id	sid	tid	token	lemma	pos
fsr-3304	1	1	retirement	retirement	NOUN
fsr-3304	1	2	income	income	NOUN
fsr-3304	1	3	strategies	strategy	NOUN
fsr-3304	1	4	designed	design	VERB
fsr-3304	1	5	in	in	ADP
fsr-3304	1	6	an	an	DET
fsr-3304	1	7	expected	expect	VERB
fsr-3304	1	8	utility	utility	NOUN
fsr-3304	1	9	framework	framework	NOUN
fsr-3304	1	10	mark	mark	PROPN
fsr-3304	1	11	j.	j.	PROPN
fsr-3304	1	12	warshawskya	warshawskya	PROPN
fsr-3304	1	13	,	,	PUNCT
fsr-3304	1	14	*	*	PROPN
fsr-3304	1	15	arelias	arelias	PROPN
fsr-3304	1	16	llc	llc	PROPN
fsr-3304	1	17	,	,	PUNCT
fsr-3304	1	18	903	903	NUM
fsr-3304	1	19	brentwood	brentwood	NOUN
fsr-3304	1	20	lane	lane	NOUN
fsr-3304	1	21	,	,	PUNCT
fsr-3304	1	22	silver	silver	NOUN
fsr-3304	1	23	spring	spring	NOUN
fsr-3304	1	24	,	,	PUNCT
fsr-3304	1	25	md	md	PROPN
fsr-3304	1	26	20902	20902	NUM
fsr-3304	1	27	,	,	PUNCT
fsr-3304	1	28	usa	usa	PROPN
fsr-3304	1	29	abstract	abstract	ADJ
fsr-3304	1	30	various	various	ADJ
fsr-3304	1	31	classes	class	NOUN
fsr-3304	1	32	of	of	ADP
fsr-3304	1	33	retirement	retirement	NOUN
fsr-3304	1	34	income	income	NOUN
fsr-3304	1	35	strategies	strategy	NOUN
fsr-3304	1	36	are	be	AUX
fsr-3304	1	37	evaluated	evaluate	VERB
fsr-3304	1	38	and	and	CCONJ
fsr-3304	1	39	their	their	PRON
fsr-3304	1	40	robustness	robustness	NOUN
fsr-3304	1	41	tested	test	VERB
fsr-3304	1	42	in	in	ADP
fsr-3304	1	43	an	an	DET
fsr-3304	1	44	expected	expect	VERB
fsr-3304	1	45	utility	utility	NOUN
fsr-3304	1	46	framework	framework	NOUN
fsr-3304	1	47	.	.	PUNCT
fsr-3304	2	1	fixed	fix	VERB
fsr-3304	2	2	percentage	percentage	NOUN
fsr-3304	2	3	systematic	systematic	ADJ
fsr-3304	2	4	withdrawals	withdrawal	NOUN
fsr-3304	2	5	from	from	ADP
fsr-3304	2	6	an	an	DET
fsr-3304	2	7	investment	investment	NOUN
fsr-3304	2	8	portfolio	portfolio	NOUN
fsr-3304	2	9	combined	combine	VERB
fsr-3304	2	10	with	with	ADP
fsr-3304	2	11	laddered	ladder	VERB
fsr-3304	2	12	purchases	purchase	NOUN
fsr-3304	2	13	of	of	ADP
fsr-3304	2	14	immediate	immediate	ADJ
fsr-3304	2	15	life	life	NOUN
fsr-3304	2	16	annuities	annuity	NOUN
fsr-3304	2	17	stands	stand	VERB
fsr-3304	2	18	out	out	ADP
fsr-3304	2	19	as	as	ADP
fsr-3304	2	20	a	a	DET
fsr-3304	2	21	superior	superior	ADJ
fsr-3304	2	22	strategy	strategy	NOUN
fsr-3304	2	23	for	for	ADP
fsr-3304	2	24	retired	retire	VERB
fsr-3304	2	25	defined	define	VERB
fsr-3304	2	26	contribution	contribution	NOUN
fsr-3304	2	27	plan	plan	NOUN
fsr-3304	2	28	participants	participant	NOUN
fsr-3304	2	29	and	and	CCONJ
fsr-3304	2	30	ira	ira	PROPN
fsr-3304	2	31	holders	holder	NOUN
fsr-3304	2	32	,	,	PUNCT
fsr-3304	2	33	yielding	yield	VERB
fsr-3304	2	34	better	well	ADJ
fsr-3304	2	35	outcomes	outcome	NOUN
fsr-3304	2	36	than	than	ADP
fsr-3304	2	37	alternatives	alternative	NOUN
fsr-3304	2	38	,	,	PUNCT
fsr-3304	2	39	including	include	VERB
fsr-3304	2	40	longevity	longevity	NOUN
fsr-3304	2	41	insurance	insurance	NOUN
fsr-3304	2	42	.	.	PUNCT
fsr-3304	3	1	this	this	DET
fsr-3304	3	2	broad	broad	ADJ
fsr-3304	3	3	strategy	strategy	NOUN
fsr-3304	3	4	is	be	AUX
fsr-3304	3	5	then	then	ADV
fsr-3304	3	6	applied	apply	VERB
fsr-3304	3	7	,	,	PUNCT
fsr-3304	3	8	step	step	NOUN
fsr-3304	3	9	by	by	ADP
fsr-3304	3	10	step	step	NOUN
fsr-3304	3	11	,	,	PUNCT
fsr-3304	3	12	and	and	CCONJ
fsr-3304	3	13	customized	customize	VERB
fsr-3304	3	14	across	across	ADP
fsr-3304	3	15	a	a	DET
fsr-3304	3	16	wide	wide	ADJ
fsr-3304	3	17	range	range	NOUN
fsr-3304	3	18	of	of	ADP
fsr-3304	3	19	household	household	NOUN
fsr-3304	3	20	risk	risk	NOUN
fsr-3304	3	21	preferences	preference	NOUN
fsr-3304	3	22	and	and	CCONJ
fsr-3304	3	23	situations	situation	NOUN
fsr-3304	3	24	,	,	PUNCT
fsr-3304	3	25	with	with	ADP
fsr-3304	3	26	due	due	ADJ
fsr-3304	3	27	consideration	consideration	NOUN
fsr-3304	3	28	of	of	ADP
fsr-3304	3	29	product	product	NOUN
fsr-3304	3	30	costs	cost	NOUN
fsr-3304	3	31	,	,	PUNCT
fsr-3304	3	32	taxes	taxis	NOUN
fsr-3304	3	33	,	,	PUNCT
fsr-3304	3	34	and	and	CCONJ
fsr-3304	3	35	economic	economic	ADJ
fsr-3304	3	36	risks	risk	NOUN
fsr-3304	3	37	and	and	CCONJ
fsr-3304	3	38	returns	return	NOUN
fsr-3304	3	39	.	.	PUNCT
fsr-3304	4	1	©	©	PROPN
fsr-3304	4	2	2017	2017	NUM
fsr-3304	4	3	academy	academy	NOUN
fsr-3304	4	4	of	of	ADP
fsr-3304	4	5	financial	financial	ADJ
fsr-3304	4	6	services	service	NOUN
fsr-3304	4	7	.	.	PUNCT
fsr-3304	5	1	all	all	DET
fsr-3304	5	2	rights	right	NOUN
fsr-3304	5	3	reserved	reserve	VERB
fsr-3304	5	4	.	.	PUNCT
fsr-3304	6	1	jel	jel	PROPN
