	408	189	0.264	0.264	NUM
fsr-3244	408	190	0.419	0.419	NUM
fsr-3244	408	191	0.497	0.497	NUM
fsr-3244	408	192	0.105	0.105	NUM
fsr-3244	408	193	0.274	0.274	NUM
fsr-3244	408	194	0.372	0.372	NUM
fsr-3244	408	195	65	65	NUM
fsr-3244	408	196	10	10	NUM
fsr-3244	408	197	75	75	NUM
fsr-3244	408	198	0.344	0.344	NUM
fsr-3244	408	199	0.477	0.477	NUM
fsr-3244	408	200	0.534	0.534	NUM
fsr-3244	408	201	0.188	0.188	NUM
fsr-3244	408	202	0.358	0.358	NUM
fsr-3244	408	203	0.445	0.445	NUM
fsr-3244	408	204	60	60	NUM
fsr-3244	408	205	10	10	NUM
fsr-3244	408	206	70	70	NUM
fsr-3244	408	207	0.397	0.397	NUM
fsr-3244	408	208	0.540	0.540	NUM
fsr-3244	408	209	0.605	0.605	NUM
fsr-3244	408	210	0.219	0.219	NUM
fsr-3244	408	211	0.414	0.414	NUM
fsr-3244	408	212	0.507	0.507	NUM
fsr-3244	408	213	55	55	NUM
fsr-3244	408	214	10	10	NUM
fsr-3244	408	215	65	65	NUM
fsr-3244	408	216	0.432	0.432	NUM
fsr-3244	408	217	0.592	0.592	NUM
fsr-3244	408	218	0.660	0.660	NUM
fsr-3244	408	219	0.236	0.236	NUM
fsr-3244	408	220	0.456	0.456	NUM
fsr-3244	408	221	0.555	0.555	NUM
fsr-3244	408	222	panel	panel	NOUN
fsr-3244	408	223	b	b	NOUN
fsr-3244	408	224	:	:	PUNCT
fsr-3244	408	225	scenarios	scenario	NOUN
fsr-3244	408	226	ranked	rank	VERB
fsr-3244	408	227	by	by	ADP
fsr-3244	408	228	age	age	NOUN
fsr-3244	408	229	at	at	ADP
fsr-3244	408	230	retirement	retirement	NOUN
fsr-3244	408	231	and	and	CCONJ
fsr-3244	408	232	length	length	NOUN
fsr-3244	408	233	of	of	ADP
fsr-3244	408	234	the	the	DET
fsr-3244	408	235	tips	tip	NOUN
fsr-3244	408	236	ladder	ladder	VERB
fsr-3244	408	237	55	55	NUM
fsr-3244	408	238	10	10	NUM
fsr-3244	408	239	65	65	NUM
fsr-3244	408	240	0.432	0.432	NUM
fsr-3244	408	241	0.592	0.592	NUM
fsr-3244	408	242	0.660	0.660	NUM
fsr-3244	408	243	0.236	0.236	NUM
fsr-3244	408	244	0.456	0.456	NUM
fsr-3244	408	245	0.555	0.555	NUM
fsr-3244	408	246	15	15	NUM
fsr-3244	408	247	70	70	NUM
fsr-3244	408	248	0.264	0.264	NUM
fsr-3244	408	249	0.419	0.419	NUM
fsr-3244	408	250	0.497	0.497	NUM
fsr-3244	408	251	0.105	0.105	NUM
fsr-3244	408	252	0.274	0.274	NUM
fsr-3244	408	253	0.372	0.372	NUM
fsr-3244	408	254	20	20	NUM
fsr-3244	408	255	75	75	NUM
fsr-3244	408	256	0.153	0.153	NUM
fsr-3244	408	257	0.275	0.275	NUM
fsr-3244	408	258	0.347	0.347	NUM
fsr-3244	408	259	0.046	0.046	NUM
fsr-3244	408	260	0.152	0.152	NUM
fsr-3244	408	261	0.231	0.231	NUM
fsr-3244	408	262	25	25	NUM
fsr-3244	408	263	80	80	NUM
fsr-3244	408	264	0.081	0.081	NUM
fsr-3244	408	265	0.165	0.165	NUM
fsr-3244	408	266	0.220	0.220	NUM
fsr-3244	408	267	0.020	0.020	NUM
fsr-3244	408	268	0.077	0.077	NUM
fsr-3244	408	269	0.131	0.131	NUM
fsr-3244	408	270	30	30	NUM
fsr-3244	408	271	85	85	NUM
fsr-3244	408	272	0.037	0.037	NUM
fsr-3244	408	273	0.084	0.084	NUM
fsr-3244	408	274	0.117	0.117	NUM
fsr-3244	408	275	0.007	0.007	NUM
fsr-3244	408	276	0.034	0.034	NUM
fsr-3244	408	277	0.062	0.062	NUM
fsr-3244	408	278	60	60	NUM
fsr-3244	408	279	10	10	NUM
fsr-3244	408	280	70	70	NUM
fsr-3244	408	281	0.397	0.397	NUM
fsr-3244	408	282	0.540	0.540	NUM
fsr-3244	408	283	0.605	0.605	NUM
fsr-3244	408	284	0.219	0.219	NUM
fsr-3244	408	285	0.414	0.414	NUM
fsr-3244	408	286	0.507	0.507	NUM
fsr-3244	408	287	15	15	NUM
fsr-3244	408	288	75	75	NUM
fsr-3244	408	289	0.222	0.222	NUM
fsr-3244	408	290	0.354	0.354	NUM
fsr-3244	408	291	0.424	0.424	NUM
fsr-3244	408	292	0.090	0.090	NUM
fsr-3244	408	293	0.229	0.229	NUM
fsr-3244	408	294	0.313	0.313	NUM
fsr-3244	408	295	20	20	NUM
fsr-3244	408	296	male	male	NOUN
fsr-3244	408	297	:	:	PUNCT
fsr-3244	408	298	0.138	0.138	NUM
fsr-3244	408	299	;	;	PUNCT
fsr-3244	408	300	female	female	NOUN
fsr-3244	408	301	:	:	PUNCT
fsr-3244	408	302	0.203	0.203	NUM
fsr-3244	408	303	80	80	NUM
fsr-3244	408	304	0.119	0.119	NUM
fsr-3244	408	305	0.207	0.207	NUM
fsr-3244	408	306	0.264	0.264	NUM
fsr-3244	408	307	0.035	0.035	NUM
fsr-3244	408	308	0.114	0.114	NUM
fsr-3244	408	309	0.173	0.173	NUM
fsr-3244	408	310	25	25	NUM
fsr-3244	408	311	85	85	NUM
fsr-3244	408	312	0.051	0.051	NUM
fsr-3244	408	313	0.104	0.104	NUM
fsr-3244	408	314	0.140	0.140	NUM
fsr-3244	408	315	0.013	0.013	NUM
fsr-3244	408	316	0.048	0.048	NUM
fsr-3244	408	317	0.082	0.082	NUM
fsr-3244	408	318	65	65	NUM
fsr-3244	408	319	10	10	NUM
fsr-3244	408	320	75	75	NUM
fsr-3244	408	321	0.344	0.344	NUM
fsr-3244	408	322	0.477	0.477	NUM
fsr-3244	408	323	0.534	0.534	NUM
fsr-3244	408	324	0.188	0.188	NUM
fsr-3244	408	325	0.358	0.358	NUM
fsr-3244	408	326	0.445	0.445	NUM
fsr-3244	408	327	15	15	NUM
fsr-3244	408	328	male	male	NOUN
fsr-3244	408	329	:	:	PUNCT
fsr-3244	408	330	0.190	0.190	NUM
fsr-3244	408	331	;	;	PUNCT
fsr-3244	408	332	female	female	NOUN
fsr-3244	408	333	:	:	PUNCT
fsr-3244	408	334	0.267	0.267	NUM
fsr-3244	408	335	80	80	NUM
fsr-3244	408	336	0.173	0.173	NUM
fsr-3244	408	337	0.276	0.276	NUM
fsr-3244	408	338	0.332	0.332	NUM
fsr-3244	408	339	0.071	0.071	NUM
fsr-3244	408	340	0.177	0.177	NUM
fsr-3244	408	341	0.243	0.243	NUM
fsr-3244	408	342	20	20	NUM
fsr-3244	408	343	male	male	NOUN
fsr-3244	408	344	:	:	PUNCT
fsr-3244	408	345	0.073	0.073	NUM
fsr-3244	408	346	;	;	PUNCT
fsr-3244	408	347	female	female	NOUN
fsr-3244	408	348	:	:	PUNCT
fsr-3244	408	349	0.116	0.116	NUM
fsr-3244	408	350	85	85	NUM
fsr-3244	408	351	0.075	0.075	NUM
fsr-3244	408	352	0.135	0.135	NUM
fsr-3244	408	353	0.172	0.172	NUM
fsr-3244	408	354	0.023	0.023	NUM
fsr-3244	408	355	0.073	0.073	NUM
fsr-3244	408	356	0.112	0.112	NUM
fsr-3244	408	357	70	70	NUM
fsr-3244	408	358	10	10	NUM
fsr-3244	408	359	80	80	NUM
fsr-3244	408	360	0.285	0.285	NUM
fsr-3244	408	361	0.393	0.393	NUM
fsr-3244	408	362	0.442	0.442	NUM
fsr-3244	408	363	0.158	0.158	NUM
fsr-3244	408	364	0.295	0.295	NUM
fsr-3244	408	365	0.367	0.367	NUM
fsr-3244	408	366	15	15	NUM
fsr-3244	408	367	85	85	NUM
fsr-3244	408	368	0.120	0.120	NUM
fsr-3244	408	369	0.188	0.188	NUM
fsr-3244	408	370	0.228	0.228	NUM
fsr-3244	408	371	0.048	0.048	NUM
fsr-3244	408	372	0.118	0.118	NUM
fsr-3244	408	373	0.165	0.165	NUM
fsr-3244	408	374	75	75	NUM
fsr-3244	408	375	10	10	NUM
fsr-3244	408	376	85	85	NUM
fsr-3244	408	377	0.207	0.207	NUM
fsr-3244	408	378	0.291	0.291	NUM
fsr-3244	408	379	0.327	0.327	NUM
fsr-3244	408	380	0.115	0.115	NUM
fsr-3244	408	381	0.216	0.216	NUM
fsr-3244	408	382	0.271	0.271	NUM
fsr-3244	408	383	simulation	simulation	NOUN
fsr-3244	408	384	results	result	NOUN
fsr-3244	408	385	are	be	AUX
fsr-3244	408	386	based	base	VERB
fsr-3244	408	387	on	on	ADP
fsr-3244	408	388	unisex	unisex	NOUN
fsr-3244	408	389	mortality	mortality	NOUN
fsr-3244	408	390	risk	risk	NOUN
fsr-3244	408	391	,	,	PUNCT
fsr-3244	408	392	whereas	whereas	SCONJ
fsr-3244	408	393	shankar	shankar	PROPN
fsr-3244	408	394	(	(	PUNCT
fsr-3244	408	395	2009	2009	NUM
fsr-3244	408	396	)	)	PUNCT
fsr-3244	408	397	evaluates	evaluate	VERB
fsr-3244	408	398	scenarios	scenario	NOUN
fsr-3244	408	399	separately	separately	ADV
fsr-3244	408	400	for	for	ADP
fsr-3244	408	401	male	male	ADJ
fsr-3244	408	402	and	and	CCONJ
fsr-3244	408	403	female	female	ADJ
fsr-3244	408	404	mortality	mortality	NOUN
fsr-3244	408	405	risk	risk	NOUN
fsr-3244	408	406	.	.	PUNCT
fsr-3244	409	1	results	result	NOUN
fsr-3244	409	2	from	from	ADP
fsr-3244	409	3	shankar	shankar	PROPN
fsr-3244	409	4	’s	’s	PART
fsr-3244	409	5	table	table	NOUN
fsr-3244	409	6	2	2	NUM
fsr-3244	409	7	are	be	AUX
fsr-3244	409	8	based	base	VERB
fsr-3244	409	9	on	on	ADP
fsr-3244	409	10	a	a	DET
fsr-3244	409	11	deterministic	deterministic	ADJ
fsr-3244	409	12	analysis	analysis	NOUN
fsr-3244	409	13	for	for	ADP
fsr-3244	409	14	an	an	DET
fsr-3244	409	15	assumed	assumed	ADJ
fsr-3244	409	16	real	real	ADJ
fsr-3244	409	17	return	return	NOUN
fsr-3244	409	18	of	of	ADP
fsr-3244	409	19	1	1	NUM
fsr-3244	409	20	%	%	NOUN
fsr-3244	409	21	for	for	ADP
fsr-3244	409	22	tips	tip	NOUN
fsr-3244	409	23	and	and	CCONJ
fsr-3244	409	24	the	the	DET
fsr-3244	409	25	calculation	calculation	NOUN
fsr-3244	409	26	of	of	ADP
fsr-3244	409	27	the	the	DET
fsr-3244	409	28	deferred	defer	VERB
fsr-3244	409	29	annuity	annuity	NOUN
fsr-3244	409	30	premium	premium	NOUN
fsr-3244	409	31	.	.	PUNCT
fsr-3244	410	1	by	by	ADP
fsr-3244	410	2	comparison	comparison	NOUN
fsr-3244	410	3	,	,	PUNCT
fsr-3244	410	4	the	the	DET
fsr-3244	410	5	median	median	ADJ
fsr-3244	410	6	value	value	NOUN
fsr-3244	410	7	-	-	PUNCT
fsr-3244	410	8	weighted	weight	VERB
fsr-3244	410	9	average	average	ADJ
fsr-3244	410	10	yield	yield	NOUN
fsr-3244	410	11	on	on	ADP
fsr-3244	410	12	tips	tip	NOUN
fsr-3244	410	13	ladders	ladder	NOUN
fsr-3244	410	14	in	in	ADP
fsr-3244	410	15	the	the	DET
fsr-3244	410	16	simulation	simulation	NOUN
fsr-3244	410	17	is	be	AUX
fsr-3244	410	18	about	about	ADV
fsr-3244	410	19	1.15	1.15	NUM
fsr-3244	410	20	%	%	NOUN
fsr-3244	410	21	for	for	ADP
fsr-3244	410	22	15	15	NUM
fsr-3244	410	23	-	-	PUNCT
fsr-3244	410	24	year	year	NOUN
fsr-3244	410	25	ladders	ladder	NOUN
fsr-3244	410	26	and	and	CCONJ
fsr-3244	410	27	about	about	ADV
fsr-3244	410	28	1.32	1.32	NUM
fsr-3244	410	29	%	%	NOUN
fsr-3244	410	30	for	for	ADP
fsr-3244	410	31	20	20	NUM
fsr-3244	410	32	-	-	PUNCT
fsr-3244	410	33	year	year	NOUN
fsr-3244	410	34	ladders	ladder	NOUN
fsr-3244	410	35	.	.	PUNCT
fsr-3244	411	1	377p.j	377p.j	X
fsr-3244	411	2	.	.	PUNCT
fsr-3244	412	1	haensly	haensly	ADV
fsr-3244	412	2	,	,	PUNCT
fsr-3244	412	3	k.p	k.p	PROPN
fsr-3244	412	4	.	.	PROPN
fsr-3244	412	5	pai	pai	PROPN
fsr-3244	412	6	/	/	SYM
fsr-3244	412	7	financial	financial	ADJ
fsr-3244	412	8	services	service	NOUN
fsr-3244	412	9	review	review	VERB
fsr-3244	412	10	24	24	NUM
fsr-3244	412	11	(	(	PUNCT
fsr-3244	412	12	2015	2015	NUM
fsr-3244	412	13	)	)	PUNCT
fsr-3244	412	14	359–386	359–386	NUM
fsr-3244	412	15	levels	level	NOUN
fsr-3244	412	16	of	of	ADP
fsr-3244	412	17	d	d	NOUN
fsr-3244	412	18	ranging	range	VERB
fsr-3244	412	19	from	from	ADP
fsr-3244	412	20	zero	zero	NUM
fsr-3244	412	21	(	(	PUNCT
fsr-3244	412	22	consumption	consumption	NOUN
fsr-3244	412	23	has	have	AUX
fsr-3244	412	24	utility	utility	NOUN
fsr-3244	412	25	but	but	CCONJ
fsr-3244	412	26	bequests	bequest	NOUN
fsr-3244	412	27	do	do	VERB
fsr-3244	412	28	not	not	PART
fsr-3244	412	29	)	)	PUNCT
fsr-3244	412	30	to	to	ADP
fsr-3244	412	31	one	one	NUM
fsr-3244	412	32	(	(	PUNCT
fsr-3244	412	33	bequests	bequest	NOUN
fsr-3244	412	34	have	have	AUX
fsr-3244	412	35	utility	utility	NOUN
fsr-3244	412	36	but	but	CCONJ
fsr-3244	412	37	consumption	consumption	NOUN
fsr-3244	412	38	does	do	VERB
fsr-3244	412	39	not	not	PART
fsr-3244	412	40	)	)	PUNCT
fsr-3244	412	41	.	.	PUNCT
fsr-3244	413	1	when	when	SCONJ
fsr-3244	413	2	d	d	PROPN
fsr-3244	413	3	�	�	PROPN
fsr-3244	413	4	0	0	NUM
fsr-3244	413	5	,	,	PUNCT
fsr-3244	413	6	we	we	PRON
fsr-3244	413	7	hypothesize	hypothesize	VERB
fsr-3244	413	8	that	that	SCONJ
fsr-3244	413	9	the	the	DET
fsr-3244	413	10	investor	investor	NOUN
fsr-3244	413	11	will	will	AUX
fsr-3244	413	12	always	always	ADV
fsr-3244	413	13	prefer	prefer	VERB
fsr-3244	413	14	the	the	DET
fsr-3244	413	15	immediate	immediate	ADJ
fsr-3244	413	16	annuity	annuity	NOUN
fsr-3244	413	17	to	to	ADP
fsr-3244	413	18	a	a	DET
fsr-3244	413	19	strategy	strategy	NOUN
fsr-3244	413	20	of	of	ADP
fsr-3244	413	21	a	a	DET
fsr-3244	413	22	tips	tip	NOUN
fsr-3244	413	23	ladder	ladder	NOUN
fsr-3244	413	24	combined	combine	VERB
fsr-3244	413	25	with	with	ADP
fsr-3244	413	26	a	a	DET
fsr-3244	413	27	deferred	defer	VERB
fsr-3244	413	28	annuity	annuity	NOUN
fsr-3244	413	29	.	.	PUNCT
fsr-3244	414	1	at	at	ADP
fsr-3244	414	2	the	the	DET
fsr-3244	414	3	other	other	ADJ
fsr-3244	414	4	extreme	extreme	NOUN
fsr-3244	414	5	,	,	PUNCT
fsr-3244	414	6	when	when	SCONJ
fsr-3244	414	7	d	d	PROPN
fsr-3244	414	8	�	�	PROPN
fsr-3244	414	9	1	1	NUM
fsr-3244	414	10	,	,	PUNCT
fsr-3244	414	11	we	we	PRON
fsr-3244	414	12	hypothesize	hypothesize	VERB
fsr-3244	414	13	that	that	SCONJ
fsr-3244	414	14	the	the	DET
fsr-3244	414	15	investor	investor	NOUN
fsr-3244	414	16	will	will	AUX
fsr-3244	414	17	always	always	ADV
fsr-3244	414	18	prefer	prefer	VERB
fsr-3244	414	19	a	a	DET
fsr-3244	414	20	strategy	strategy	NOUN
fsr-3244	414	21	of	of	ADP
fsr-3244	414	22	a	a	DET
fsr-3244	414	23	tips	tip	NOUN
fsr-3244	414	24	ladder	ladder	NOUN
fsr-3244	414	25	combined	combine	VERB
fsr-3244	414	26	with	with	ADP
fsr-3244	414	27	a	a	DET
fsr-3244	414	28	deferred	defer	VERB
fsr-3244	414	29	annuity	annuity	NOUN
fsr-3244	414	30	over	over	ADP
fsr-3244	414	31	an	an	DET
fsr-3244	414	32	immediate	immediate	ADJ
fsr-3244	414	33	annuity	annuity	NOUN
fsr-3244	414	34	.	.	PUNCT
fsr-3244	415	1	the	the	DET
fsr-3244	415	2	simulation	simulation	NOUN
fsr-3244	415	3	results	result	NOUN
fsr-3244	415	4	are	be	AUX
fsr-3244	415	5	consistent	consistent	ADJ
fsr-3244	415	6	with	with	ADP
fsr-3244	415	7	both	both	DET
fsr-3244	415	8	hypotheses	hypothesis	NOUN
fsr-3244	415	9	.	.	PUNCT
fsr-3244	416	1	at	at	ADP
fsr-3244	416	2	the	the	DET
fsr-3244	416	3	extremes	extreme	NOUN
fsr-3244	416	4	for	for	ADP
fsr-3244	416	5	d	d	PROPN
fsr-3244	416	6	,	,	PUNCT
fsr-3244	416	7	the	the	DET
fsr-3244	416	8	expected	expect	VERB
fsr-3244	416	9	utilities	utility	NOUN
fsr-3244	416	10	of	of	ADP
fsr-3244	416	11	the	the	DET
fsr-3244	416	12	inflation	inflation	NOUN
fsr-3244	416	13	-	-	PUNCT
fsr-3244	416	14	indexed	index	VERB
fsr-3244	416	15	immediate	immediate	ADJ
fsr-3244	416	16	annuity	annuity	NOUN
fsr-3244	416	17	and	and	CCONJ
fsr-3244	416	18	the	the	DET
fsr-3244	416	19	tips	tip	NOUN
fsr-3244	416	20	ladder	ladder	NOUN
fsr-3244	416	21	/	/	SYM
fsr-3244	416	22	inflationindexed	inflationindexe	VERB
fsr-3244	416	23	deferred	deferred	ADJ
fsr-3244	416	24	annuity	annuity	NOUN
fsr-3244	416	25	strategy	strategy	NOUN
fsr-3244	416	26	are	be	AUX
fsr-3244	416	27	significantly	significantly	ADV
fsr-3244	416	28	different	different	ADJ
fsr-3244	416	29	and	and	CCONJ
fsr-3244	416	30	differ	differ	VERB
fsr-3244	416	31	in	in	ADP
fsr-3244	416	32	the	the	DET
fsr-3244	416	33	predicted	predict	VERB
fsr-3244	416	34	direction	direction	NOUN
fsr-3244	416	35	.	.	PUNCT
fsr-3244	417	1	these	these	DET
fsr-3244	417	2	results	result	NOUN
fsr-3244	417	3	hold	hold	VERB
fsr-3244	417	4	for	for	ADP
fsr-3244	417	5	all	all	DET
fsr-3244	417	6	variations	variation	NOUN
fsr-3244	417	7	that	that	PRON
fsr-3244	417	8	we	we	PRON
fsr-3244	417	9	examined	examine	VERB
fsr-3244	417	10	of	of	ADP
fsr-3244	417	11	the	the	DET
fsr-3244	417	12	tips	tip	NOUN
fsr-3244	417	13	ladder	ladder	NOUN
fsr-3244	417	14	/	/	SYM
fsr-3244	417	15	deferred	defer	VERB
fsr-3244	417	16	annuity	annuity	NOUN
fsr-3244	417	17	strategy	strategy	NOUN
fsr-3244	417	18	,	,	PUNCT
fsr-3244	417	19	where	where	SCONJ
fsr-3244	417	20	annuities	annuity	NOUN
fsr-3244	417	21	(	(	PUNCT
fsr-3244	417	22	immediate	immediate	ADJ
fsr-3244	417	23	and	and	CCONJ
fsr-3244	417	24	deferred	deferred	ADJ
fsr-3244	417	25	)	)	PUNCT
fsr-3244	417	26	are	be	AUX
fsr-3244	417	27	indexed	index	VERB
fsr-3244	417	28	to	to	ADP
fsr-3244	417	29	the	the	DET
fsr-3244	417	30	cpi	cpi	NOUN
fsr-3244	417	31	-	-	PUNCT
fsr-3244	417	32	u	u	NOUN
fsr-3244	417	33	in	in	ADP
fsr-3244	417	34	the	the	DET
fsr-3244	417	35	same	same	ADJ
fsr-3244	417	36	manner	manner	NOUN
fsr-3244	417	37	as	as	ADP
fsr-3244	417	38	tips	tip	NOUN
fsr-3244	417	39	,	,	PUNCT
fsr-3244	417	40	and	and	CCONJ
fsr-3244	417	41	for	for	ADP
fsr-3244	417	42	all	all	DET
fsr-3244	417	43	levels	level	NOUN
fsr-3244	417	44	of	of	ADP
fsr-3244	417	45	risk	risk	NOUN
fsr-3244	417	46	aversion	aversion	NOUN
fsr-3244	417	47	from	from	ADP
fsr-3244	417	48	0.5	0.5	NUM
fsr-3244	417	49	to	to	ADP
fsr-3244	417	50	5.0	5.0	NUM
fsr-3244	417	51	in	in	ADP
fsr-3244	417	52	our	our	PRON
fsr-3244	417	53	utility	utility	NOUN
fsr-3244	417	54	model	model	NOUN
fsr-3244	417	55	.	.	PUNCT
fsr-3244	418	1	for	for	ADP
fsr-3244	418	2	intermediate	intermediate	ADJ
fsr-3244	418	3	values	value	NOUN
fsr-3244	418	4	of	of	ADP
fsr-3244	418	5	the	the	DET
fsr-3244	418	6	bequest	bequest	NOUN
fsr-3244	418	7	motive	motive	NOUN
fsr-3244	418	8	,	,	PUNCT
fsr-3244	418	9	d	d	PROPN
fsr-3244	418	10	,	,	PUNCT
fsr-3244	418	11	the	the	DET
fsr-3244	418	12	general	general	ADJ
fsr-3244	418	13	pattern	pattern	NOUN
fsr-3244	418	14	is	be	AUX
fsr-3244	418	15	that	that	SCONJ
fsr-3244	418	16	the	the	PRON
fsr-3244	418	17	higher	high	ADJ
fsr-3244	418	18	the	the	DET
fsr-3244	418	19	level	level	NOUN
fsr-3244	418	20	of	of	ADP
fsr-3244	418	21	risk	risk	NOUN
fsr-3244	418	22	aversion	aversion	NOUN
fsr-3244	418	23	,	,	PUNCT
fsr-3244	418	24	the	the	PRON
fsr-3244	418	25	lower	low	ADJ
fsr-3244	418	26	the	the	DET
fsr-3244	418	27	cross	cross	ADJ
fsr-3244	418	28	-	-	ADJ
fsr-3244	418	29	over	over	ADP
fsr-3244	418	30	value	value	NOUN
fsr-3244	418	31	of	of	ADP
fsr-3244	418	32	d	d	PROPN
fsr-3244	418	33	at	at	ADP
fsr-3244	418	34	which	which	PRON
fsr-3244	418	35	the	the	DET
fsr-3244	418	36	investor	investor	NOUN
fsr-3244	418	37	switches	switch	VERB
fsr-3244	418	38	from	from	ADP
fsr-3244	418	39	preference	preference	NOUN
fsr-3244	418	40	for	for	ADP
fsr-3244	418	41	an	an	DET
fsr-3244	418	42	inflation	inflation	NOUN
fsr-3244	418	43	-	-	PUNCT
fsr-3244	418	44	indexed	index	VERB
fsr-3244	418	45	immediate	immediate	ADJ
fsr-3244	418	46	annuity	annuity	NOUN
fsr-3244	418	47	to	to	ADP
fsr-3244	418	48	preference	preference	NOUN
fsr-3244	418	49	for	for	ADP
fsr-3244	418	50	a	a	DET
fsr-3244	418	51	tips	tip	NOUN
fsr-3244	418	52	ladder/	ladder/	NUM
fsr-3244	418	53	inflation	inflation	NOUN
fsr-3244	418	54	-	-	PUNCT
fsr-3244	418	55	indexed	index	VERB
fsr-3244	418	56	deferred	deferred	ADJ
fsr-3244	418	57	annuity	annuity	NOUN
fsr-3244	418	58	strategy	strategy	NOUN
fsr-3244	418	59	.	.	PUNCT
fsr-3244	419	1	please	please	INTJ
fsr-3244	419	2	see	see	VERB
fsr-3244	419	3	table	table	NOUN
fsr-3244	419	4	6	6	NUM
fsr-3244	419	5	.	.	PUNCT
fsr-3244	420	1	the	the	DET
fsr-3244	420	2	expected	expect	VERB
fsr-3244	420	3	utility	utility	NOUN
fsr-3244	420	4	of	of	ADP
fsr-3244	420	5	a	a	DET
fsr-3244	420	6	bequest	bequest	NOUN
fsr-3244	420	7	contributes	contribute	VERB
fsr-3244	420	8	more	more	ADJ
fsr-3244	420	9	to	to	PART
fsr-3244	420	10	total	total	VERB
fsr-3244	420	11	expected	expect	VERB
fsr-3244	420	12	utility	utility	NOUN
fsr-3244	420	13	in	in	ADP
fsr-3244	420	14	two	two	NUM
fsr-3244	420	15	ways	way	NOUN
fsr-3244	420	16	.	.	PUNCT
fsr-3244	421	1	first	first	ADV
fsr-3244	421	2	,	,	PUNCT
fsr-3244	421	3	as	as	SCONJ
fsr-3244	421	4	d	d	PROPN
fsr-3244	421	5	increases	increase	NOUN
fsr-3244	421	6	,	,	PUNCT
fsr-3244	421	7	greater	great	ADJ
fsr-3244	421	8	weight	weight	NOUN
fsr-3244	421	9	is	be	AUX
fsr-3244	421	10	given	give	VERB
fsr-3244	421	11	to	to	ADP
fsr-3244	421	12	it	it	PRON
fsr-3244	421	13	;	;	PUNCT
fsr-3244	421	14	see	see	VERB
fsr-3244	421	15	eq	eq	ADP
fsr-3244	421	16	.	.	PUNCT
fsr-3244	422	1	(	(	PUNCT
fsr-3244	422	2	6	6	NUM
fsr-3244	422	3	)	)	PUNCT
fsr-3244	422	4	.	.	PUNCT
fsr-3244	423	1	second	second	ADJ
fsr-3244	423	2	,	,	PUNCT
fsr-3244	423	3	for	for	ADP
fsr-3244	423	4	a	a	DET
fsr-3244	423	5	given	give	VERB
fsr-3244	423	6	retirement	retirement	NOUN
fsr-3244	423	7	age	age	NOUN
fsr-3244	423	8	and	and	CCONJ
fsr-3244	423	9	length	length	NOUN
fsr-3244	423	10	of	of	ADP
fsr-3244	423	11	the	the	DET
fsr-3244	423	12	tips	tip	NOUN
fsr-3244	423	13	ladder	ladder	NOUN
fsr-3244	423	14	,	,	PUNCT
fsr-3244	423	15	the	the	DET
fsr-3244	423	16	expected	expect	VERB
fsr-3244	423	17	utility	utility	NOUN
fsr-3244	423	18	of	of	ADP
fsr-3244	423	19	a	a	DET
fsr-3244	423	20	bequest	bequest	NOUN
fsr-3244	423	21	grows	grow	VERB
fsr-3244	423	22	exponentially	exponentially	ADV
fsr-3244	423	23	as	as	ADP
fsr-3244	423	24	the	the	DET
fsr-3244	423	25	risk	risk	NOUN
fsr-3244	423	26	aversion	aversion	NOUN
fsr-3244	423	27	increases	increase	NOUN
fsr-3244	423	28	.	.	PUNCT
fsr-3244	424	1	fig	fig	NOUN
fsr-3244	424	2	.	.	PUNCT
fsr-3244	425	1	1	1	X
fsr-3244	425	2	.	.	PUNCT
fsr-3244	426	1	this	this	DET
fsr-3244	426	2	figure	figure	NOUN
fsr-3244	426	3	plots	plot	VERB
fsr-3244	426	4	the	the	DET
fsr-3244	426	5	allocation	allocation	NOUN
fsr-3244	426	6	to	to	ADP
fsr-3244	426	7	the	the	DET
fsr-3244	426	8	inflation	inflation	NOUN
fsr-3244	426	9	-	-	PUNCT
fsr-3244	426	10	indexed	index	VERB
fsr-3244	426	11	deferred	deferred	ADJ
fsr-3244	426	12	annuity	annuity	NOUN
fsr-3244	426	13	for	for	ADP
fsr-3244	426	14	each	each	DET
fsr-3244	426	15	simulated	simulate	VERB
fsr-3244	426	16	investor	investor	NOUN
fsr-3244	426	17	against	against	ADP
fsr-3244	426	18	the	the	DET
fsr-3244	426	19	market	market	NOUN
fsr-3244	426	20	value	value	NOUN
fsr-3244	426	21	-	-	PUNCT
fsr-3244	426	22	weighted	weight	VERB
fsr-3244	426	23	real	real	ADJ
fsr-3244	426	24	yield	yield	NOUN
fsr-3244	426	25	on	on	ADP
fsr-3244	426	26	the	the	DET
fsr-3244	426	27	tips	tip	NOUN
fsr-3244	426	28	ladder	ladder	NOUN
fsr-3244	426	29	;	;	PUNCT
fsr-3244	426	30	both	both	DET
fsr-3244	426	31	values	value	NOUN
fsr-3244	426	32	are	be	AUX
fsr-3244	426	33	at	at	ADP
fsr-3244	426	34	the	the	DET
fsr-3244	426	35	time	time	NOUN
fsr-3244	426	36	of	of	ADP
fsr-3244	426	37	retirement	retirement	NOUN
fsr-3244	426	38	.	.	PUNCT
fsr-3244	427	1	for	for	ADP
fsr-3244	427	2	this	this	DET
fsr-3244	427	3	figure	figure	NOUN
fsr-3244	427	4	,	,	PUNCT
fsr-3244	427	5	all	all	DET
fsr-3244	427	6	investors	investor	NOUN
fsr-3244	427	7	retire	retire	VERB
fsr-3244	427	8	at	at	ADP
fsr-3244	427	9	age	age	NOUN
fsr-3244	427	10	65	65	NUM
fsr-3244	427	11	and	and	CCONJ
fsr-3244	427	12	survive	survive	VERB
fsr-3244	427	13	at	at	ADV