fsr-3304	6	2	classifications	classification	NOUN
fsr-3304	6	3	:	:	PUNCT
fsr-3304	6	4	g11	g11	NOUN
fsr-3304	6	5	;	;	PUNCT
fsr-3304	6	6	g22	g22	NOUN
fsr-3304	6	7	;	;	PUNCT
fsr-3304	6	8	d14	d14	NOUN
fsr-3304	6	9	keywords	keyword	NOUN
fsr-3304	6	10	:	:	PUNCT
fsr-3304	6	11	retirement	retirement	NOUN
fsr-3304	6	12	income	income	NOUN
fsr-3304	6	13	strategies	strategy	NOUN
fsr-3304	6	14	;	;	PUNCT
fsr-3304	6	15	systematic	systematic	ADJ
fsr-3304	6	16	withdrawal	withdrawal	NOUN
fsr-3304	6	17	;	;	PUNCT
fsr-3304	6	18	life	life	NOUN
fsr-3304	6	19	annuity	annuity	NOUN
fsr-3304	6	20	;	;	PUNCT
fsr-3304	6	21	advanced	advanced	ADJ
fsr-3304	6	22	life	life	NOUN
fsr-3304	6	23	delayed	delay	VERB
fsr-3304	6	24	annuity	annuity	NOUN
fsr-3304	6	25	(	(	PUNCT
fsr-3304	6	26	alda	alda	NOUN
fsr-3304	6	27	)	)	PUNCT
fsr-3304	6	28	1	1	NUM
fsr-3304	6	29	.	.	PUNCT
fsr-3304	7	1	introduction	introduction	NOUN
fsr-3304	7	2	products	product	NOUN
fsr-3304	7	3	and	and	CCONJ
fsr-3304	7	4	strategies	strategy	NOUN
fsr-3304	7	5	are	be	AUX
fsr-3304	7	6	emerging	emerge	VERB
fsr-3304	7	7	in	in	ADP
fsr-3304	7	8	the	the	DET
fsr-3304	7	9	market	market	NOUN
fsr-3304	7	10	to	to	PART
fsr-3304	7	11	help	help	VERB
fsr-3304	7	12	retirees	retiree	NOUN
fsr-3304	7	13	invest	invest	VERB
fsr-3304	7	14	and	and	CCONJ
fsr-3304	7	15	draw	draw	VERB
fsr-3304	7	16	down	down	ADP
fsr-3304	7	17	assets	asset	NOUN
fsr-3304	7	18	from	from	ADP
fsr-3304	7	19	their	their	PRON
fsr-3304	7	20	401(k	401(k	NOUN
fsr-3304	7	21	)	)	PUNCT
fsr-3304	7	22	accounts	account	NOUN
fsr-3304	7	23	and	and	CCONJ
fsr-3304	7	24	iras	ira	NOUN
fsr-3304	7	25	during	during	ADP
fsr-3304	7	26	retirement	retirement	NOUN
fsr-3304	7	27	.	.	PUNCT
fsr-3304	8	1	given	give	VERB
fsr-3304	8	2	the	the	DET
fsr-3304	8	3	competing	compete	VERB
fsr-3304	8	4	desires	desire	NOUN
fsr-3304	8	5	for	for	ADP
fsr-3304	8	6	lifetime	lifetime	NOUN
fsr-3304	8	7	income	income	NOUN
fsr-3304	8	8	and	and	CCONJ
fsr-3304	8	9	wealth	wealth	NOUN
fsr-3304	8	10	,	,	PUNCT
fsr-3304	8	11	for	for	ADP
fsr-3304	8	12	security	security	NOUN
fsr-3304	8	13	and	and	CCONJ
fsr-3304	8	14	flexibility	flexibility	NOUN
fsr-3304	8	15	,	,	PUNCT
fsr-3304	8	16	and	and	CCONJ
fsr-3304	8	17	for	for	ADP
fsr-3304	8	18	current	current	ADJ
fsr-3304	8	19	and	and	CCONJ
fsr-3304	8	20	future	future	ADJ
fsr-3304	8	21	needs	need	NOUN
fsr-3304	8	22	,	,	PUNCT
fsr-3304	8	23	it	it	PRON
fsr-3304	8	24	is	be	AUX
fsr-3304	8	25	appropriate	appropriate	ADJ
fsr-3304	8	26	to	to	PART
fsr-3304	8	27	compare	compare	VERB
fsr-3304	8	28	solutions	solution	NOUN
fsr-3304	8	29	carefully	carefully	ADV
fsr-3304	8	30	.	.	PUNCT
fsr-3304	9	1	this	this	DET
fsr-3304	9	2	article	article	NOUN
fsr-3304	9	3	gives	give	VERB
fsr-3304	9	4	a	a	DET
fsr-3304	9	5	quantitative	quantitative	ADJ
fsr-3304	9	6	analysis	analysis	NOUN
fsr-3304	9	7	of	of	ADP
fsr-3304	9	8	different	different	ADJ
fsr-3304	9	9	strategies	strategy	NOUN
fsr-3304	9	10	for	for	ADP
fsr-3304	9	11	households	household	NOUN
fsr-3304	9	12	,	,	PUNCT
fsr-3304	9	13	including	include	VERB
fsr-3304	9	14	systematic	systematic	ADJ
fsr-3304	9	15	withdrawals	withdrawal	NOUN
fsr-3304	9	16	,	,	PUNCT
fsr-3304	9	17	immediate	immediate	ADJ
fsr-3304	9	18	life	life	NOUN
fsr-3304	9	19	annuities	annuity	NOUN
fsr-3304	9	20	,	,	PUNCT
fsr-3304	9	21	mixed	mixed	ADJ
fsr-3304	9	22	strategies	strategy	NOUN
fsr-3304	9	23	of	of	ADP
fsr-3304	9	24	systematic	systematic	ADJ
fsr-3304	9	25	withdrawals	withdrawal	NOUN
fsr-3304	9	26	with	with	ADP
fsr-3304	9	27	life	life	NOUN
fsr-3304	9	28	annuities	annuity	NOUN
fsr-3304	9	29	,	,	PUNCT
fsr-3304	9	30	and	and	CCONJ
fsr-3304	9	31	also	also	ADV
fsr-3304	9	32	the	the	DET
fsr-3304	9	33	use	use	NOUN
fsr-3304	9	34	of	of	ADP
fsr-3304	9	35	*	*	PUNCT
fsr-3304	9	36	corresponding	correspond	VERB
fsr-3304	9	37	author	author	NOUN
fsr-3304	9	38	.	.	PUNCT
fsr-3304	10	1	tel	tel	PROPN
fsr-3304	10	2	.	.	PUNCT
fsr-3304	10	3	:	:	PUNCT
fsr-3304	11	1	�	�	PROPN
fsr-3304	11	2	1	1	NUM
fsr-3304	11	3	-	-	SYM
fsr-3304	11	4	301	301	NUM
fsr-3304	11	5	-	-	PUNCT
fsr-3304	11	6	908	908	NUM
fsr-3304	11	7	-	-	PUNCT
fsr-3304	11	8	2846	2846	NUM
fsr-3304	11	9	;	;	PUNCT
fsr-3304	11	10	fax	fax	NOUN
fsr-3304	11	11	:	:	PUNCT
fsr-3304	11	12	�	�	PROPN
fsr-3304	11	13	1	1	NUM
fsr-3304	11	14	-	-	NUM
fsr-3304	11	15	301	301	NUM
fsr-3304	11	16	-	-	NUM
fsr-3304	11	17	592	592	NUM
fsr-3304	11	18	-	-	NUM
fsr-3304	11	19	9277	9277	NUM
fsr-3304	11	20	.	.	PUNCT
fsr-3304	12	1	e	e	X
fsr-3304	12	2	-	-	NOUN
fsr-3304	12	3	mail	mail	NOUN
fsr-3304	12	4	:	:	PUNCT
fsr-3304	13	1	markjwarshawsky@gmail.com	markjwarshawsky@gmail.com	X
fsr-3304	13	2	financial	financial	PROPN
fsr-3304	13	3	services	service	NOUN
fsr-3304	13	4	review	review	VERB
fsr-3304	13	5	26	26	NUM
fsr-3304	13	6	(	(	PUNCT
fsr-3304	13	7	2017	2017	NUM
fsr-3304	13	8	)	)	PUNCT
fsr-3304	13	9	113–141	113–141	NUM
fsr-3304	13	10	1057	1057	NUM
fsr-3304	13	11	-	-	SYM
fsr-3304	13	12	0810/17/$	0810/17/$	NUM
fsr-3304	13	13	–	–	PUNCT
fsr-3304	13	14	see	see	VERB
fsr-3304	13	15	front	front	ADJ
fsr-3304	13	16	matter	matter	NOUN
fsr-3304	13	17	©	©	PROPN
fsr-3304	13	18	2017	2017	NUM
fsr-3304	13	19	academy	academy	NOUN
fsr-3304	13	20	of	of	ADP
fsr-3304	13	21	financial	financial	ADJ
fsr-3304	13	22	services	service	NOUN
fsr-3304	13	23	.	.	PUNCT
fsr-3304	14	1	all	all	DET
fsr-3304	14	2	rights	right	NOUN
fsr-3304	14	3	reserved	reserve	VERB
fsr-3304	14	4	.	.	PUNCT
fsr-3304	15	1	longevity	longevity	NOUN
fsr-3304	15	2	insurance	insurance	NOUN
fsr-3304	15	3	(	(	PUNCT
fsr-3304	15	4	advanced	advanced	ADJ
fsr-3304	15	5	-	-	PUNCT
fsr-3304	15	6	life	life	NOUN
fsr-3304	15	7	delayed	delay	VERB
fsr-3304	15	8	annuities	annuity	NOUN
fsr-3304	15	9	,	,	PUNCT
fsr-3304	15	10	alda	alda	NOUN
fsr-3304	15	11	)	)	PUNCT
fsr-3304	15	12	.	.	PUNCT
fsr-3304	16	1	the	the	DET
fsr-3304	16	2	alda	alda	PROPN
fsr-3304	16	3	product	product	NOUN
fsr-3304	16	4	has	have	AUX
fsr-3304	16	5	been	be	AUX
fsr-3304	16	6	featured	feature	VERB
fsr-3304	16	7	in	in	ADP
fsr-3304	16	8	other	other	ADJ
fsr-3304	16	9	research	research	NOUN
fsr-3304	16	10	,	,	PUNCT
fsr-3304	16	11	and	and	CCONJ
fsr-3304	16	12	in	in	ADP
fsr-3304	16	13	a	a	DET
fsr-3304	16	14	recent	recent	ADJ
fsr-3304	16	15	amendment	amendment	NOUN
fsr-3304	16	16	to	to	ADP
fsr-3304	16	17	the	the	DET
fsr-3304	16	18	required	require	VERB
fsr-3304	16	19	minimum	minimum	ADJ
fsr-3304	16	20	distribution	distribution	NOUN
fsr-3304	16	21	(	(	PUNCT
fsr-3304	16	22	rmd	rmd	PROPN
fsr-3304	16	23	)	)	PUNCT
fsr-3304	16	24	rules	rule	NOUN
fsr-3304	16	25	for	for	ADP
fsr-3304	16	26	retirement	retirement	NOUN
fsr-3304	16	27	accounts	account	NOUN
fsr-3304	16	28	in	in	ADP
fsr-3304	16	29	the	the	DET
fsr-3304	16	30	united	united	PROPN
fsr-3304	16	31	states	states	PROPN
fsr-3304	16	32	.	.	PUNCT
fsr-3304	17	1	as	as	ADV
fsr-3304	17	2	realistically	realistically	ADV
fsr-3304	17	3	as	as	ADP
fsr-3304	17	4	possible	possible	ADJ
fsr-3304	17	5	,	,	PUNCT
fsr-3304	17	6	this	this	DET
fsr-3304	17	7	articles	article	NOUN
fsr-3304	17	8	considers	consider	VERB
fsr-3304	17	9	fee	fee	NOUN
fsr-3304	17	10	charges	charge	NOUN
fsr-3304	17	11	and	and	CCONJ
fsr-3304	17	12	pricing	pricing	NOUN
fsr-3304	17	13	for	for	ADP
fsr-3304	17	14	various	various	ADJ
fsr-3304	17	15	products	product	NOUN
fsr-3304	17	16	,	,	PUNCT
fsr-3304	17	17	income	income	NOUN
fsr-3304	17	18	flows	flow	NOUN
fsr-3304	17	19	from	from	ADP
fsr-3304	17	20	social	social	ADJ
fsr-3304	17	21	security	security	NOUN
fsr-3304	17	22	and	and	CCONJ
fsr-3304	17	23	pensions	pension	NOUN
fsr-3304	17	24	,	,	PUNCT
fsr-3304	17	25	taxes	taxis	NOUN
fsr-3304	17	26	,	,	PUNCT
fsr-3304	17	27	and	and	CCONJ
fsr-3304	17	28	random	random	ADJ
fsr-3304	17	29	realizations	realization	NOUN
fsr-3304	17	30	of	of	ADP
fsr-3304	17	31	asset	asset	NOUN
fsr-3304	17	32	returns	return	NOUN
fsr-3304	17	33	,	,	PUNCT
fsr-3304	17	34	interest	interest	NOUN
fsr-3304	17	35	rates	rate	NOUN
fsr-3304	17	36	,	,	PUNCT
fsr-3304	17	37	and	and	CCONJ
fsr-3304	17	38	mortality	mortality	NOUN
fsr-3304	17	39	(	(	PUNCT
fsr-3304	17	40	normal	normal	ADJ
fsr-3304	17	41	and	and	CCONJ
fsr-3304	17	42	impaired	impaired	ADJ
fsr-3304	17	43	life	life	NOUN
fsr-3304	17	44	)	)	PUNCT
fsr-3304	17	45	.	.	PUNCT
fsr-3304	18	1	results	result	NOUN
fsr-3304	18	2	are	be	AUX
fsr-3304	18	3	computed	compute	VERB
fsr-3304	18	4	from	from	ADP
fsr-3304	18	5	a	a	DET
fsr-3304	18	6	model	model	NOUN
fsr-3304	18	7	using	use	VERB
fsr-3304	18	8	an	an	DET
fsr-3304	18	9	expected	expect	VERB
fsr-3304	18	10	utility	utility	NOUN
fsr-3304	18	11	framework	framework	NOUN
fsr-3304	18	12	,	,	PUNCT
fsr-3304	18	13	which	which	PRON
fsr-3304	18	14	assigns	assign	VERB
fsr-3304	18	15	a	a	DET
fsr-3304	18	16	different	different	ADJ
fsr-3304	18	17	utility	utility	NOUN
fsr-3304	18	18	value	value	NOUN
fsr-3304	18	19	to	to	ADP
fsr-3304	18	20	any	any	DET
fsr-3304	18	21	small	small	ADJ
fsr-3304	18	22	change	change	NOUN