fsr-3244	427	14	least	least	ADV
fsr-3244	427	15	12	12	NUM
fsr-3244	427	16	months	month	NOUN
fsr-3244	427	17	in	in	ADP
fsr-3244	427	18	retirement	retirement	NOUN
fsr-3244	427	19	.	.	PUNCT
fsr-3244	428	1	at	at	ADP
fsr-3244	428	2	retirement	retirement	NOUN
fsr-3244	428	3	,	,	PUNCT
fsr-3244	428	4	each	each	DET
fsr-3244	428	5	investor	investor	NOUN
fsr-3244	428	6	buys	buy	VERB
fsr-3244	428	7	the	the	DET
fsr-3244	428	8	tips	tip	NOUN
fsr-3244	428	9	for	for	ADP
fsr-3244	428	10	a	a	DET
fsr-3244	428	11	20	20	NUM
fsr-3244	428	12	-	-	PUNCT
fsr-3244	428	13	year	year	NOUN
fsr-3244	428	14	ladder	ladder	NOUN
fsr-3244	428	15	and	and	CCONJ
fsr-3244	428	16	pays	pay	VERB
fsr-3244	428	17	a	a	DET
fsr-3244	428	18	premium	premium	NOUN
fsr-3244	428	19	on	on	ADP
fsr-3244	428	20	a	a	DET
fsr-3244	428	21	deferred	defer	VERB
fsr-3244	428	22	annuity	annuity	NOUN
fsr-3244	428	23	that	that	PRON
fsr-3244	428	24	begins	begin	VERB
fsr-3244	428	25	payouts	payout	NOUN
fsr-3244	428	26	one	one	NUM
fsr-3244	428	27	month	month	NOUN
fsr-3244	428	28	after	after	SCONJ
fsr-3244	428	29	the	the	DET
fsr-3244	428	30	20	20	NUM
fsr-3244	428	31	-	-	PUNCT
fsr-3244	428	32	year	year	NOUN
fsr-3244	428	33	ladder	ladder	NOUN
fsr-3244	428	34	phase	phase	NOUN
fsr-3244	428	35	ends	end	VERB
fsr-3244	428	36	.	.	PUNCT
fsr-3244	429	1	378	378	NUM
fsr-3244	429	2	p.j	p.j	PROPN
fsr-3244	429	3	.	.	PROPN
fsr-3244	429	4	haensly	haensly	PROPN
fsr-3244	429	5	,	,	PUNCT
fsr-3244	429	6	k.p	k.p	PROPN
fsr-3244	429	7	.	.	PROPN
fsr-3244	429	8	pai	pai	PROPN
fsr-3244	429	9	/	/	SYM
fsr-3244	429	10	financial	financial	ADJ
fsr-3244	429	11	services	service	NOUN
fsr-3244	429	12	review	review	VERB
fsr-3244	429	13	24	24	NUM
fsr-3244	429	14	(	(	PUNCT
fsr-3244	429	15	2015	2015	NUM
fsr-3244	429	16	)	)	PUNCT
fsr-3244	429	17	359–386	359–386	NUM
fsr-3244	429	18	please	please	INTJ
fsr-3244	429	19	see	see	VERB
fsr-3244	429	20	column	column	NOUN
fsr-3244	429	21	6	6	NUM
fsr-3244	429	22	in	in	ADP
fsr-3244	429	23	table	table	NOUN
fsr-3244	429	24	7	7	NUM
fsr-3244	429	25	.	.	PUNCT
fsr-3244	430	1	that	that	ADV
fsr-3244	430	2	is	is	ADV
fsr-3244	430	3	,	,	PUNCT
fsr-3244	430	4	the	the	DET
fsr-3244	430	5	bequest	bequest	NOUN
fsr-3244	430	6	is	be	AUX
fsr-3244	430	7	relatively	relatively	ADV
fsr-3244	430	8	more	more	ADV
fsr-3244	430	9	valuable	valuable	ADJ
fsr-3244	430	10	the	the	PRON
fsr-3244	430	11	greater	great	ADJ
fsr-3244	430	12	the	the	DET
fsr-3244	430	13	level	level	NOUN
fsr-3244	430	14	of	of	ADP
fsr-3244	430	15	risk	risk	NOUN
fsr-3244	430	16	aversion	aversion	NOUN
fsr-3244	430	17	under	under	ADP
fsr-3244	430	18	the	the	DET
fsr-3244	430	19	utility	utility	NOUN
fsr-3244	430	20	models	model	NOUN
fsr-3244	430	21	in	in	ADP
fsr-3244	430	22	our	our	PRON
fsr-3244	430	23	analysis	analysis	NOUN
fsr-3244	430	24	.	.	PUNCT
fsr-3244	431	1	in	in	ADP
fsr-3244	431	2	addition	addition	NOUN
fsr-3244	431	3	,	,	PUNCT
fsr-3244	431	4	for	for	ADP
fsr-3244	431	5	risk	risk	NOUN
fsr-3244	431	6	aversion	aversion	NOUN
fsr-3244	431	7	levels	level	NOUN
fsr-3244	431	8	greater	great	ADJ
fsr-3244	431	9	than	than	ADP
fsr-3244	431	10	one	one	NUM
fsr-3244	431	11	,	,	PUNCT
fsr-3244	431	12	the	the	DET
fsr-3244	431	13	crossover	crossover	NOUN
fsr-3244	431	14	value	value	NOUN
fsr-3244	431	15	of	of	ADP
fsr-3244	431	16	d	d	NOUN
fsr-3244	431	17	tends	tend	VERB
fsr-3244	431	18	to	to	PART
fsr-3244	431	19	fall	fall	VERB
fsr-3244	431	20	the	the	PRON
fsr-3244	431	21	older	old	ADJ
fsr-3244	431	22	the	the	DET
fsr-3244	431	23	investor	investor	NOUN
fsr-3244	431	24	is	be	AUX
fsr-3244	431	25	when	when	SCONJ
fsr-3244	431	26	retiring	retire	VERB
fsr-3244	431	27	,	,	PUNCT
fsr-3244	431	28	all	all	PRON
fsr-3244	431	29	else	else	ADV
fsr-3244	431	30	equal	equal	ADJ
fsr-3244	431	31	(	(	PUNCT
fsr-3244	431	32	specifically	specifically	ADV
fsr-3244	431	33	,	,	PUNCT
fsr-3244	431	34	for	for	ADP
fsr-3244	431	35	ladders	ladder	NOUN
fsr-3244	431	36	of	of	ADP
fsr-3244	431	37	the	the	DET
fsr-3244	431	38	same	same	ADJ
fsr-3244	431	39	length	length	NOUN
fsr-3244	431	40	)	)	PUNCT
fsr-3244	431	41	.	.	PUNCT
fsr-3244	432	1	for	for	ADP
fsr-3244	432	2	example	example	NOUN
fsr-3244	432	3	,	,	PUNCT
fsr-3244	432	4	compare	compare	VERB
fsr-3244	432	5	strategies	strategy	NOUN
fsr-3244	432	6	with	with	ADP
fsr-3244	432	7	10	10	NUM
fsr-3244	432	8	-	-	PUNCT
fsr-3244	432	9	year	year	NOUN
fsr-3244	432	10	tips	tip	NOUN
fsr-3244	432	11	ladders	ladder	NOUN
fsr-3244	432	12	in	in	ADP
fsr-3244	432	13	table	table	NOUN
fsr-3244	432	14	6	6	NUM
fsr-3244	432	15	.	.	PUNCT
fsr-3244	433	1	this	this	DET
fsr-3244	433	2	result	result	NOUN
fsr-3244	433	3	is	be	AUX
fsr-3244	433	4	consistent	consistent	ADJ
fsr-3244	433	5	with	with	ADP
fsr-3244	433	6	the	the	DET
fsr-3244	433	7	fact	fact	NOUN
fsr-3244	433	8	than	than	SCONJ
fsr-3244	433	9	an	an	DET
fsr-3244	433	10	older	old	ADJ
fsr-3244	433	11	retiree	retiree	NOUN
fsr-3244	433	12	has	have	VERB
fsr-3244	433	13	a	a	DET
fsr-3244	433	14	shorter	short	ADJ
fsr-3244	433	15	life	life	NOUN
fsr-3244	433	16	expectancy	expectancy	NOUN
fsr-3244	433	17	and	and	CCONJ
fsr-3244	433	18	thus	thus	ADV
fsr-3244	433	19	is	be	AUX
fsr-3244	433	20	more	more	ADV
fsr-3244	433	21	likely	likely	ADJ
fsr-3244	433	22	to	to	PART
fsr-3244	433	23	be	be	AUX
fsr-3244	433	24	able	able	ADJ
fsr-3244	433	25	to	to	PART
fsr-3244	433	26	leave	leave	VERB
fsr-3244	433	27	a	a	DET
fsr-3244	433	28	bequest	bequest	NOUN
fsr-3244	433	29	in	in	ADP
fsr-3244	433	30	the	the	DET
fsr-3244	433	31	form	form	NOUN
fsr-3244	433	32	of	of	ADP
fsr-3244	433	33	the	the	DET
fsr-3244	433	34	balance	balance	NOUN
fsr-3244	433	35	of	of	ADP
fsr-3244	433	36	the	the	DET
fsr-3244	433	37	tips	tip	NOUN
fsr-3244	433	38	ladder	ladder	NOUN
fsr-3244	433	39	at	at	ADP
fsr-3244	433	40	death	death	NOUN
fsr-3244	433	41	.	.	PUNCT
fsr-3244	434	1	the	the	DET
fsr-3244	434	2	fact	fact	NOUN
fsr-3244	434	3	that	that	SCONJ
fsr-3244	434	4	most	most	ADJ
fsr-3244	434	5	investors	investor	NOUN
fsr-3244	434	6	in	in	ADP
fsr-3244	434	7	the	the	DET
fsr-3244	434	8	real	real	ADJ
fsr-3244	434	9	world	world	NOUN
fsr-3244	434	10	are	be	AUX
fsr-3244	434	11	reluctant	reluctant	ADJ
fsr-3244	434	12	to	to	PART
fsr-3244	434	13	commit	commit	VERB
fsr-3244	434	14	all	all	PRON
fsr-3244	434	15	of	of	ADP
fsr-3244	434	16	their	their	PRON
fsr-3244	434	17	savings	saving	NOUN
fsr-3244	434	18	at	at	ADP
fsr-3244	434	19	retirement	retirement	NOUN
fsr-3244	434	20	to	to	ADP
fsr-3244	434	21	immediate	immediate	ADJ
fsr-3244	434	22	annuities	annuity	NOUN
fsr-3244	434	23	is	be	AUX
fsr-3244	434	24	consistent	consistent	ADJ
fsr-3244	434	25	with	with	ADP
fsr-3244	434	26	bernheim	bernheim	NOUN
fsr-3244	434	27	’s	’s	PART
fsr-3244	434	28	(	(	PUNCT
fsr-3244	434	29	1991	1991	NUM
fsr-3244	434	30	)	)	PUNCT
fsr-3244	434	31	conclusion	conclusion	NOUN
fsr-3244	434	32	that	that	SCONJ
fsr-3244	434	33	bequest	bequest	NOUN
fsr-3244	434	34	motives	motive	NOUN
fsr-3244	434	35	are	be	AUX
fsr-3244	434	36	strong	strong	ADJ
fsr-3244	434	37	for	for	ADP
fsr-3244	434	38	a	a	DET
fsr-3244	434	39	large	large	ADJ
fsr-3244	434	40	segment	segment	NOUN
fsr-3244	434	41	of	of	ADP
fsr-3244	434	42	the	the	DET
fsr-3244	434	43	population	population	NOUN
fsr-3244	434	44	.	.	PUNCT
fsr-3244	435	1	our	our	PRON
fsr-3244	435	2	results	result	NOUN
fsr-3244	435	3	in	in	ADP
fsr-3244	435	4	table	table	NOUN
fsr-3244	435	5	6	6	NUM
fsr-3244	435	6	illustrate	illustrate	VERB
fsr-3244	435	7	a	a	DET
fsr-3244	435	8	more	more	ADV
fsr-3244	435	9	subtle	subtle	ADJ
fsr-3244	435	10	point	point	NOUN
fsr-3244	435	11	.	.	PUNCT
fsr-3244	436	1	the	the	PRON
fsr-3244	436	2	higher	high	ADJ
fsr-3244	436	3	the	the	DET
fsr-3244	436	4	level	level	NOUN
fsr-3244	436	5	of	of	ADP
fsr-3244	436	6	risk	risk	NOUN
fsr-3244	436	7	aversion	aversion	NOUN
fsr-3244	436	8	and	and	CCONJ
fsr-3244	436	9	the	the	PRON
fsr-3244	436	10	older	old	ADJ
fsr-3244	436	11	the	the	DET
fsr-3244	436	12	investor	investor	NOUN
fsr-3244	436	13	at	at	ADP
fsr-3244	436	14	retirement	retirement	NOUN
fsr-3244	436	15	,	,	PUNCT
fsr-3244	436	16	the	the	PRON
fsr-3244	436	17	weaker	weak	ADJ
fsr-3244	436	18	the	the	DET
fsr-3244	436	19	bequest	bequ	ADJ
fsr-3244	436	20	motive	motive	NOUN
fsr-3244	436	21	needs	need	VERB
fsr-3244	436	22	to	to	PART
fsr-3244	436	23	be	be	AUX
fsr-3244	436	24	for	for	SCONJ
fsr-3244	436	25	the	the	DET
fsr-3244	436	26	investor	investor	NOUN
fsr-3244	436	27	to	to	PART
fsr-3244	436	28	prefer	prefer	VERB
fsr-3244	436	29	an	an	DET
fsr-3244	436	30	investment	investment	NOUN
fsr-3244	436	31	strategy	strategy	NOUN
fsr-3244	436	32	that	that	PRON
fsr-3244	436	33	avoids	avoid	VERB
fsr-3244	436	34	committing	commit	VERB
fsr-3244	436	35	all	all	PRON
fsr-3244	436	36	of	of	ADP
fsr-3244	436	37	the	the	DET
fsr-3244	436	38	investor	investor	NOUN
fsr-3244	436	39	’s	’s	PART
fsr-3244	436	40	savings	saving	NOUN
fsr-3244	436	41	to	to	ADP
fsr-3244	436	42	a	a	DET
fsr-3244	436	43	non	non	ADJ
fsr-3244	436	44	-	-	ADJ
fsr-3244	436	45	refundable	refundable	ADJ
fsr-3244	436	46	immediate	immediate	ADJ
fsr-3244	436	47	life	life	NOUN
fsr-3244	436	48	annuity	annuity	NOUN
fsr-3244	436	49	.	.	PUNCT
fsr-3244	437	1	given	give	VERB
fsr-3244	437	2	the	the	DET
fsr-3244	437	3	current	current	ADJ
fsr-3244	437	4	unavailability	unavailability	NOUN
fsr-3244	437	5	of	of	ADP
fsr-3244	437	6	inflation	inflation	NOUN
fsr-3244	437	7	-	-	PUNCT
fsr-3244	437	8	indexed	index	VERB
fsr-3244	437	9	deferred	deferred	ADJ
fsr-3244	437	10	annuities	annuity	NOUN
fsr-3244	437	11	,	,	PUNCT
fsr-3244	437	12	an	an	DET
fsr-3244	437	13	interesting	interesting	ADJ
fsr-3244	437	14	question	question	NOUN
fsr-3244	437	15	is	be	AUX
fsr-3244	437	16	whether	whether	SCONJ
fsr-3244	437	17	the	the	DET
fsr-3244	437	18	same	same	ADJ
fsr-3244	437	19	observations	observation	NOUN
fsr-3244	437	20	hold	hold	VERB
fsr-3244	437	21	for	for	ADP
fsr-3244	437	22	tips	tip	NOUN
fsr-3244	437	23	ladder	ladder	NOUN
fsr-3244	437	24	/	/	SYM
fsr-3244	437	25	deferred	defer	VERB
fsr-3244	437	26	annuity	annuity	NOUN
fsr-3244	437	27	strategies	strategy	NOUN
fsr-3244	437	28	table	table	NOUN
fsr-3244	437	29	6	6	NUM
fsr-3244	437	30	preference	preference	NOUN
fsr-3244	437	31	for	for	ADP
fsr-3244	437	32	immediate	immediate	ADJ
fsr-3244	437	33	annuity	annuity	NOUN
fsr-3244	437	34	vs.	vs.	ADP
fsr-3244	437	35	tips	tip	NOUN
fsr-3244	437	36	ladder	ladder	NOUN
fsr-3244	437	37	/	/	SYM
fsr-3244	437	38	deferred	defer	VERB
fsr-3244	437	39	annuity	annuity	NOUN
fsr-3244	437	40	strategy	strategy	NOUN
fsr-3244	437	41	in	in	ADP
fsr-3244	437	42	terms	term	NOUN
fsr-3244	437	43	of	of	ADP
fsr-3244	437	44	strength	strength	NOUN
fsr-3244	437	45	of	of	ADP
fsr-3244	437	46	bequest	bequest	NOUN
fsr-3244	437	47	motive	motive	NOUN
fsr-3244	437	48	(	(	PUNCT
fsr-3244	437	49	d	d	NOUN
fsr-3244	437	50	)	)	PUNCT
fsr-3244	437	51	;	;	PUNCT
fsr-3244	437	52	cross	cross	ADJ
fsr-3244	437	53	-	-	ADJ
fsr-3244	437	54	over	over	ADP
fsr-3244	437	55	value	value	NOUN
fsr-3244	437	56	for	for	ADP
fsr-3244	437	57	d	d	PROPN
fsr-3244	437	58	where	where	SCONJ
fsr-3244	437	59	preference	preference	NOUN
fsr-3244	437	60	switches	switch	VERB
fsr-3244	437	61	from	from	ADP
fsr-3244	437	62	the	the	DET
fsr-3244	437	63	immediate	immediate	ADJ
fsr-3244	437	64	annuity	annuity	NOUN
fsr-3244	437	65	to	to	ADP
fsr-3244	437	66	the	the	DET
fsr-3244	437	67	tips	tip	NOUN
fsr-3244	437	68	ladder	ladder	NOUN
fsr-3244	437	69	/	/	SYM
fsr-3244	437	70	deferred	defer	VERB
fsr-3244	437	71	annuity	annuity	NOUN
fsr-3244	437	72	retirement	retirement	NOUN
fsr-3244	437	73	age	age	NOUN
fsr-3244	437	74	(	(	PUNCT
fsr-3244	437	75	years	year	NOUN
fsr-3244	437	76	)	)	PUNCT
fsr-3244	437	77	length	length	NOUN
fsr-3244	437	78	of	of	ADP
fsr-3244	437	79	tips	tip	NOUN
fsr-3244	437	80	ladder	ladder	NOUN
fsr-3244	437	81	(	(	PUNCT
fsr-3244	437	82	years	year	NOUN
fsr-3244	437	83	)	)	PUNCT
fsr-3244	437	84	level	level	NOUN
fsr-3244	437	85	of	of	ADP
fsr-3244	437	86	risk	risk	NOUN
fsr-3244	437	87	aversion	aversion	NOUN
fsr-3244	437	88	(	(	PUNCT
fsr-3244	437	89	�	�	PROPN
fsr-3244	437	90	)	)	PUNCT
fsr-3244	437	91	0.5	0.5	NUM
fsr-3244	437	92	1.0	1.0	NUM
fsr-3244	437	93	2.0	2.0	NUM
fsr-3244	437	94	3.0	3.0	NUM
fsr-3244	437	95	4.0	4.0	NUM
fsr-3244	437	96	5.0	5.0	NUM
fsr-3244	437	97	55	55	NUM
fsr-3244	437	98	10	10	NUM
fsr-3244	437	99	0.95	0.95	NUM
fsr-3244	437	100	0.95	0.95	NUM
fsr-3244	437	101	0.90	0.90	NUM
fsr-3244	437	102	0.65	0.65	NUM
fsr-3244	437	103	0.65	0.65	NUM
fsr-3244	437	104	0.55	0.55	NUM
fsr-3244	437	105	55	55	NUM
fsr-3244	437	106	15	15	NUM
fsr-3244	437	107	0.95	0.95	NUM
fsr-3244	437	108	0.95	0.95	NUM
fsr-3244	437	109	0.85	0.85	NUM
fsr-3244	437	110	0.65	0.65	NUM
fsr-3244	437	111	0.65	0.65	NUM
fsr-3244	437	112	0.65	0.65	NUM
fsr-3244	437	113	55	55	NUM
fsr-3244	437	114	20	20	NUM
fsr-3244	437	115	0.95	0.95	NUM
fsr-3244	437	116	0.95	0.95	NUM
fsr-3244	437	117	0.85	0.85	NUM
fsr-3244	437	118	0.65	0.65	NUM
fsr-3244	437	119	0.55	0.55	NUM
fsr-3244	437	120	0.55	0.55	NUM
fsr-3244	437	121	55	55	NUM
fsr-3244	437	122	25	25	NUM
fsr-3244	437	123	0.95	0.95	NUM
fsr-3244	437	124	0.95	0.95	NUM
fsr-3244	437	125	0.85	0.85	NUM
fsr-3244	437	126	0.65	0.65	NUM
fsr-3244	437	127	0.45	0.45	NUM
fsr-3244	437	128	0.45	0.45	NUM
fsr-3244	437	129	55	55	NUM
fsr-3244	437	130	30	30	NUM
fsr-3244	437	131	0.95	0.95	NUM
fsr-3244	437	132	0.95	0.95	NUM
fsr-3244	437	133	0.85	0.85	NUM
fsr-3244	437	134	0.55	0.55	NUM
fsr-3244	437	135	0.35	0.35	NUM
fsr-3244	437	136	0.35	0.35	NUM
fsr-3244	437	137	60	60	NUM
fsr-3244	437	138	10	10	NUM
fsr-3244	437	139	0.95	0.95	NUM
fsr-3244	437	140	0.95	0.95	NUM
fsr-3244	437	141	0.75	0.75	NUM
fsr-3244	437	142	0.55	0.55	NUM
fsr-3244	437	143	0.55	0.55	NUM
fsr-3244	437	144	0.55	0.55	NUM
fsr-3244	437	145	60	60	NUM
fsr-3244	437	146	15	15	NUM
fsr-3244	437	147	0.95	0.95	NUM
fsr-3244	437	148	0.95	0.95	NUM
fsr-3244	437	149	0.85	0.85	NUM
fsr-3244	437	150	0.55	0.55	NUM
fsr-3244	437	151	0.55	0.55	NUM
fsr-3244	437	152	0.55	0.55	NUM
fsr-3244	437	153	60	60	NUM
fsr-3244	437	154	20	20	NUM
fsr-3244	437	155	0.95	0.95	NUM
fsr-3244	437	156	0.95	0.95	NUM
fsr-3244	437	157	0.85	0.85	NUM
fsr-3244	437	158	0.55	0.55	NUM
fsr-3244	437	159	0.45	0.45	NUM
fsr-3244	437	160	0.45	0.45	NUM
fsr-3244	437	161	60	60	NUM
fsr-3244	437	162	25	25	NUM
fsr-3244	437	163	0.95	0.95	NUM
fsr-3244	437	164	0.95	0.95	NUM
fsr-3244	437	165	0.85	0.85	NUM
fsr-3244	437	166	0.45	0.45	NUM
fsr-3244	437	167	0.35	0.35	NUM
fsr-3244	437	168	0.35	0.35	NUM
fsr-3244	437	169	65	65	NUM
fsr-3244	437	170	10	10	NUM
fsr-3244	437	171	0.95	0.95	NUM
fsr-3244	437	172	0.95	0.95	NUM
fsr-3244	437	173	0.75	0.75	NUM
fsr-3244	437	174	0.45	0.45	NUM
fsr-3244	437	175	0.45	0.45	NUM
fsr-3244	437	176	0.35	0.35	NUM
fsr-3244	437	177	65	65	NUM
fsr-3244	437	178	15	15	NUM
fsr-3244	437	179	0.95	0.95	NUM
fsr-3244	437	180	0.95	0.95	NUM
fsr-3244	437	181	0.75	0.75	NUM
fsr-3244	437	182	0.45	0.45	NUM
fsr-3244	437	183	0.35	0.35	NUM
fsr-3244	437	184	0.35	0.35	NUM
fsr-3244	437	185	65	65	NUM
fsr-3244	437	186	20	20	NUM
fsr-3244	437	187	0.95	0.95	NUM
fsr-3244	437	188	0.95	0.95	NUM
fsr-3244	437	189	0.85	0.85	NUM
fsr-3244	437	190	0.50	0.50	NUM
fsr-3244	437	191	0.25	0.25	NUM
fsr-3244	437	192	0.25	0.25	NUM
fsr-3244	437	193	70	70	NUM
fsr-3244	437	194	10	10	NUM
fsr-3244	437	195	0.95	0.95	NUM
fsr-3244	437	196	0.95	0.95	NUM
fsr-3244	437	197	0.65	0.65	NUM
fsr-3244	437	198	0.40	0.40	NUM
fsr-3244	437	199	0.25	0.25	NUM
fsr-3244	437	200	0.25	0.25	NUM
fsr-3244	437	201	70	70	NUM
fsr-3244	437	202	15	15	NUM
fsr-3244	437	203	0.95	0.95	NUM
fsr-3244	437	204	0.95	0.95	NUM
fsr-3244	437	205	0.80	0.80	NUM
fsr-3244	437	206	0.40	0.40	NUM
fsr-3244	437	207	0.25	0.25	NUM
fsr-3244	437	208	0.25	0.25	NUM
fsr-3244	437	209	75	75	NUM
fsr-3244	437	210	10	10	NUM
fsr-3244	437	211	0.95	0.95	NUM
fsr-3244	437	212	0.95	0.95	NUM
fsr-3244	437	213	0.70	0.70	NUM
fsr-3244	437	214	0.30	0.30	NUM
fsr-3244	437	215	0.15	0.15	NUM
fsr-3244	437	216	0.15	0.15	NUM
fsr-3244	437	217	the	the	DET
fsr-3244	437	218	comparison	comparison	NOUN
fsr-3244	437	219	is	be	AUX
fsr-3244	437	220	between	between	ADP
fsr-3244	437	221	inflation	inflation	NOUN
fsr-3244	437	222	-	-	PUNCT
fsr-3244	437	223	indexed	index	VERB
fsr-3244	437	224	immediate	immediate	ADJ
fsr-3244	437	225	annuities	annuity	NOUN
fsr-3244	437	226	and	and	CCONJ
fsr-3244	437	227	strategies	strategy	NOUN
fsr-3244	437	228	with	with	ADP
fsr-3244	437	229	a	a	DET
fsr-3244	437	230	fixed	fix	VERB
fsr-3244	437	231	-	-	PUNCT
fsr-3244	437	232	life	life	NOUN
fsr-3244	437	233	tips	tip	NOUN
fsr-3244	437	234	ladder	ladder	NOUN
fsr-3244	437	235	and	and	CCONJ
fsr-3244	437	236	an	an	DET
fsr-3244	437	237	inflation	inflation	NOUN
fsr-3244	437	238	-	-	PUNCT
fsr-3244	437	239	indexed	index	VERB
fsr-3244	437	240	deferred	deferred	ADJ
fsr-3244	437	241	annuity	annuity	NOUN
fsr-3244	437	242	that	that	PRON
fsr-3244	437	243	begins	begin	VERB
fsr-3244	437	244	payouts	payout	NOUN
fsr-3244	437	245	after	after	ADP
fsr-3244	437	246	the	the	DET
fsr-3244	437	247	ladder	ladder	NOUN
fsr-3244	437	248	phase	phase	NOUN
fsr-3244	437	249	.	.	PUNCT
fsr-3244	438	1	all	all	DET
fsr-3244	438	2	annuities	annuity	NOUN
fsr-3244	438	3	are	be	AUX
fsr-3244	438	4	indexed	index	VERB
fsr-3244	438	5	to	to	ADP
fsr-3244	438	6	the	the	DET
fsr-3244	438	7	cpi	cpi	NOUN
fsr-3244	438	8	-	-	PUNCT
fsr-3244	438	9	u	u	NOUN
fsr-3244	438	10	with	with	ADP
fsr-3244	438	11	a	a	DET
fsr-3244	438	12	three	three	NUM
fsr-3244	438	13	-	-	PUNCT
fsr-3244	438	14	month	month	NOUN
fsr-3244	438	15	lag	lag	NOUN
fsr-3244	438	16	,	,	PUNCT
fsr-3244	438	17	analogous	analogous	ADJ
fsr-3244	438	18	to	to	ADP
fsr-3244	438	19	tips	tip	NOUN
fsr-3244	438	20	.	.	PUNCT
fsr-3244	439	1	we	we	PRON
fsr-3244	439	2	compare	compare	VERB
fsr-3244	439	3	the	the	DET
fsr-3244	439	4	expected	expect	VERB
fsr-3244	439	5	utilities	utility	NOUN
fsr-3244	439	6	for	for	ADP
fsr-3244	439	7	the	the	DET
fsr-3244	439	8	immediate	immediate	ADJ
fsr-3244	439	9	annuity	annuity	NOUN
fsr-3244	439	10	and	and	CCONJ
fsr-3244	439	11	the	the	DET
fsr-3244	439	12	ladder	ladder	NOUN
fsr-3244	439	13	/	/	PUNCT
fsr-3244	439	14	deferred	defer	VERB
fsr-3244	439	15	annuity	annuity	NOUN
fsr-3244	439	16	strategies	strategy	NOUN
fsr-3244	439	17	for	for	ADP
fsr-3244	439	18	d	d	PROPN
fsr-3244	439	19	,	,	PUNCT
fsr-3244	439	20	the	the	DET
fsr-3244	439	21	value	value	NOUN
fsr-3244	439	22	of	of	ADP
fsr-3244	439	23	the	the	DET
fsr-3244	439	24	strength	strength	NOUN
fsr-3244	439	25	of	of	ADP
fsr-3244	439	26	the	the	DET
fsr-3244	439	27	bequest	bequest	NOUN
fsr-3244	439	28	motive	motive	NOUN
fsr-3244	439	29	,	,	PUNCT
fsr-3244	439	30	where	where	SCONJ
fsr-3244	439	31	d	d	PROPN
fsr-3244	439	32	�	�	PROPN
fsr-3244	439	33	0.0	0.0	NUM
fsr-3244	439	34	,	,	PUNCT
fsr-3244	439	35	0.1	0.1	NUM
fsr-3244	439	36	,	,	PUNCT
fsr-3244	439	37	0.2	0.2	NUM
fsr-3244	439	38	,	,	PUNCT
fsr-3244	439	39	.	.	PUNCT
fsr-3244	439	40	.	.	PUNCT
fsr-3244	440	1	.	.	PUNCT
fsr-3244	440	2	,	,	PUNCT
fsr-3244	441	1	1.0	1.0	NUM
fsr-3244	441	2	.	.	PUNCT
fsr-3244	442	1	if	if	SCONJ
fsr-3244	442	2	d	d	PROPN
fsr-3244	442	3	�	�	PROPN
fsr-3244	442	4	0	0	NUM
fsr-3244	442	5	,	,	PUNCT
fsr-3244	442	6	then	then	ADV
fsr-3244	442	7	investors	investor	NOUN
fsr-3244	442	8	gain	gain	VERB
fsr-3244	442	9	utility	utility	NOUN
fsr-3244	442	10	only	only	ADV
fsr-3244	442	11	from	from	ADP
fsr-3244	442	12	consumption	consumption	NOUN
fsr-3244	442	13	and	and	CCONJ
fsr-3244	442	14	not	not	PART
fsr-3244	442	15	from	from	ADP
fsr-3244	442	16	bequests	bequest	NOUN
fsr-3244	442	17	;	;	PUNCT
fsr-3244	442	18	if	if	SCONJ
fsr-3244	442	19	d	d	PROPN
fsr-3244	442	20	�	�	PROPN
fsr-3244	442	21	1	1	NUM
fsr-3244	442	22	,	,	PUNCT
fsr-3244	442	23	then	then	ADV
fsr-3244	442	24	investors	investor	NOUN
fsr-3244	442	25	gain	gain	VERB
fsr-3244	442	26	all	all	DET
fsr-3244	442	27	utility	utility	NOUN
fsr-3244	442	28	from	from	ADP
fsr-3244	442	29	bequests	bequest	NOUN
fsr-3244	442	30	and	and	CCONJ
fsr-3244	442	31	none	none	NOUN
fsr-3244	442	32	from	from	ADP
fsr-3244	442	33	consumption	consumption	NOUN
fsr-3244	442	34	.	.	PUNCT
fsr-3244	443	1	the	the	DET
fsr-3244	443	2	cross	cross	ADJ
fsr-3244	443	3	-	-	ADJ
fsr-3244	443	4	over	over	ADP
fsr-3244	443	5	point	point	NOUN
fsr-3244	443	6	is	be	AUX
fsr-3244	443	7	the	the	DET
fsr-3244	443	8	midpoint	midpoint	NOUN
fsr-3244	443	9	between	between	ADP
fsr-3244	443	10	the	the	DET
fsr-3244	443	11	highest	high	ADJ
fsr-3244	443	12	value	value	NOUN
fsr-3244	443	13	of	of	ADP
fsr-3244	443	14	d	d	PROPN
fsr-3244	443	15	for	for	ADP
fsr-3244	443	16	which	which	PRON
fsr-3244	443	17	the	the	DET
fsr-3244	443	18	investor	investor	NOUN
fsr-3244	443	19	prefers	prefer	VERB
fsr-3244	443	20	the	the	DET
fsr-3244	443	21	immediate	immediate	ADJ
fsr-3244	443	22	annuity	annuity	NOUN
fsr-3244	443	23	to	to	ADP
fsr-3244	443	24	the	the	DET
fsr-3244	443	25	ladder/	ladder/	NUM
fsr-3244	443	26	deferred	defer	VERB
fsr-3244	443	27	annuity	annuity	NOUN
fsr-3244	443	28	based	base	VERB
fsr-3244	443	29	on	on	ADP
fsr-3244	443	30	expected	expect	VERB
fsr-3244	443	31	utility	utility	NOUN
fsr-3244	443	32	(	(	PUNCT
fsr-3244	443	33	i.e.	i.e.	X
fsr-3244	443	34	,	,	PUNCT
fsr-3244	443	35	the	the	DET
fsr-3244	443	36	expected	expect	VERB
fsr-3244	443	37	utility	utility	NOUN
fsr-3244	443	38	is	be	AUX
fsr-3244	443	39	significantly	significantly	ADV
fsr-3244	443	40	higher	high	ADJ
fsr-3244	443	41	for	for	ADP
fsr-3244	443	42	the	the	DET
fsr-3244	443	43	immediate	immediate	ADJ
fsr-3244	443	44	annuity	annuity	NOUN
fsr-3244	443	45	)	)	PUNCT
fsr-3244	443	46	and	and	CCONJ
fsr-3244	443	47	the	the	DET
fsr-3244	443	48	lowest	low	ADJ
fsr-3244	443	49	value	value	NOUN
fsr-3244	443	50	of	of	ADP
fsr-3244	443	51	d	d	PROPN
fsr-3244	443	52	for	for	ADP
fsr-3244	443	53	which	which	PRON
fsr-3244	443	54	the	the	DET
fsr-3244	443	55	investor	investor	NOUN
fsr-3244	443	56	prefers	prefer	VERB
fsr-3244	443	57	the	the	DET
fsr-3244	443	58	ladder	ladder	NOUN
fsr-3244	443	59	/	/	PUNCT
fsr-3244	443	60	deferred	defer	VERB
fsr-3244	443	61	annuity	annuity	NOUN
fsr-3244	443	62	.	.	PUNCT
fsr-3244	444	1	to	to	PART
fsr-3244	444	2	test	test	VERB
fsr-3244	444	3	for	for	ADP
fsr-3244	444	4	significance	significance	NOUN
fsr-3244	444	5	,	,	PUNCT
fsr-3244	444	6	we	we	PRON
fsr-3244	444	7	calculate	calculate	VERB
fsr-3244	444	8	the	the	DET
fsr-3244	444	9	version	version	NOUN
fsr-3244	444	10	of	of	ADP
fsr-3244	444	11	the	the	DET
fsr-3244	444	12	wilcoxon	wilcoxon	ADJ
fsr-3244	444	13	statistic	statistic	NOUN
fsr-3244	444	14	for	for	ADP
fsr-3244	444	15	the	the	DET
fsr-3244	444	16	difference	difference	NOUN
fsr-3244	444	17	in	in	ADP
fsr-3244	444	18	expected	expect	VERB
fsr-3244	444	19	values	value	NOUN
fsr-3244	444	20	,	,	PUNCT
fsr-3244	444	21	where	where	SCONJ
fsr-3244	444	22	average	average	ADJ
fsr-3244	444	23	rank	rank	NOUN
fsr-3244	444	24	replaces	replace	VERB
fsr-3244	444	25	tied	tie	VERB
fsr-3244	444	26	ranks	rank	NOUN
fsr-3244	444	27	.	.	PUNCT
fsr-3244	445	1	we	we	PRON
fsr-3244	445	2	define	define	VERB
fsr-3244	445	3	the	the	DET
fsr-3244	445	4	difference	difference	NOUN
fsr-3244	445	5	as	as	ADV
fsr-3244	445	6	significant	significant	ADJ
fsr-3244	445	7	if	if	SCONJ
fsr-3244	445	8	the	the	DET
fsr-3244	445	9	two	two	NUM
fsr-3244	445	10	-	-	PUNCT
fsr-3244	445	11	sided	sided	ADJ
fsr-3244	445	12	p	p	NOUN
fsr-3244	445	13	-	-	PUNCT
fsr-3244	445	14	value	value	NOUN
fsr-3244	445	15	is	be	AUX
fsr-3244	445	16	less	less	ADJ
fsr-3244	445	17	than	than	ADP
fsr-3244	445	18	0.10	0.10	NUM
fsr-3244	445	19	.	.	PUNCT
fsr-3244	446	1	379p.j	379p.j	NUM
fsr-3244	446	2	.	.	PUNCT
fsr-3244	447	1	haensly	haensly	ADV
fsr-3244	447	2	,	,	PUNCT
fsr-3244	447	3	k.p	k.p	PROPN
fsr-3244	447	4	.	.	PROPN
fsr-3244	447	5	pai	pai	PROPN
fsr-3244	447	6	/	/	SYM
fsr-3244	447	7	financial	financial	ADJ
fsr-3244	447	8	services	service	NOUN
fsr-3244	447	9	review	review	VERB
fsr-3244	447	10	24	24	NUM
fsr-3244	447	11	(	(	PUNCT
fsr-3244	447	12	2015	2015	NUM
fsr-3244	447	13	)	)	PUNCT
fsr-3244	447	14	359–386	359–386	NUM
fsr-3244	447	15	when	when	SCONJ
fsr-3244	447	16	the	the	DET
fsr-3244	447	17	deferred	deferred	ADJ
fsr-3244	447	18	annuity	annuity	NOUN
fsr-3244	447	19	is	be	AUX
fsr-3244	447	20	not	not	PART
fsr-3244	447	21	indexed	index	VERB
fsr-3244	447	22	.	.	PUNCT
fsr-3244	448	1	not	not	PART
fsr-3244	448	2	surprisingly	surprisingly	ADV
fsr-3244	448	3	,	,	PUNCT
fsr-3244	448	4	the	the	DET
fsr-3244	448	5	crossover	crossover	NOUN
fsr-3244	448	6	point	point	NOUN
fsr-3244	448	7	for	for	ADP
fsr-3244	448	8	d	d	NOUN
fsr-3244	448	9	frequently	frequently	ADV
fsr-3244	448	10	is	be	AUX
fsr-3244	448	11	higher	high	ADJ
fsr-3244	448	12	,	,	PUNCT
fsr-3244	448	13	because	because	SCONJ
fsr-3244	448	14	the	the	DET
fsr-3244	448	15	real	real	ADJ
fsr-3244	448	16	payout	payout	NOUN
fsr-3244	448	17	ratio	ratio	NOUN
fsr-3244	448	18	falls	fall	VERB
fsr-3244	448	19	over	over	ADP
fsr-3244	448	20	the	the	DET
fsr-3244	448	21	course	course	NOUN
fsr-3244	448	22	of	of	ADP
fsr-3244	448	23	the	the	DET
fsr-3244	448	24	deferred	defer	VERB
fsr-3244	448	25	annuity	annuity	NOUN
fsr-3244	448	26	phase	phase	NOUN
fsr-3244	448	27	.	.	PUNCT
fsr-3244	449	1	however	however	ADV
fsr-3244	449	2	,	,	PUNCT
fsr-3244	449	3	the	the	DET
fsr-3244	449	4	general	general	ADJ
fsr-3244	449	5	pattern	pattern	NOUN
fsr-3244	449	6	illustrated	illustrate	VERB
fsr-3244	449	7	in	in	ADP
fsr-3244	449	8	table	table	NOUN
fsr-3244	449	9	6	6	NUM
fsr-3244	449	10	still	still	ADV
fsr-3244	449	11	holds	hold	VERB
fsr-3244	449	12	,	,	PUNCT
fsr-3244	449	13	because	because	SCONJ
fsr-3244	449	14	the	the	DET
fsr-3244	449	15	tips	tip	NOUN
fsr-3244	449	16	ladder	ladder	NOUN
fsr-3244	449	17	is	be	AUX
fsr-3244	449	18	the	the	DET
fsr-3244	449	19	source	source	NOUN
fsr-3244	449	20	of	of	ADP
fsr-3244	449	21	funds	fund	NOUN
fsr-3244	449	22	for	for	ADP
fsr-3244	449	23	a	a	DET
fsr-3244	449	24	bequest	bequest	NOUN
fsr-3244	449	25	.	.	PUNCT
fsr-3244	450	1	while	while	SCONJ
fsr-3244	450	2	the	the	DET
fsr-3244	450	3	non	non	ADJ
fsr-3244	450	4	-	-	ADJ
fsr-3244	450	5	indexed	indexed	ADJ
fsr-3244	450	6	deferred	deferred	ADJ
fsr-3244	450	7	annuity	annuity	NOUN
fsr-3244	450	8	has	have	VERB
fsr-3244	450	9	a	a	DET
fsr-3244	450	10	lower	low	ADJ
fsr-3244	450	11	real	real	ADJ
fsr-3244	450	12	payout	payout	NOUN
fsr-3244	450	13	than	than	ADP
fsr-3244	450	14	either	either	CCONJ
fsr-3244	450	15	the	the	DET
fsr-3244	450	16	tips	tip	NOUN
fsr-3244	450	17	ladder	ladder	NOUN
fsr-3244	450	18	or	or	CCONJ
fsr-3244	450	19	a	a	DET
fsr-3244	450	20	corresponding	corresponding	ADJ
fsr-3244	450	21	inflation	inflation	NOUN
fsr-3244	450	22	-	-	PUNCT
fsr-3244	450	23	indexed	index	VERB
fsr-3244	450	24	deferred	deferred	ADJ
fsr-3244	450	25	annuity	annuity	NOUN
fsr-3244	450	26	,	,	PUNCT
fsr-3244	450	27	this	this	DET
fsr-3244	450	28	payout	payout	NOUN
fsr-3244	450	29	is	be	AUX
fsr-3244	450	30	in	in	ADP
fsr-3244	450	31	the	the	DET
fsr-3244	450	32	late	late	ADJ
fsr-3244	450	33	phase	phase	NOUN
fsr-3244	450	34	of	of	ADP
fsr-3244	450	35	retirement	retirement	NOUN
fsr-3244	450	36	,	,	PUNCT
fsr-3244	450	37	and	and	CCONJ
fsr-3244	450	38	the	the	DET
fsr-3244	450	39	retiree	retiree	NOUN
fsr-3244	450	40	might	might	AUX
fsr-3244	450	41	not	not	PART
fsr-3244	450	42	even	even	ADV
fsr-3244	450	43	survive	survive	VERB
fsr-3244	450	44	to	to	ADP
fsr-3244	450	45	that	that	DET
fsr-3244	450	46	phase	phase	NOUN
fsr-3244	450	47	.	.	PUNCT
fsr-3244	451	1	6	6	X
fsr-3244	451	2	.	.	X
fsr-3244	451	3	conclusions	conclusion	NOUN
fsr-3244	451	4	the	the	DET
fsr-3244	451	5	ideal	ideal	ADJ
fsr-3244	451	6	solution	solution	NOUN
fsr-3244	451	7	for	for	ADP
fsr-3244	451	8	a	a	DET
fsr-3244	451	9	retiree	retiree	NOUN
fsr-3244	451	10	is	be	AUX
fsr-3244	451	11	a	a	DET
fsr-3244	451	12	source	source	NOUN
fsr-3244	451	13	of	of	ADP
fsr-3244	451	14	income	income	NOUN
fsr-3244	451	15	that	that	PRON
fsr-3244	451	16	presents	present	VERB
fsr-3244	451	17	no	no	DET
fsr-3244	451	18	risk	risk	NOUN
fsr-3244	451	19	of	of	ADP
fsr-3244	451	20	financial	financial	ADJ
fsr-3244	451	21	ruin	ruin	NOUN
fsr-3244	451	22	,	,	PUNCT
fsr-3244	451	23	protects	protect	VERB
fsr-3244	451	24	against	against	ADP
fsr-3244	451	25	loss	loss	NOUN
fsr-3244	451	26	of	of	ADP
fsr-3244	451	27	purchasing	purchasing	NOUN
fsr-3244	451	28	power	power	NOUN
fsr-3244	451	29	,	,	PUNCT
fsr-3244	451	30	shields	shield	NOUN
fsr-3244	451	31	against	against	ADP
fsr-3244	451	32	longevity	longevity	NOUN
fsr-3244	451	33	risk	risk	NOUN
fsr-3244	451	34	,	,	PUNCT
fsr-3244	451	35	and	and	CCONJ
fsr-3244	451	36	provides	provide	VERB
fsr-3244	451	37	a	a	DET
fsr-3244	451	38	target	target	NOUN
fsr-3244	451	39	standard	standard	NOUN
fsr-3244	451	40	of	of	ADP
fsr-3244	451	41	living	living	NOUN
fsr-3244	451	42	.	.	PUNCT
fsr-3244	452	1	in	in	ADP
fsr-3244	452	2	theory	theory	NOUN
fsr-3244	452	3	,	,	PUNCT
fsr-3244	452	4	a	a	DET
fsr-3244	452	5	strategy	strategy	NOUN
fsr-3244	452	6	that	that	PRON
fsr-3244	452	7	combines	combine	VERB
fsr-3244	452	8	a	a	DET
fsr-3244	452	9	fixed	fix	VERB
fsr-3244	452	10	-	-	PUNCT
fsr-3244	452	11	term	term	NOUN
fsr-3244	452	12	tips	tip	NOUN
fsr-3244	452	13	ladder	ladder	NOUN
fsr-3244	452	14	with	with	ADP
fsr-3244	452	15	an	an	DET
fsr-3244	452	16	inflation	inflation	NOUN
fsr-3244	452	17	-	-	PUNCT
fsr-3244	452	18	indexed	index	VERB
fsr-3244	452	19	deferred	deferred	ADJ
fsr-3244	452	20	annuity	annuity	NOUN
fsr-3244	452	21	addresses	address	NOUN
fsr-3244	452	22	the	the	DET
fsr-3244	452	23	first	first	ADJ
fsr-3244	452	24	three	three	NUM
fsr-3244	452	25	concerns	concern	NOUN
fsr-3244	452	26	.	.	PUNCT
fsr-3244	453	1	we	we	PRON
fsr-3244	453	2	show	show	VERB
fsr-3244	453	3	that	that	SCONJ
fsr-3244	453	4	shankar	shankar	PROPN
fsr-3244	453	5	’s	’s	PART
fsr-3244	453	6	(	(	PUNCT
fsr-3244	453	7	2009	2009	NUM
fsr-3244	453	8	)	)	PUNCT
fsr-3244	453	9	claims	claim	NOUN
fsr-3244	453	10	about	about	ADP
fsr-3244	453	11	the	the	DET
fsr-3244	453	12	advantages	advantage	NOUN
fsr-3244	453	13	of	of	ADP
fsr-3244	453	14	a	a	DET
fsr-3244	453	15	tips	tip	NOUN
fsr-3244	453	16	ladder	ladder	NOUN
fsr-3244	453	17	/	/	SYM
fsr-3244	453	18	deferred	defer	VERB
fsr-3244	453	19	strategy	strategy	NOUN
fsr-3244	453	20	are	be	AUX
fsr-3244	453	21	valid	valid	ADJ
fsr-3244	453	22	under	under	ADP
fsr-3244	453	23	many	many	ADJ
fsr-3244	453	24	circumstances	circumstance	NOUN
fsr-3244	453	25	but	but	CCONJ
fsr-3244	453	26	not	not	PART
fsr-3244	453	27	all	all	PRON
fsr-3244	453	28	.	.	PUNCT
fsr-3244	454	1	the	the	DET
fsr-3244	454	2	strategy	strategy	NOUN
fsr-3244	454	3	performs	perform	VERB
fsr-3244	454	4	best	good	ADJ
fsr-3244	454	5	if	if	SCONJ
fsr-3244	454	6	the	the	DET
fsr-3244	454	7	deferred	deferred	ADJ
fsr-3244	454	8	annuity	annuity	NOUN
fsr-3244	454	9	is	be	AUX
fsr-3244	454	10	indexed	index	VERB
fsr-3244	454	11	for	for	ADP
fsr-3244	454	12	inflation	inflation	NOUN
fsr-3244	454	13	.	.	PUNCT
fsr-3244	455	1	because	because	SCONJ
fsr-3244	455	2	the	the	DET
fsr-3244	455	3	target	target	NOUN
fsr-3244	455	4	real	real	ADJ
fsr-3244	455	5	payout	payout	NOUN
fsr-3244	455	6	rate	rate	NOUN
fsr-3244	455	7	is	be	AUX
fsr-3244	455	8	determined	determine	VERB
fsr-3244	455	9	by	by	ADP
fsr-3244	455	10	the	the	DET
fsr-3244	455	11	market	market	NOUN
fsr-3244	455	12	real	real	ADJ
fsr-3244	455	13	yields	yield	NOUN
fsr-3244	455	14	at	at	ADP
fsr-3244	455	15	retirement	retirement	NOUN
fsr-3244	455	16	,	,	PUNCT
fsr-3244	455	17	some	some	DET
fsr-3244	455	18	combinations	combination	NOUN
fsr-3244	455	19	of	of	ADP
fsr-3244	455	20	retirement	retirement	NOUN
fsr-3244	455	21	age	age	NOUN
fsr-3244	455	22	and	and	CCONJ
fsr-3244	455	23	length	length	NOUN
fsr-3244	455	24	of	of	ADP
fsr-3244	455	25	the	the	DET
fsr-3244	455	26	tips	tip	NOUN
fsr-3244	455	27	ladder	ladder	NOUN
fsr-3244	455	28	have	have	VERB
fsr-3244	455	29	payout	payout	NOUN
fsr-3244	455	30	rates	rate	NOUN
fsr-3244	455	31	less	less	ADJ
fsr-3244	455	32	than	than	ADP
fsr-3244	455	33	4	4	NUM
fsr-3244	455	34	%	%	NOUN
fsr-3244	455	35	when	when	SCONJ
fsr-3244	455	36	yields	yield	NOUN
fsr-3244	455	37	are	be	AUX
fsr-3244	455	38	very	very	ADV
fsr-3244	455	39	low	low	ADJ
fsr-3244	455	40	.	.	PUNCT
fsr-3244	456	1	to	to	PART
fsr-3244	456	2	assure	assure	VERB
fsr-3244	456	3	a	a	DET
fsr-3244	456	4	real	real	ADJ
fsr-3244	456	5	payout	payout	NOUN
fsr-3244	456	6	rate	rate	NOUN
fsr-3244	456	7	significantly	significantly	ADV
fsr-3244	456	8	above	above	ADP
fsr-3244	456	9	4	4	NUM
fsr-3244	456	10	%	%	NOUN
fsr-3244	456	11	,	,	PUNCT
fsr-3244	456	12	we	we	PRON
fsr-3244	456	13	show	show	VERB
fsr-3244	456	14	that	that	SCONJ
fsr-3244	456	15	the	the	DET
fsr-3244	456	16	investor	investor	NOUN
fsr-3244	456	17	should	should	AUX
fsr-3244	456	18	wait	wait	VERB
fsr-3244	456	19	to	to	PART
fsr-3244	456	20	retire	retire	VERB
fsr-3244	456	21	until	until	ADP
fsr-3244	456	22	age	age	NOUN
fsr-3244	456	23	65	65	NUM
fsr-3244	456	24	or	or	CCONJ
fsr-3244	456	25	later	later	ADV
fsr-3244	456	26	.	.	PUNCT
fsr-3244	457	1	we	we	PRON
fsr-3244	457	2	also	also	ADV
fsr-3244	457	3	find	find	VERB
fsr-3244	457	4	that	that	SCONJ
fsr-3244	457	5	when	when	SCONJ
fsr-3244	457	6	we	we	PRON
fsr-3244	457	7	make	make	VERB
fsr-3244	457	8	realistic	realistic	ADJ
fsr-3244	457	9	assumptions	assumption	NOUN
fsr-3244	457	10	about	about	ADP
fsr-3244	457	11	cash	cash	NOUN
fsr-3244	457	12	management	management	NOUN
fsr-3244	457	13	methods	method	NOUN
fsr-3244	457	14	during	during	ADP
fsr-3244	457	15	the	the	DET
fsr-3244	457	16	tips	tip	NOUN
fsr-3244	457	17	ladder	ladder	NOUN
fsr-3244	457	18	phase	phase	NOUN
fsr-3244	457	19	and	and	CCONJ
fsr-3244	457	20	the	the	DET
fsr-3244	457	21	indexation	indexation	NOUN
fsr-3244	457	22	lag	lag	NOUN
fsr-3244	457	23	of	of	ADP
fsr-3244	457	24	the	the	DET
fsr-3244	457	25	deferred	defer	VERB
fsr-3244	457	26	annuity	annuity	NOUN
fsr-3244	457	27	,	,	PUNCT
fsr-3244	457	28	the	the	DET
fsr-3244	457	29	realized	realize	VERB
fsr-3244	457	30	payout	payout	NOUN
fsr-3244	457	31	rate	rate	NOUN
fsr-3244	457	32	for	for	ADP
fsr-3244	457	33	an	an	DET
fsr-3244	457	34	individual	individual	ADJ
fsr-3244	457	35	investor	investor	NOUN
fsr-3244	457	36	can	can	AUX
fsr-3244	457	37	fluctuate	fluctuate	VERB
fsr-3244	457	38	over	over	ADP
fsr-3244	457	39	retirement	retirement	NOUN
fsr-3244	457	40	.	.	PUNCT
fsr-3244	458	1	however	however	ADV
fsr-3244	458	2	,	,	PUNCT
fsr-3244	458	3	these	these	DET
fsr-3244	458	4	fluctuations	fluctuation	NOUN
fsr-3244	458	5	usually	usually	ADV
fsr-3244	458	6	are	be	AUX
fsr-3244	458	7	small	small	ADJ
fsr-3244	458	8	enough	enough	ADV
fsr-3244	458	9	not	not	PART
fsr-3244	458	10	be	be	AUX
fsr-3244	458	11	catastrophic	catastrophic	ADJ
fsr-3244	458	12	,	,	PUNCT
fsr-3244	458	13	rarely	rarely	ADV
fsr-3244	458	14	occur	occur	VERB
fsr-3244	458	15	during	during	ADP
fsr-3244	458	16	the	the	DET
fsr-3244	458	17	tips	tip	NOUN
fsr-3244	458	18	ladder	ladder	NOUN
fsr-3244	458	19	phase	phase	NOUN
fsr-3244	458	20	,	,	PUNCT
fsr-3244	458	21	and	and	CCONJ
fsr-3244	458	22	may	may	AUX
fsr-3244	458	23	be	be	AUX
fsr-3244	458	24	above	above	ADV
fsr-3244	458	25	as	as	ADV
fsr-3244	458	26	well	well	ADV
fsr-3244	458	27	as	as	ADP
fsr-3244	458	28	below	below	ADP
fsr-3244	458	29	the	the	DET
fsr-3244	458	30	target	target	NOUN
fsr-3244	458	31	payout	payout	NOUN
fsr-3244	458	32	rate	rate	NOUN
fsr-3244	458	33	during	during	ADP
fsr-3244	458	34	the	the	DET
fsr-3244	458	35	deferred	defer	VERB
fsr-3244	458	36	annuity	annuity	NOUN
fsr-3244	458	37	phase	phase	NOUN
fsr-3244	458	38	(	(	PUNCT
fsr-3244	458	39	and	and	CCONJ
fsr-3244	458	40	,	,	PUNCT
fsr-3244	458	41	in	in	ADP
fsr-3244	458	42	any	any	DET
fsr-3244	458	43	case	case	NOUN
fsr-3244	458	44	,	,	PUNCT
fsr-3244	458	45	are	be	AUX
fsr-3244	458	46	no	no	ADV
fsr-3244	458	47	worse	bad	ADJ
fsr-3244	458	48	than	than	ADP
fsr-3244	458	49	for	for	ADP
fsr-3244	458	50	a	a	DET
fsr-3244	458	51	retiree	retiree	NOUN
fsr-3244	458	52	with	with	ADP
fsr-3244	458	53	an	an	DET
fsr-3244	458	54	inflation	inflation	NOUN
fsr-3244	458	55	-	-	PUNCT
fsr-3244	458	56	indexed	index	VERB
fsr-3244	458	57	immediate	immediate	ADJ
fsr-3244	458	58	annuity	annuity	NOUN
fsr-3244	458	59	)	)	PUNCT
fsr-3244	458	60	.	.	PUNCT
fsr-3244	459	1	table	table	NOUN
fsr-3244	459	2	7	7	NUM
fsr-3244	459	3	expected	expect	VERB
fsr-3244	459	4	utilities	utility	NOUN
fsr-3244	459	5	at	at	ADP
fsr-3244	459	6	different	different	ADJ
fsr-3244	459	7	levels	level	NOUN
fsr-3244	459	8	of	of	ADP
fsr-3244	459	9	risk	risk	NOUN
fsr-3244	459	10	aversion	aversion	NOUN
fsr-3244	459	11	;	;	PUNCT
fsr-3244	459	12	retirement	retirement	NOUN
fsr-3244	459	13	at	at	ADP
fsr-3244	459	14	age	age	NOUN
fsr-3244	459	15	65	65	NUM
fsr-3244	459	16	risk	risk	NOUN
fsr-3244	459	17	aversion	aversion	NOUN
fsr-3244	459	18	(	(	PUNCT
fsr-3244	459	19	�	�	NOUN
fsr-3244	459	20	)	)	PUNCT
fsr-3244	459	21	immediate	immediate	ADJ
fsr-3244	459	22	inflation	inflation	NOUN
fsr-3244	459	23	-	-	PUNCT
fsr-3244	459	24	indexed	index	VERB
fsr-3244	459	25	annuity	annuity	NOUN
fsr-3244	459	26	20	20	NUM
fsr-3244	459	27	-	-	PUNCT
fsr-3244	459	28	year	year	NOUN
fsr-3244	459	29	tips	tip	NOUN
fsr-3244	459	30	ladder	ladder	VERB
fsr-3244	459	31	with	with	ADP
fsr-3244	459	32	inflation	inflation	NOUN
fsr-3244	459	33	-	-	PUNCT
fsr-3244	459	34	indexed	index	VERB
fsr-3244	459	35	deferred	deferred	ADJ
fsr-3244	459	36	annuity	annuity	NOUN
fsr-3244	459	37	expected	expect	VERB
fsr-3244	459	38	utility	utility	NOUN
fsr-3244	459	39	of	of	ADP
fsr-3244	459	40	consumption	consumption	NOUN
fsr-3244	459	41	de	de	X
fsr-3244	459	42	minimus	minimus	NOUN
fsr-3244	459	43	expected	expect	VERB
fsr-3244	459	44	utility	utility	NOUN
fsr-3244	459	45	of	of	ADP
fsr-3244	459	46	bequest	bequest	NOUN
fsr-3244	459	47	*	*	PUNCT
fsr-3244	459	48	expected	expect	VERB
fsr-3244	459	49	utility	utility	NOUN
fsr-3244	459	50	of	of	ADP
fsr-3244	459	51	consumption	consumption	NOUN
fsr-3244	459	52	expected	expect	VERB
fsr-3244	459	53	utility	utility	NOUN
fsr-3244	459	54	of	of	ADP
fsr-3244	459	55	bequest	bequ	ADJ
fsr-3244	459	56	absolute	absolute	ADJ
fsr-3244	459	57	expected	expected	ADJ
fsr-3244	459	58	utility	utility	NOUN
fsr-3244	459	59	of	of	ADP
fsr-3244	459	60	bequest†	bequest†	NOUN
fsr-3244	459	61	0.5	0.5	NUM
fsr-3244	459	62	205.52	205.52	NUM
fsr-3244	459	63	�	�	NOUN
fsr-3244	459	64	0.76	0.76	NUM
fsr-3244	459	65	164.04	164.04	NUM
fsr-3244	459	66	1.56	1.56	NUM
fsr-3244	459	67	2.32	2.32	NUM
fsr-3244	459	68	1	1	NUM
fsr-3244	459	69	160.57	160.57	NUM
fsr-3244	459	70	�	�	PROPN
fsr-3244	459	71	1.27	1.27	NUM
fsr-3244	459	72	132.93	132.93	NUM
fsr-3244	459	73	0.23	0.23	NUM
fsr-3244	459	74	1.50	1.50	NUM
fsr-3244	459	75	2	2	NUM
fsr-3244	459	76	104.57	104.57	NUM
fsr-3244	459	77	�	�	PROPN
fsr-3244	459	78	4.98	4.98	NUM
fsr-3244	459	79	91.09	91.09	NUM
fsr-3244	459	80	�	�	PROPN
fsr-3244	459	81	1.99	1.99	NUM
fsr-3244	459	82	2.99	2.99	NUM
fsr-3244	459	83	3	3	NUM
fsr-3244	459	84	73.38	73.38	NUM
fsr-3244	459	85	�	�	PROPN
fsr-3244	459	86	27.41	27.41	NUM
fsr-3244	459	87	61.67	61.67	NUM
fsr-3244	459	88	�	�	PROPN
fsr-3244	459	89	12.24	12.24	NUM
fsr-3244	459	90	15.16	15.16	NUM
fsr-3244	459	91	4	4	NUM
fsr-3244	459	92	54.53	54.53	NUM
fsr-3244	459	93	�	�	PROPN
fsr-3244	459	94	184.37	184.37	NUM
fsr-3244	459	95	13.25	13.25	NUM
fsr-3244	459	96	�	�	NOUN
fsr-3244	459	97	83.14	83.14	NUM
fsr-3244	459	98	101.23	101.23	NUM
fsr-3244	459	99	5	5	NUM
fsr-3244	459	100	40.76	40.76	NUM
fsr-3244	459	101	�	�	PROPN
fsr-3244	459	102	1384.03	1384.03	NUM
fsr-3244	459	103	�	�	PROPN
fsr-3244	459	104	244.33	244.33	NUM
fsr-3244	459	105	�	�	NOUN
fsr-3244	459	106	624.42	624.42	NUM
fsr-3244	459	107	759.61	759.61	NUM
fsr-3244	459	108	*	*	PUNCT
fsr-3244	459	109	the	the	DET
fsr-3244	459	110	immediate	immediate	ADJ
fsr-3244	459	111	annuity	annuity	NOUN
fsr-3244	459	112	strategy	strategy	NOUN
fsr-3244	459	113	uses	use	VERB
fsr-3244	459	114	all	all	DET
fsr-3244	459	115	cash	cash	NOUN
fsr-3244	459	116	at	at	ADP
fsr-3244	459	117	retirement	retirement	NOUN
fsr-3244	459	118	to	to	PART
fsr-3244	459	119	purchase	purchase	VERB
fsr-3244	459	120	an	an	DET
fsr-3244	459	121	irrevocable	irrevocable	ADJ
fsr-3244	459	122	immediate	immediate	ADJ
fsr-3244	459	123	life	life	NOUN
fsr-3244	459	124	annuity	annuity	NOUN
fsr-3244	459	125	.	.	PUNCT
fsr-3244	460	1	hence	hence	ADV
fsr-3244	460	2	,	,	PUNCT
fsr-3244	460	3	no	no	DET
fsr-3244	460	4	cash	cash	NOUN
fsr-3244	460	5	is	be	AUX
fsr-3244	460	6	available	available	ADJ
fsr-3244	460	7	for	for	ADP
fsr-3244	460	8	a	a	DET
fsr-3244	460	9	bequest	bequest	NOUN
fsr-3244	460	10	.	.	PUNCT
fsr-3244	461	1	however	however	ADV
fsr-3244	461	2	,	,	PUNCT
fsr-3244	461	3	when	when	SCONJ
fsr-3244	461	4	we	we	PRON
fsr-3244	461	5	calculate	calculate	VERB
fsr-3244	461	6	utilities	utility	NOUN
fsr-3244	461	7	,	,	PUNCT
fsr-3244	461	8	we	we	PRON
fsr-3244	461	9	set	set	VERB
fsr-3244	461	10	de	de	ADP
fsr-3244	461	11	minimus	minimus	NOUN
fsr-3244	461	12	values	value	NOUN
fsr-3244	461	13	on	on	ADP
fsr-3244	461	14	monthly	monthly	ADJ
fsr-3244	461	15	consumption	consumption	NOUN
fsr-3244	461	16	and	and	CCONJ
fsr-3244	461	17	the	the	DET
fsr-3244	461	18	bequest	bequest	NOUN
fsr-3244	461	19	at	at	ADP
fsr-3244	461	20	death	death	NOUN
fsr-3244	461	21	to	to	PART
fsr-3244	461	22	avoid	avoid	VERB
fsr-3244	461	23	extreme	extreme	ADJ
fsr-3244	461	24	negative	negative	ADJ
fsr-3244	461	25	values	value	NOUN
fsr-3244	461	26	when	when	SCONJ
fsr-3244	461	27	the	the	DET
fsr-3244	461	28	consumption	consumption	NOUN
fsr-3244	461	29	or	or	CCONJ
fsr-3244	461	30	bequest	bequest	NOUN
fsr-3244	461	31	are	be	AUX
fsr-3244	461	32	tiny	tiny	ADJ
fsr-3244	461	33	.	.	PUNCT
fsr-3244	462	1	thus	thus	ADV
fsr-3244	462	2	,	,	PUNCT
fsr-3244	462	3	the	the	DET
fsr-3244	462	4	“	"	PUNCT
fsr-3244	462	5	expected	expect	VERB
fsr-3244	462	6	utility	utility	NOUN
fsr-3244	462	7	of	of	ADP
fsr-3244	462	8	bequest	bequest	NOUN
fsr-3244	462	9	”	"	PUNCT
fsr-3244	462	10	for	for	ADP
fsr-3244	462	11	an	an	DET
fsr-3244	462	12	immediate	immediate	ADJ
fsr-3244	462	13	annuity	annuity	NOUN
fsr-3244	462	14	is	be	AUX
fsr-3244	462	15	the	the	DET
fsr-3244	462	16	average	average	NOUN
fsr-3244	462	17	of	of	ADP
fsr-3244	462	18	the	the	DET
fsr-3244	462	19	utility	utility	NOUN
fsr-3244	462	20	of	of	ADP
fsr-3244	462	21	the	the	DET
fsr-3244	462	22	de	de	PROPN
fsr-3244	462	23	minimus	minimus	PROPN
fsr-3244	462	24	bequest	bequest	NOUN
fsr-3244	462	25	discounted	discount	VERB
fsr-3244	462	26	back	back	ADV
fsr-3244	462	27	to	to	ADP
fsr-3244	462	28	retirement	retirement	NOUN
fsr-3244	462	29	at	at	ADP
fsr-3244	462	30	the	the	DET
fsr-3244	462	31	inflation	inflation	NOUN
fsr-3244	462	32	rates	rate	NOUN
fsr-3244	462	33	for	for	ADP
fsr-3244	462	34	each	each	DET
fsr-3244	462	35	investor	investor	NOUN