fsr-3304	18	23	in	in	ADP
fsr-3304	18	24	consumption	consumption	NOUN
fsr-3304	18	25	or	or	CCONJ
fsr-3304	18	26	final	final	ADJ
fsr-3304	18	27	wealth	wealth	NOUN
fsr-3304	18	28	levels	level	NOUN
fsr-3304	18	29	.	.	PUNCT
fsr-3304	19	1	the	the	DET
fsr-3304	19	2	robustness	robustness	NOUN
fsr-3304	19	3	of	of	ADP
fsr-3304	19	4	strategies	strategy	NOUN
fsr-3304	19	5	is	be	AUX
fsr-3304	19	6	tested	test	VERB
fsr-3304	19	7	across	across	ADP
fsr-3304	19	8	households	household	NOUN
fsr-3304	19	9	with	with	ADP
fsr-3304	19	10	varying	vary	VERB
fsr-3304	19	11	preferences	preference	NOUN
fsr-3304	19	12	and	and	CCONJ
fsr-3304	19	13	circumstances	circumstance	NOUN
fsr-3304	19	14	.	.	PUNCT
fsr-3304	20	1	a	a	DET
fsr-3304	20	2	household	household	NOUN
fsr-3304	20	3	’s	’s	PART
fsr-3304	20	4	chosen	choose	VERB
fsr-3304	20	5	strategy	strategy	NOUN
fsr-3304	20	6	is	be	AUX
fsr-3304	20	7	assumed	assume	VERB
fsr-3304	20	8	to	to	PART
fsr-3304	20	9	remain	remain	VERB
fsr-3304	20	10	fixed	fix	VERB
fsr-3304	20	11	throughout	throughout	ADP
fsr-3304	20	12	retirement	retirement	NOUN
fsr-3304	20	13	.	.	PUNCT
fsr-3304	21	1	this	this	PRON
fsr-3304	21	2	essentially	essentially	ADV
fsr-3304	21	3	acknowledges	acknowledge	VERB
fsr-3304	21	4	the	the	DET
fsr-3304	21	5	complexity	complexity	NOUN
fsr-3304	21	6	of	of	ADP
fsr-3304	21	7	issues	issue	NOUN
fsr-3304	21	8	facing	face	VERB
fsr-3304	21	9	older	old	ADJ
fsr-3304	21	10	retirees	retiree	NOUN
fsr-3304	21	11	,	,	PUNCT
fsr-3304	21	12	such	such	ADJ
fsr-3304	21	13	as	as	ADP
fsr-3304	21	14	their	their	PRON
fsr-3304	21	15	trust	trust	NOUN
fsr-3304	21	16	in	in	ADP
fsr-3304	21	17	financial	financial	ADJ
fsr-3304	21	18	institutions	institution	NOUN
fsr-3304	21	19	and	and	CCONJ
fsr-3304	21	20	their	their	PRON
fsr-3304	21	21	cognitive	cognitive	ADJ
fsr-3304	21	22	agility	agility	NOUN
fsr-3304	21	23	to	to	PART
fsr-3304	21	24	make	make	VERB
fsr-3304	21	25	midcourse	midcourse	NOUN
fsr-3304	21	26	changes	change	NOUN
fsr-3304	21	27	,	,	PUNCT
fsr-3304	21	28	as	as	ADV
fsr-3304	21	29	well	well	ADV
fsr-3304	21	30	as	as	ADP
fsr-3304	21	31	the	the	DET
fsr-3304	21	32	governance	governance	NOUN
fsr-3304	21	33	capacities	capacity	NOUN
fsr-3304	21	34	of	of	ADP
fsr-3304	21	35	financial	financial	ADJ
fsr-3304	21	36	providers	provider	NOUN
fsr-3304	21	37	and	and	CCONJ
fsr-3304	21	38	advisors	advisor	NOUN
fsr-3304	21	39	.	.	PUNCT
fsr-3304	22	1	the	the	DET
fsr-3304	22	2	idea	idea	NOUN
fsr-3304	22	3	of	of	ADP
fsr-3304	22	4	simplifying	simplify	VERB
fsr-3304	22	5	and	and	CCONJ
fsr-3304	22	6	easing	ease	VERB
fsr-3304	22	7	the	the	DET
fsr-3304	22	8	path	path	NOUN
fsr-3304	22	9	for	for	ADP
fsr-3304	22	10	investors	investor	NOUN
fsr-3304	22	11	is	be	AUX
fsr-3304	22	12	also	also	ADV
fsr-3304	22	13	found	find	VERB
fsr-3304	22	14	in	in	ADP
fsr-3304	22	15	the	the	DET
fsr-3304	22	16	fixed	fix	VERB
fsr-3304	22	17	strategies	strategy	NOUN
fsr-3304	22	18	used	use	VERB
fsr-3304	22	19	by	by	ADP
fsr-3304	22	20	the	the	DET
fsr-3304	22	21	popular	popular	ADJ
fsr-3304	22	22	target	target	NOUN
fsr-3304	22	23	-	-	PUNCT
fsr-3304	22	24	date	date	NOUN
fsr-3304	22	25	funds	fund	NOUN
fsr-3304	22	26	and	and	CCONJ
fsr-3304	22	27	managed	manage	VERB
fsr-3304	22	28	accounts	account	NOUN
fsr-3304	22	29	during	during	ADP
fsr-3304	22	30	the	the	DET
fsr-3304	22	31	accumulation	accumulation	NOUN
fsr-3304	22	32	phase	phase	NOUN
fsr-3304	22	33	.	.	PUNCT
fsr-3304	23	1	at	at	ADP
fsr-3304	23	2	the	the	DET
fsr-3304	23	3	same	same	ADJ
fsr-3304	23	4	time	time	NOUN
fsr-3304	23	5	,	,	PUNCT
fsr-3304	23	6	it	it	PRON
fsr-3304	23	7	is	be	AUX
fsr-3304	23	8	possible	possible	ADJ
fsr-3304	23	9	to	to	PART
fsr-3304	23	10	reoptimize	reoptimize	VERB
fsr-3304	23	11	at	at	ADP
fsr-3304	23	12	any	any	DET
fsr-3304	23	13	time	time	NOUN
fsr-3304	23	14	in	in	ADP
fsr-3304	23	15	response	response	NOUN
fsr-3304	23	16	to	to	ADP
fsr-3304	23	17	major	major	ADJ
fsr-3304	23	18	changes	change	NOUN
fsr-3304	23	19	in	in	ADP
fsr-3304	23	20	the	the	DET
fsr-3304	23	21	retired	retire	VERB
fsr-3304	23	22	household	household	NOUN
fsr-3304	23	23	’s	’s	PART
fsr-3304	23	24	situation	situation	NOUN
fsr-3304	23	25	,	,	PUNCT
fsr-3304	23	26	such	such	ADJ
fsr-3304	23	27	as	as	ADP
fsr-3304	23	28	the	the	DET
fsr-3304	23	29	death	death	NOUN
fsr-3304	23	30	of	of	ADP
fsr-3304	23	31	a	a	DET
fsr-3304	23	32	spouse	spouse	NOUN
fsr-3304	23	33	.	.	PUNCT
fsr-3304	24	1	a	a	DET
fsr-3304	24	2	more	more	ADV
fsr-3304	24	3	dynamic	dynamic	ADJ
fsr-3304	24	4	strategy	strategy	NOUN
fsr-3304	24	5	cognizant	cognizant	ADJ
fsr-3304	24	6	of	of	ADP
fsr-3304	24	7	the	the	DET
fsr-3304	24	8	practical	practical	ADJ
fsr-3304	24	9	complexities	complexity	NOUN
fsr-3304	24	10	of	of	ADP
fsr-3304	24	11	financial	financial	ADJ
fsr-3304	24	12	and	and	CCONJ
fsr-3304	24	13	insurance	insurance	NOUN
fsr-3304	24	14	products	product	NOUN
fsr-3304	24	15	and	and	CCONJ
fsr-3304	24	16	taxes	taxis	NOUN
fsr-3304	24	17	would	would	AUX
fsr-3304	24	18	necessitate	necessitate	VERB
fsr-3304	24	19	a	a	DET
fsr-3304	24	20	much	much	ADV
fsr-3304	24	21	more	more	ADV
fsr-3304	24	22	complex	complex	ADJ
fsr-3304	24	23	model	model	NOUN
fsr-3304	24	24	which	which	PRON
fsr-3304	24	25	,	,	PUNCT
fsr-3304	24	26	in	in	ADP
fsr-3304	24	27	turn	turn	NOUN
fsr-3304	24	28	,	,	PUNCT
fsr-3304	24	29	would	would	AUX
fsr-3304	24	30	be	be	AUX
fsr-3304	24	31	more	more	ADV
fsr-3304	24	32	opaque	opaque	ADJ
fsr-3304	24	33	to	to	ADP
fsr-3304	24	34	retirees	retiree	NOUN
fsr-3304	24	35	.	.	PUNCT
fsr-3304	25	1	among	among	ADP
fsr-3304	25	2	the	the	DET
fsr-3304	25	3	many	many	ADJ
fsr-3304	25	4	options	option	NOUN
fsr-3304	25	5	considered	consider	VERB
fsr-3304	25	6	,	,	PUNCT
fsr-3304	25	7	a	a	DET
fsr-3304	25	8	new	new	ADJ
fsr-3304	25	9	strategy	strategy	NOUN
fsr-3304	25	10	stands	stand	VERB
fsr-3304	25	11	out	out	ADP
fsr-3304	25	12	:	:	PUNCT
fsr-3304	25	13	combining	combine	VERB
fsr-3304	25	14	laddered	ladder	VERB
fsr-3304	25	15	purchases	purchase	NOUN
fsr-3304	25	16	of	of	ADP
fsr-3304	25	17	nominal	nominal	ADJ
fsr-3304	25	18	immediate	immediate	ADJ
fsr-3304	25	19	life	life	NOUN
fsr-3304	25	20	annuities	annuity	NOUN
fsr-3304	25	21	(	(	PUNCT
fsr-3304	25	22	that	that	PRON
fsr-3304	25	23	is	is	ADV
fsr-3304	25	24	,	,	PUNCT
fsr-3304	25	25	dollar	dollar	NOUN
fsr-3304	25	26	cost	cost	NOUN
fsr-3304	25	27	averaging	averaging	NOUN
fsr-3304	25	28	)	)	PUNCT
fsr-3304	25	29	with	with	ADP
fsr-3304	25	30	systematic	systematic	ADJ
fsr-3304	25	31	withdrawals	withdrawal	NOUN
fsr-3304	25	32	(	(	PUNCT
fsr-3304	25	33	fixed	fix	VERB
fsr-3304	25	34	percentage	percentage	NOUN
fsr-3304	25	35	)	)	PUNCT
fsr-3304	25	36	from	from	ADP
fsr-3304	25	37	a	a	DET
fsr-3304	25	38	dynamically	dynamically	ADV
fsr-3304	25	39	changing	change	VERB
fsr-3304	25	40	retirement	retirement	NOUN
fsr-3304	25	41	investment	investment	NOUN
fsr-3304	25	42	portfolio	portfolio	NOUN
fsr-3304	25	43	.	.	PUNCT
fsr-3304	26	1	this	this	DET
fsr-3304	26	2	combination	combination	NOUN
fsr-3304	26	3	strategy	strategy	NOUN
fsr-3304	26	4	outperforms	outperform	VERB
fsr-3304	26	5	the	the	DET
fsr-3304	26	6	alternatives	alternative	NOUN
fsr-3304	26	7	using	use	VERB
fsr-3304	26	8	alda	alda	NOUN
fsr-3304	26	9	and	and	CCONJ
fsr-3304	26	10	inflation	inflation	NOUN
fsr-3304	26	11	-	-	PUNCT
fsr-3304	26	12	indexed	index	VERB
fsr-3304	26	13	annuities	annuity	NOUN
fsr-3304	26	14	.	.	PUNCT
fsr-3304	27	1	2	2	X
fsr-3304	27	2	.	.	X
fsr-3304	27	3	evolution	evolution	NOUN
fsr-3304	27	4	of	of	ADP
fsr-3304	27	5	thinking	think	VERB
fsr-3304	27	6	on	on	ADP
fsr-3304	27	7	income	income	NOUN
fsr-3304	27	8	strategies	strategy	NOUN
fsr-3304	27	9	there	there	PRON
fsr-3304	27	10	is	be	VERB
fsr-3304	27	11	growing	grow	VERB
fsr-3304	27	12	research	research	NOUN
fsr-3304	27	13	literature	literature	NOUN
fsr-3304	27	14	on	on	ADP
fsr-3304	27	15	retirement	retirement	NOUN
fsr-3304	27	16	income	income	NOUN
fsr-3304	27	17	solutions	solution	NOUN
fsr-3304	27	18	.	.	PUNCT
fsr-3304	28	1	in	in	ADP
fsr-3304	28	2	a	a	DET
fsr-3304	28	3	simple	simple	ADJ
fsr-3304	28	4	loss	loss	NOUN
fsr-3304	28	5	aversion	aversion	NOUN
fsr-3304	28	6	framework	framework	NOUN
fsr-3304	28	7	,	,	PUNCT
fsr-3304	28	8	pang	pang	NOUN
fsr-3304	28	9	and	and	CCONJ
fsr-3304	28	10	warshawsky	warshawsky	NOUN
fsr-3304	28	11	(	(	PUNCT
fsr-3304	28	12	2009	2009	NUM
fsr-3304	28	13	)	)	PUNCT
fsr-3304	28	14	compared	compare	VERB
fsr-3304	28	15	products	product	NOUN
fsr-3304	28	16	and	and	CCONJ
fsr-3304	28	17	strategies	strategy	NOUN
fsr-3304	28	18	for	for	ADP
fsr-3304	28	19	producing	produce	VERB
fsr-3304	28	20	income	income	NOUN
fsr-3304	28	21	and	and	CCONJ
fsr-3304	28	22	managing	manage	VERB
fsr-3304	28	23	wealth	wealth	NOUN
fsr-3304	28	24	in	in	ADP
fsr-3304	28	25	retirement	retirement	NOUN
fsr-3304	28	26	accounts	account	NOUN
fsr-3304	28	27	,	,	PUNCT
fsr-3304	28	28	assuming	assume	VERB