fsr-3244	462	36	’s	’s	PART
fsr-3244	462	37	history	history	NOUN
fsr-3244	462	38	.	.	PUNCT
fsr-3244	463	1	†	†	X
fsr-3244	464	1	the	the	DET
fsr-3244	464	2	absolute	absolute	ADJ
fsr-3244	464	3	expected	expected	ADJ
fsr-3244	464	4	utility	utility	NOUN
fsr-3244	464	5	of	of	ADP
fsr-3244	464	6	bequest	bequest	NOUN
fsr-3244	464	7	is	be	AUX
fsr-3244	464	8	the	the	DET
fsr-3244	464	9	expected	expect	VERB
fsr-3244	464	10	utility	utility	NOUN
fsr-3244	464	11	of	of	ADP
fsr-3244	464	12	bequest	bequest	NOUN
fsr-3244	464	13	minus	minus	CCONJ
fsr-3244	464	14	the	the	DET
fsr-3244	464	15	de	de	PROPN
fsr-3244	464	16	minimus	minimus	NOUN
fsr-3244	464	17	value	value	NOUN
fsr-3244	464	18	that	that	PRON
fsr-3244	464	19	corresponds	correspond	VERB
fsr-3244	464	20	to	to	ADP
fsr-3244	464	21	no	no	DET
fsr-3244	464	22	bequest	bequest	NOUN
fsr-3244	464	23	.	.	PUNCT
fsr-3244	465	1	380	380	NUM
fsr-3244	465	2	p.j	p.j	PROPN
fsr-3244	465	3	.	.	PROPN
fsr-3244	465	4	haensly	haensly	PROPN
fsr-3244	465	5	,	,	PUNCT
fsr-3244	465	6	k.p	k.p	PROPN
fsr-3244	465	7	.	.	PROPN
fsr-3244	465	8	pai	pai	PROPN
fsr-3244	465	9	/	/	SYM
fsr-3244	465	10	financial	financial	ADJ
fsr-3244	465	11	services	service	NOUN
fsr-3244	465	12	review	review	VERB
fsr-3244	465	13	24	24	NUM
fsr-3244	465	14	(	(	PUNCT
fsr-3244	465	15	2015	2015	NUM
fsr-3244	465	16	)	)	PUNCT
fsr-3244	465	17	359–386	359–386	NUM
fsr-3244	465	18	a	a	DET
fsr-3244	465	19	major	major	ADJ
fsr-3244	465	20	advantage	advantage	NOUN
fsr-3244	465	21	that	that	PRON
fsr-3244	465	22	a	a	DET
fsr-3244	465	23	tips	tip	NOUN
fsr-3244	465	24	ladder	ladder	NOUN
fsr-3244	465	25	/	/	SYM
fsr-3244	465	26	deferred	defer	VERB
fsr-3244	465	27	annuity	annuity	NOUN
fsr-3244	465	28	strategy	strategy	NOUN
fsr-3244	465	29	has	have	VERB
fsr-3244	465	30	over	over	ADP
fsr-3244	465	31	a	a	DET
fsr-3244	465	32	non	non	ADJ
fsr-3244	465	33	-	-	ADJ
fsr-3244	465	34	refundable	refundable	ADJ
fsr-3244	465	35	immediate	immediate	ADJ
fsr-3244	465	36	life	life	NOUN
fsr-3244	465	37	annuity	annuity	NOUN
fsr-3244	465	38	is	be	AUX
fsr-3244	465	39	that	that	SCONJ
fsr-3244	465	40	only	only	ADV
fsr-3244	465	41	part	part	NOUN
fsr-3244	465	42	of	of	ADP
fsr-3244	465	43	the	the	DET
fsr-3244	465	44	investor	investor	NOUN
fsr-3244	465	45	’s	’s	PART
fsr-3244	465	46	wealth	wealth	NOUN
fsr-3244	465	47	at	at	ADP
fsr-3244	465	48	retirement	retirement	NOUN
fsr-3244	465	49	is	be	AUX
fsr-3244	465	50	irrevocably	irrevocably	ADV
fsr-3244	465	51	allocated	allocate	VERB
fsr-3244	465	52	to	to	ADP
fsr-3244	465	53	an	an	DET
fsr-3244	465	54	annuity	annuity	NOUN
fsr-3244	465	55	.	.	PUNCT
fsr-3244	466	1	because	because	SCONJ
fsr-3244	466	2	of	of	ADP
fsr-3244	466	3	investors	investor	NOUN
fsr-3244	466	4	’	'	PUNCT
fsr-3244	466	5	reluctance	reluctance	NOUN
fsr-3244	466	6	to	to	PART
fsr-3244	466	7	annuitize	annuitize	VERB
fsr-3244	466	8	,	,	PUNCT
fsr-3244	466	9	this	this	DET
fsr-3244	466	10	feature	feature	NOUN
fsr-3244	466	11	is	be	AUX
fsr-3244	466	12	attractive	attractive	ADJ
fsr-3244	466	13	.	.	PUNCT
fsr-3244	467	1	however	however	ADV
fsr-3244	467	2	,	,	PUNCT
fsr-3244	467	3	if	if	SCONJ
fsr-3244	467	4	market	market	NOUN
fsr-3244	467	5	real	real	ADJ
fsr-3244	467	6	yields	yield	NOUN
fsr-3244	467	7	are	be	AUX
fsr-3244	467	8	low	low	ADJ
fsr-3244	467	9	at	at	ADP
fsr-3244	467	10	retirement	retirement	NOUN
fsr-3244	467	11	,	,	PUNCT
fsr-3244	467	12	then	then	ADV
fsr-3244	467	13	the	the	DET
fsr-3244	467	14	allocation	allocation	NOUN
fsr-3244	467	15	to	to	ADP
fsr-3244	467	16	the	the	DET
fsr-3244	467	17	deferred	defer	VERB
fsr-3244	467	18	annuity	annuity	NOUN
fsr-3244	467	19	premium	premium	NOUN
fsr-3244	467	20	could	could	AUX
fsr-3244	467	21	be	be	AUX
fsr-3244	467	22	much	much	ADV
fsr-3244	467	23	greater	great	ADJ
fsr-3244	467	24	than	than	ADP
fsr-3244	467	25	30	30	NUM
fsr-3244	467	26	%	%	NOUN
fsr-3244	467	27	.	.	PUNCT
fsr-3244	468	1	for	for	ADP
fsr-3244	468	2	example	example	NOUN
fsr-3244	468	3	,	,	PUNCT
fsr-3244	468	4	if	if	SCONJ
fsr-3244	468	5	an	an	DET
fsr-3244	468	6	investor	investor	NOUN
fsr-3244	468	7	retires	retire	VERB
fsr-3244	468	8	at	at	ADP
fsr-3244	468	9	age	age	NOUN
fsr-3244	468	10	65	65	NUM
fsr-3244	468	11	,	,	PUNCT
fsr-3244	468	12	sets	set	VERB
fsr-3244	468	13	up	up	ADP
fsr-3244	468	14	a	a	DET
fsr-3244	468	15	10	10	NUM
fsr-3244	468	16	-	-	PUNCT
fsr-3244	468	17	year	year	NOUN
fsr-3244	468	18	tips	tip	NOUN
fsr-3244	468	19	ladder	ladder	NOUN
fsr-3244	468	20	,	,	PUNCT
fsr-3244	468	21	and	and	CCONJ
fsr-3244	468	22	buys	buy	VERB
fsr-3244	468	23	a	a	DET
fsr-3244	468	24	non	non	ADJ
fsr-3244	468	25	-	-	ADJ
fsr-3244	468	26	indexed	indexed	ADJ
fsr-3244	468	27	deferred	deferred	ADJ
fsr-3244	468	28	annuity	annuity	NOUN
fsr-3244	468	29	,	,	PUNCT
fsr-3244	468	30	then	then	ADV
fsr-3244	468	31	the	the	DET
fsr-3244	468	32	allocation	allocation	NOUN
fsr-3244	468	33	to	to	ADP
fsr-3244	468	34	the	the	DET
fsr-3244	468	35	deferred	defer	VERB
fsr-3244	468	36	annuity	annuity	NOUN
fsr-3244	468	37	might	might	AUX
fsr-3244	468	38	be	be	AUX
fsr-3244	468	39	19	19	NUM
fsr-3244	468	40	%	%	NOUN
fsr-3244	468	41	or	or	CCONJ
fsr-3244	468	42	lower	low	ADJ
fsr-3244	468	43	(	(	PUNCT
fsr-3244	468	44	if	if	SCONJ
fsr-3244	468	45	market	market	NOUN
fsr-3244	468	46	real	real	ADJ
fsr-3244	468	47	yields	yield	NOUN
fsr-3244	468	48	are	be	AUX
fsr-3244	468	49	high	high	ADJ
fsr-3244	468	50	)	)	PUNCT
fsr-3244	468	51	or	or	CCONJ
fsr-3244	468	52	44	44	NUM
fsr-3244	468	53	%	%	NOUN
fsr-3244	468	54	or	or	CCONJ
fsr-3244	468	55	higher	high	ADJ
fsr-3244	468	56	(	(	PUNCT
fsr-3244	468	57	if	if	SCONJ
fsr-3244	468	58	market	market	NOUN
fsr-3244	468	59	real	real	ADJ
fsr-3244	468	60	yields	yield	NOUN
fsr-3244	468	61	are	be	AUX
fsr-3244	468	62	low	low	ADJ
fsr-3244	468	63	)	)	PUNCT
fsr-3244	468	64	.	.	PUNCT
fsr-3244	469	1	nonetheless	nonetheless	ADV
fsr-3244	469	2	,	,	PUNCT
fsr-3244	469	3	the	the	DET
fsr-3244	469	4	investor	investor	NOUN
fsr-3244	469	5	has	have	VERB
fsr-3244	469	6	an	an	DET
fsr-3244	469	7	excellent	excellent	ADJ
fsr-3244	469	8	chance	chance	NOUN
fsr-3244	469	9	of	of	ADP
fsr-3244	469	10	keeping	keep	VERB
fsr-3244	469	11	the	the	DET
fsr-3244	469	12	deferred	defer	VERB
fsr-3244	469	13	annuity	annuity	NOUN
fsr-3244	469	14	premium	premium	NOUN
fsr-3244	469	15	below	below	ADP
fsr-3244	469	16	30	30	NUM
fsr-3244	469	17	%	%	NOUN
fsr-3244	469	18	of	of	ADP
fsr-3244	469	19	wealth	wealth	NOUN
fsr-3244	469	20	at	at	ADP
fsr-3244	469	21	retirement	retirement	NOUN
fsr-3244	469	22	if	if	SCONJ
fsr-3244	469	23	the	the	DET
fsr-3244	469	24	investor	investor	NOUN
fsr-3244	469	25	builds	build	VERB
fsr-3244	469	26	a	a	DET
fsr-3244	469	27	sufficiently	sufficiently	ADV
fsr-3244	469	28	long	long	ADJ
fsr-3244	469	29	ladder	ladder	NOUN
fsr-3244	469	30	.	.	PUNCT
fsr-3244	470	1	on	on	ADP
fsr-3244	470	2	the	the	DET
fsr-3244	470	3	other	other	ADJ
fsr-3244	470	4	hand	hand	NOUN
fsr-3244	470	5	,	,	PUNCT
fsr-3244	470	6	if	if	SCONJ
fsr-3244	470	7	the	the	DET
fsr-3244	470	8	deferred	deferred	ADJ
fsr-3244	470	9	annuity	annuity	NOUN
fsr-3244	470	10	is	be	AUX
fsr-3244	470	11	not	not	PART
fsr-3244	470	12	indexed	index	VERB
fsr-3244	470	13	for	for	ADP
fsr-3244	470	14	inflation	inflation	NOUN
fsr-3244	470	15	,	,	PUNCT
fsr-3244	470	16	then	then	ADV
fsr-3244	470	17	the	the	DET
fsr-3244	470	18	realized	realize	VERB
fsr-3244	470	19	real	real	ADJ
fsr-3244	470	20	payout	payout	NOUN
fsr-3244	470	21	rate	rate	NOUN
fsr-3244	470	22	over	over	ADP
fsr-3244	470	23	the	the	DET
fsr-3244	470	24	deferred	defer	VERB
fsr-3244	470	25	annuity	annuity	NOUN
fsr-3244	470	26	phase	phase	NOUN
fsr-3244	470	27	can	can	AUX
fsr-3244	470	28	decline	decline	VERB
fsr-3244	470	29	substantially	substantially	ADV
fsr-3244	470	30	at	at	ADP
fsr-3244	470	31	a	a	DET
fsr-3244	470	32	point	point	NOUN
fsr-3244	470	33	in	in	ADP
fsr-3244	470	34	life	life	NOUN
fsr-3244	470	35	when	when	SCONJ
fsr-3244	470	36	the	the	DET
fsr-3244	470	37	retiree	retiree	NOUN
fsr-3244	470	38	is	be	AUX
fsr-3244	470	39	least	least	ADJ
fsr-3244	470	40	able	able	ADJ
fsr-3244	470	41	to	to	PART
fsr-3244	470	42	compensate	compensate	VERB
fsr-3244	470	43	.	.	PUNCT
fsr-3244	471	1	unfortunately	unfortunately	ADV
fsr-3244	471	2	,	,	PUNCT
fsr-3244	471	3	as	as	SCONJ
fsr-3244	471	4	shankar	shankar	PROPN
fsr-3244	471	5	concedes	concede	VERB
fsr-3244	471	6	,	,	PUNCT
fsr-3244	471	7	a	a	DET
fsr-3244	471	8	market	market	NOUN
fsr-3244	471	9	does	do	AUX
fsr-3244	471	10	not	not	PART
fsr-3244	471	11	yet	yet	ADV
fsr-3244	471	12	exist	exist	VERB
fsr-3244	471	13	for	for	ADP
fsr-3244	471	14	inflation	inflation	NOUN
fsr-3244	471	15	-	-	PUNCT
fsr-3244	471	16	indexed	index	VERB
fsr-3244	471	17	deferred	deferred	ADJ
fsr-3244	471	18	annuities	annuity	NOUN
fsr-3244	471	19	.	.	PUNCT
fsr-3244	472	1	moreover	moreover	ADV
fsr-3244	472	2	,	,	PUNCT
fsr-3244	472	3	the	the	DET
fsr-3244	472	4	difficulty	difficulty	NOUN
fsr-3244	472	5	in	in	ADP
fsr-3244	472	6	long	long	ADJ
fsr-3244	472	7	-	-	PUNCT
fsr-3244	472	8	term	term	NOUN
fsr-3244	472	9	forecasting	forecasting	NOUN
fsr-3244	472	10	of	of	ADP
fsr-3244	472	11	inflation	inflation	NOUN
fsr-3244	472	12	seems	seem	VERB
fsr-3244	472	13	likely	likely	ADJ
fsr-3244	472	14	to	to	PART
fsr-3244	472	15	continue	continue	VERB
fsr-3244	472	16	to	to	PART
fsr-3244	472	17	deter	deter	VERB
fsr-3244	472	18	insurance	insurance	NOUN
fsr-3244	472	19	companies	company	NOUN
fsr-3244	472	20	from	from	ADP
fsr-3244	472	21	offering	offer	VERB
fsr-3244	472	22	such	such	DET
fsr-3244	472	23	a	a	DET
fsr-3244	472	24	product	product	NOUN
fsr-3244	472	25	.	.	PUNCT
fsr-3244	473	1	finally	finally	ADV
fsr-3244	473	2	,	,	PUNCT
fsr-3244	473	3	we	we	PRON
fsr-3244	473	4	explore	explore	VERB
fsr-3244	473	5	the	the	DET
fsr-3244	473	6	relation	relation	NOUN
fsr-3244	473	7	between	between	ADP
fsr-3244	473	8	the	the	DET
fsr-3244	473	9	strength	strength	NOUN
fsr-3244	473	10	of	of	ADP
fsr-3244	473	11	the	the	DET
fsr-3244	473	12	bequest	bequest	NOUN
fsr-3244	473	13	motive	motive	NOUN
fsr-3244	473	14	and	and	CCONJ
fsr-3244	473	15	preference	preference	NOUN
fsr-3244	473	16	for	for	ADP
fsr-3244	473	17	an	an	DET
fsr-3244	473	18	inflation	inflation	NOUN
fsr-3244	473	19	-	-	PUNCT
fsr-3244	473	20	indexed	index	VERB
fsr-3244	473	21	immediate	immediate	ADJ
fsr-3244	473	22	annuity	annuity	NOUN
fsr-3244	473	23	versus	versus	ADP
fsr-3244	473	24	a	a	DET
fsr-3244	473	25	tips	tip	NOUN
fsr-3244	473	26	ladder	ladder	NOUN
fsr-3244	473	27	/	/	SYM
fsr-3244	473	28	deferred	defer	VERB
fsr-3244	473	29	annuity	annuity	NOUN
fsr-3244	473	30	strategy	strategy	NOUN
fsr-3244	473	31	.	.	PUNCT
fsr-3244	474	1	our	our	PRON
fsr-3244	474	2	results	result	NOUN
fsr-3244	474	3	are	be	AUX
fsr-3244	474	4	consistent	consistent	ADJ
fsr-3244	474	5	with	with	ADP
fsr-3244	474	6	evidence	evidence	NOUN
fsr-3244	474	7	in	in	ADP
fsr-3244	474	8	the	the	DET
fsr-3244	474	9	literature	literature	NOUN
fsr-3244	474	10	that	that	PRON
fsr-3244	474	11	the	the	DET
fsr-3244	474	12	bequest	bequest	NOUN
fsr-3244	474	13	motive	motive	NOUN
fsr-3244	474	14	is	be	AUX
fsr-3244	474	15	strong	strong	ADJ
fsr-3244	474	16	.	.	PUNCT
fsr-3244	475	1	if	if	SCONJ
fsr-3244	475	2	investors	investor	NOUN
fsr-3244	475	3	make	make	VERB
fsr-3244	475	4	choices	choice	NOUN
fsr-3244	475	5	based	base	VERB
fsr-3244	475	6	on	on	ADP
fsr-3244	475	7	expected	expect	VERB
fsr-3244	475	8	utility	utility	NOUN
fsr-3244	475	9	,	,	PUNCT
fsr-3244	475	10	then	then	ADV
fsr-3244	475	11	they	they	PRON
fsr-3244	475	12	prefer	prefer	VERB
fsr-3244	475	13	an	an	DET
fsr-3244	475	14	immediate	immediate	ADJ
fsr-3244	475	15	annuity	annuity	NOUN
fsr-3244	475	16	when	when	SCONJ
fsr-3244	475	17	strength	strength	NOUN
fsr-3244	475	18	of	of	ADP
fsr-3244	475	19	the	the	DET
fsr-3244	475	20	bequest	bequest	NOUN
fsr-3244	475	21	motive	motive	NOUN
fsr-3244	475	22	is	be	AUX
fsr-3244	475	23	low	low	ADJ
fsr-3244	475	24	,	,	PUNCT
fsr-3244	475	25	and	and	CCONJ
fsr-3244	475	26	they	they	PRON
fsr-3244	475	27	prefer	prefer	VERB
fsr-3244	475	28	the	the	DET
fsr-3244	475	29	tips	tip	NOUN
fsr-3244	475	30	ladder	ladder	NOUN
fsr-3244	475	31	/	/	SYM
fsr-3244	475	32	deferred	defer	VERB
fsr-3244	475	33	annuity	annuity	NOUN
fsr-3244	475	34	when	when	SCONJ
fsr-3244	475	35	strength	strength	NOUN
fsr-3244	475	36	of	of	ADP
fsr-3244	475	37	the	the	DET
fsr-3244	475	38	bequest	bequest	NOUN
fsr-3244	475	39	motive	motive	NOUN
fsr-3244	475	40	is	be	AUX
fsr-3244	475	41	high	high	ADJ
fsr-3244	475	42	.	.	PUNCT
fsr-3244	476	1	moreover	moreover	ADV
fsr-3244	476	2	,	,	PUNCT
fsr-3244	476	3	the	the	PRON
fsr-3244	476	4	greater	great	ADJ
fsr-3244	476	5	the	the	DET
fsr-3244	476	6	investor	investor	NOUN
fsr-3244	476	7	’s	’s	PART
fsr-3244	476	8	risk	risk	NOUN
fsr-3244	476	9	aversion	aversion	NOUN
fsr-3244	476	10	,	,	PUNCT
fsr-3244	476	11	the	the	DET
fsr-3244	476	12	more	more	ADV
fsr-3244	476	13	likely	likely	ADJ
fsr-3244	476	14	the	the	DET
fsr-3244	476	15	investor	investor	NOUN
fsr-3244	476	16	prefers	prefer	VERB
fsr-3244	476	17	the	the	DET
fsr-3244	476	18	tips	tip	NOUN
fsr-3244	476	19	ladder	ladder	NOUN
fsr-3244	476	20	/	/	SYM
fsr-3244	476	21	deferred	defer	VERB
fsr-3244	476	22	annuity	annuity	NOUN
fsr-3244	476	23	for	for	ADP
fsr-3244	476	24	a	a	DET
fsr-3244	476	25	given	give	VERB
fsr-3244	476	26	level	level	NOUN
fsr-3244	476	27	of	of	ADP
fsr-3244	476	28	strength	strength	NOUN
fsr-3244	476	29	of	of	ADP
fsr-3244	476	30	the	the	DET
fsr-3244	476	31	bequest	bequest	NOUN
fsr-3244	476	32	motive	motive	NOUN
fsr-3244	476	33	.	.	PUNCT
fsr-3244	477	1	these	these	DET
fsr-3244	477	2	results	result	NOUN
fsr-3244	477	3	suggest	suggest	VERB
fsr-3244	477	4	that	that	SCONJ
fsr-3244	477	5	the	the	DET
fsr-3244	477	6	tips	tip	NOUN
fsr-3244	477	7	ladder	ladder	NOUN
fsr-3244	477	8	/	/	SYM
fsr-3244	477	9	deferred	defer	VERB
fsr-3244	477	10	annuity	annuity	NOUN
fsr-3244	477	11	strategy	strategy	NOUN
fsr-3244	477	12	may	may	AUX
fsr-3244	477	13	have	have	VERB
fsr-3244	477	14	considerable	considerable	ADJ
fsr-3244	477	15	appeal	appeal	NOUN
fsr-3244	477	16	to	to	ADP
fsr-3244	477	17	individual	individual	ADJ
fsr-3244	477	18	investors	investor	NOUN
fsr-3244	477	19	who	who	PRON
fsr-3244	477	20	are	be	AUX
fsr-3244	477	21	reluctant	reluctant	ADJ
fsr-3244	477	22	to	to	PART
fsr-3244	477	23	annuitize	annuitize	VERB
fsr-3244	477	24	their	their	PRON
fsr-3244	477	25	life	life	NOUN
fsr-3244	477	26	’s	’s	PART
fsr-3244	477	27	savings	saving	NOUN
fsr-3244	477	28	.	.	PUNCT
fsr-3244	478	1	appendix	appendix	VERB
fsr-3244	478	2	a	a	DET
fsr-3244	478	3	:	:	PUNCT
fsr-3244	478	4	pension	pension	NOUN
fsr-3244	478	5	annuity	annuity	NOUN
fsr-3244	478	6	factors	factor	NOUN
fsr-3244	478	7	to	to	PART
fsr-3244	478	8	determine	determine	VERB
fsr-3244	478	9	the	the	DET
fsr-3244	478	10	monthly	monthly	ADJ
fsr-3244	478	11	real	real	ADJ
fsr-3244	478	12	dollar	dollar	NOUN
fsr-3244	478	13	annuity	annuity	NOUN
fsr-3244	478	14	payment	payment	NOUN
fsr-3244	478	15	,	,	PUNCT
fsr-3244	478	16	first	first	ADV
fsr-3244	478	17	calculate	calculate	VERB
fsr-3244	478	18	the	the	DET
fsr-3244	478	19	immediate	immediate	ADJ
fsr-3244	478	20	pension	pension	NOUN
fsr-3244	478	21	annuity	annuity	NOUN
fsr-3244	478	22	factor	factor	NOUN
fsr-3244	478	23	(	(	PUNCT
fsr-3244	478	24	ipaf	ipaf	ADJ
fsr-3244	478	25	)	)	PUNCT
fsr-3244	478	26	,	,	PUNCT
fsr-3244	478	27	assuming	assume	VERB
fsr-3244	478	28	discrete	discrete	ADJ
fsr-3244	478	29	,	,	PUNCT
fsr-3244	478	30	real	real	ADJ
fsr-3244	478	31	monthly	monthly	ADJ
fsr-3244	478	32	payouts	payout	NOUN
fsr-3244	478	33	.	.	PUNCT
fsr-3244	479	1	this	this	DET
fsr-3244	479	2	article	article	NOUN
fsr-3244	479	3	applies	apply	VERB
fsr-3244	479	4	a	a	DET
fsr-3244	479	5	discrete	discrete	ADJ
fsr-3244	479	6	version	version	NOUN
fsr-3244	479	7	of	of	ADP
fsr-3244	479	8	milevsky	milevsky	NOUN
fsr-3244	479	9	’s	’s	PART
fsr-3244	479	10	(	(	PUNCT
fsr-3244	479	11	2006	2006	NUM
fsr-3244	479	12	)	)	PUNCT
fsr-3244	479	13	eq	eq	NOUN
fsr-3244	479	14	.	.	PUNCT
fsr-3244	480	1	(	(	PUNCT
fsr-3244	480	2	6.3	6.3	NUM
fsr-3244	480	3	)	)	PUNCT
fsr-3244	480	4	.	.	PUNCT
fsr-3244	481	1	in	in	ADP
fsr-3244	481	2	the	the	DET
fsr-3244	481	3	discrete	discrete	ADJ
fsr-3244	481	4	version	version	NOUN
fsr-3244	481	5	,	,	PUNCT
fsr-3244	481	6	the	the	DET
fsr-3244	481	7	stochastic	stochastic	ADJ
fsr-3244	481	8	present	present	ADJ
fsr-3244	481	9	value	value	NOUN
fsr-3244	481	10	of	of	ADP
fsr-3244	481	11	a	a	DET
fsr-3244	481	12	pension	pension	NOUN
fsr-3244	481	13	annuity	annuity	NOUN
fsr-3244	481	14	is	be	AUX
fsr-3244	481	15	ax	ax	ADJ
fsr-3244	481	16	�	�	PROPN
fsr-3244	481	17	d̃x	d̃x	PROPN
fsr-3244	481	18	�	�	PROPN
fsr-3244	481	19	�	�	PROPN
fsr-3244	481	20	�	�	PROPN
fsr-3244	482	1	i	i	PRON
fsr-3244	482	2	�	�	PROPN
fsr-3244	482	3	1	1	NUM
fsr-3244	482	4	d̃x	d̃x	PROPN
fsr-3244	482	5	exp	exp	PROPN
fsr-3244	482	6	�	�	PROPN
fsr-3244	482	7	�	�	PROPN
fsr-3244	482	8	y*t	y*t	PROPN
fsr-3244	482	9	�	�	PROPN
fsr-3244	482	10	x	x	SYM
fsr-3244	482	11	�	�	PROPN
fsr-3244	482	12	�	�	NOUN
fsr-3244	482	13	i	i	PRON
fsr-3244	482	14	�	�	NOUN
fsr-3244	482	15	i	i	PRON
fsr-3244	482	16	12	12	NUM
fsr-3244	482	17	�	�	PROPN
fsr-3244	482	18	,	,	PUNCT
fsr-3244	482	19	(	(	PUNCT
fsr-3244	482	20	a1	a1	NOUN
fsr-3244	482	21	)	)	PUNCT
fsr-3244	482	22	where	where	SCONJ
fsr-3244	482	23	y*t	y*t	PROPN
fsr-3244	482	24	�	�	PROPN
fsr-3244	482	25	x	x	SYM
fsr-3244	482	26	�	�	PROPN
fsr-3244	482	27	�	�	PROPN
fsr-3244	482	28	i	i	PRON
fsr-3244	482	29	�	�	PROPN
fsr-3244	482	30	is	be	AUX
fsr-3244	482	31	the	the	DET
fsr-3244	482	32	annualized	annualize	VERB
fsr-3244	482	33	inflation	inflation	NOUN
fsr-3244	482	34	-	-	PUNCT
fsr-3244	482	35	indexed	index	VERB
fsr-3244	482	36	yield	yield	NOUN
fsr-3244	482	37	at	at	ADP
fsr-3244	482	38	time	time	NOUN
fsr-3244	482	39	t(x	t(x	PROPN
fsr-3244	482	40	)	)	PUNCT
fsr-3244	482	41	on	on	ADP
fsr-3244	482	42	a	a	DET
fsr-3244	482	43	zero	zero	NUM
fsr-3244	482	44	-	-	PUNCT
fsr-3244	482	45	coupon	coupon	NOUN
fsr-3244	482	46	,	,	PUNCT
fsr-3244	482	47	default	default	NOUN
fsr-3244	482	48	-	-	PUNCT
fsr-3244	482	49	risk	risk	NOUN
fsr-3244	482	50	free	free	ADJ
fsr-3244	482	51	tips	tip	NOUN
fsr-3244	482	52	that	that	PRON
fsr-3244	482	53	matures	mature	VERB
fsr-3244	482	54	in	in	ADP
fsr-3244	482	55	i	i	NOUN
fsr-3244	482	56	months	month	NOUN
fsr-3244	482	57	;	;	PUNCT
fsr-3244	482	58	t(x	t(x	PROPN
fsr-3244	482	59	)	)	PUNCT
fsr-3244	482	60	is	be	AUX
fsr-3244	482	61	the	the	DET
fsr-3244	482	62	date	date	NOUN
fsr-3244	482	63	on	on	ADP
fsr-3244	482	64	which	which	PRON
fsr-3244	482	65	the	the	DET
fsr-3244	482	66	investor	investor	NOUN
fsr-3244	482	67	is	be	AUX
fsr-3244	482	68	age	age	NOUN
fsr-3244	482	69	x	x	INTJ
fsr-3244	482	70	(	(	PUNCT
fsr-3244	482	71	in	in	ADP
fsr-3244	482	72	months	month	NOUN
fsr-3244	482	73	)	)	PUNCT
fsr-3244	482	74	;	;	PUNCT
fsr-3244	482	75	and	and	CCONJ
fsr-3244	482	76	d̃x	d̃x	PROPN
fsr-3244	482	77	is	be	AUX
fsr-3244	482	78	the	the	DET
fsr-3244	482	79	random	random	ADJ
fsr-3244	482	80	number	number	NOUN
fsr-3244	482	81	of	of	ADP
fsr-3244	482	82	months	month	NOUN
fsr-3244	482	83	until	until	ADP
fsr-3244	482	84	death	death	NOUN
fsr-3244	482	85	,	,	PUNCT
fsr-3244	482	86	given	give	VERB
fsr-3244	482	87	that	that	SCONJ
fsr-3244	482	88	the	the	DET
fsr-3244	482	89	investor	investor	NOUN
fsr-3244	482	90	is	be	AUX
fsr-3244	482	91	alive	alive	ADJ
fsr-3244	482	92	at	at	ADP
fsr-3244	482	93	age	age	NOUN
fsr-3244	482	94	x.	x.	NOUN
fsr-3244	482	95	mortality	mortality	PROPN
fsr-3244	482	96	index	index	NOUN
fsr-3244	482	97	tables	table	NOUN
fsr-3244	482	98	generally	generally	ADV
fsr-3244	482	99	are	be	AUX
fsr-3244	482	100	constructed	construct	VERB
fsr-3244	482	101	so	so	SCONJ
fsr-3244	483	1	that	that	SCONJ
fsr-3244	483	2	p	p	X
fsr-3244	483	3	�	�	PROPN
fsr-3244	483	4	d̃x	d̃x	VERB
fsr-3244	483	5	�	�	PROPN
fsr-3244	483	6	i	i	PRON
fsr-3244	483	7	�	�	VERB
fsr-3244	483	8	current	current	ADJ
fsr-3244	483	9	age	age	NOUN
fsr-3244	483	10	x	x	SYM
fsr-3244	483	11	�	�	PROPN
fsr-3244	483	12	�	�	PROPN
fsr-3244	483	13	mi	mi	PROPN
fsr-3244	483	14	�	�	PROPN
fsr-3244	483	15	x	x	SYM
fsr-3244	483	16	�	�	PROPN
fsr-3244	483	17	i	i	PRON
fsr-3244	483	18	�	�	PROPN
fsr-3244	483	19	/mi	/mi	PROPN
fsr-3244	483	20	�	�	PROPN
fsr-3244	483	21	x	x	SYM
fsr-3244	483	22	�	�	PROPN
fsr-3244	483	23	,	,	PUNCT
fsr-3244	483	24	(	(	PUNCT
fsr-3244	483	25	a2	a2	PROPN
fsr-3244	483	26	)	)	PUNCT
fsr-3244	483	27	where	where	SCONJ
fsr-3244	483	28	mi(x	mi(x	NOUN
fsr-3244	483	29	)	)	PUNCT
fsr-3244	483	30	is	be	AUX
fsr-3244	483	31	the	the	DET
fsr-3244	483	32	mortality	mortality	NOUN
fsr-3244	483	33	index	index	NOUN
fsr-3244	483	34	value	value	NOUN
fsr-3244	483	35	at	at	ADP
fsr-3244	483	36	age	age	NOUN
fsr-3244	483	37	x	x	INTJ
fsr-3244	483	38	(	(	PUNCT
fsr-3244	483	39	in	in	ADP
fsr-3244	483	40	months	month	NOUN
fsr-3244	483	41	)	)	PUNCT
fsr-3244	483	42	.	.	PUNCT
fsr-3244	484	1	thus	thus	ADV
fsr-3244	484	2	,	,	PUNCT
fsr-3244	484	3	381p.j	381p.j	X
fsr-3244	484	4	.	.	PUNCT
fsr-3244	485	1	haensly	haensly	ADV
fsr-3244	485	2	,	,	PUNCT
fsr-3244	485	3	k.p	k.p	PROPN
fsr-3244	485	4	.	.	PROPN
fsr-3244	485	5	pai	pai	PROPN
fsr-3244	485	6	/	/	SYM
fsr-3244	485	7	financial	financial	ADJ
fsr-3244	485	8	services	service	NOUN
fsr-3244	485	9	review	review	VERB
fsr-3244	485	10	24	24	NUM
fsr-3244	485	11	(	(	PUNCT