fsr-3304	28	29	an	an	DET
fsr-3304	28	30	initial	initial	ADJ
fsr-3304	28	31	50–50	50–50	NUM
fsr-3304	28	32	equity	equity	NOUN
fsr-3304	28	33	-	-	PUNCT
fsr-3304	28	34	bond	bond	NOUN
fsr-3304	28	35	allocation	allocation	NOUN
fsr-3304	28	36	.	.	PUNCT
fsr-3304	29	1	the	the	DET
fsr-3304	29	2	strategies	strategy	NOUN
fsr-3304	29	3	compared	compare	VERB
fsr-3304	29	4	ran	run	VERB
fsr-3304	29	5	the	the	DET
fsr-3304	29	6	spectrum	spectrum	NOUN
fsr-3304	29	7	of	of	ADP
fsr-3304	29	8	liquidity	liquidity	NOUN
fsr-3304	29	9	and	and	CCONJ
fsr-3304	29	10	potential	potential	ADJ
fsr-3304	29	11	growth.1	growth.1	PROPN
fsr-3304	29	12	at	at	ADP
fsr-3304	29	13	one	one	NUM
fsr-3304	29	14	end	end	NOUN
fsr-3304	29	15	,	,	PUNCT
fsr-3304	29	16	systematic	systematic	ADJ
fsr-3304	29	17	withdrawals	withdrawal	NOUN
fsr-3304	29	18	as	as	ADP
fsr-3304	29	19	a	a	DET
fsr-3304	29	20	fixed	fixed	ADJ
fsr-3304	29	21	percentage	percentage	NOUN
fsr-3304	29	22	of	of	ADP
fsr-3304	29	23	the	the	DET
fsr-3304	29	24	retirement	retirement	NOUN
fsr-3304	29	25	account	account	NOUN
fsr-3304	29	26	provides	provide	VERB
fsr-3304	29	27	complete	complete	ADJ
fsr-3304	29	28	liquidity	liquidity	NOUN
fsr-3304	29	29	and	and	CCONJ
fsr-3304	29	30	growth	growth	NOUN
fsr-3304	29	31	potential	potential	NOUN
fsr-3304	29	32	but	but	CCONJ
fsr-3304	29	33	no	no	DET
fsr-3304	29	34	guarantees	guarantee	NOUN
fsr-3304	29	35	,	,	PUNCT
fsr-3304	29	36	and	and	CCONJ
fsr-3304	29	37	significant	significant	ADJ
fsr-3304	29	38	risk	risk	NOUN
fsr-3304	29	39	.	.	PUNCT
fsr-3304	30	1	at	at	ADP
fsr-3304	30	2	the	the	DET
fsr-3304	30	3	other	other	ADJ
fsr-3304	30	4	end	end	NOUN
fsr-3304	30	5	,	,	PUNCT
fsr-3304	30	6	full	full	ADJ
fsr-3304	30	7	annuitization	annuitization	NOUN
fsr-3304	30	8	using	use	VERB
fsr-3304	30	9	a	a	DET
fsr-3304	30	10	straight	straight	ADJ
fsr-3304	30	11	immediate	immediate	ADJ
fsr-3304	30	12	(	(	PUNCT
fsr-3304	30	13	nominal	nominal	ADJ
fsr-3304	30	14	)	)	PUNCT
fsr-3304	30	15	life	life	NOUN
fsr-3304	30	16	annuity	annuity	NOUN
fsr-3304	30	17	provides	provide	VERB
fsr-3304	30	18	no	no	DET
fsr-3304	30	19	liquidity	liquidity	NOUN
fsr-3304	30	20	or	or	CCONJ
fsr-3304	30	21	growth	growth	NOUN
fsr-3304	30	22	potential	potential	NOUN
fsr-3304	30	23	but	but	CCONJ
fsr-3304	30	24	is	be	AUX
fsr-3304	30	25	fully	fully	ADV
fsr-3304	30	26	guaranteed	guarantee	VERB
fsr-3304	30	27	for	for	ADP
fsr-3304	30	28	life	life	NOUN
fsr-3304	30	29	in	in	ADP
fsr-3304	30	30	nominal	nominal	ADJ
fsr-3304	30	31	terms	term	NOUN
fsr-3304	30	32	.	.	PUNCT
fsr-3304	31	1	midspectrum	midspectrum	ADJ
fsr-3304	31	2	strategies	strategy	NOUN
fsr-3304	31	3	include	include	VERB
fsr-3304	31	4	a	a	DET
fsr-3304	31	5	mix	mix	NOUN
fsr-3304	31	6	of	of	ADP
fsr-3304	31	7	systematic	systematic	ADJ
fsr-3304	31	8	withdrawals	withdrawal	NOUN
fsr-3304	31	9	and	and	CCONJ
fsr-3304	31	10	gradual	gradual	ADJ
fsr-3304	31	11	annuitization	annuitization	NOUN
fsr-3304	31	12	over	over	ADP
fsr-3304	31	13	ten	ten	NUM
fsr-3304	31	14	years	year	NOUN
fsr-3304	31	15	,	,	PUNCT
fsr-3304	31	16	a	a	DET
fsr-3304	31	17	deferred	defer	VERB
fsr-3304	31	18	variable	variable	ADJ
fsr-3304	31	19	annuity	annuity	NOUN
fsr-3304	31	20	with	with	ADP
fsr-3304	31	21	a	a	DET
fsr-3304	31	22	guaranteed	guarantee	VERB
fsr-3304	31	23	minimum	minimum	NOUN
fsr-3304	31	24	withdrawal	withdrawal	NOUN
fsr-3304	31	25	benefit	benefit	NOUN
fsr-3304	31	26	rider	rider	NOUN
fsr-3304	31	27	(	(	PUNCT
fsr-3304	31	28	“	"	PUNCT
fsr-3304	31	29	va	va	PROPN
fsr-3304	31	30	�	�	NOUN
fsr-3304	31	31	gmwb	gmwb	NOUN
fsr-3304	31	32	”	"	PUNCT
fsr-3304	31	33	with	with	ADP
fsr-3304	31	34	a	a	DET
fsr-3304	31	35	5	5	NUM
fsr-3304	31	36	%	%	NOUN
fsr-3304	31	37	withdrawal	withdrawal	NOUN
fsr-3304	31	38	rate	rate	NOUN
fsr-3304	31	39	)	)	PUNCT
fsr-3304	31	40	,	,	PUNCT
fsr-3304	31	41	and	and	CCONJ
fsr-3304	31	42	an	an	DET
fsr-3304	31	43	immediate	immediate	ADJ
fsr-3304	31	44	variable	variable	ADJ
fsr-3304	31	45	life	life	NOUN
fsr-3304	31	46	annuity	annuity	NOUN
fsr-3304	31	47	invested	invest	VERB
fsr-3304	31	48	in	in	ADP
fsr-3304	31	49	bonds	bond	NOUN
fsr-3304	31	50	and	and	CCONJ
fsr-3304	31	51	equities	equity	NOUN
fsr-3304	31	52	.	.	PUNCT
fsr-3304	32	1	in	in	ADP
fsr-3304	32	2	general	general	ADJ
fsr-3304	32	3	,	,	PUNCT
fsr-3304	32	4	among	among	ADP
fsr-3304	32	5	the	the	DET
fsr-3304	32	6	strategies	strategy	NOUN
fsr-3304	32	7	analyzed	analyze	VERB
fsr-3304	32	8	,	,	PUNCT
fsr-3304	32	9	the	the	DET
fsr-3304	32	10	highest	high	ADJ
fsr-3304	32	11	real	real	ADJ
fsr-3304	32	12	income	income	NOUN
fsr-3304	32	13	and	and	CCONJ
fsr-3304	32	14	lowest	low	ADJ
fsr-3304	32	15	chance	chance	NOUN
fsr-3304	32	16	of	of	ADP
fsr-3304	32	17	income	income	NOUN
fsr-3304	32	18	shortfalls	shortfall	NOUN
fsr-3304	32	19	are	be	AUX
fsr-3304	32	20	achieved	achieve	VERB
fsr-3304	32	21	by	by	ADP
fsr-3304	32	22	combining	combine	VERB
fsr-3304	32	23	systematic	systematic	ADJ
fsr-3304	32	24	withdrawals	withdrawal	NOUN
fsr-3304	32	25	and	and	CCONJ
fsr-3304	32	26	gradual	gradual	ADJ
fsr-3304	32	27	but	but	CCONJ
fsr-3304	32	28	complete	complete	ADJ
fsr-3304	32	29	annuitization	annuitization	NOUN
fsr-3304	32	30	over	over	ADP
fsr-3304	32	31	ten	ten	NUM
fsr-3304	32	32	years	year	NOUN
fsr-3304	32	33	—	—	PUNCT
fsr-3304	32	34	that	that	ADV
fsr-3304	32	35	is	is	ADV
fsr-3304	32	36	,	,	PUNCT
fsr-3304	32	37	the	the	DET
fsr-3304	32	38	annuity	annuity	NOUN
fsr-3304	32	39	purchase	purchase	NOUN
fsr-3304	32	40	ladder	ladder	NOUN
fsr-3304	32	41	strategy	strategy	NOUN
fsr-3304	32	42	.	.	PUNCT
fsr-3304	33	1	only	only	ADV
fsr-3304	33	2	the	the	DET
fsr-3304	33	3	purchase	purchase	NOUN
fsr-3304	33	4	of	of	ADP
fsr-3304	33	5	an	an	DET
fsr-3304	33	6	immediate	immediate	ADJ
fsr-3304	33	7	fixed	fix	VERB
fsr-3304	33	8	annuity	annuity	NOUN
fsr-3304	33	9	at	at	ADP
fsr-3304	33	10	retirement	retirement	NOUN
fsr-3304	33	11	,	,	PUNCT
fsr-3304	33	12	using	use	VERB
fsr-3304	33	13	the	the	DET
fsr-3304	33	14	entire	entire	ADJ
fsr-3304	33	15	account	account	NOUN
fsr-3304	33	16	balance	balance	NOUN
fsr-3304	33	17	,	,	PUNCT
fsr-3304	33	18	achieved	achieve	VERB
fsr-3304	33	19	a	a	DET
fsr-3304	33	20	higher	high	ADJ
fsr-3304	33	21	real	real	ADJ
fsr-3304	33	22	income	income	NOUN
fsr-3304	33	23	,	,	PUNCT
fsr-3304	33	24	at	at	ADP
fsr-3304	33	25	the	the	DET
fsr-3304	33	26	median	median	ADJ
fsr-3304	33	27	outcome	outcome	NOUN
fsr-3304	33	28	,	,	PUNCT
fsr-3304	33	29	but	but	CCONJ
fsr-3304	33	30	that	that	SCONJ
fsr-3304	33	31	strategy	strategy	NOUN
fsr-3304	33	32	leaves	leave	VERB
fsr-3304	33	33	no	no	DET
fsr-3304	33	34	wealth	wealth	NOUN
fsr-3304	33	35	114	114	NUM
fsr-3304	33	36	m.j	m.j	PROPN
fsr-3304	33	37	.	.	PROPN
fsr-3304	33	38	warshawsky	warshawsky	PROPN
fsr-3304	33	39	/	/	SYM
fsr-3304	33	40	financial	financial	ADJ
fsr-3304	33	41	services	service	NOUN
fsr-3304	33	42	review	review	VERB
fsr-3304	33	43	26	26	NUM
fsr-3304	33	44	(	(	PUNCT
fsr-3304	33	45	2017	2017	NUM
fsr-3304	33	46	)	)	PUNCT
fsr-3304	33	47	113–141	113–141	NUM
fsr-3304	33	48	balances	balance	NOUN
fsr-3304	33	49	ever	ever	ADV
fsr-3304	33	50	.	.	PUNCT
fsr-3304	34	1	the	the	DET
fsr-3304	34	2	ladder	ladder	NOUN
fsr-3304	34	3	strategy	strategy	NOUN
fsr-3304	34	4	maintains	maintain	VERB
fsr-3304	34	5	some	some	DET
fsr-3304	34	6	balances	balance	NOUN
fsr-3304	34	7	through	through	ADP
fsr-3304	34	8	the	the	DET
fsr-3304	34	9	first	first	ADJ
fsr-3304	34	10	10	10	NUM
fsr-3304	34	11	years	year	NOUN
fsr-3304	34	12	of	of	ADP
fsr-3304	34	13	retirement	retirement	NOUN
fsr-3304	34	14	.	.	PUNCT
fsr-3304	35	1	the	the	DET
fsr-3304	35	2	other	other	ADJ
fsr-3304	35	3	strategies	strategy	NOUN
fsr-3304	35	4	(	(	PUNCT
fsr-3304	35	5	excluding	exclude	VERB
fsr-3304	35	6	the	the	DET
fsr-3304	35	7	immediate	immediate	ADJ
fsr-3304	35	8	variable	variable	ADJ
fsr-3304	35	9	annuity	annuity	NOUN
fsr-3304	35	10	)	)	PUNCT
fsr-3304	35	11	offer	offer	VERB
fsr-3304	35	12	the	the	DET
fsr-3304	35	13	advantage	advantage	NOUN
fsr-3304	35	14	of	of	ADP
fsr-3304	35	15	significant	significant	ADJ
fsr-3304	35	16	real	real	ADJ
fsr-3304	35	17	balances	balance	NOUN
fsr-3304	35	18	(	(	PUNCT
fsr-3304	35	19	i.e.	i.e.	X
fsr-3304	35	20	,	,	PUNCT
fsr-3304	35	21	liquidity	liquidity	NOUN
fsr-3304	35	22	)	)	PUNCT
fsr-3304	35	23	.	.	PUNCT
fsr-3304	36	1	the	the	DET
fsr-3304	36	2	liquidation	liquidation	NOUN
fsr-3304	36	3	value	value	NOUN
fsr-3304	36	4	in	in	ADP
fsr-3304	36	5	va	va	PROPN
fsr-3304	36	6	�	�	PROPN
fsr-3304	36	7	gmwb	gmwb	NOUN
fsr-3304	36	8	tends	tend	VERB
fsr-3304	36	9	to	to	PART
fsr-3304	36	10	run	run	VERB
fsr-3304	36	11	to	to	ADP
fsr-3304	36	12	zero	zero	NUM
fsr-3304	36	13	in	in	ADP
fsr-3304	36	14	later	later	ADJ
fsr-3304	36	15	life	life	NOUN
fsr-3304	36	16	,	,	PUNCT
fsr-3304	36	17	owing	owe	VERB
fsr-3304	36	18	to	to	ADP
fsr-3304	36	19	withdrawals	withdrawal	NOUN
fsr-3304	36	20	and	and	CCONJ
fsr-3304	36	21	fees	fee	NOUN