fsr-3244	485	12	2015	2015	NUM
fsr-3244	485	13	)	)	PUNCT
fsr-3244	486	1	359–386	359–386	NUM
fsr-3244	486	2	p	p	PRON
fsr-3244	486	3	�	�	PROPN
fsr-3244	486	4	d̃x	d̃x	VERB
fsr-3244	486	5	�	�	PROPN
fsr-3244	486	6	i	i	PRON
fsr-3244	486	7	�	�	VERB
fsr-3244	486	8	current	current	ADJ
fsr-3244	486	9	age	age	NOUN
fsr-3244	486	10	x	x	SYM
fsr-3244	486	11	�	�	PROPN
fsr-3244	486	12	�	�	PROPN
fsr-3244	486	13	1	1	NUM
fsr-3244	486	14	�	�	PROPN
fsr-3244	486	15	mi	mi	PROPN
fsr-3244	486	16	�	�	PROPN
fsr-3244	486	17	x	x	SYM
fsr-3244	486	18	�	�	PROPN
fsr-3244	486	19	i	i	PRON
fsr-3244	486	20	�	�	PROPN
fsr-3244	486	21	/mi	/mi	PROPN
fsr-3244	486	22	�	�	PROPN
fsr-3244	486	23	x	x	SYM
fsr-3244	486	24	�	�	PROPN
fsr-3244	486	25	.	.	PUNCT
fsr-3244	486	26	(	(	PUNCT
fsr-3244	486	27	a3	a3	NOUN
fsr-3244	486	28	)	)	PUNCT
fsr-3244	486	29	when	when	SCONJ
fsr-3244	486	30	d̃x	d̃x	PROPN
fsr-3244	486	31	is	be	AUX
fsr-3244	486	32	a	a	DET
fsr-3244	486	33	discrete	discrete	ADJ
fsr-3244	486	34	,	,	PUNCT
fsr-3244	486	35	integer	integer	NOUN
fsr-3244	486	36	-	-	PUNCT
fsr-3244	486	37	valued	value	VERB
fsr-3244	486	38	random	random	ADJ
fsr-3244	486	39	variable	variable	NOUN
fsr-3244	486	40	,	,	PUNCT
fsr-3244	486	41	p	p	PROPN
fsr-3244	486	42	�	�	PROPN
fsr-3244	486	43	d̃x	d̃x	VERB
fsr-3244	486	44	�	�	PROPN
fsr-3244	486	45	d	d	SYM
fsr-3244	486	46	�	�	VERB
fsr-3244	486	47	current	current	ADJ
fsr-3244	486	48	age	age	NOUN
fsr-3244	486	49	x	x	SYM
fsr-3244	486	50	�	�	PROPN
fsr-3244	486	51	�	�	PROPN
fsr-3244	486	52	p	p	PROPN
fsr-3244	486	53	�	�	PROPN
fsr-3244	486	54	d̃x	d̃x	VERB
fsr-3244	486	55	�	�	PROPN
fsr-3244	486	56	d	d	SYM
fsr-3244	486	57	�	�	VERB
fsr-3244	486	58	current	current	ADJ
fsr-3244	486	59	age	age	NOUN
fsr-3244	486	60	x	x	SYM
fsr-3244	486	61	�	�	PROPN
fsr-3244	486	62	�	�	PROPN
fsr-3244	486	63	p	p	PROPN
fsr-3244	486	64	�	�	PROPN
fsr-3244	486	65	d̃x	d̃x	NOUN
fsr-3244	486	66	�	�	PROPN
fsr-3244	486	67	d	d	ADP
fsr-3244	486	68	�	�	PROPN
fsr-3244	486	69	1	1	NUM
fsr-3244	486	70	�	�	PROPN
fsr-3244	486	71	current	current	ADJ
fsr-3244	486	72	age	age	NOUN
fsr-3244	486	73	x	x	NOUN
fsr-3244	486	74	�	�	PROPN
fsr-3244	486	75	.	.	PUNCT
fsr-3244	486	76	(	(	PUNCT
fsr-3244	486	77	a4	a4	NOUN
fsr-3244	486	78	)	)	PUNCT
fsr-3244	486	79	thus	thus	ADV
fsr-3244	486	80	,	,	PUNCT
fsr-3244	486	81	p	p	PROPN
fsr-3244	486	82	�	�	PROPN
fsr-3244	486	83	d̃x	d̃x	VERB
fsr-3244	486	84	�	�	PROPN
fsr-3244	486	85	d	d	SYM
fsr-3244	486	86	�	�	VERB
fsr-3244	486	87	current	current	ADJ
fsr-3244	486	88	age	age	NOUN
fsr-3244	486	89	x	x	SYM
fsr-3244	486	90	�	�	PROPN
fsr-3244	486	91	�	�	PROPN
fsr-3244	486	92	�	�	PROPN
fsr-3244	486	93	mi	mi	PROPN
fsr-3244	486	94	�	�	PROPN
fsr-3244	486	95	x	x	SYM
fsr-3244	486	96	�	�	PROPN
fsr-3244	486	97	d	d	PROPN
fsr-3244	486	98	�	�	PROPN
fsr-3244	486	99	1	1	NUM
fsr-3244	486	100	�	�	PROPN
fsr-3244	486	101	�	�	PROPN
fsr-3244	486	102	mi	mi	PROPN
fsr-3244	486	103	�	�	PROPN
fsr-3244	486	104	x	x	SYM
fsr-3244	486	105	�	�	PROPN
fsr-3244	486	106	d	d	PROPN
fsr-3244	486	107	�	�	PROPN
fsr-3244	486	108	�	�	PROPN
fsr-3244	486	109	/mi	/mi	PROPN
fsr-3244	486	110	�	�	PROPN
fsr-3244	486	111	x	x	SYM
fsr-3244	486	112	�	�	PROPN
fsr-3244	486	113	.	.	PUNCT
fsr-3244	486	114	(	(	PUNCT
fsr-3244	486	115	a5	a5	PROPN
fsr-3244	486	116	)	)	PUNCT
fsr-3244	486	117	the	the	DET
fsr-3244	486	118	ipaf	ipaf	PROPN
fsr-3244	486	119	is	be	AUX
fsr-3244	486	120	defined	define	VERB
fsr-3244	486	121	as	as	ADP
fsr-3244	486	122	a	a	DET
fsr-3244	486	123	�	�	PROPN
fsr-3244	486	124	x	x	SYM
fsr-3244	486	125	�	�	PROPN
fsr-3244	486	126	�	�	PROPN
fsr-3244	486	127	d	d	NOUN
fsr-3244	486	128	�	�	PROPN
fsr-3244	486	129	1	1	NUM
fsr-3244	486	130	d	d	PROPN
fsr-3244	486	131	�	�	PROPN
fsr-3244	486	132	x	x	SYM
fsr-3244	486	133	�	�	PROPN
fsr-3244	486	134	ax	ax	NOUN
fsr-3244	486	135	�	�	PROPN
fsr-3244	486	136	d	d	PROPN
fsr-3244	486	137	�	�	PROPN
fsr-3244	486	138	p	p	PROPN
fsr-3244	486	139	�	�	PROPN
fsr-3244	486	140	d̃x	d̃x	VERB
fsr-3244	486	141	�	�	PROPN
fsr-3244	486	142	d	d	SYM
fsr-3244	486	143	�	�	VERB
fsr-3244	486	144	current	current	ADJ
fsr-3244	486	145	age	age	NOUN
fsr-3244	486	146	x	x	SYM
fsr-3244	486	147	�	�	PROPN
fsr-3244	486	148	,	,	PUNCT
fsr-3244	486	149	(	(	PUNCT
fsr-3244	486	150	a6	a6	NOUN
fsr-3244	486	151	)	)	PUNCT
fsr-3244	486	152	where	where	SCONJ
fsr-3244	486	153	d(x	d(x	NOUN
fsr-3244	486	154	)	)	PUNCT
fsr-3244	486	155	is	be	AUX
fsr-3244	486	156	the	the	DET
fsr-3244	486	157	maximum	maximum	ADJ
fsr-3244	486	158	possible	possible	ADJ
fsr-3244	486	159	months	month	NOUN
fsr-3244	486	160	until	until	ADP
fsr-3244	486	161	death	death	NOUN
fsr-3244	486	162	in	in	ADP
fsr-3244	486	163	the	the	DET
fsr-3244	486	164	mortality	mortality	NOUN
fsr-3244	486	165	table	table	NOUN
fsr-3244	486	166	,	,	PUNCT
fsr-3244	486	167	given	give	VERB
fsr-3244	486	168	that	that	SCONJ
fsr-3244	486	169	the	the	DET
fsr-3244	486	170	investor	investor	NOUN
fsr-3244	486	171	is	be	AUX
fsr-3244	486	172	alive	alive	ADJ
fsr-3244	486	173	at	at	ADP
fsr-3244	486	174	age	age	NOUN
fsr-3244	486	175	x.	x.	NOUN
fsr-3244	487	1	the	the	DET
fsr-3244	487	2	deferred	defer	VERB
fsr-3244	487	3	pension	pension	NOUN
fsr-3244	487	4	annuity	annuity	NOUN
fsr-3244	487	5	factor	factor	NOUN
fsr-3244	487	6	(	(	PUNCT
fsr-3244	487	7	dpaf	dpaf	PROPN
fsr-3244	487	8	*	*	PUNCT
fsr-3244	487	9	)	)	PUNCT
fsr-3244	487	10	is	be	AUX
fsr-3244	487	11	the	the	DET
fsr-3244	487	12	present	present	ADJ
fsr-3244	487	13	value	value	NOUN
fsr-3244	487	14	of	of	ADP
fsr-3244	487	15	a	a	DET
fsr-3244	487	16	one	one	NUM
fsr-3244	487	17	-	-	PUNCT
fsr-3244	487	18	dollar	dollar	NOUN
fsr-3244	487	19	real	real	ADJ
fsr-3244	487	20	deferred	defer	VERB
fsr-3244	487	21	annuity	annuity	NOUN
fsr-3244	487	22	where	where	SCONJ
fsr-3244	487	23	the	the	DET
fsr-3244	487	24	present	present	ADJ
fsr-3244	487	25	value	value	NOUN
fsr-3244	487	26	calculation	calculation	NOUN
fsr-3244	487	27	takes	take	VERB
fsr-3244	487	28	mortality	mortality	NOUN
fsr-3244	487	29	credits	credit	NOUN
fsr-3244	487	30	into	into	ADP
fsr-3244	487	31	account	account	NOUN
fsr-3244	487	32	.	.	PUNCT
fsr-3244	488	1	to	to	PART
fsr-3244	488	2	determine	determine	VERB
fsr-3244	488	3	the	the	DET
fsr-3244	488	4	monthly	monthly	ADJ
fsr-3244	488	5	real	real	ADJ
fsr-3244	488	6	dollar	dollar	NOUN
fsr-3244	488	7	annuity	annuity	NOUN
fsr-3244	488	8	payment	payment	NOUN
fsr-3244	488	9	,	,	PUNCT
fsr-3244	488	10	first	first	ADV
fsr-3244	488	11	calculate	calculate	VERB
fsr-3244	488	12	the	the	DET
fsr-3244	488	13	dpaf	dpaf	PROPN
fsr-3244	488	14	*	*	PUNCT
fsr-3244	488	15	,	,	PUNCT
fsr-3244	488	16	assuming	assume	VERB
fsr-3244	488	17	discrete	discrete	ADJ
fsr-3244	488	18	,	,	PUNCT
fsr-3244	488	19	real	real	ADJ
fsr-3244	488	20	monthly	monthly	ADJ
fsr-3244	488	21	payouts	payout	NOUN
fsr-3244	488	22	.	.	PUNCT
fsr-3244	489	1	this	this	DET
fsr-3244	489	2	article	article	NOUN
fsr-3244	489	3	applies	apply	VERB
fsr-3244	489	4	a	a	DET
fsr-3244	489	5	discrete	discrete	ADJ
fsr-3244	489	6	version	version	NOUN
fsr-3244	489	7	of	of	ADP
fsr-3244	489	8	milevsky	milevsky	NOUN
fsr-3244	489	9	’s	’s	PART
fsr-3244	489	10	(	(	PUNCT
fsr-3244	489	11	2006	2006	NUM
fsr-3244	489	12	)	)	PUNCT
fsr-3244	489	13	eq	eq	NOUN
fsr-3244	489	14	.	.	PUNCT
fsr-3244	490	1	(	(	PUNCT
fsr-3244	490	2	6.14	6.14	NUM
fsr-3244	490	3	)	)	PUNCT
fsr-3244	490	4	.	.	PUNCT
fsr-3244	491	1	in	in	ADP
fsr-3244	491	2	the	the	DET
fsr-3244	491	3	discrete	discrete	ADJ
fsr-3244	491	4	version	version	NOUN
fsr-3244	491	5	,	,	PUNCT
fsr-3244	491	6	the	the	DET
fsr-3244	491	7	stochastic	stochastic	ADJ
fsr-3244	491	8	present	present	ADJ
fsr-3244	491	9	value	value	NOUN
fsr-3244	491	10	of	of	ADP
fsr-3244	491	11	a	a	DET
fsr-3244	491	12	deferred	defer	VERB
fsr-3244	491	13	pension	pension	NOUN
fsr-3244	491	14	annuity	annuity	NOUN
fsr-3244	491	15	is	be	AUX
fsr-3244	491	16	a	a	DET
fsr-3244	491	17	�	�	PROPN
fsr-3244	491	18	x	x	PROPN
fsr-3244	491	19	,	,	PUNCT
fsr-3244	491	20	u	u	PROPN
fsr-3244	491	21	�	�	PROPN
fsr-3244	491	22	a	a	DET
fsr-3244	491	23	�	�	PROPN
fsr-3244	491	24	x	x	PUNCT
fsr-3244	491	25	up	up	ADP
fsr-3244	491	26	�	�	PROPN
fsr-3244	491	27	d̃x	d̃x	PROPN
fsr-3244	491	28	�	�	PROPN
fsr-3244	491	29	u	u	NOUN
fsr-3244	491	30	�	�	PROPN
fsr-3244	491	31	current	current	ADJ
fsr-3244	491	32	age	age	NOUN
fsr-3244	491	33	x	x	SYM
fsr-3244	491	34	�	�	PROPN
fsr-3244	491	35	exp	exp	NOUN
fsr-3244	491	36	�	�	PROPN
fsr-3244	491	37	�	�	PROPN
fsr-3244	491	38	y*t	y*t	PROPN
fsr-3244	491	39	�	�	PROPN
fsr-3244	491	40	x	x	SYM
fsr-3244	491	41	�	�	PROPN
fsr-3244	491	42	�	�	NOUN
fsr-3244	491	43	u	u	NOUN
fsr-3244	491	44	�	�	PROPN
fsr-3244	491	45	u	u	PROPN
fsr-3244	491	46	12	12	NUM
fsr-3244	491	47	�	�	PROPN
fsr-3244	491	48	,	,	PUNCT
fsr-3244	491	49	(	(	PUNCT
fsr-3244	491	50	a7	a7	PROPN
fsr-3244	491	51	)	)	PUNCT
fsr-3244	491	52	where	where	SCONJ
fsr-3244	491	53	the	the	DET
fsr-3244	491	54	first	first	ADJ
fsr-3244	491	55	payment	payment	NOUN
fsr-3244	491	56	of	of	ADP
fsr-3244	491	57	the	the	DET
fsr-3244	491	58	deferred	defer	VERB
fsr-3244	491	59	annuity	annuity	NOUN
fsr-3244	491	60	is	be	AUX
fsr-3244	491	61	u	u	NOUN
fsr-3244	491	62	1	1	NUM
fsr-3244	491	63	months	month	NOUN
fsr-3244	491	64	after	after	SCONJ
fsr-3244	491	65	the	the	DET
fsr-3244	491	66	investor	investor	NOUN
fsr-3244	491	67	turns	turn	VERB
fsr-3244	491	68	age	age	NOUN
fsr-3244	491	69	x	x	X
fsr-3244	491	70	(	(	PUNCT
fsr-3244	491	71	in	in	ADP
fsr-3244	491	72	months	month	NOUN
fsr-3244	491	73	)	)	PUNCT
fsr-3244	491	74	;	;	PUNCT
fsr-3244	491	75	a	a	DET
fsr-3244	491	76	�	�	PROPN
fsr-3244	491	77	x	x	SYM
fsr-3244	491	78	u	u	NOUN
fsr-3244	491	79	is	be	AUX
fsr-3244	491	80	defined	define	VERB
fsr-3244	491	81	by	by	ADP
fsr-3244	491	82	eq	eq	PROPN
fsr-3244	491	83	.	.	PUNCT
fsr-3244	492	1	(	(	PUNCT
fsr-3244	492	2	a6	a6	NOUN
fsr-3244	492	3	)	)	PUNCT
fsr-3244	492	4	,	,	PUNCT
fsr-3244	492	5	where	where	SCONJ
fsr-3244	492	6	x	x	PUNCT
fsr-3244	492	7	u	u	NOUN
fsr-3244	492	8	replaces	replace	VERB
fsr-3244	492	9	x	x	NOUN
fsr-3244	492	10	;	;	PUNCT
fsr-3244	492	11	and	and	CCONJ
fsr-3244	492	12	the	the	DET
fsr-3244	492	13	probability	probability	NOUN
fsr-3244	492	14	is	be	AUX
fsr-3244	492	15	defined	define	VERB
fsr-3244	492	16	by	by	ADP
fsr-3244	492	17	eq	eq	PROPN
fsr-3244	492	18	.	.	PUNCT
fsr-3244	493	1	(	(	PUNCT
fsr-3244	493	2	a2	a2	PROPN
fsr-3244	493	3	)	)	PUNCT
fsr-3244	493	4	.	.	PUNCT
fsr-3244	494	1	we	we	PRON
fsr-3244	494	2	assume	assume	VERB
fsr-3244	494	3	that	that	SCONJ
fsr-3244	494	4	the	the	DET
fsr-3244	494	5	deferred	deferred	ADJ
fsr-3244	494	6	annuity	annuity	NOUN
fsr-3244	494	7	is	be	AUX
fsr-3244	494	8	indexed	index	VERB
fsr-3244	494	9	to	to	ADP
fsr-3244	494	10	inflation	inflation	NOUN
fsr-3244	494	11	in	in	ADP
fsr-3244	494	12	the	the	DET
fsr-3244	494	13	same	same	ADJ
fsr-3244	494	14	manner	manner	NOUN
fsr-3244	494	15	as	as	ADP
fsr-3244	494	16	tips	tip	NOUN
fsr-3244	494	17	.	.	PUNCT
fsr-3244	495	1	in	in	ADP
fsr-3244	495	2	particular	particular	ADJ
fsr-3244	495	3	,	,	PUNCT
fsr-3244	495	4	the	the	DET
fsr-3244	495	5	inflation	inflation	NOUN
fsr-3244	495	6	index	index	NOUN
fsr-3244	495	7	is	be	AUX
fsr-3244	495	8	the	the	DET
fsr-3244	495	9	consumer	consumer	NOUN
fsr-3244	495	10	price	price	NOUN
fsr-3244	495	11	index	index	NOUN
fsr-3244	495	12	for	for	ADP
fsr-3244	495	13	all	all	DET
fsr-3244	495	14	urban	urban	ADJ
fsr-3244	495	15	consumers	consumer	NOUN
fsr-3244	495	16	(	(	PUNCT
fsr-3244	495	17	cpi	cpi	NOUN
fsr-3244	495	18	-	-	PUNCT
fsr-3244	495	19	u	u	NOUN
fsr-3244	495	20	)	)	PUNCT
fsr-3244	495	21	,	,	PUNCT
fsr-3244	495	22	non	non	ADJ
fsr-3244	495	23	-	-	ADJ
fsr-3244	495	24	seasonally	seasonally	ADV
fsr-3244	495	25	adjusted	adjust	VERB
fsr-3244	495	26	,	,	PUNCT
fsr-3244	495	27	and	and	CCONJ
fsr-3244	495	28	the	the	DET
fsr-3244	495	29	annuity	annuity	NOUN
fsr-3244	495	30	is	be	AUX
fsr-3244	495	31	indexed	index	VERB
fsr-3244	495	32	with	with	ADP
fsr-3244	495	33	the	the	DET
fsr-3244	495	34	same	same	ADJ
fsr-3244	495	35	lag	lag	NOUN
fsr-3244	495	36	as	as	ADP
fsr-3244	495	37	tips	tip	NOUN
fsr-3244	495	38	.	.	PUNCT
fsr-3244	496	1	we	we	PRON
fsr-3244	496	2	also	also	ADV
fsr-3244	496	3	analyze	analyze	VERB
fsr-3244	496	4	the	the	DET
fsr-3244	496	5	strategy	strategy	NOUN
fsr-3244	496	6	when	when	SCONJ
fsr-3244	496	7	the	the	DET
fsr-3244	496	8	deferred	deferred	ADJ
fsr-3244	496	9	annuity	annuity	NOUN
fsr-3244	496	10	is	be	AUX
fsr-3244	496	11	not	not	PART
fsr-3244	496	12	indexed	index	VERB
fsr-3244	496	13	.	.	PUNCT
fsr-3244	497	1	in	in	ADP
fsr-3244	497	2	that	that	DET
fsr-3244	497	3	case	case	NOUN
fsr-3244	497	4	,	,	PUNCT
fsr-3244	497	5	we	we	PRON
fsr-3244	497	6	carry	carry	VERB
fsr-3244	497	7	out	out	ADP
fsr-3244	497	8	the	the	DET
fsr-3244	497	9	calculations	calculation	NOUN
fsr-3244	497	10	for	for	ADP
fsr-3244	497	11	the	the	DET
fsr-3244	497	12	deferred	defer	VERB
fsr-3244	497	13	pension	pension	NOUN
fsr-3244	497	14	annuity	annuity	NOUN
fsr-3244	497	15	factor	factor	NOUN
fsr-3244	497	16	,	,	PUNCT
fsr-3244	497	17	dpaf	dpaf	PROPN
fsr-3244	497	18	,	,	PUNCT
fsr-3244	497	19	with	with	ADP
fsr-3244	497	20	yt	yt	PROPN
fsr-3244	497	21	�	�	PROPN
fsr-3244	497	22	x	x	PROPN
fsr-3244	497	23	�	�	PROPN
fsr-3244	497	24	�	�	PROPN
fsr-3244	497	25	i	i	PRON
fsr-3244	497	26	�	�	PROPN
fsr-3244	497	27	,	,	PUNCT
fsr-3244	497	28	the	the	DET
fsr-3244	497	29	annualized	annualize	VERB
fsr-3244	497	30	nominal	nominal	ADJ
fsr-3244	497	31	yield	yield	NOUN
fsr-3244	497	32	at	at	ADP
fsr-3244	497	33	time	time	NOUN
fsr-3244	497	34	t(x	t(x	PROPN
fsr-3244	497	35	)	)	PUNCT
fsr-3244	497	36	on	on	ADP
fsr-3244	497	37	a	a	DET
fsr-3244	497	38	zero	zero	NUM
fsr-3244	497	39	-	-	PUNCT
fsr-3244	497	40	coupon	coupon	NOUN
fsr-3244	497	41	,	,	PUNCT
fsr-3244	497	42	default	default	NOUN
fsr-3244	497	43	-	-	PUNCT
fsr-3244	497	44	risk	risk	NOUN
fsr-3244	497	45	free	free	ADJ
fsr-3244	497	46	treasury	treasury	NOUN
fsr-3244	497	47	bond	bond	NOUN
fsr-3244	497	48	that	that	PRON
fsr-3244	497	49	matures	mature	VERB
fsr-3244	497	50	in	in	ADP
fsr-3244	497	51	i	i	PROPN
fsr-3244	497	52	months	month	NOUN
fsr-3244	497	53	.	.	PUNCT
fsr-3244	498	1	the	the	DET
fsr-3244	498	2	fixed	fix	VERB
fsr-3244	498	3	nominal	nominal	ADJ
fsr-3244	498	4	value	value	NOUN
fsr-3244	498	5	of	of	ADP
fsr-3244	498	6	the	the	DET
fsr-3244	498	7	deferred	defer	VERB
fsr-3244	498	8	annuity	annuity	NOUN
fsr-3244	498	9	payment	payment	NOUN
fsr-3244	498	10	is	be	AUX
fsr-3244	498	11	set	set	VERB
fsr-3244	498	12	equal	equal	ADJ
fsr-3244	498	13	to	to	ADP
fsr-3244	498	14	the	the	DET
fsr-3244	498	15	time	time	NOUN
fsr-3244	498	16	of	of	ADP
fsr-3244	498	17	retirement	retirement	NOUN
fsr-3244	498	18	dollar	dollar	NOUN
fsr-3244	498	19	value	value	NOUN
fsr-3244	498	20	of	of	ADP
fsr-3244	498	21	the	the	DET
fsr-3244	498	22	level	level	NOUN
fsr-3244	498	23	inflation	inflation	NOUN
fsr-3244	498	24	-	-	PUNCT
fsr-3244	498	25	indexed	index	VERB
fsr-3244	498	26	payouts	payout	NOUN
fsr-3244	498	27	from	from	ADP
fsr-3244	498	28	the	the	DET
fsr-3244	498	29	tips	tip	NOUN
fsr-3244	498	30	ladder	ladder	NOUN
fsr-3244	498	31	.	.	PUNCT
fsr-3244	499	1	appendix	appendix	VERB
fsr-3244	499	2	b	b	NOUN
fsr-3244	499	3	:	:	PUNCT
fsr-3244	499	4	construction	construction	NOUN
fsr-3244	499	5	of	of	ADP
fsr-3244	499	6	the	the	DET
fsr-3244	499	7	tips	tip	NOUN
fsr-3244	499	8	ladder	ladder	NOUN
fsr-3244	499	9	let	let	VERB
fsr-3244	499	10	i	i	PRON
fsr-3244	499	11	,	,	PUNCT
fsr-3244	499	12	n	n	X
fsr-3244	499	13	be	be	VERB
fsr-3244	499	14	the	the	DET
fsr-3244	499	15	sum	sum	NOUN
fsr-3244	499	16	of	of	ADP
fsr-3244	499	17	the	the	DET
fsr-3244	499	18	inflation	inflation	NOUN
fsr-3244	499	19	-	-	PUNCT
fsr-3244	499	20	indexed	index	VERB
fsr-3244	499	21	cash	cash	NOUN
fsr-3244	499	22	flows	flow	NOUN
fsr-3244	499	23	to	to	PART
fsr-3244	499	24	be	be	AUX
fsr-3244	499	25	paid	pay	VERB
fsr-3244	499	26	in	in	ADP
fsr-3244	499	27	year	year	NOUN
fsr-3244	499	28	i	i	PRON
fsr-3244	499	29	by	by	ADP
fsr-3244	499	30	the	the	DET
fsr-3244	499	31	bond	bond	NOUN
fsr-3244	499	32	that	that	PRON
fsr-3244	499	33	matures	mature	VERB
fsr-3244	499	34	in	in	ADP
fsr-3244	499	35	ladder	ladder	NOUN
fsr-3244	499	36	year	year	NOUN
fsr-3244	499	37	n.	n.	PROPN
fsr-3244	499	38	i	i	PROPN
fsr-3244	499	39	,	,	PUNCT
fsr-3244	499	40	n	n	PROPN
fsr-3244	499	41	is	be	AUX
fsr-3244	499	42	expressed	express	VERB
fsr-3244	499	43	in	in	ADP
fsr-3244	499	44	retirement	retirement	NOUN
fsr-3244	499	45	date	date	NOUN
fsr-3244	499	46	dollars	dollar	NOUN
fsr-3244	499	47	.	.	PUNCT
fsr-3244	500	1	when	when	SCONJ
fsr-3244	500	2	i	i	PRON
fsr-3244	500	3	�	�	PROPN
fsr-3244	500	4	n	n	CCONJ
fsr-3244	500	5	,	,	PUNCT
fsr-3244	500	6	i	i	PRON
fsr-3244	500	7	,	,	PUNCT
fsr-3244	500	8	n	n	PROPN
fsr-3244	500	9	is	be	AUX
fsr-3244	500	10	the	the	DET
fsr-3244	500	11	sum	sum	NOUN
fsr-3244	500	12	of	of	ADP
fsr-3244	500	13	the	the	DET
fsr-3244	500	14	two	two	NUM
fsr-3244	500	15	coupon	coupon	NOUN
fsr-3244	500	16	payments	payment	NOUN
fsr-3244	500	17	to	to	PART
fsr-3244	500	18	be	be	AUX
fsr-3244	500	19	paid	pay	VERB
fsr-3244	500	20	in	in	ADP
fsr-3244	500	21	ladder	ladder	NOUN
fsr-3244	500	22	year	year	PROPN
fsr-3244	500	23	i.	i.	NOUN
fsr-3244	500	24	when	when	SCONJ
fsr-3244	500	25	i	i	PRON
fsr-3244	500	26	�	�	PROPN
fsr-3244	500	27	n	n	CCONJ
fsr-3244	500	28	,	,	PUNCT
fsr-3244	500	29	i	i	PRON
fsr-3244	500	30	,	,	PUNCT
fsr-3244	500	31	n	n	PROPN
fsr-3244	500	32	is	be	AUX
fsr-3244	500	33	the	the	DET
fsr-3244	500	34	sum	sum	NOUN
fsr-3244	500	35	of	of	ADP
fsr-3244	500	36	the	the	DET
fsr-3244	500	37	one	one	NUM
fsr-3244	500	38	or	or	CCONJ
fsr-3244	500	39	two	two	NUM
fsr-3244	500	40	coupon	coupon	NOUN
fsr-3244	500	41	payments	payment	NOUN
fsr-3244	500	42	to	to	PART
fsr-3244	500	43	be	be	AUX
fsr-3244	500	44	paid	pay	VERB
fsr-3244	500	45	in	in	ADP
fsr-3244	500	46	ladder	ladder	NOUN
fsr-3244	500	47	year	year	NOUN
fsr-3244	500	48	n	n	PROPN
fsr-3244	500	49	and	and	CCONJ
fsr-3244	500	50	the	the	DET
fsr-3244	500	51	par	par	NOUN
fsr-3244	500	52	to	to	PART
fsr-3244	500	53	be	be	AUX
fsr-3244	500	54	paid	pay	VERB
fsr-3244	500	55	at	at	ADP
fsr-3244	500	56	maturity	maturity	NOUN
fsr-3244	500	57	.	.	PUNCT
fsr-3244	501	1	when	when	SCONJ
fsr-3244	501	2	i	i	PRON
fsr-3244	501	3	�	�	PROPN
fsr-3244	501	4	n	n	CCONJ
fsr-3244	501	5	,	,	PUNCT
fsr-3244	501	6	i	i	PRON
fsr-3244	501	7	,	,	PUNCT
fsr-3244	501	8	n	n	X
fsr-3244	501	9	�	�	PROPN
fsr-3244	501	10	0	0	NUM
fsr-3244	501	11	.	.	PUNCT
fsr-3244	502	1	thus	thus	ADV
fsr-3244	502	2	,	,	PUNCT
fsr-3244	502	3	in	in	ADP
fsr-3244	502	4	year	year	NOUN
fsr-3244	502	5	k	k	NOUN
fsr-3244	502	6	,	,	PUNCT
fsr-3244	502	7	the	the	DET
fsr-3244	502	8	total	total	NOUN
fsr-3244	502	9	of	of	ADP
fsr-3244	502	10	the	the	DET
fsr-3244	502	11	payments	payment	NOUN
fsr-3244	502	12	from	from	ADP
fsr-3244	502	13	the	the	DET
fsr-3244	502	14	tips	tip	NOUN
fsr-3244	502	15	is	be	AUX
fsr-3244	502	16	382	382	NUM
fsr-3244	502	17	p.j	p.j	NOUN
fsr-3244	502	18	.	.	PROPN
fsr-3244	502	19	haensly	haensly	PROPN
fsr-3244	502	20	,	,	PUNCT
fsr-3244	502	21	k.p	k.p	PROPN
fsr-3244	502	22	.	.	PROPN
fsr-3244	502	23	pai	pai	PROPN
fsr-3244	502	24	/	/	SYM
fsr-3244	502	25	financial	financial	ADJ
fsr-3244	502	26	services	service	NOUN
fsr-3244	502	27	review	review	VERB
fsr-3244	502	28	24	24	NUM
fsr-3244	502	29	(	(	PUNCT
fsr-3244	502	30	2015	2015	NUM
fsr-3244	502	31	)	)	PUNCT
fsr-3244	502	32	359–386	359–386	NUM
fsr-3244	502	33	ak	ak	PROPN
fsr-3244	502	34	�	�	PROPN
fsr-3244	502	35	�	�	PROPN
fsr-3244	502	36	j	j	PROPN
fsr-3244	502	37	�	�	PROPN
fsr-3244	502	38	k	k	PROPN
fsr-3244	502	39	n	n	CCONJ
fsr-3244	502	40	�	�	PROPN
fsr-3244	502	41	1	1	NUM
fsr-3244	502	42	�	�	PROPN
fsr-3244	502	43	k	k	PROPN
fsr-3244	502	44	,	,	PUNCT
fsr-3244	502	45	jnj	jnj	PROPN
fsr-3244	502	46	,	,	PUNCT
fsr-3244	502	47	k	k	PROPN
fsr-3244	502	48	�	�	PROPN
fsr-3244	502	49	1	1	NUM
fsr-3244	502	50	,	,	PUNCT
fsr-3244	502	51	2	2	NUM
fsr-3244	502	52	,	,	PUNCT
fsr-3244	502	53	.	.	PUNCT
fsr-3244	502	54	.	.	PUNCT
fsr-3244	503	1	.	.	PUNCT
fsr-3244	504	1	,	,	PUNCT
fsr-3244	504	2	n	n	X
fsr-3244	504	3	�	�	PROPN
fsr-3244	504	4	1	1	NUM
fsr-3244	504	5	,	,	PUNCT
fsr-3244	504	6	(	(	PUNCT
fsr-3244	504	7	b1	b1	NOUN
fsr-3244	504	8	)	)	PUNCT
fsr-3244	504	9	where	where	SCONJ
fsr-3244	504	10	nj	nj	PROPN
fsr-3244	504	11	is	be	AUX
fsr-3244	504	12	the	the	DET
fsr-3244	504	13	number	number	NOUN
fsr-3244	504	14	of	of	ADP
fsr-3244	504	15	tips	tip	NOUN
fsr-3244	504	16	that	that	PRON
fsr-3244	504	17	mature	mature	VERB
fsr-3244	504	18	in	in	ADP
fsr-3244	504	19	ladder	ladder	NOUN
fsr-3244	504	20	year	year	PROPN
fsr-3244	504	21	j	j	PROPN
fsr-3244	504	22	,	,	PUNCT
fsr-3244	504	23	n	n	PROPN
fsr-3244	504	24	is	be	AUX
fsr-3244	504	25	number	number	NOUN
fsr-3244	504	26	of	of	ADP
fsr-3244	504	27	years	year	NOUN
fsr-3244	504	28	in	in	ADP
fsr-3244	504	29	the	the	DET
fsr-3244	504	30	ladder	ladder	NOUN
fsr-3244	504	31	,	,	PUNCT
fsr-3244	504	32	and	and	CCONJ
fsr-3244	504	33	ak	ak	PROPN
fsr-3244	504	34	is	be	AUX
fsr-3244	504	35	expressed	express	VERB
fsr-3244	504	36	in	in	ADP
fsr-3244	504	37	terms	term	NOUN
fsr-3244	504	38	of	of	ADP
fsr-3244	504	39	retirement	retirement	NOUN
fsr-3244	504	40	date	date	NOUN
fsr-3244	504	41	dollars	dollar	NOUN
fsr-3244	504	42	.	.	PUNCT
fsr-3244	505	1	(	(	PUNCT
fsr-3244	505	2	keep	keep	VERB
fsr-3244	505	3	in	in	ADP
fsr-3244	505	4	mind	mind	NOUN
fsr-3244	505	5	that	that	SCONJ
fsr-3244	505	6	tips	tip	NOUN
fsr-3244	505	7	payments	payment	NOUN
fsr-3244	505	8	in	in	ADP
fsr-3244	505	9	ladder	ladder	NOUN
fsr-3244	505	10	year	year	NOUN
fsr-3244	505	11	k	k	PROPN
fsr-3244	505	12	finance	finance	NOUN
fsr-3244	505	13	consumption	consumption	NOUN
fsr-3244	505	14	in	in	ADP
fsr-3244	505	15	ladder	ladder	NOUN
fsr-3244	505	16	year	year	NOUN
fsr-3244	505	17	k	k	PROPN
fsr-3244	505	18	�	�	PROPN
fsr-3244	505	19	1	1	NUM
fsr-3244	505	20	.	.	PUNCT
fsr-3244	505	21	)	)	PUNCT
fsr-3244	506	1	consistent	consistent	ADJ
fsr-3244	506	2	with	with	ADP
fsr-3244	506	3	the	the	DET
fsr-3244	506	4	financial	financial	ADJ
fsr-3244	506	5	planning	planning	NOUN
fsr-3244	506	6	paradigm	paradigm	NOUN
fsr-3244	506	7	of	of	ADP
fsr-3244	506	8	consumption	consumption	NOUN
fsr-3244	506	9	smoothing	smoothing	NOUN
fsr-3244	506	10	(	(	PUNCT
fsr-3244	506	11	see	see	INTJ
fsr-3244	506	12	,	,	PUNCT
fsr-3244	506	13	e.g.	e.g.	ADV
fsr-3244	506	14	,	,	PUNCT
fsr-3244	506	15	kotlikoff	kotlikoff	X
fsr-3244	506	16	(	(	PUNCT
fsr-3244	506	17	2007	2007	NUM
fsr-3244	506	18	)	)	PUNCT
fsr-3244	506	19	)	)	PUNCT
fsr-3244	506	20	,	,	PUNCT
fsr-3244	506	21	we	we	PRON
fsr-3244	506	22	impose	impose	VERB
fsr-3244	506	23	the	the	DET
fsr-3244	506	24	constraint	constraint	NOUN
fsr-3244	506	25	that	that	PRON
fsr-3244	506	26	ak	ak	PROPN
fsr-3244	506	27	�	�	PROPN
fsr-3244	506	28	a	a	PRON
fsr-3244	506	29	for	for	ADP
fsr-3244	506	30	all	all	DET
fsr-3244	506	31	years	year	NOUN
fsr-3244	506	32	k.	k.	PROPN
fsr-3244	506	33	for	for	ADP
fsr-3244	506	34	convenience	convenience	NOUN
fsr-3244	506	35	,	,	PUNCT
fsr-3244	506	36	we	we	PRON
fsr-3244	506	37	express	express	VERB
fsr-3244	506	38	the	the	DET
fsr-3244	506	39	system	system	NOUN
fsr-3244	506	40	of	of	ADP
fsr-3244	506	41	equations	equation	NOUN
fsr-3244	506	42	in	in	ADP
fsr-3244	506	43	(	(	PUNCT
fsr-3244	506	44	b1	b1	NOUN
fsr-3244	506	45	)	)	PUNCT
fsr-3244	506	46	in	in	ADP
fsr-3244	506	47	matrix	matrix	NOUN
fsr-3244	506	48	notation	notation	NOUN
fsr-3244	506	49	:	:	PUNCT
fsr-3244	506	50	�	�	PROPN
fsr-3244	506	51	n	n	CCONJ
fsr-3244	506	52	�	�	PROPN
fsr-3244	506	53	a1	a1	PROPN
fsr-3244	506	54	,	,	PUNCT
fsr-3244	506	55	(	(	PUNCT
fsr-3244	506	56	b2	b2	NOUN
fsr-3244	506	57	)	)	PUNCT
fsr-3244	506	58	where	where	SCONJ
fsr-3244	506	59	�	�	PROPN
fsr-3244	506	60	is	be	AUX
fsr-3244	506	61	an	an	DET
fsr-3244	506	62	n-1	n-1	NOUN
fsr-3244	506	63	by	by	ADP
fsr-3244	506	64	n-1	n-1	NOUN
fsr-3244	506	65	upper	upper	PROPN
fsr-3244	506	66	triangular	triangular	NOUN
fsr-3244	506	67	array	array	NOUN
fsr-3244	506	68	.	.	PUNCT
fsr-3244	507	1	by	by	ADP
fsr-3244	507	2	design	design	NOUN
fsr-3244	507	3	,	,	PUNCT
fsr-3244	507	4	this	this	DET
fsr-3244	507	5	array	array	NOUN
fsr-3244	507	6	is	be	AUX
fsr-3244	507	7	non	non	ADJ
fsr-3244	507	8	-	-	ADJ
fsr-3244	507	9	singular	singular	ADJ
fsr-3244	507	10	.	.	PUNCT
fsr-3244	508	1	hence	hence	ADV
fsr-3244	508	2	we	we	PRON
fsr-3244	508	3	can	can	AUX
fsr-3244	508	4	solve	solve	VERB
fsr-3244	508	5	for	for	ADP
fsr-3244	508	6	the	the	DET
fsr-3244	508	7	number	number	NOUN
fsr-3244	508	8	of	of	ADP
fsr-3244	508	9	bonds	bond	NOUN
fsr-3244	508	10	of	of	ADP
fsr-3244	508	11	each	each	DET
fsr-3244	508	12	maturity	maturity	NOUN
fsr-3244	508	13	:	:	PUNCT
fsr-3244	508	14	n	n	CCONJ
fsr-3244	508	15	�	�	PROPN
fsr-3244	508	16	a	a	DET
fsr-3244	508	17	�	�	PROPN
fsr-3244	508	18	�	�	PROPN
fsr-3244	508	19	11	11	NUM
fsr-3244	508	20	.	.	PUNCT
fsr-3244	509	1	(	(	PUNCT
fsr-3244	509	2	b3	b3	PROPN
fsr-3244	509	3	)	)	PUNCT
fsr-3244	509	4	total	total	ADJ
fsr-3244	509	5	cost	cost	NOUN
fsr-3244	509	6	of	of	ADP
fsr-3244	509	7	the	the	DET
fsr-3244	509	8	ladder	ladder	NOUN
fsr-3244	509	9	is	be	AUX
fsr-3244	509	10	wtlw	wtlw	ADJ
fsr-3244	509	11	�	�	PROPN
fsr-3244	509	12	a	a	DET
fsr-3244	509	13	�	�	PROPN
fsr-3244	509	14	1	1	NUM
fsr-3244	509	15	�	�	PROPN
fsr-3244	509	16	fb	fb	NOUN
fsr-3244	509	17	�	�	PROPN
fsr-3244	509	18	pt	pt	PROPN
fsr-3244	509	19	�	�	PROPN
fsr-3244	509	20	�	�	PROPN
fsr-3244	509	21	11	11	NUM
fsr-3244	509	22	�	�	PROPN
fsr-3244	509	23	a	a	PRON
fsr-3244	509	24	,	,	PUNCT
fsr-3244	509	25	(	(	PUNCT
fsr-3244	509	26	b4	b4	NOUN
fsr-3244	509	27	)	)	PUNCT
fsr-3244	509	28	where	where	SCONJ
fsr-3244	509	29	wtl	wtl	PROPN
fsr-3244	509	30	is	be	AUX
fsr-3244	509	31	the	the	DET
fsr-3244	509	32	allocation	allocation	NOUN
fsr-3244	509	33	of	of	ADP
fsr-3244	509	34	wealth	wealth	NOUN
fsr-3244	509	35	w	w	NOUN
fsr-3244	509	36	at	at	ADP
fsr-3244	509	37	retirement	retirement	NOUN
fsr-3244	509	38	to	to	ADP
fsr-3244	509	39	the	the	DET
fsr-3244	509	40	tips	tip	NOUN
fsr-3244	509	41	ladder	ladder	NOUN
fsr-3244	509	42	;	;	PUNCT
fsr-3244	509	43	fb	fb	INTJ
fsr-3244	509	44	is	be	AUX
fsr-3244	509	45	the	the	DET
fsr-3244	509	46	transactions	transaction	NOUN
fsr-3244	509	47	cost	cost	NOUN
fsr-3244	509	48	paid	pay	VERB
fsr-3244	509	49	to	to	PART
fsr-3244	509	50	buy	buy	VERB
fsr-3244	509	51	tips	tip	NOUN
fsr-3244	509	52	,	,	PUNCT
fsr-3244	509	53	expressed	express	VERB
fsr-3244	509	54	as	as	ADP
fsr-3244	509	55	a	a	DET
fsr-3244	509	56	percentage	percentage	NOUN
fsr-3244	509	57	of	of	ADP
fsr-3244	509	58	price	price	NOUN
fsr-3244	509	59	;	;	PUNCT
fsr-3244	509	60	p	p	PRON
fsr-3244	509	61	is	be	AUX
fsr-3244	509	62	a	a	DET
fsr-3244	509	63	vector	vector	NOUN
fsr-3244	509	64	of	of	ADP
fsr-3244	509	65	prices	price	NOUN
fsr-3244	509	66	for	for	ADP
fsr-3244	509	67	the	the	DET
fsr-3244	509	68	tips	tip	NOUN
fsr-3244	509	69	maturing	mature	VERB
fsr-3244	509	70	in	in	ADP
fsr-3244	509	71	years	year	NOUN
fsr-3244	509	72	k	k	PROPN
fsr-3244	509	73	�	�	PROPN
fsr-3244	509	74	1	1	NUM
fsr-3244	509	75	,	,	PUNCT
fsr-3244	509	76	2	2	NUM
fsr-3244	509	77	,	,	PUNCT
fsr-3244	509	78	.	.	PUNCT
fsr-3244	509	79	.	.	PUNCT
fsr-3244	510	1	.	.	PUNCT
fsr-3244	510	2	,	,	PUNCT
fsr-3244	510	3	n	n	PROPN
fsr-3244	510	4	1	1	NUM
fsr-3244	510	5	of	of	ADP
fsr-3244	510	6	the	the	DET
fsr-3244	510	7	ladder	ladder	NOUN
fsr-3244	510	8	(	(	PUNCT
fsr-3244	510	9	where	where	SCONJ
fsr-3244	510	10	price	price	NOUN
fsr-3244	510	11	is	be	AUX
fsr-3244	510	12	dollars	dollar	NOUN
fsr-3244	510	13	per	per	ADP
fsr-3244	510	14	$	$	SYM
fsr-3244	510	15	100	100	NUM
fsr-3244	510	16	par	par	NOUN
fsr-3244	510	17	)	)	PUNCT
fsr-3244	510	18	;	;	PUNCT
fsr-3244	510	19	and	and	CCONJ
fsr-3244	510	20	the	the	DET
fsr-3244	510	21	second	second	ADJ
fsr-3244	510	22	term	term	NOUN
fsr-3244	510	23	,	,	PUNCT
fsr-3244	510	24	a	a	PRON
fsr-3244	510	25	,	,	PUNCT
fsr-3244	510	26	on	on	ADP
fsr-3244	510	27	the	the	DET
fsr-3244	510	28	right	right	ADJ
fsr-3244	510	29	-	-	PUNCT
fsr-3244	510	30	hand	hand	NOUN
fsr-3244	510	31	side	side	NOUN
fsr-3244	510	32	is	be	AUX
fsr-3244	510	33	the	the	DET
fsr-3244	510	34	cash	cash	NOUN
fsr-3244	510	35	set	set	VERB
fsr-3244	510	36	aside	aside	ADV
fsr-3244	510	37	for	for	ADP
fsr-3244	510	38	consumption	consumption	NOUN
fsr-3244	510	39	in	in	ADP
fsr-3244	510	40	the	the	DET
fsr-3244	510	41	first	first	ADJ
fsr-3244	510	42	year	year	NOUN
fsr-3244	510	43	of	of	ADP
fsr-3244	510	44	the	the	DET
fsr-3244	510	45	ladder	ladder	NOUN
fsr-3244	510	46	.	.	PUNCT
fsr-3244	511	1	at	at	ADP
fsr-3244	511	2	this	this	DET
fsr-3244	511	3	stage	stage	NOUN
fsr-3244	511	4	in	in	ADP
fsr-3244	511	5	the	the	DET
fsr-3244	511	6	calculation	calculation	NOUN
fsr-3244	511	7	,	,	PUNCT
fsr-3244	511	8	we	we	PRON
fsr-3244	511	9	simplify	simplify	VERB
fsr-3244	511	10	by	by	ADP
fsr-3244	511	11	assuming	assume	VERB
fsr-3244	511	12	that	that	SCONJ
fsr-3244	511	13	the	the	DET
fsr-3244	511	14	transactions	transaction	NOUN
fsr-3244	511	15	cost	cost	NOUN
fsr-3244	511	16	,	,	PUNCT
fsr-3244	511	17	fb	fb	INTJ
fsr-3244	511	18	,	,	PUNCT
fsr-3244	511	19	is	be	AUX
fsr-3244	511	20	the	the	DET
fsr-3244	511	21	same	same	ADJ
fsr-3244	511	22	rate	rate	NOUN
fsr-3244	511	23	for	for	ADP
fsr-3244	511	24	all	all	DET
fsr-3244	511	25	tips	tip	NOUN
fsr-3244	511	26	.	.	PUNCT
fsr-3244	512	1	in	in	ADP
fsr-3244	512	2	the	the	DET
fsr-3244	512	3	simulation	simulation	NOUN
fsr-3244	512	4	,	,	PUNCT
fsr-3244	512	5	once	once	SCONJ
fsr-3244	512	6	the	the	DET
fsr-3244	512	7	investor	investor	NOUN
fsr-3244	512	8	has	have	AUX
fsr-3244	512	9	determined	determine	VERB
fsr-3244	512	10	how	how	SCONJ
fsr-3244	512	11	many	many	ADJ
fsr-3244	512	12	of	of	ADP
fsr-3244	512	13	each	each	DET
fsr-3244	512	14	tips	tip	NOUN
fsr-3244	512	15	issue	issue	NOUN
fsr-3244	512	16	to	to	PART
fsr-3244	512	17	buy	buy	VERB
fsr-3244	512	18	,	,	PUNCT
fsr-3244	512	19	the	the	DET
fsr-3244	512	20	investor	investor	NOUN
fsr-3244	512	21	then	then	ADV
fsr-3244	512	22	pays	pay	VERB
fsr-3244	512	23	transactions	transaction	NOUN
fsr-3244	512	24	fees	fee	NOUN
fsr-3244	512	25	that	that	PRON
fsr-3244	512	26	depend	depend	VERB
fsr-3244	512	27	on	on	ADP
fsr-3244	512	28	the	the	DET
fsr-3244	512	29	venue	venue	NOUN
fsr-3244	512	30	:	:	PUNCT
fsr-3244	512	31	2	2	NUM
fsr-3244	512	32	%	%	NOUN
fsr-3244	512	33	of	of	ADP
fsr-3244	512	34	the	the	DET
fsr-3244	512	35	market	market	NOUN
fsr-3244	512	36	price	price	NOUN
fsr-3244	512	37	if	if	SCONJ
fsr-3244	512	38	purchased	purchase	VERB
fsr-3244	512	39	in	in	ADP
fsr-3244	512	40	the	the	DET
fsr-3244	512	41	secondary	secondary	ADJ
fsr-3244	512	42	market	market	NOUN
fsr-3244	512	43	,	,	PUNCT
fsr-3244	512	44	and	and	CCONJ
fsr-3244	512	45	no	no	DET
fsr-3244	512	46	fees	fee	NOUN
fsr-3244	512	47	if	if	SCONJ
fsr-3244	512	48	purchased	purchase	VERB
fsr-3244	512	49	at	at	ADP
fsr-3244	512	50	an	an	DET
fsr-3244	512	51	auction	auction	NOUN
fsr-3244	512	52	.	.	PUNCT
fsr-3244	513	1	let	let	VERB
fsr-3244	513	2	p*tl	p*tl	NOUN
fsr-3244	513	3	be	be	AUX
fsr-3244	513	4	the	the	DET
fsr-3244	513	5	monthly	monthly	ADJ
fsr-3244	513	6	payout	payout	NOUN
fsr-3244	513	7	,	,	PUNCT
fsr-3244	513	8	expressed	express	VERB
fsr-3244	513	9	in	in	ADP
fsr-3244	513	10	retirement	retirement	NOUN
fsr-3244	513	11	month	month	NOUN
fsr-3244	513	12	dollars	dollar	NOUN
fsr-3244	513	13	,	,	PUNCT
fsr-3244	513	14	to	to	PART
fsr-3244	513	15	be	be	AUX
fsr-3244	513	16	supported	support	VERB
fsr-3244	513	17	by	by	ADP
fsr-3244	513	18	the	the	DET
fsr-3244	513	19	tips	tip	NOUN
fsr-3244	513	20	ladder	ladder	NOUN
fsr-3244	513	21	.	.	PUNCT
fsr-3244	514	1	then	then	ADV
fsr-3244	514	2	p*tl	p*tl	PROPN
fsr-3244	514	3	�	�	PROPN
fsr-3244	514	4	a	a	DET
fsr-3244	514	5	12	12	NUM
fsr-3244	514	6	.	.	PUNCT
fsr-3244	515	1	we	we	PRON
fsr-3244	515	2	design	design	VERB
fsr-3244	515	3	the	the	DET
fsr-3244	515	4	ladder	ladder	NOUN
fsr-3244	515	5	and	and	CCONJ
fsr-3244	515	6	annuity	annuity	NOUN
fsr-3244	515	7	so	so	SCONJ
fsr-3244	515	8	that	that	SCONJ
fsr-3244	515	9	p*tl	p*tl	PROPN
fsr-3244	515	10	�	�	PROPN
fsr-3244	515	11	p*da	p*da	PROPN
fsr-3244	515	12	,	,	PUNCT
fsr-3244	515	13	where	where	SCONJ
fsr-3244	515	14	p*da	p*da	PROPN
fsr-3244	515	15	�	�	PROPN
fsr-3244	515	16	�	�	PROPN
fsr-3244	515	17	1	1	NUM
fsr-3244	515	18	�	�	PROPN
fsr-3244	515	19	wtl	wtl	PROPN
fsr-3244	515	20	�	�	PROPN
fsr-3244	515	21	w	w	PROPN
fsr-3244	515	22	�	�	PROPN
fsr-3244	515	23	1	1	NUM
fsr-3244	515	24	�	�	PROPN
fsr-3244	515	25	fda	fda	PROPN
fsr-3244	515	26	�	�	PROPN
fsr-3244	515	27	dpaf	dpaf	PROPN
fsr-3244	515	28	*	*	PROPN
fsr-3244	515	29	,	,	PUNCT
fsr-3244	515	30	(	(	PUNCT
fsr-3244	515	31	b5	b5	PROPN
fsr-3244	515	32	)	)	PUNCT
fsr-3244	515	33	and	and	CCONJ
fsr-3244	515	34	fda	fda	PROPN
fsr-3244	515	35	is	be	AUX
fsr-3244	515	36	the	the	DET
fsr-3244	515	37	percentage	percentage	NOUN
fsr-3244	515	38	of	of	ADP
fsr-3244	515	39	the	the	DET
fsr-3244	515	40	total	total	ADJ
fsr-3244	515	41	annuity	annuity	NOUN
fsr-3244	515	42	premium	premium	NOUN
fsr-3244	515	43	paid	pay	VERB
fsr-3244	515	44	as	as	ADP
fsr-3244	515	45	a	a	DET
fsr-3244	515	46	transactions	transaction	NOUN
fsr-3244	515	47	fee	fee	NOUN
fsr-3244	515	48	to	to	ADP
fsr-3244	515	49	the	the	DET
fsr-3244	515	50	issuer	issuer	NOUN
fsr-3244	515	51	.	.	PUNCT
fsr-3244	516	1	hence	hence	ADV
fsr-3244	516	2	,	,	PUNCT
fsr-3244	516	3	a	a	DET
fsr-3244	516	4	12	12	NUM
fsr-3244	516	5	�	�	PROPN
fsr-3244	516	6	�	�	PROPN
fsr-3244	516	7	1	1	NUM
fsr-3244	516	8	�	�	PROPN
fsr-3244	516	9	wtl	wtl	PROPN
fsr-3244	516	10	�	�	PROPN
fsr-3244	516	11	w	w	PROPN
fsr-3244	516	12	�	�	PROPN
fsr-3244	516	13	1	1	NUM
fsr-3244	516	14	�	�	PROPN
fsr-3244	516	15	fda	fda	PROPN
fsr-3244	516	16	�	�	PROPN
fsr-3244	516	17	dpaf	dpaf	PROPN
fsr-3244	516	18	*	*	PROPN
fsr-3244	516	19	.	.	PUNCT
fsr-3244	517	1	(	(	PUNCT
fsr-3244	517	2	b6	b6	NOUN
fsr-3244	517	3	)	)	PUNCT
fsr-3244	517	4	solve	solve	NOUN
fsr-3244	517	5	for	for	ADP
fsr-3244	517	6	wtl	wtl	PROPN
fsr-3244	517	7	in	in	ADP
fsr-3244	517	8	eq	eq	ADP
fsr-3244	517	9	.	.	PUNCT
fsr-3244	518	1	(	(	PUNCT
fsr-3244	518	2	b4	b4	NOUN
fsr-3244	518	3	)	)	PUNCT
fsr-3244	518	4	and	and	CCONJ
fsr-3244	518	5	substitute	substitute	VERB
fsr-3244	518	6	into	into	ADP
fsr-3244	518	7	eq	eq	PROPN
fsr-3244	518	8	.	.	PUNCT
fsr-3244	519	1	(	(	PUNCT
fsr-3244	519	2	b6	b6	NOUN
fsr-3244	519	3	):	):	PUNCT
fsr-3244	519	4	383p.j	383p.j	NUM
fsr-3244	519	5	.	.	PUNCT
fsr-3244	520	1	haensly	haensly	ADV
fsr-3244	520	2	,	,	PUNCT
fsr-3244	520	3	k.p	k.p	PROPN
fsr-3244	520	4	.	.	PROPN
fsr-3244	520	5	pai	pai	PROPN
fsr-3244	520	6	/	/	SYM
fsr-3244	520	7	financial	financial	ADJ
fsr-3244	520	8	services	service	NOUN
fsr-3244	520	9	review	review	VERB
fsr-3244	520	10	24	24	NUM
fsr-3244	520	11	(	(	PUNCT
fsr-3244	520	12	2015	2015	NUM
fsr-3244	520	13	)	)	PUNCT
fsr-3244	521	1	359–386	359–386	NUM
fsr-3244	521	2	a	a	DET
fsr-3244	521	3	12	12	NUM
fsr-3244	521	4	�	�	PROPN
fsr-3244	521	5	�	�	PROPN
fsr-3244	521	6	1	1	NUM
fsr-3244	521	7	�	�	PROPN
fsr-3244	521	8	�	�	PROPN
fsr-3244	521	9	�	�	PROPN
fsr-3244	521	10	1	1	NUM
fsr-3244	521	11	�	�	PROPN
fsr-3244	521	12	fb	fb	NOUN
fsr-3244	521	13	�	�	PROPN
fsr-3244	521	14	pt	pt	PROPN
fsr-3244	521	15	�	�	PROPN
fsr-3244	521	16	�	�	PROPN
fsr-3244	521	17	11	11	NUM
fsr-3244	521	18	�	�	NOUN
fsr-3244	521	19	1)(a	1)(a	NUM
fsr-3244	521	20	/	/	SYM
fsr-3244	521	21	w))w(1	w))w(1	PRON
fsr-3244	521	22	�	�	PROPN
fsr-3244	521	23	fda	fda	NOUN
fsr-3244	521	24	)	)	PUNCT
fsr-3244	521	25	dpaf	dpaf	PROPN
fsr-3244	521	26	*	*	PROPN
fsr-3244	521	27	.	.	PUNCT
fsr-3244	522	1	(	(	PUNCT
fsr-3244	522	2	b7	b7	PROPN
fsr-3244	522	3	)	)	PUNCT
fsr-3244	522	4	after	after	ADP
fsr-3244	522	5	solving	solve	VERB
fsr-3244	522	6	for	for	ADP
fsr-3244	522	7	a	a	DET
fsr-3244	522	8	and	and	CCONJ
fsr-3244	522	9	rearranging	rearrange	VERB
fsr-3244	522	10	terms	term	NOUN
fsr-3244	522	11	,	,	PUNCT
fsr-3244	522	12	we	we	PRON
fsr-3244	522	13	have	have	VERB
fsr-3244	522	14	a	a	DET
fsr-3244	522	15	�	�	PROPN
fsr-3244	522	16	w	w	PROPN
fsr-3244	522	17	�	�	PROPN
fsr-3244	522	18	1	1	NUM
fsr-3244	522	19	�	�	PROPN
fsr-3244	522	20	fda	fda	PROPN
fsr-3244	522	21	�	�	PROPN
fsr-3244	522	22	�	�	PROPN
fsr-3244	522	23	dpaf*/12	dpaf*/12	PROPN
fsr-3244	522	24	�	�	PROPN
fsr-3244	522	25	�	�	PROPN
fsr-3244	522	26	�	�	PROPN
fsr-3244	522	27	1	1	NUM
fsr-3244	522	28	�	�	PROPN
fsr-3244	522	29	fda	fda	PROPN
fsr-3244	522	30	�	�	PROPN
fsr-3244	522	31	�	�	PROPN
fsr-3244	522	32	�	�	PROPN
fsr-3244	522	33	1	1	NUM
fsr-3244	522	34	�	�	PROPN
fsr-3244	522	35	fb	fb	NOUN
fsr-3244	522	36	�	�	PROPN
fsr-3244	522	37	pt	pt	PROPN
fsr-3244	522	38	�	�	PROPN
fsr-3244	522	39	�	�	PROPN
fsr-3244	522	40	11	11	NUM
fsr-3244	522	41	�	�	PROPN
fsr-3244	522	42	1	1	NUM
fsr-3244	522	43	�	�	PROPN
fsr-3244	522	44	.	.	PUNCT
fsr-3244	523	1	(	(	PUNCT
fsr-3244	523	2	b8	b8	PROPN
fsr-3244	523	3	)	)	PUNCT
fsr-3244	523	4	to	to	PART
fsr-3244	523	5	solve	solve	VERB
fsr-3244	523	6	for	for	ADP
fsr-3244	523	7	the	the	DET
fsr-3244	523	8	number	number	NOUN
fsr-3244	523	9	of	of	ADP
fsr-3244	523	10	tips	tip	NOUN
fsr-3244	523	11	for	for	ADP
fsr-3244	523	12	each	each	DET
fsr-3244	523	13	maturity	maturity	NOUN
fsr-3244	523	14	,	,	PUNCT
fsr-3244	523	15	substitute	substitute	VERB
fsr-3244	523	16	the	the	DET
fsr-3244	523	17	solution	solution	NOUN
fsr-3244	523	18	from	from	ADP
fsr-3244	523	19	eq	eq	ADP
fsr-3244	523	20	.	.	PUNCT
fsr-3244	523	21	(	(	PUNCT
fsr-3244	523	22	b8	b8	PROPN
fsr-3244	523	23	)	)	PUNCT
fsr-3244	523	24	into	into	ADP
fsr-3244	523	25	eq	eq	NOUN
fsr-3244	523	26	.	.	PUNCT
fsr-3244	524	1	(	(	PUNCT
fsr-3244	524	2	b3	b3	PROPN
fsr-3244	524	3	)	)	PUNCT
fsr-3244	524	4	.	.	PUNCT
fsr-3244	525	1	in	in	ADP
fsr-3244	525	2	the	the	DET
fsr-3244	525	3	simulation	simulation	NOUN
fsr-3244	525	4	,	,	PUNCT
fsr-3244	525	5	we	we	PRON
fsr-3244	525	6	round	round	VERB
fsr-3244	525	7	down	down	ADP
fsr-3244	525	8	to	to	ADP
fsr-3244	525	9	the	the	DET
fsr-3244	525	10	nearest	near	ADJ
fsr-3244	525	11	whole	whole	ADJ
fsr-3244	525	12	number	number	NOUN
fsr-3244	525	13	of	of	ADP
fsr-3244	525	14	tips	tip	NOUN
fsr-3244	525	15	,	,	PUNCT
fsr-3244	525	16	then	then	ADV
fsr-3244	525	17	calculate	calculate	VERB
fsr-3244	525	18	the	the	DET
fsr-3244	525	19	actual	actual	ADJ
fsr-3244	525	20	cost	cost	NOUN
fsr-3244	525	21	of	of	ADP
fsr-3244	525	22	constructing	construct	VERB
fsr-3244	525	23	the	the	DET
fsr-3244	525	24	ladder	ladder	NOUN
fsr-3244	525	25	,	,	PUNCT
fsr-3244	525	26	assuming	assume	VERB
fsr-3244	525	27	that	that	SCONJ
fsr-3244	525	28	an	an	DET
fsr-3244	525	29	amount	amount	NOUN
fsr-3244	525	30	of	of	ADP
fsr-3244	525	31	cash	cash	NOUN
fsr-3244	525	32	equal	equal	ADJ
fsr-3244	525	33	to	to	ADP
fsr-3244	525	34	a	a	PRON
fsr-3244	525	35	is	be	AUX
fsr-3244	525	36	set	set	VERB
fsr-3244	525	37	aside	aside	ADV
fsr-3244	525	38	for	for	ADP
fsr-3244	525	39	the	the	DET
fsr-3244	525	40	consumption	consumption	NOUN
fsr-3244	525	41	in	in	ADP
fsr-3244	525	42	the	the	DET
fsr-3244	525	43	first	first	ADJ
fsr-3244	525	44	year	year	NOUN
fsr-3244	525	45	.	.	PUNCT
fsr-3244	526	1	we	we	PRON
fsr-3244	526	2	then	then	ADV
fsr-3244	526	3	recalculate	recalculate	VERB
fsr-3244	526	4	the	the	DET
fsr-3244	526	5	actual	actual	ADJ
fsr-3244	526	6	weight	weight	NOUN
fsr-3244	526	7	on	on	ADP
fsr-3244	526	8	the	the	DET
fsr-3244	526	9	ladder	ladder	NOUN
fsr-3244	526	10	,	,	PUNCT
fsr-3244	526	11	wtl	wtl	PROPN
fsr-3244	526	12	,	,	PUNCT
fsr-3244	526	13	by	by	ADP
fsr-3244	526	14	dividing	divide	VERB
fsr-3244	526	15	actual	actual	ADJ
fsr-3244	526	16	cost	cost	NOUN
fsr-3244	526	17	by	by	ADP
fsr-3244	526	18	w.	w.	NOUN
fsr-3244	526	19	substituting	substitute	VERB
fsr-3244	526	20	the	the	DET
fsr-3244	526	21	actual	actual	ADJ
fsr-3244	526	22	weight	weight	NOUN
fsr-3244	526	23	back	back	ADV
fsr-3244	526	24	into	into	ADP
fsr-3244	526	25	eq	eq	ADP
fsr-3244	526	26	.	.	PUNCT
fsr-3244	527	1	(	(	PUNCT
fsr-3244	527	2	b5	b5	PROPN
fsr-3244	527	3	)	)	PUNCT
fsr-3244	527	4	gives	give	VERB
fsr-3244	527	5	the	the	DET
fsr-3244	527	6	actual	actual	ADJ
fsr-3244	527	7	monthly	monthly	ADJ
fsr-3244	527	8	deferred	defer	VERB
fsr-3244	527	9	annuity	annuity	NOUN
fsr-3244	527	10	payout	payout	NOUN
fsr-3244	527	11	,	,	PUNCT
fsr-3244	527	12	p*da	p*da	PROPN
fsr-3244	527	13	,	,	PUNCT
fsr-3244	527	14	in	in	ADP
fsr-3244	527	15	retirement	retirement	NOUN
fsr-3244	527	16	year	year	NOUN
fsr-3244	527	17	dollars	dollar	NOUN
fsr-3244	527	18	.	.	PUNCT
fsr-3244	528	1	because	because	SCONJ
fsr-3244	528	2	the	the	DET
fsr-3244	528	3	investor	investor	NOUN
fsr-3244	528	4	can	can	AUX
fsr-3244	528	5	not	not	PART
fsr-3244	528	6	purchase	purchase	VERB
fsr-3244	528	7	fractional	fractional	ADJ
fsr-3244	528	8	tips	tip	NOUN
fsr-3244	528	9	,	,	PUNCT
fsr-3244	528	10	the	the	DET
fsr-3244	528	11	target	target	NOUN
fsr-3244	528	12	real	real	ADJ
fsr-3244	528	13	payout	payout	NOUN
fsr-3244	528	14	from	from	ADP
fsr-3244	528	15	the	the	DET
fsr-3244	528	16	tips	tip	NOUN
fsr-3244	528	17	ladder	ladder	NOUN
fsr-3244	528	18	and	and	CCONJ
fsr-3244	528	19	the	the	DET
fsr-3244	528	20	target	target	NOUN
fsr-3244	528	21	real	real	ADJ
fsr-3244	528	22	payout	payout	NOUN
fsr-3244	528	23	from	from	ADP
fsr-3244	528	24	the	the	DET
fsr-3244	528	25	deferred	defer	VERB
fsr-3244	528	26	annuity	annuity	NOUN
fsr-3244	528	27	will	will	AUX
fsr-3244	528	28	differ	differ	VERB
fsr-3244	528	29	.	.	PUNCT
fsr-3244	529	1	however	however	ADV
fsr-3244	529	2	,	,	PUNCT
fsr-3244	529	3	because	because	SCONJ
fsr-3244	529	4	we	we	PRON
fsr-3244	529	5	assume	assume	VERB
fsr-3244	529	6	that	that	SCONJ
fsr-3244	529	7	the	the	DET
fsr-3244	529	8	investor	investor	NOUN
fsr-3244	529	9	’s	’s	PART
fsr-3244	529	10	life	life	NOUN
fsr-3244	529	11	savings	saving	NOUN
fsr-3244	529	12	is	be	AUX
fsr-3244	529	13	$	$	SYM
fsr-3244	529	14	500,000	500,000	NUM
fsr-3244	529	15	,	,	PUNCT
fsr-3244	529	16	this	this	DET
fsr-3244	529	17	difference	difference	NOUN
fsr-3244	529	18	is	be	AUX
fsr-3244	529	19	modest	modest	ADJ
fsr-3244	529	20	and	and	CCONJ
fsr-3244	529	21	does	do	AUX
fsr-3244	529	22	not	not	PART
fsr-3244	529	23	materially	materially	ADV
fsr-3244	529	24	affect	affect	VERB
fsr-3244	529	25	conclusions	conclusion	NOUN
fsr-3244	529	26	about	about	ADP
fsr-3244	529	27	the	the	DET
fsr-3244	529	28	strategy	strategy	NOUN
fsr-3244	529	29	.	.	PUNCT
fsr-3244	530	1	appendix	appendix	VERB
fsr-3244	530	2	c	c	NOUN
fsr-3244	530	3	:	:	PUNCT
fsr-3244	530	4	utility	utility	NOUN
fsr-3244	530	5	functions	function	NOUN
fsr-3244	530	6	when	when	SCONJ
fsr-3244	530	7	�	�	PROPN
fsr-3244	530	8	�	�	PROPN
fsr-3244	530	9	1	1	NUM
fsr-3244	530	10	,	,	PUNCT
fsr-3244	530	11	a	a	DET
fsr-3244	530	12	numerical	numerical	ADJ
fsr-3244	530	13	problem	problem	NOUN
fsr-3244	530	14	arises	arise	VERB
fsr-3244	530	15	in	in	ADP
fsr-3244	530	16	the	the	DET
fsr-3244	530	17	utility	utility	NOUN
fsr-3244	530	18	of	of	ADP
fsr-3244	530	19	consumption	consumption	NOUN
fsr-3244	530	20	and	and	CCONJ
fsr-3244	530	21	utility	utility	NOUN
fsr-3244	530	22	of	of	ADP
fsr-3244	530	23	bequest	bequest	NOUN
fsr-3244	530	24	functions	function	NOUN
fsr-3244	530	25	defined	define	VERB
fsr-3244	530	26	in	in	ADP
fsr-3244	530	27	eqs	eqs	PROPN
fsr-3244	530	28	.	.	PUNCT
fsr-3244	531	1	(	(	PUNCT
fsr-3244	531	2	3	3	X
fsr-3244	531	3	)	)	PUNCT
fsr-3244	531	4	through	through	ADP
fsr-3244	531	5	(	(	PUNCT
fsr-3244	531	6	5	5	NUM
fsr-3244	531	7	)	)	PUNCT
fsr-3244	531	8	.	.	PUNCT
fsr-3244	532	1	as	as	SCONJ
fsr-3244	532	2	c	c	PROPN
fsr-3244	532	3	approaches	approach	NOUN
fsr-3244	532	4	0	0	NUM
fsr-3244	532	5	,	,	PUNCT
fsr-3244	532	6	the	the	DET
fsr-3244	532	7	utility	utility	NOUN
fsr-3244	532	8	approaches	approach	VERB
fsr-3244	532	9	minus	minus	ADP
fsr-3244	532	10	infinity	infinity	NOUN
fsr-3244	532	11	.	.	PUNCT
fsr-3244	533	1	in	in	ADP
fsr-3244	533	2	this	this	DET
fsr-3244	533	3	study	study	NOUN
fsr-3244	533	4	,	,	PUNCT
fsr-3244	533	5	consumption	consumption	NOUN
fsr-3244	533	6	in	in	ADP
fsr-3244	533	7	a	a	DET
fsr-3244	533	8	given	give	VERB
fsr-3244	533	9	month	month	NOUN
fsr-3244	533	10	might	might	AUX
fsr-3244	533	11	be	be	AUX
fsr-3244	533	12	zero	zero	NUM
fsr-3244	533	13	,	,	PUNCT
fsr-3244	533	14	and	and	CCONJ
fsr-3244	533	15	the	the	DET
fsr-3244	533	16	bequest	bequest	NOUN
fsr-3244	533	17	might	might	AUX
fsr-3244	533	18	be	be	AUX
fsr-3244	533	19	small	small	ADJ
fsr-3244	533	20	or	or	CCONJ
fsr-3244	533	21	zero	zero	NUM
fsr-3244	533	22	.	.	PUNCT
fsr-3244	534	1	it	it	PRON
fsr-3244	534	2	might	might	AUX
fsr-3244	534	3	seem	seem	VERB
fsr-3244	534	4	plausible	plausible	ADJ
fsr-3244	534	5	simply	simply	ADV
fsr-3244	534	6	to	to	PART
fsr-3244	534	7	omit	omit	VERB
fsr-3244	534	8	calculation	calculation	NOUN
fsr-3244	534	9	of	of	ADP
fsr-3244	534	10	the	the	DET
fsr-3244	534	11	utility	utility	NOUN
fsr-3244	534	12	for	for	ADP
fsr-3244	534	13	that	that	DET
fsr-3244	534	14	specific	specific	ADJ
fsr-3244	534	15	month	month	NOUN
fsr-3244	534	16	(	(	PUNCT
fsr-3244	534	17	or	or	CCONJ
fsr-3244	534	18	for	for	ADP
fsr-3244	534	19	the	the	DET
fsr-3244	534	20	bequest	bequest	NOUN
fsr-3244	534	21	)	)	PUNCT
fsr-3244	534	22	.	.	PUNCT
fsr-3244	535	1	however	however	ADV
fsr-3244	535	2	,	,	PUNCT
fsr-3244	535	3	doing	do	VERB
fsr-3244	535	4	so	so	ADV
fsr-3244	535	5	implicitly	implicitly	ADV
fsr-3244	535	6	sets	set	VERB
fsr-3244	535	7	the	the	DET
fsr-3244	535	8	utility	utility	NOUN
fsr-3244	535	9	equal	equal	ADJ
fsr-3244	535	10	to	to	ADP
fsr-3244	535	11	zero	zero	NUM
fsr-3244	535	12	.	.	PUNCT
fsr-3244	536	1	at	at	ADP
fsr-3244	536	2	a	a	DET
fsr-3244	536	3	month	month	NOUN
fsr-3244	536	4	when	when	SCONJ
fsr-3244	536	5	c	c	PROPN
fsr-3244	536	6	�	�	PROPN
fsr-3244	536	7	�	�	PROPN
fsr-3244	536	8	c	c	PROPN
fsr-3244	536	9	or	or	CCONJ
fsr-3244	536	10	b	b	PROPN
fsr-3244	536	11	�	�	PROPN
fsr-3244	536	12	�	�	PROPN
fsr-3244	536	13	b	b	PROPN
fsr-3244	536	14	,	,	PUNCT
fsr-3244	536	15	the	the	DET
fsr-3244	536	16	utility	utility	NOUN
fsr-3244	536	17	is	be	AUX
fsr-3244	536	18	negative	negative	ADJ
fsr-3244	536	19	.	.	PUNCT
fsr-3244	537	1	in	in	ADP
fsr-3244	537	2	that	that	DET
fsr-3244	537	3	instance	instance	NOUN
fsr-3244	537	4	,	,	PUNCT
fsr-3244	537	5	not	not	PART
fsr-3244	537	6	calculating	calculate	VERB
fsr-3244	537	7	utility	utility	NOUN
fsr-3244	537	8	is	be	AUX
fsr-3244	537	9	equivalent	equivalent	ADJ
fsr-3244	537	10	to	to	ADP
fsr-3244	537	11	setting	set	VERB
fsr-3244	537	12	a	a	DET
fsr-3244	537	13	floor	floor	NOUN
fsr-3244	537	14	on	on	ADP
fsr-3244	537	15	consumption	consumption	NOUN
fsr-3244	537	16	or	or	CCONJ
fsr-3244	537	17	a	a	DET
fsr-3244	537	18	floor	floor	NOUN
fsr-3244	537	19	on	on	ADP
fsr-3244	537	20	bequests	bequest	NOUN
fsr-3244	537	21	that	that	PRON
fsr-3244	537	22	equals	equal	VERB
fsr-3244	537	23	the	the	DET
fsr-3244	537	24	scale	scale	NOUN
fsr-3244	537	25	factor	factor	NOUN
fsr-3244	537	26	.	.	PUNCT
fsr-3244	538	1	on	on	ADP
fsr-3244	538	2	the	the	DET
fsr-3244	538	3	other	other	ADJ
fsr-3244	538	4	hand	hand	NOUN
fsr-3244	538	5	,	,	PUNCT
fsr-3244	538	6	if	if	SCONJ
fsr-3244	538	7	the	the	DET
fsr-3244	538	8	analysis	analysis	NOUN
fsr-3244	538	9	allows	allow	VERB
fsr-3244	538	10	low	low	ADJ
fsr-3244	538	11	or	or	CCONJ
fsr-3244	538	12	zero	zero	NUM
fsr-3244	538	13	values	value	NOUN
fsr-3244	538	14	for	for	ADP
fsr-3244	538	15	consumption	consumption	NOUN
fsr-3244	538	16	or	or	CCONJ
fsr-3244	538	17	the	the	DET
fsr-3244	538	18	bequest	bequest	NOUN
fsr-3244	538	19	,	,	PUNCT
fsr-3244	538	20	then	then	ADV
fsr-3244	538	21	the	the	DET
fsr-3244	538	22	utility	utility	NOUN
fsr-3244	538	23	calculation	calculation	NOUN
fsr-3244	538	24	may	may	AUX
fsr-3244	538	25	explode	explode	VERB
fsr-3244	538	26	or	or	CCONJ
fsr-3244	538	27	produce	produce	VERB
fsr-3244	538	28	an	an	DET
fsr-3244	538	29	undefined	undefined	ADJ
fsr-3244	538	30	result	result	NOUN
fsr-3244	538	31	.	.	PUNCT
fsr-3244	539	1	our	our	PRON
fsr-3244	539	2	solution	solution	NOUN
fsr-3244	539	3	is	be	AUX
fsr-3244	539	4	to	to	PART
fsr-3244	539	5	set	set	VERB
fsr-3244	539	6	a	a	DET
fsr-3244	539	7	floor	floor	NOUN
fsr-3244	539	8	lower	low	ADJ
fsr-3244	539	9	than	than	ADP
fsr-3244	539	10	the	the	DET
fsr-3244	539	11	cutoff	cutoff	NOUN
fsr-3244	539	12	by	by	ADP
fsr-3244	539	13	an	an	DET
fsr-3244	539	14	order	order	NOUN
fsr-3244	539	15	of	of	ADP
fsr-3244	539	16	magnitude	magnitude	NOUN
fsr-3244	539	17	.	.	PUNCT
fsr-3244	540	1	specifically	specifically	ADV
fsr-3244	540	2	,	,	PUNCT
fsr-3244	540	3	the	the	DET
fsr-3244	540	4	cutoff	cutoff	NOUN
fsr-3244	540	5	for	for	ADP
fsr-3244	540	6	consumption	consumption	NOUN
fsr-3244	540	7	is	be	AUX
fsr-3244	540	8	�	�	PROPN
fsr-3244	540	9	c	c	PROPN
fsr-3244	540	10	�	�	PROPN
fsr-3244	540	11	$	$	SYM
fsr-3244	540	12	100	100	NUM
fsr-3244	540	13	,	,	PUNCT
fsr-3244	540	14	and	and	CCONJ
fsr-3244	540	15	the	the	DET
fsr-3244	540	16	cutoff	cutoff	NOUN
fsr-3244	540	17	for	for	ADP
fsr-3244	540	18	bequests	bequest	NOUN
fsr-3244	540	19	is	be	AUX
fsr-3244	540	20	�	�	PROPN
fsr-3244	540	21	b	b	PROPN
fsr-3244	540	22	�	�	PROPN
fsr-3244	540	23	$	$	SYM
fsr-3244	540	24	1,000	1,000	NUM
fsr-3244	540	25	.	.	PUNCT
fsr-3244	541	1	that	that	PRON
fsr-3244	541	2	is	is	ADV
fsr-3244	541	3	,	,	PUNCT
fsr-3244	541	4	the	the	DET
fsr-3244	541	5	utility	utility	NOUN
fsr-3244	541	6	function	function	NOUN
fsr-3244	541	7	for	for	ADP
fsr-3244	541	8	consumption	consumption	NOUN
fsr-3244	541	9	in	in	ADP
fsr-3244	541	10	period	period	NOUN
fsr-3244	541	11	t	t	PROPN
fsr-3244	541	12	is	be	AUX
fsr-3244	541	13	u	u	NOUN
fsr-3244	541	14	�	�	PROPN
fsr-3244	541	15	c	c	NOUN
fsr-3244	541	16	;	;	PUNCT
fsr-3244	541	17	�	�	PROPN
fsr-3244	541	18	,	,	PUNCT
fsr-3244	541	19	�	�	PROPN
fsr-3244	541	20	�	�	PROPN
fsr-3244	541	21	�	�	PROPN
fsr-3244	541	22	�	�	PROPN
fsr-3244	541	23	exp	exp	NOUN
fsr-3244	541	24	�	�	PROPN
fsr-3244	541	25	�	�	PROPN
fsr-3244	541	26	1	1	NUM
fsr-3244	541	27	�	�	PROPN
fsr-3244	541	28	�	�	PROPN
fsr-3244	541	29	�	�	PROPN
fsr-3244	541	30	ln	ln	PROPN
fsr-3244	541	31	�	�	PROPN
fsr-3244	541	32	c	c	PROPN
fsr-3244	541	33	�	�	PROPN
fsr-3244	541	34	c	c	PROPN
fsr-3244	541	35	�	�	PROPN
fsr-3244	541	36	�	�	PROPN
fsr-3244	541	37	�	�	PROPN
fsr-3244	541	38	1	1	NUM
fsr-3244	541	39	1	1	NUM
fsr-3244	541	40	�	�	PROPN
fsr-3244	541	41	�	�	PROPN
fsr-3244	541	42	,	,	PUNCT
fsr-3244	541	43	c	c	PROPN
fsr-3244	541	44	�	�	PROPN
fsr-3244	541	45	�	�	PROPN
fsr-3244	541	46	c	c	PROPN
fsr-3244	541	47	exp	exp	PRON
fsr-3244	541	48	�	�	PROPN
fsr-3244	541	49	�	�	PROPN
fsr-3244	541	50	1	1	NUM
fsr-3244	541	51	�	�	PROPN
fsr-3244	541	52	�	�	PROPN
fsr-3244	541	53	�	�	PROPN
fsr-3244	541	54	ln	ln	PROPN
fsr-3244	541	55	�	�	PROPN
fsr-3244	541	56	�	�	PROPN
fsr-3244	541	57	c	c	PROPN
fsr-3244	541	58	�	�	PROPN
fsr-3244	541	59	c	c	PROPN
fsr-3244	541	60	�	�	PROPN
fsr-3244	541	61	�	�	PROPN
fsr-3244	541	62	�	�	PROPN
fsr-3244	541	63	1	1	NUM
fsr-3244	541	64	1	1	NUM
fsr-3244	541	65	�	�	PROPN
fsr-3244	541	66	�	�	PROPN
fsr-3244	541	67	,	,	PUNCT
fsr-3244	541	68	c	c	PROPN
fsr-3244	541	69	�	�	PROPN
fsr-3244	541	70	c	c	PROPN
fsr-3244	541	71	(	(	PUNCT
fsr-3244	541	72	c1	c1	PROPN
fsr-3244	541	73	)	)	PUNCT
fsr-3244	541	74	when	when	SCONJ
fsr-3244	541	75	risk	risk	NOUN
fsr-3244	541	76	aversion	aversion	NOUN
fsr-3244	541	77	�	�	PROPN
fsr-3244	541	78	�	�	PROPN
fsr-3244	541	79	1	1	NUM
fsr-3244	541	80	,	,	PUNCT
fsr-3244	541	81	and	and	CCONJ
fsr-3244	541	82	384	384	NUM
fsr-3244	541	83	p.j	p.j	PROPN
fsr-3244	541	84	.	.	PROPN
fsr-3244	541	85	haensly	haensly	PROPN
fsr-3244	541	86	,	,	PUNCT
fsr-3244	541	87	k.p	k.p	PROPN
fsr-3244	541	88	.	.	PROPN
fsr-3244	541	89	pai	pai	PROPN
fsr-3244	541	90	/	/	SYM
fsr-3244	541	91	financial	financial	ADJ
fsr-3244	541	92	services	service	NOUN
fsr-3244	541	93	review	review	VERB
fsr-3244	541	94	24	24	NUM
fsr-3244	541	95	(	(	PUNCT
fsr-3244	541	96	2015	2015	NUM
fsr-3244	541	97	)	)	PUNCT
fsr-3244	541	98	359–386	359–386	NUM
fsr-3244	541	99	u	u	NOUN
fsr-3244	541	100	�	�	PROPN
fsr-3244	541	101	c	c	NOUN
fsr-3244	541	102	;	;	PUNCT
fsr-3244	541	103	�	�	PROPN
fsr-3244	541	104	,	,	PUNCT
fsr-3244	541	105	�	�	PROPN
fsr-3244	541	106	�	�	PROPN
fsr-3244	541	107	�	�	PROPN
fsr-3244	541	108	�	�	PROPN
fsr-3244	541	109	ln	ln	PROPN
fsr-3244	541	110	�	�	PROPN
fsr-3244	541	111	c	c	PROPN
fsr-3244	541	112	�	�	PROPN
fsr-3244	541	113	c	c	PROPN
fsr-3244	541	114	�	�	PROPN
fsr-3244	541	115	,	,	PUNCT
fsr-3244	541	116	c	c	PROPN
fsr-3244	541	117	�	�	PROPN
fsr-3244	541	118	�	�	PROPN
fsr-3244	541	119	c	c	PROPN
fsr-3244	541	120	ln	ln	PROPN
fsr-3244	541	121	�	�	PROPN
fsr-3244	541	122	�	�	PROPN
fsr-3244	541	123	c	c	PROPN
fsr-3244	541	124	�	�	PROPN
fsr-3244	541	125	c	c	PROPN
fsr-3244	541	126	�	�	PROPN
fsr-3244	541	127	,	,	PUNCT
fsr-3244	541	128	c	c	PROPN
fsr-3244	541	129	�	�	PROPN
fsr-3244	541	130	�	�	PROPN
fsr-3244	541	131	c	c	PROPN
fsr-3244	541	132	(	(	PUNCT
fsr-3244	541	133	c2	c2	PROPN
fsr-3244	541	134	)	)	PUNCT
fsr-3244	541	135	when	when	SCONJ
fsr-3244	541	136	�	�	PROPN
fsr-3244	541	137	�	�	PROPN
fsr-3244	541	138	1	1	NUM
fsr-3244	541	139	.	.	PUNCT
fsr-3244	542	1	the	the	DET
fsr-3244	542	2	analogous	analogous	ADJ
fsr-3244	542	3	definitions	definition	NOUN
fsr-3244	542	4	apply	apply	VERB
fsr-3244	542	5	to	to	ADP
fsr-3244	542	6	utility	utility	NOUN
fsr-3244	542	7	of	of	ADP
fsr-3244	542	8	bequests	bequest	NOUN
fsr-3244	542	9	.	.	PUNCT
fsr-3244	543	1	in	in	ADP
fsr-3244	543	2	effect	effect	NOUN
fsr-3244	543	3	,	,	PUNCT
fsr-3244	543	4	we	we	PRON
fsr-3244	543	5	implicitly	implicitly	ADV
fsr-3244	543	6	assume	assume	VERB
fsr-3244	543	7	a	a	DET
fsr-3244	543	8	de	de	X
fsr-3244	543	9	minimis	minimis	NOUN
fsr-3244	543	10	level	level	NOUN
fsr-3244	543	11	of	of	ADP
fsr-3244	543	12	monthly	monthly	ADJ
fsr-3244	543	13	consumption	consumption	NOUN
fsr-3244	543	14	and	and	CCONJ
fsr-3244	543	15	bequest	bequest	NOUN
fsr-3244	543	16	at	at	ADP
fsr-3244	543	17	death	death	NOUN
fsr-3244	543	18	.	.	PUNCT
fsr-3244	544	1	a	a	DET
fsr-3244	544	2	consequence	consequence	NOUN
fsr-3244	544	3	of	of	ADP
fsr-3244	544	4	defining	define	VERB
fsr-3244	544	5	utility	utility	NOUN
fsr-3244	544	6	in	in	ADP
fsr-3244	544	7	this	this	DET
fsr-3244	544	8	manner	manner	NOUN
fsr-3244	544	9	is	be	AUX
fsr-3244	544	10	that	that	PRON
fsr-3244	544	11	realized	realize	VERB
fsr-3244	544	12	utility	utility	NOUN
fsr-3244	544	13	for	for	ADP
fsr-3244	544	14	a	a	DET
fsr-3244	544	15	given	give	VERB
fsr-3244	544	16	simulated	simulate	VERB
fsr-3244	544	17	investor	investor	NOUN
fsr-3244	544	18	is	be	AUX
fsr-3244	544	19	biased	bias	VERB
fsr-3244	544	20	upward	upward	ADV
fsr-3244	544	21	if	if	SCONJ
fsr-3244	544	22	any	any	DET
fsr-3244	544	23	payout	payout	NOUN
fsr-3244	544	24	in	in	ADP
fsr-3244	544	25	retirement	retirement	NOUN
fsr-3244	544	26	or	or	CCONJ
fsr-3244	544	27	the	the	DET
fsr-3244	544	28	bequest	bequest	NOUN
fsr-3244	544	29	falls	fall	VERB
fsr-3244	544	30	below	below	ADP
fsr-3244	544	31	the	the	DET
fsr-3244	544	32	corresponding	correspond	VERB
fsr-3244	544	33	cutoffs	cutoff	NOUN
fsr-3244	544	34	.	.	PUNCT
fsr-3244	545	1	the	the	DET
fsr-3244	545	2	magnitude	magnitude	NOUN
fsr-3244	545	3	of	of	ADP
fsr-3244	545	4	the	the	DET
fsr-3244	545	5	bias	bias	NOUN
fsr-3244	545	6	depends	depend	VERB
fsr-3244	545	7	on	on	ADP
fsr-3244	545	8	frequency	frequency	NOUN
fsr-3244	545	9	and	and	CCONJ
fsr-3244	545	10	magnitude	magnitude	NOUN
fsr-3244	545	11	of	of	ADP
fsr-3244	545	12	events	event	NOUN
fsr-3244	545	13	where	where	SCONJ
fsr-3244	545	14	ct	ct	PROPN
fsr-3244	545	15	�	�	PROPN
fsr-3244	545	16	�	�	PROPN
fsr-3244	545	17	c	c	PROPN
fsr-3244	545	18	and/or	and/or	CCONJ
fsr-3244	545	19	the	the	DET
fsr-3244	545	20	bequest	bequest	PROPN
fsr-3244	545	21	b	b	PROPN
fsr-3244	545	22	�	�	PROPN
fsr-3244	545	23	�	�	PROPN
fsr-3244	545	24	b.	b.	PROPN
fsr-3244	545	25	when	when	SCONJ
fsr-3244	545	26	we	we	PRON
fsr-3244	545	27	compare	compare	VERB
fsr-3244	545	28	estimates	estimate	NOUN
fsr-3244	545	29	of	of	ADP
fsr-3244	545	30	expected	expect	VERB
fsr-3244	545	31	utility	utility	NOUN
fsr-3244	545	32	for	for	ADP
fsr-3244	545	33	different	different	ADJ
fsr-3244	545	34	strategies	strategy	NOUN
fsr-3244	545	35	and	and	CCONJ
fsr-3244	545	36	scenarios	scenario	NOUN
fsr-3244	545	37	,	,	PUNCT
fsr-3244	545	38	the	the	DET
fsr-3244	545	39	range	range	NOUN
fsr-3244	545	40	of	of	ADP
fsr-3244	545	41	expected	expect	VERB
fsr-3244	545	42	utilities	utility	NOUN
fsr-3244	545	43	may	may	AUX
fsr-3244	545	44	be	be	AUX
fsr-3244	545	45	compressed	compress	VERB
fsr-3244	545	46	because	because	SCONJ
fsr-3244	545	47	of	of	ADP
fsr-3244	545	48	this	this	DET
fsr-3244	545	49	bias	bias	NOUN
fsr-3244	545	50	.	.	PUNCT
fsr-3244	546	1	thus	thus	ADV
fsr-3244	546	2	,	,	PUNCT
fsr-3244	546	3	tests	test	VERB
fsr-3244	546	4	for	for	ADP
fsr-3244	546	5	significance	significance	NOUN
fsr-3244	546	6	of	of	ADP
fsr-3244	546	7	differences	difference	NOUN
fsr-3244	546	8	in	in	ADP
fsr-3244	546	9	expected	expect	VERB
fsr-3244	546	10	utility	utility	NOUN
fsr-3244	546	11	might	might	AUX
fsr-3244	546	12	not	not	PART
fsr-3244	546	13	be	be	AUX
fsr-3244	546	14	significant	significant	ADJ
fsr-3244	546	15	when	when	SCONJ
fsr-3244	546	16	,	,	PUNCT
fsr-3244	546	17	in	in	ADP
fsr-3244	546	18	fact	fact	NOUN
fsr-3244	546	19	,	,	PUNCT
fsr-3244	546	20	they	they	PRON
fsr-3244	546	21	are	be	AUX
fsr-3244	546	22	,	,	PUNCT
fsr-3244	546	23	that	that	ADV
fsr-3244	546	24	is	is	ADV
fsr-3244	546	25	,	,	PUNCT
fsr-3244	546	26	the	the	DET
fsr-3244	546	27	bias	bias	NOUN
fsr-3244	546	28	is	be	AUX
fsr-3244	546	29	toward	toward	ADP
fsr-3244	546	30	the	the	DET
fsr-3244	546	31	null	null	ADJ
fsr-3244	546	32	hypothesis	hypothesis	NOUN
fsr-3244	546	33	of	of	ADP
fsr-3244	546	34	no	no	DET
fsr-3244	546	35	difference	difference	NOUN
fsr-3244	546	36	.	.	PUNCT
fsr-3244	547	1	hence	hence	ADV
fsr-3244	547	2	,	,	PUNCT
fsr-3244	547	3	the	the	DET
fsr-3244	547	4	tests	test	NOUN
fsr-3244	547	5	are	be	AUX
fsr-3244	547	6	more	more	ADV
fsr-3244	547	7	conservative	conservative	ADJ
fsr-3244	547	8	in	in	ADP
fsr-3244	547	9	rejecting	reject	VERB
fsr-3244	547	10	the	the	DET
fsr-3244	547	11	null	null	ADJ
fsr-3244	547	12	hypothesis	hypothesis	NOUN
fsr-3244	547	13	of	of	ADP
fsr-3244	547	14	no	no	DET
fsr-3244	547	15	difference	difference	NOUN
fsr-3244	547	16	in	in	ADP
fsr-3244	547	17	expected	expect	VERB
fsr-3244	547	18	utility	utility	NOUN
fsr-3244	547	19	.	.	PUNCT
fsr-3244	548	1	references	reference	NOUN
fsr-3244	548	2	aschkenasy	aschkenasy	VERB
fsr-3244	548	3	,	,	PUNCT
fsr-3244	548	4	j.	j.	PROPN
fsr-3244	548	5	(	(	PUNCT
fsr-3244	548	6	2005	2005	NUM
fsr-3244	548	7	)	)	PUNCT
fsr-3244	548	8	.	.	PUNCT
fsr-3244	549	1	staggering	staggering	ADJ
fsr-3244	549	2	choices	choice	NOUN
fsr-3244	549	3	:	:	PUNCT
fsr-3244	549	4	many	many	ADJ
fsr-3244	549	5	clients	client	NOUN
fsr-3244	549	6	are	be	AUX
fsr-3244	549	7	using	use	VERB
fsr-3244	549	8	bond	bond	NOUN
fsr-3244	549	9	ladders	ladder	NOUN
fsr-3244	549	10	to	to	PART
fsr-3244	549	11	climb	climb	VERB
fsr-3244	549	12	beyond	beyond	ADP
fsr-3244	549	13	interest	interest	NOUN
fsr-3244	549	14	-	-	PUNCT
fsr-3244	549	15	rate	rate	NOUN
fsr-3244	549	16	risk	risk	NOUN
fsr-3244	549	17	and	and	CCONJ
fsr-3244	549	18	inflation	inflation	NOUN
fsr-3244	549	19	risk	risk	NOUN
fsr-3244	549	20	-	-	PUNCT
fsr-3244	549	21	but	but	CCONJ
fsr-3244	549	22	not	not	PART
fsr-3244	549	23	all	all	DET
fsr-3244	549	24	ladders	ladder	NOUN
fsr-3244	549	25	are	be	AUX
fsr-3244	549	26	created	create	VERB
fsr-3244	549	27	equal	equal	ADJ
fsr-3244	549	28	.	.	PUNCT
fsr-3244	550	1	financial	financial	ADJ
fsr-3244	550	2	planning	planning	NOUN
fsr-3244	550	3	,	,	PUNCT
fsr-3244	550	4	1	1	NUM
fsr-3244	550	5	.	.	X
fsr-3244	550	6	barnes	barnes	PROPN
fsr-3244	550	7	,	,	PUNCT
fsr-3244	550	8	m.	m.	PROPN
fsr-3244	550	9	l.	l.	PROPN
fsr-3244	550	10	,	,	PUNCT
fsr-3244	550	11	bodie	bodie	PROPN
fsr-3244	550	12	,	,	PUNCT
fsr-3244	550	13	z.	z.	PROPN
fsr-3244	550	14	,	,	PUNCT
fsr-3244	550	15	triest	tri	ADJ
fsr-3244	550	16	,	,	PUNCT
fsr-3244	550	17	r.	r.	PROPN
fsr-3244	550	18	k.	k.	PROPN
fsr-3244	550	19	,	,	PUNCT
fsr-3244	550	20	&	&	CCONJ
fsr-3244	550	21	wang	wang	PROPN
fsr-3244	550	22	,	,	PUNCT
fsr-3244	550	23	j.	j.	PROPN
fsr-3244	550	24	c.	c.	PROPN
fsr-3244	550	25	(	(	PUNCT
fsr-3244	550	26	2010	2010	NUM
fsr-3244	550	27	)	)	PUNCT
fsr-3244	550	28	.	.	PUNCT
fsr-3244	551	1	a	a	DET
fsr-3244	551	2	tips	tip	NOUN
fsr-3244	551	3	scorecard	scorecard	NOUN
fsr-3244	551	4	:	:	PUNCT
fsr-3244	551	5	are	be	AUX
fsr-3244	551	6	they	they	PRON
fsr-3244	551	7	accomplishing	accomplish	VERB
fsr-3244	551	8	their	their	PRON
fsr-3244	551	9	objectives	objective	NOUN
fsr-3244	551	10	?	?	PUNCT
fsr-3244	552	1	financial	financial	ADJ
fsr-3244	552	2	analysts	analyst	NOUN
fsr-3244	552	3	journal	journal	NOUN
fsr-3244	552	4	,	,	PUNCT
fsr-3244	552	5	66	66	NUM
fsr-3244	552	6	,	,	PUNCT
fsr-3244	552	7	68–84	68–84	PROPN
fsr-3244	552	8	.	.	PUNCT
fsr-3244	553	1	bekaert	bekaert	PROPN
fsr-3244	553	2	,	,	PUNCT
fsr-3244	553	3	g.	g.	PROPN
fsr-3244	553	4	,	,	PUNCT
fsr-3244	553	5	&	&	CCONJ
fsr-3244	553	6	wang	wang	PROPN
fsr-3244	553	7	,	,	PUNCT
fsr-3244	553	8	x.	x.	PROPN
fsr-3244	553	9	s.	s.	PROPN
fsr-3244	553	10	(	(	PUNCT
fsr-3244	553	11	2010	2010	NUM
fsr-3244	553	12	)	)	PUNCT
fsr-3244	553	13	.	.	PUNCT
fsr-3244	554	1	inflation	inflation	NOUN
fsr-3244	554	2	risk	risk	NOUN
fsr-3244	554	3	and	and	CCONJ
fsr-3244	554	4	the	the	DET
fsr-3244	554	5	inflation	inflation	NOUN
fsr-3244	554	6	risk	risk	NOUN
fsr-3244	554	7	premium	premium	NOUN
fsr-3244	554	8	.	.	PUNCT
fsr-3244	555	1	economic	economic	ADJ
fsr-3244	555	2	policy	policy	NOUN
fsr-3244	555	3	,	,	PUNCT
fsr-3244	555	4	25	25	NUM
fsr-3244	555	5	,	,	PUNCT
fsr-3244	555	6	755–806	755–806	PROPN
fsr-3244	555	7	.	.	PUNCT
fsr-3244	555	8	bernheim	bernheim	PROPN
fsr-3244	555	9	,	,	PUNCT
fsr-3244	555	10	b.	b.	PROPN
fsr-3244	555	11	d.	d.	PROPN
fsr-3244	555	12	(	(	PUNCT
fsr-3244	555	13	1991	1991	NUM
fsr-3244	555	14	)	)	PUNCT
fsr-3244	555	15	.	.	PUNCT
fsr-3244	556	1	how	how	SCONJ
fsr-3244	556	2	strong	strong	ADJ
fsr-3244	556	3	are	be	AUX
fsr-3244	556	4	bequest	bequest	ADJ
fsr-3244	556	5	motives	motive	NOUN
fsr-3244	556	6	?	?	PUNCT
fsr-3244	557	1	evidence	evidence	NOUN
fsr-3244	557	2	based	base	VERB
fsr-3244	557	3	on	on	ADP
fsr-3244	557	4	estimates	estimate	NOUN
fsr-3244	557	5	of	of	ADP
fsr-3244	557	6	the	the	DET
fsr-3244	557	7	demand	demand	NOUN
fsr-3244	557	8	for	for	ADP
fsr-3244	557	9	life	life	NOUN
fsr-3244	557	10	insurance	insurance	NOUN
fsr-3244	557	11	and	and	CCONJ
fsr-3244	557	12	annuities	annuity	NOUN
fsr-3244	557	13	.	.	PUNCT
fsr-3244	558	1	journal	journal	NOUN
fsr-3244	558	2	of	of	ADP
fsr-3244	558	3	political	political	ADJ
fsr-3244	558	4	economy	economy	NOUN
fsr-3244	558	5	,	,	PUNCT
fsr-3244	558	6	99	99	NUM
fsr-3244	558	7	,	,	PUNCT
fsr-3244	558	8	899–927	899–927	NUM
fsr-3244	558	9	.	.	PUNCT
fsr-3244	559	1	board	board	NOUN
fsr-3244	559	2	of	of	ADP
fsr-3244	559	3	governors	governor	NOUN
fsr-3244	559	4	of	of	ADP
fsr-3244	559	5	the	the	DET
fsr-3244	559	6	federal	federal	PROPN
fsr-3244	559	7	reserve	reserve	PROPN
fsr-3244	559	8	system	system	NOUN
fsr-3244	559	9	.	.	PUNCT
fsr-3244	560	1	(	(	PUNCT
fsr-3244	560	2	2013	2013	NUM
fsr-3244	560	3	)	)	PUNCT
fsr-3244	560	4	.	.	PUNCT
fsr-3244	561	1	economic	economic	ADJ
fsr-3244	561	2	research	research	PROPN
fsr-3244	561	3	&	&	CCONJ
fsr-3244	561	4	data	data	PROPN
fsr-3244	561	5	:	:	PUNCT
fsr-3244	561	6	statistical	statistical	ADJ
fsr-3244	561	7	releases	release	NOUN
fsr-3244	561	8	and	and	CCONJ
fsr-3244	561	9	historical	historical	ADJ
fsr-3244	561	10	data	datum	NOUN
fsr-3244	561	11	.	.	PUNCT
fsr-3244	562	1	retrieved	retrieve	VERB
fsr-3244	562	2	from	from	ADP
fsr-3244	562	3	http://www.federalreserve.gov/releases/h15/data.htm#top/	http://www.federalreserve.gov/releases/h15/data.htm#top/	PROPN
fsr-3244	562	4	bullock	bullock	NOUN
fsr-3244	562	5	,	,	PUNCT
fsr-3244	562	6	n.	n.	NOUN
fsr-3244	562	7	(	(	PUNCT
fsr-3244	562	8	2005	2005	NUM
fsr-3244	562	9	,	,	PUNCT
fsr-3244	562	10	january	january	PROPN
fsr-3244	562	11	23	23	NUM
fsr-3244	562	12	)	)	PUNCT
fsr-3244	562	13	.	.	PUNCT
fsr-3244	563	1	smartmoney	smartmoney	NOUN
fsr-3244	563	2	:	:	PUNCT
fsr-3244	563	3	bond	bond	NOUN
fsr-3244	563	4	ladders	ladder	NOUN
fsr-3244	563	5	go	go	VERB
fsr-3244	563	6	online	online	ADV
fsr-3244	563	7	.	.	PUNCT
fsr-3244	564	1	the	the	DET
fsr-3244	564	2	wall	wall	PROPN
fsr-3244	564	3	street	street	PROPN
fsr-3244	564	4	journal	journal	PROPN
fsr-3244	564	5	(	(	PUNCT
fsr-3244	564	6	eastern	eastern	PROPN
fsr-3244	564	7	edition	edition	PROPN
fsr-3244	564	8	)	)	PUNCT
fsr-3244	564	9	,	,	PUNCT
fsr-3244	564	10	p.	p.	NOUN
fsr-3244	564	11	3	3	NUM
fsr-3244	564	12	.	.	PUNCT
fsr-3244	564	13	retrieved	retrieve	VERB
fsr-3244	564	14	http://proquest.umi.com/	http://proquest.umi.com/	PROPN
fsr-3244	564	15	christensen	christensen	PROPN
fsr-3244	564	16	,	,	PUNCT
fsr-3244	564	17	j.	j.	PROPN
fsr-3244	564	18	,	,	PUNCT
fsr-3244	564	19	&	&	CCONJ
fsr-3244	564	20	gillan	gillan	PROPN
fsr-3244	564	21	,	,	PUNCT
fsr-3244	564	22	j.	j.	PROPN
fsr-3244	564	23	(	(	PUNCT
fsr-3244	564	24	2011	2011	NUM
fsr-3244	564	25	)	)	PUNCT
fsr-3244	564	26	.	.	PUNCT
fsr-3244	565	1	tips	tip	NOUN
fsr-3244	565	2	liquidity	liquidity	NOUN
fsr-3244	565	3	,	,	PUNCT
fsr-3244	565	4	breakeven	breakeven	ADJ
fsr-3244	565	5	inflation	inflation	NOUN
fsr-3244	565	6	,	,	PUNCT
fsr-3244	565	7	and	and	CCONJ
fsr-3244	565	8	inflation	inflation	NOUN
fsr-3244	565	9	expectations	expectation	NOUN
fsr-3244	565	10	.	.	PUNCT
fsr-3244	566	1	frbsf	frbsf	ADJ
fsr-3244	566	2	economic	economic	ADJ
fsr-3244	566	3	letter	letter	NOUN
fsr-3244	566	4	,	,	PUNCT
fsr-3244	566	5	19	19	NUM
fsr-3244	566	6	,	,	PUNCT
fsr-3244	566	7	1–5	1–5	NUM
fsr-3244	566	8	.	.	PUNCT
fsr-3244	566	9	cooley	cooley	PROPN
fsr-3244	566	10	,	,	PUNCT
fsr-3244	566	11	p.	p.	PROPN
fsr-3244	566	12	l.	l.	PROPN
fsr-3244	566	13	,	,	PUNCT
fsr-3244	566	14	hubbard	hubbard	PROPN
fsr-3244	566	15	,	,	PUNCT
fsr-3244	566	16	c.	c.	PROPN
fsr-3244	566	17	m.	m.	PROPN
fsr-3244	566	18	,	,	PUNCT
fsr-3244	566	19	&	&	CCONJ
fsr-3244	566	20	walz	walz	PROPN
fsr-3244	566	21	,	,	PUNCT
fsr-3244	566	22	d.	d.	PROPN
fsr-3244	566	23	t.	t.	PROPN
fsr-3244	566	24	(	(	PUNCT
fsr-3244	566	25	2003	2003	NUM
fsr-3244	566	26	)	)	PUNCT
fsr-3244	566	27	.	.	PUNCT
fsr-3244	567	1	a	a	DET
fsr-3244	567	2	comparative	comparative	ADJ
fsr-3244	567	3	analysis	analysis	NOUN
fsr-3244	567	4	of	of	ADP
fsr-3244	567	5	retirement	retirement	NOUN
fsr-3244	567	6	portfolio	portfolio	NOUN
fsr-3244	567	7	success	success	NOUN
fsr-3244	567	8	rates	rate	NOUN
fsr-3244	567	9	:	:	PUNCT
fsr-3244	567	10	simulation	simulation	NOUN
fsr-3244	567	11	versus	versus	ADP
fsr-3244	567	12	overlapping	overlap	VERB
fsr-3244	567	13	periods	period	NOUN
fsr-3244	567	14	.	.	PUNCT
fsr-3244	568	1	financial	financial	ADJ
fsr-3244	568	2	services	service	NOUN
fsr-3244	568	3	review	review	PROPN
fsr-3244	568	4	,	,	PUNCT
fsr-3244	568	5	12	12	NUM
fsr-3244	568	6	,	,	PUNCT
fsr-3244	568	7	115–128	115–128	NUM
fsr-3244	568	8	.	.	PUNCT
fsr-3244	569	1	d’amico	d’amico	PROPN
fsr-3244	569	2	,	,	PUNCT
fsr-3244	569	3	s.	s.	PROPN
fsr-3244	569	4	,	,	PUNCT
fsr-3244	569	5	kim	kim	PROPN
fsr-3244	569	6	,	,	PUNCT
fsr-3244	569	7	d.	d.	PROPN
fsr-3244	569	8	h.	h.	PROPN
fsr-3244	569	9	,	,	PUNCT
fsr-3244	569	10	&	&	CCONJ
fsr-3244	569	11	wei	wei	PROPN
fsr-3244	569	12	,	,	PUNCT
fsr-3244	569	13	m.	m.	NOUN
fsr-3244	569	14	(	(	PUNCT
fsr-3244	569	15	2008	2008	NUM
fsr-3244	569	16	)	)	PUNCT
fsr-3244	569	17	.	.	PUNCT
fsr-3244	570	1	tips	tip	NOUN
fsr-3244	570	2	from	from	ADP
fsr-3244	570	3	tips	tip	NOUN
fsr-3244	570	4	:	:	PUNCT
fsr-3244	570	5	the	the	DET
fsr-3244	570	6	informational	informational	ADJ
fsr-3244	570	7	content	content	NOUN
fsr-3244	570	8	of	of	ADP
fsr-3244	570	9	treasury	treasury	PROPN
fsr-3244	570	10	inflationprotected	inflationprotecte	VERB
fsr-3244	570	11	security	security	NOUN
fsr-3244	570	12	prices	price	NOUN
fsr-3244	570	13	.	.	PUNCT
fsr-3244	571	1	the	the	DET
fsr-3244	571	2	federal	federal	PROPN
fsr-3244	571	3	reserve	reserve	PROPN
fsr-3244	571	4	board	board	PROPN
fsr-3244	571	5	finance	finance	PROPN
fsr-3244	571	6	and	and	CCONJ
fsr-3244	571	7	economics	economic	NOUN
fsr-3244	571	8	discussion	discussion	NOUN
fsr-3244	571	9	series	series	NOUN
fsr-3244	571	10	,	,	PUNCT
fsr-3244	571	11	30	30	NUM
fsr-3244	571	12	,	,	PUNCT
fsr-3244	571	13	1–64	1–64	PROPN
fsr-3244	571	14	.	.	PUNCT
fsr-3244	571	15	ervin	ervin	PROPN
fsr-3244	571	16	,	,	PUNCT
fsr-3244	571	17	d.	d.	PROPN
fsr-3244	571	18	m.	m.	PROPN
fsr-3244	571	19	,	,	PUNCT
fsr-3244	571	20	faulk	faulk	PROPN
fsr-3244	571	21	,	,	PUNCT
fsr-3244	571	22	g.	g.	PROPN
fsr-3244	571	23	k.	k.	PROPN
fsr-3244	571	24	,	,	PUNCT
fsr-3244	571	25	&	&	CCONJ
fsr-3244	571	26	smolira	smolira	PROPN
fsr-3244	571	27	,	,	PUNCT
fsr-3244	571	28	j.	j.	PROPN
fsr-3244	571	29	c.	c.	PROPN
fsr-3244	571	30	(	(	PUNCT
fsr-3244	571	31	2009	2009	NUM
fsr-3244	571	32	)	)	PUNCT
fsr-3244	571	33	.	.	PUNCT
fsr-3244	572	1	the	the	DET
fsr-3244	572	2	impact	impact	NOUN
fsr-3244	572	3	of	of	ADP
fsr-3244	572	4	asset	asset	NOUN
fsr-3244	572	5	allocation	allocation	NOUN
fsr-3244	572	6	,	,	PUNCT
fsr-3244	572	7	savings	saving	NOUN
fsr-3244	572	8	,	,	PUNCT
fsr-3244	572	9	and	and	CCONJ
fsr-3244	572	10	retirement	retirement	NOUN
fsr-3244	572	11	horizons	horizon	NOUN
fsr-3244	572	12	,	,	PUNCT
fsr-3244	572	13	savings	saving	NOUN
fsr-3244	572	14	rates	rate	NOUN
fsr-3244	572	15	,	,	PUNCT
fsr-3244	572	16	and	and	CCONJ
fsr-3244	572	17	social	social	ADJ
fsr-3244	572	18	security	security	NOUN
fsr-3244	572	19	income	income	NOUN
fsr-3244	572	20	in	in	ADP
fsr-3244	572	21	retirement	retirement	NOUN
fsr-3244	572	22	planning	planning	NOUN
fsr-3244	572	23	:	:	PUNCT
fsr-3244	572	24	a	a	DET
fsr-3244	572	25	monte	monte	PROPN
fsr-3244	572	26	carlo	carlo	PROPN
fsr-3244	572	27	analysis	analysis	NOUN
fsr-3244	572	28	.	.	PUNCT
fsr-3244	573	1	financial	financial	ADJ
fsr-3244	573	2	services	service	NOUN
fsr-3244	573	3	review	review	PROPN
fsr-3244	573	4	,	,	PUNCT
fsr-3244	573	5	18	18	NUM
fsr-3244	573	6	,	,	PUNCT
fsr-3244	573	7	313–331	313–331	NUM
fsr-3244	573	8	.	.	PUNCT
fsr-3244	574	1	evans	evans	PROPN
fsr-3244	574	2	,	,	PUNCT
fsr-3244	574	3	m.	m.	PROPN
fsr-3244	574	4	d.	d.	PROPN
fsr-3244	574	5	(	(	PUNCT
fsr-3244	574	6	1998	1998	NUM
fsr-3244	574	7	)	)	PUNCT
fsr-3244	574	8	.	.	PUNCT
fsr-3244	575	1	real	real	ADJ
fsr-3244	575	2	rates	rate	NOUN
fsr-3244	575	3	,	,	PUNCT
fsr-3244	575	4	expected	expect	VERB
fsr-3244	575	5	inflation	inflation	NOUN
fsr-3244	575	6	,	,	PUNCT
fsr-3244	575	7	and	and	CCONJ
fsr-3244	575	8	inflation	inflation	NOUN
fsr-3244	575	9	risk	risk	NOUN
fsr-3244	575	10	premia	premia	NOUN
fsr-3244	575	11	.	.	PUNCT
fsr-3244	576	1	the	the	DET
fsr-3244	576	2	journal	journal	PROPN
fsr-3244	576	3	of	of	ADP
fsr-3244	576	4	finance	finance	NOUN
fsr-3244	576	5	,	,	PUNCT
fsr-3244	576	6	53	53	NUM
fsr-3244	576	7	,	,	PUNCT
fsr-3244	576	8	187–218	187–218	NUM
fsr-3244	576	9	.	.	PUNCT
fsr-3244	577	1	fama	fama	PROPN
fsr-3244	577	2	,	,	PUNCT
fsr-3244	577	3	e.	e.	PROPN
fsr-3244	577	4	f.	f.	PROPN
fsr-3244	577	5	(	(	PUNCT
fsr-3244	577	6	1975	1975	NUM
fsr-3244	577	7	)	)	PUNCT
fsr-3244	577	8	.	.	PUNCT
fsr-3244	578	1	short	short	ADJ
fsr-3244	578	2	-	-	PUNCT
fsr-3244	578	3	term	term	NOUN
fsr-3244	578	4	interest	interest	NOUN
fsr-3244	578	5	rates	rate	NOUN
fsr-3244	578	6	as	as	ADP
fsr-3244	578	7	predictors	predictor	NOUN
fsr-3244	578	8	of	of	ADP
fsr-3244	578	9	inflation	inflation	NOUN
fsr-3244	578	10	.	.	PUNCT
fsr-3244	579	1	american	american	PROPN
fsr-3244	579	2	economic	economic	PROPN
fsr-3244	579	3	review	review	PROPN
fsr-3244	579	4	,	,	PUNCT
fsr-3244	579	5	65	65	NUM
fsr-3244	579	6	,	,	PUNCT
fsr-3244	579	7	269–282	269–282	NUM
fsr-3244	579	8	.	.	PUNCT
fsr-3244	580	1	federal	federal	PROPN
fsr-3244	580	2	reserve	reserve	PROPN
fsr-3244	580	3	bank	bank	PROPN
fsr-3244	580	4	of	of	ADP
fsr-3244	580	5	st	st	PROPN
fsr-3244	580	6	.	.	PROPN
fsr-3244	580	7	louis	louis	PROPN
fsr-3244	580	8	.	.	PUNCT
fsr-3244	581	1	(	(	PUNCT
fsr-3244	581	2	2013	2013	NUM
fsr-3244	581	3	)	)	PUNCT
fsr-3244	581	4	.	.	PUNCT
fsr-3244	582	1	fred	fred	PROPN
fsr-3244	582	2	economic	economic	ADJ
fsr-3244	582	3	data	datum	NOUN
fsr-3244	582	4	.	.	PUNCT
fsr-3244	583	1	retrieved	retrieve	VERB
fsr-3244	583	2	from	from	ADP
fsr-3244	583	3	http://research.stlouisfed.org/	http://research.stlouisfed.org/	PROPN
fsr-3244	583	4	fred2	fred2	PROPN
fsr-3244	583	5	/	/	SYM
fsr-3244	583	6	categories/116/	categories/116/	NOUN
fsr-3244	583	7	gupta	gupta	PROPN
fsr-3244	583	8	,	,	PUNCT
fsr-3244	583	9	n.	n.	PROPN
fsr-3244	583	10	j.	j.	PROPN
fsr-3244	583	11	,	,	PUNCT
fsr-3244	583	12	pavlik	pavlik	PROPN
fsr-3244	583	13	,	,	PUNCT
fsr-3244	583	14	r.	r.	PROPN
fsr-3244	583	15	,	,	PUNCT
fsr-3244	583	16	&	&	CCONJ
fsr-3244	583	17	synn	synn	PROPN
fsr-3244	583	18	,	,	PUNCT
fsr-3244	583	19	w.	w.	PROPN
fsr-3244	583	20	(	(	PUNCT
fsr-3244	583	21	2012	2012	NUM
fsr-3244	583	22	)	)	PUNCT
fsr-3244	583	23	.	.	PUNCT
fsr-3244	584	1	adding	add	VERB
fsr-3244	584	2	“	"	PUNCT
fsr-3244	584	3	value	value	NOUN
fsr-3244	584	4	”	"	PUNCT
fsr-3244	584	5	to	to	PART
fsr-3244	584	6	sustainable	sustainable	ADJ
fsr-3244	584	7	post	post	ADJ
fsr-3244	584	8	-	-	ADJ
fsr-3244	584	9	retirement	retirement	ADJ
fsr-3244	584	10	portfolios	portfolio	NOUN
fsr-3244	584	11	.	.	PUNCT
fsr-3244	585	1	financial	financial	ADJ
fsr-3244	585	2	services	service	NOUN
fsr-3244	585	3	review	review	PROPN
fsr-3244	585	4	,	,	PUNCT
fsr-3244	585	5	21	21	NUM
fsr-3244	585	6	,	,	PUNCT
fsr-3244	585	7	19–33	19–33	PROPN
fsr-3244	585	8	.	.	PUNCT
fsr-3244	586	1	hull	hull	PROPN
fsr-3244	586	2	,	,	PUNCT
fsr-3244	586	3	j.	j.	PROPN
fsr-3244	586	4	c.	c.	PROPN
fsr-3244	586	5	(	(	PUNCT
fsr-3244	586	6	2011	2011	NUM
fsr-3244	586	7	)	)	PUNCT
fsr-3244	586	8	.	.	PUNCT
fsr-3244	587	1	fundamentals	fundamental	NOUN
fsr-3244	587	2	of	of	ADP
fsr-3244	587	3	futures	future	NOUN
fsr-3244	587	4	and	and	CCONJ
fsr-3244	587	5	options	option	NOUN
fsr-3244	587	6	markets	market	NOUN
fsr-3244	587	7	,	,	PUNCT
fsr-3244	587	8	7th	7th	ADJ
fsr-3244	587	9	ed	ed	NOUN
fsr-3244	587	10	.	.	PUNCT
fsr-3244	588	1	new	new	PROPN
fsr-3244	588	2	york	york	PROPN
fsr-3244	588	3	,	,	PUNCT
fsr-3244	588	4	ny	ny	PROPN
fsr-3244	588	5	:	:	PUNCT
fsr-3244	588	6	prentice	prentice	PROPN
fsr-3244	588	7	hall	hall	PROPN
fsr-3244	588	8	.	.	PUNCT
fsr-3244	589	1	385p.j	385p.j	X
fsr-3244	589	2	.	.	PUNCT
fsr-3244	590	1	haensly	haensly	ADV
fsr-3244	590	2	,	,	PUNCT
fsr-3244	590	3	k.p	k.p	PROPN
fsr-3244	590	4	.	.	PROPN
fsr-3244	590	5	pai	pai	PROPN
fsr-3244	590	6	/	/	SYM
fsr-3244	590	7	financial	financial	ADJ
fsr-3244	590	8	services	service	NOUN
fsr-3244	590	9	review	review	VERB
fsr-3244	590	10	24	24	NUM
fsr-3244	590	11	(	(	PUNCT
fsr-3244	590	12	2015	2015	NUM
fsr-3244	590	13	)	)	PUNCT
fsr-3244	591	1	359–386	359–386	NUM
fsr-3244	591	2	kothari	kothari	PROPN
fsr-3244	591	3	,	,	PUNCT
fsr-3244	591	4	s.	s.	PROPN
fsr-3244	591	5	p.	p.	PROPN
fsr-3244	591	6	,	,	PUNCT
fsr-3244	591	7	&	&	CCONJ
fsr-3244	591	8	shanken	shanken	PROPN
fsr-3244	591	9	,	,	PUNCT
fsr-3244	591	10	j.	j.	PROPN
fsr-3244	591	11	(	(	PUNCT
fsr-3244	591	12	2004	2004	NUM
fsr-3244	591	13	)	)	PUNCT
fsr-3244	591	14	.	.	PUNCT
fsr-3244	592	1	asset	asset	NOUN
fsr-3244	592	2	allocation	allocation	NOUN
fsr-3244	592	3	with	with	ADP
fsr-3244	592	4	inflation	inflation	NOUN
fsr-3244	592	5	-	-	PUNCT
fsr-3244	592	6	protected	protect	VERB
fsr-3244	592	7	bonds	bond	NOUN
fsr-3244	592	8	.	.	PUNCT
fsr-3244	593	1	financial	financial	ADJ
fsr-3244	593	2	analysts	analyst	NOUN
fsr-3244	593	3	journal	journal	NOUN
fsr-3244	593	4	,	,	PUNCT
fsr-3244	593	5	60	60	NUM
fsr-3244	593	6	,	,	PUNCT
fsr-3244	593	7	54–70	54–70	NUM
fsr-3244	593	8	.	.	PUNCT
fsr-3244	594	1	kotlikoff	kotlikoff	PROPN
fsr-3244	594	2	,	,	PUNCT
fsr-3244	594	3	l.	l.	PROPN
fsr-3244	594	4	j.	j.	PROPN
fsr-3244	594	5	(	(	PUNCT
fsr-3244	594	6	2007	2007	NUM
fsr-3244	594	7	)	)	PUNCT
fsr-3244	594	8	.	.	PUNCT
fsr-3244	595	1	is	be	AUX
fsr-3244	595	2	conventional	conventional	ADJ
fsr-3244	595	3	financial	financial	ADJ
fsr-3244	595	4	planning	planning	NOUN
fsr-3244	595	5	good	good	ADJ
fsr-3244	595	6	for	for	ADP
fsr-3244	595	7	your	your	PRON
fsr-3244	595	8	financial	financial	ADJ
fsr-3244	595	9	health	health	NOUN
fsr-3244	595	10	?	?	PUNCT
fsr-3244	596	1	in	in	ADP
fsr-3244	596	2	z.	z.	PROPN
fsr-3244	596	3	bodie	bodie	PROPN
fsr-3244	596	4	,	,	PUNCT
fsr-3244	596	5	d.	d.	PROPN
fsr-3244	596	6	mcleavey	mcleavey	PROPN
fsr-3244	596	7	,	,	PUNCT
fsr-3244	596	8	&	&	CCONJ
fsr-3244	596	9	l.	l.	PROPN
fsr-3244	596	10	b.	b.	PROPN
fsr-3244	596	11	siegel	siegel	PROPN
fsr-3244	596	12	(	(	PUNCT
fsr-3244	596	13	eds	eds	PROPN
fsr-3244	596	14	.	.	PUNCT
fsr-3244	596	15	)	)	PUNCT
fsr-3244	596	16	,	,	PUNCT
fsr-3244	596	17	the	the	DET
fsr-3244	596	18	future	future	NOUN
fsr-3244	596	19	of	of	ADP
fsr-3244	596	20	life	life	NOUN
fsr-3244	596	21	-	-	PUNCT
fsr-3244	596	22	cycle	cycle	NOUN
fsr-3244	596	23	saving	saving	NOUN
fsr-3244	596	24	and	and	CCONJ
fsr-3244	596	25	investing	invest	VERB
fsr-3244	596	26	(	(	PUNCT
fsr-3244	596	27	pp	pp	ADJ
fsr-3244	596	28	.	.	PUNCT
fsr-3244	597	1	55–71	55–71	NOUN
fsr-3244	597	2	)	)	PUNCT
fsr-3244	597	3	.	.	PUNCT
fsr-3244	598	1	charlottesville	charlottesville	PROPN
fsr-3244	598	2	,	,	PUNCT
fsr-3244	598	3	va	va	PROPN
fsr-3244	598	4	:	:	PUNCT
fsr-3244	598	5	the	the	DET
fsr-3244	598	6	research	research	NOUN
fsr-3244	598	7	foundation	foundation	PROPN
fsr-3244	598	8	of	of	ADP
fsr-3244	598	9	cfa	cfa	PROPN
fsr-3244	598	10	institute	institute	PROPN
fsr-3244	598	11	.	.	PUNCT
fsr-3244	599	1	milevsky	milevsky	PROPN
fsr-3244	599	2	,	,	PUNCT
fsr-3244	599	3	m.	m.	NOUN
fsr-3244	599	4	a.	a.	PROPN
fsr-3244	599	5	,	,	PUNCT
fsr-3244	599	6	&	&	CCONJ
fsr-3244	599	7	robinson	robinson	PROPN
fsr-3244	599	8	,	,	PUNCT
fsr-3244	599	9	c.	c.	PROPN
fsr-3244	599	10	(	(	PUNCT
fsr-3244	599	11	2005	2005	NUM
fsr-3244	599	12	)	)	PUNCT
fsr-3244	599	13	.	.	PUNCT
fsr-3244	600	1	a	a	DET
fsr-3244	600	2	sustainable	sustainable	ADJ
fsr-3244	600	3	spending	spending	NOUN
fsr-3244	600	4	rate	rate	NOUN
fsr-3244	600	5	without	without	ADP
fsr-3244	600	6	simulation	simulation	NOUN
fsr-3244	600	7	.	.	PUNCT
fsr-3244	601	1	financial	financial	ADJ
fsr-3244	601	2	analysts	analyst	NOUN
fsr-3244	601	3	journal	journal	NOUN
fsr-3244	601	4	,	,	PUNCT
fsr-3244	601	5	61	61	NUM
fsr-3244	601	6	,	,	PUNCT
fsr-3244	601	7	89–100	89–100	NUM
fsr-3244	601	8	.	.	PUNCT
fsr-3244	602	1	milevsky	milevsky	PROPN
fsr-3244	602	2	,	,	PUNCT
fsr-3244	602	3	m.	m.	NOUN
fsr-3244	602	4	a.	a.	NOUN
fsr-3244	602	5	(	(	PUNCT
fsr-3244	602	6	2006	2006	NUM
fsr-3244	602	7	)	)	PUNCT
fsr-3244	602	8	.	.	PUNCT
fsr-3244	603	1	the	the	DET
fsr-3244	603	2	calculus	calculus	NOUN
fsr-3244	603	3	of	of	ADP
fsr-3244	603	4	retirement	retirement	NOUN
fsr-3244	603	5	income	income	NOUN
fsr-3244	603	6	:	:	PUNCT
fsr-3244	603	7	financial	financial	ADJ
fsr-3244	603	8	models	model	NOUN
fsr-3244	603	9	for	for	ADP
fsr-3244	603	10	pension	pension	NOUN
fsr-3244	603	11	annuities	annuity	NOUN
fsr-3244	603	12	and	and	CCONJ
fsr-3244	603	13	life	life	NOUN
fsr-3244	603	14	insurance	insurance	NOUN
fsr-3244	603	15	.	.	PUNCT
fsr-3244	604	1	new	new	PROPN
fsr-3244	604	2	york	york	PROPN
fsr-3244	604	3	,	,	PUNCT
fsr-3244	604	4	ny	ny	PROPN
fsr-3244	604	5	:	:	PUNCT
fsr-3244	604	6	cambridge	cambridge	PROPN
fsr-3244	604	7	university	university	PROPN
fsr-3244	604	8	press	press	NOUN
fsr-3244	604	9	.	.	PUNCT
fsr-3244	605	1	morningstar	morningstar	PROPN
fsr-3244	605	2	.	.	PUNCT
fsr-3244	606	1	(	(	PUNCT
fsr-3244	606	2	2013	2013	NUM
fsr-3244	606	3	)	)	PUNCT
fsr-3244	606	4	.	.	PUNCT
fsr-3244	607	1	ibbotson	ibbotson	PROPN
fsr-3244	607	2	®	®	PROPN
fsr-3244	607	3	sbbi	sbbi	PROPN
fsr-3244	607	4	®	®	NOUN
fsr-3244	607	5	2012	2012	NUM
fsr-3244	607	6	classic	classic	ADJ
fsr-3244	607	7	yearbook	yearbook	NOUN
fsr-3244	607	8	:	:	PUNCT
fsr-3244	607	9	market	market	NOUN
fsr-3244	607	10	results	result	NOUN
fsr-3244	607	11	for	for	ADP
fsr-3244	607	12	stocks	stock	NOUN
fsr-3244	607	13	,	,	PUNCT
fsr-3244	607	14	bonds	bond	NOUN
fsr-3244	607	15	,	,	PUNCT
fsr-3244	607	16	bills	bill	NOUN
fsr-3244	607	17	,	,	PUNCT
fsr-3244	607	18	and	and	CCONJ
fsr-3244	607	19	inflation	inflation	NOUN
fsr-3244	607	20	1926–2012	1926–2012	NUM
fsr-3244	607	21	.	.	PUNCT
fsr-3244	608	1	chicago	chicago	PROPN
fsr-3244	608	2	,	,	PUNCT
fsr-3244	608	3	il	il	PROPN
fsr-3244	608	4	:	:	PROPN
fsr-3244	608	5	morningstar	morningstar	PROPN
fsr-3244	608	6	inc	inc	PROPN
fsr-3244	608	7	.	.	PROPN
fsr-3244	608	8	sexauer	sexauer	PROPN
fsr-3244	608	9	,	,	PUNCT
fsr-3244	608	10	s.	s.	PROPN
fsr-3244	608	11	c.	c.	PROPN
fsr-3244	608	12	,	,	PUNCT
fsr-3244	608	13	peskin	peskin	PROPN
fsr-3244	608	14	,	,	PUNCT
fsr-3244	608	15	m.	m.	PROPN
fsr-3244	608	16	w.	w.	PROPN
fsr-3244	608	17	,	,	PUNCT
fsr-3244	608	18	&	&	CCONJ
fsr-3244	608	19	cassidy	cassidy	PROPN
fsr-3244	608	20	,	,	PUNCT
fsr-3244	608	21	d.	d.	PROPN
fsr-3244	608	22	(	(	PUNCT
fsr-3244	608	23	2012	2012	NUM
fsr-3244	608	24	)	)	PUNCT
fsr-3244	608	25	.	.	PUNCT
fsr-3244	609	1	making	make	VERB
fsr-3244	609	2	retirement	retirement	NOUN
fsr-3244	609	3	income	income	NOUN
fsr-3244	609	4	last	last	ADJ
fsr-3244	609	5	a	a	DET
fsr-3244	609	6	lifetime	lifetime	NOUN
fsr-3244	609	7	.	.	PUNCT
fsr-3244	610	1	financial	financial	ADJ
fsr-3244	610	2	analysts	analyst	NOUN
fsr-3244	610	3	journal	journal	NOUN
fsr-3244	610	4	,	,	PUNCT
fsr-3244	610	5	68	68	NUM
fsr-3244	610	6	,	,	PUNCT
fsr-3244	610	7	74–84	74–84	PROPN
fsr-3244	610	8	.	.	PUNCT
fsr-3244	611	1	shankar	shankar	PROPN
fsr-3244	611	2	,	,	PUNCT
fsr-3244	611	3	s.	s.	PROPN
fsr-3244	611	4	g.	g.	PROPN
fsr-3244	611	5	(	(	PUNCT
fsr-3244	611	6	2009	2009	NUM
fsr-3244	611	7	)	)	PUNCT
fsr-3244	611	8	.	.	PUNCT
fsr-3244	612	1	a	a	DET
fsr-3244	612	2	new	new	ADJ
fsr-3244	612	3	strategy	strategy	NOUN
fsr-3244	612	4	to	to	PART
fsr-3244	612	5	guarantee	guarantee	VERB
fsr-3244	612	6	retirement	retirement	NOUN
fsr-3244	612	7	income	income	NOUN
fsr-3244	612	8	using	use	VERB
fsr-3244	612	9	tips	tip	NOUN
fsr-3244	612	10	and	and	CCONJ
fsr-3244	612	11	longevity	longevity	NOUN
fsr-3244	612	12	insurance	insurance	NOUN
fsr-3244	612	13	.	.	PUNCT
fsr-3244	613	1	financial	financial	ADJ
fsr-3244	613	2	services	service	NOUN
fsr-3244	613	3	review	review	PROPN
fsr-3244	613	4	,	,	PUNCT
fsr-3244	613	5	18	18	NUM
fsr-3244	613	6	,	,	PUNCT
fsr-3244	613	7	53–68	53–68	NUM
fsr-3244	613	8	.	.	PUNCT
fsr-3244	614	1	society	society	NOUN
fsr-3244	614	2	of	of	ADP
fsr-3244	614	3	actuaries	actuary	NOUN
fsr-3244	614	4	.	.	PUNCT
fsr-3244	615	1	(	(	PUNCT
fsr-3244	615	2	2014	2014	NUM
fsr-3244	615	3	)	)	PUNCT
fsr-3244	615	4	.	.	PUNCT
fsr-3244	616	1	rp-2014	rp-2014	NOUN
fsr-3244	616	2	mortality	mortality	NOUN
fsr-3244	616	3	tables	table	NOUN
fsr-3244	616	4	(	(	PUNCT
fsr-3244	616	5	exposure	exposure	NOUN
fsr-3244	616	6	draft	draft	NOUN
fsr-3244	616	7	)	)	PUNCT
fsr-3244	616	8	.	.	PUNCT
fsr-3244	617	1	schaumburg	schaumburg	PROPN
fsr-3244	617	2	,	,	PUNCT
fsr-3244	617	3	il	il	PROPN
fsr-3244	617	4	:	:	PUNCT
fsr-3244	617	5	society	society	NOUN
fsr-3244	617	6	of	of	ADP
fsr-3244	617	7	actuaries	actuary	NOUN
fsr-3244	617	8	.	.	PUNCT
fsr-3244	618	1	spitzer	spitzer	PROPN
fsr-3244	618	2	,	,	PUNCT
fsr-3244	618	3	j.	j.	PROPN
fsr-3244	618	4	j.	j.	PROPN
fsr-3244	618	5	(	(	PUNCT
fsr-3244	618	6	2008	2008	NUM
fsr-3244	618	7	)	)	PUNCT
fsr-3244	618	8	.	.	PUNCT
fsr-3244	619	1	retirement	retirement	NOUN
fsr-3244	619	2	withdrawals	withdrawal	NOUN
fsr-3244	619	3	:	:	PUNCT
fsr-3244	619	4	an	an	DET
fsr-3244	619	5	analysis	analysis	NOUN
fsr-3244	619	6	of	of	ADP
fsr-3244	619	7	the	the	DET
fsr-3244	619	8	benefits	benefit	NOUN
fsr-3244	619	9	of	of	ADP
fsr-3244	619	10	periodic	periodic	ADJ
fsr-3244	619	11	“	"	PUNCT
fsr-3244	619	12	midcourse	midcourse	NOUN
fsr-3244	619	13	”	"	PUNCT
fsr-3244	619	14	adjustments	adjustment	NOUN
fsr-3244	619	15	.	.	PUNCT
fsr-3244	620	1	financial	financial	ADJ
fsr-3244	620	2	services	service	NOUN
fsr-3244	620	3	review	review	PROPN
fsr-3244	620	4	,	,	PUNCT
fsr-3244	620	5	17	17	NUM
fsr-3244	620	6	,	,	PUNCT
fsr-3244	620	7	17–29	17–29	NUM
fsr-3244	620	8	.	.	PUNCT
fsr-3244	621	1	stout	stout	PROPN
fsr-3244	621	2	,	,	PUNCT
fsr-3244	621	3	r.	r.	PROPN
fsr-3244	621	4	g.	g.	PROPN
fsr-3244	621	5	(	(	PUNCT
fsr-3244	621	6	2008	2008	NUM
fsr-3244	621	7	)	)	PUNCT
fsr-3244	621	8	.	.	PUNCT
fsr-3244	622	1	stochastic	stochastic	ADJ
fsr-3244	622	2	optimization	optimization	NOUN
fsr-3244	622	3	of	of	ADP
fsr-3244	622	4	retirement	retirement	NOUN
fsr-3244	622	5	portfolio	portfolio	NOUN
fsr-3244	622	6	asset	asset	NOUN
fsr-3244	622	7	allocations	allocation	NOUN
fsr-3244	622	8	and	and	CCONJ
fsr-3244	622	9	withdrawals	withdrawal	NOUN
fsr-3244	622	10	.	.	PUNCT
fsr-3244	623	1	financial	financial	ADJ
fsr-3244	623	2	services	service	NOUN
fsr-3244	623	3	review	review	PROPN
fsr-3244	623	4	,	,	PUNCT
fsr-3244	623	5	17	17	NUM
fsr-3244	623	6	,	,	PUNCT
fsr-3244	623	7	1–15	1–15	NUM
fsr-3244	623	8	.	.	PUNCT
fsr-3244	624	1	386	386	NUM
fsr-3244	624	2	p.j	p.j	PROPN
fsr-3244	624	3	.	.	PROPN
fsr-3244	624	4	haensly	haensly	PROPN
fsr-3244	624	5	,	,	PUNCT
fsr-3244	624	6	k.p	k.p	PROPN
fsr-3244	624	7	.	.	PROPN
fsr-3244	624	8	pai	pai	PROPN
fsr-3244	624	9	/	/	SYM
fsr-3244	624	10	financial	financial	ADJ
fsr-3244	624	11	services	service	NOUN
fsr-3244	624	12	review	review	VERB
fsr-3244	624	13	24	24	NUM
fsr-3244	624	14	(	(	PUNCT
fsr-3244	624	15	2015	2015	NUM
fsr-3244	624	16	)	)	PUNCT
fsr-3244	624	17	359–386	359–386	NUM