fsr-3304	36	22	.	.	PUNCT
fsr-3304	37	1	a	a	DET
fsr-3304	37	2	more	more	ADV
fsr-3304	37	3	aggressive	aggressive	ADJ
fsr-3304	37	4	portfolio	portfolio	NOUN
fsr-3304	37	5	(	(	PUNCT
fsr-3304	37	6	70–30	70–30	NUM
fsr-3304	37	7	equity	equity	NOUN
fsr-3304	37	8	-	-	PUNCT
fsr-3304	37	9	bond	bond	NOUN
fsr-3304	37	10	split	split	NOUN
fsr-3304	37	11	)	)	PUNCT
fsr-3304	37	12	gives	give	VERB
fsr-3304	37	13	a	a	DET
fsr-3304	37	14	small	small	ADJ
fsr-3304	37	15	relative	relative	ADJ
fsr-3304	37	16	boost	boost	NOUN
fsr-3304	37	17	to	to	ADP
fsr-3304	37	18	the	the	DET
fsr-3304	37	19	va	va	PROPN
fsr-3304	37	20	�	�	NOUN
fsr-3304	37	21	gmwb	gmwb	NOUN
fsr-3304	37	22	,	,	PUNCT
fsr-3304	37	23	because	because	SCONJ
fsr-3304	37	24	the	the	DET
fsr-3304	37	25	investor	investor	NOUN
fsr-3304	37	26	takes	take	VERB
fsr-3304	37	27	greater	great	ADJ
fsr-3304	37	28	advantage	advantage	NOUN
fsr-3304	37	29	of	of	ADP
fsr-3304	37	30	the	the	DET
fsr-3304	37	31	insurer	insurer	NOUN
fsr-3304	37	32	’s	’s	PART
fsr-3304	37	33	guarantee	guarantee	NOUN
fsr-3304	37	34	,	,	PUNCT
fsr-3304	37	35	but	but	CCONJ
fsr-3304	37	36	the	the	DET
fsr-3304	37	37	basic	basic	ADJ
fsr-3304	37	38	results	result	NOUN
fsr-3304	37	39	remain	remain	VERB
fsr-3304	37	40	.	.	PUNCT
fsr-3304	38	1	the	the	DET
fsr-3304	38	2	relative	relative	ADJ
fsr-3304	38	3	levels	level	NOUN
fsr-3304	38	4	of	of	ADP
fsr-3304	38	5	fees	fee	NOUN
fsr-3304	38	6	are	be	AUX
fsr-3304	38	7	critical	critical	ADJ
fsr-3304	38	8	to	to	ADP
fsr-3304	38	9	the	the	DET
fsr-3304	38	10	analysis	analysis	NOUN
fsr-3304	38	11	.	.	PUNCT
fsr-3304	39	1	with	with	ADP
fsr-3304	39	2	an	an	DET
fsr-3304	39	3	overall	overall	ADJ
fsr-3304	39	4	low	low	ADJ
fsr-3304	39	5	level	level	NOUN
fsr-3304	39	6	of	of	ADP
fsr-3304	39	7	fees	fee	NOUN
fsr-3304	39	8	,	,	PUNCT
fsr-3304	39	9	perhaps	perhaps	ADV
fsr-3304	39	10	owing	owe	VERB
fsr-3304	39	11	to	to	ADP
fsr-3304	39	12	institutional	institutional	ADJ
fsr-3304	39	13	pricing	pricing	NOUN
fsr-3304	39	14	,	,	PUNCT
fsr-3304	39	15	as	as	ADV
fsr-3304	39	16	long	long	ADV
fsr-3304	39	17	as	as	SCONJ
fsr-3304	39	18	the	the	DET
fsr-3304	39	19	fees	fee	NOUN
fsr-3304	39	20	are	be	AUX
fsr-3304	39	21	reduced	reduce	VERB
fsr-3304	39	22	proportionally	proportionally	ADV
fsr-3304	39	23	across	across	ADP
fsr-3304	39	24	products	product	NOUN
fsr-3304	39	25	,	,	PUNCT
fsr-3304	39	26	the	the	DET
fsr-3304	39	27	advantage	advantage	NOUN
fsr-3304	39	28	of	of	ADP
fsr-3304	39	29	the	the	DET
fsr-3304	39	30	annuity	annuity	NOUN
fsr-3304	39	31	ladder	ladder	NOUN
fsr-3304	39	32	strategy	strategy	NOUN
fsr-3304	39	33	still	still	ADV
fsr-3304	39	34	holds	hold	VERB
fsr-3304	39	35	.	.	PUNCT
fsr-3304	40	1	warshawsky	warshawsky	PROPN
fsr-3304	40	2	(	(	PUNCT
fsr-3304	40	3	2012	2012	NUM
fsr-3304	40	4	,	,	PUNCT
fsr-3304	40	5	chapter	chapter	NOUN
fsr-3304	40	6	7	7	NUM
fsr-3304	40	7	)	)	PUNCT
fsr-3304	40	8	and	and	CCONJ
fsr-3304	40	9	warshawsky	warshawsky	X
fsr-3304	40	10	(	(	PUNCT
fsr-3304	40	11	2016	2016	NUM
fsr-3304	40	12	)	)	PUNCT
fsr-3304	40	13	are	be	AUX
fsr-3304	40	14	the	the	DET
fsr-3304	40	15	main	main	ADJ
fsr-3304	40	16	studies	study	NOUN
fsr-3304	40	17	that	that	PRON
fsr-3304	40	18	develop	develop	VERB
fsr-3304	40	19	an	an	DET
fsr-3304	40	20	analysis	analysis	NOUN
fsr-3304	40	21	of	of	ADP
fsr-3304	40	22	the	the	DET
fsr-3304	40	23	laddered	ladder	VERB
fsr-3304	40	24	annuity	annuity	NOUN
fsr-3304	40	25	purchase	purchase	NOUN
fsr-3304	40	26	strategy	strategy	NOUN
fsr-3304	40	27	.	.	PUNCT
fsr-3304	41	1	their	their	PRON
fsr-3304	41	2	focus	focus	NOUN
fsr-3304	41	3	is	be	AUX
fsr-3304	41	4	on	on	ADP
fsr-3304	41	5	optimizing	optimize	VERB
fsr-3304	41	6	the	the	DET
fsr-3304	41	7	ladder	ladder	NOUN
fsr-3304	41	8	strategy	strategy	NOUN
fsr-3304	41	9	of	of	ADP
fsr-3304	41	10	immediate	immediate	ADJ
fsr-3304	41	11	annuity	annuity	NOUN
fsr-3304	41	12	purchases	purchase	NOUN
fsr-3304	41	13	,	,	PUNCT
fsr-3304	41	14	both	both	CCONJ
fsr-3304	41	15	because	because	SCONJ
fsr-3304	41	16	it	it	PRON
fsr-3304	41	17	compared	compare	VERB
fsr-3304	41	18	well	well	ADV
fsr-3304	41	19	in	in	ADP
fsr-3304	41	20	earlier	early	ADJ
fsr-3304	41	21	research	research	NOUN
fsr-3304	41	22	with	with	ADP
fsr-3304	41	23	other	other	ADJ
fsr-3304	41	24	strategies	strategy	NOUN
fsr-3304	41	25	and	and	CCONJ
fsr-3304	41	26	because	because	SCONJ
fsr-3304	41	27	it	it	PRON
fsr-3304	41	28	closely	closely	ADV
fsr-3304	41	29	resembles	resemble	VERB
fsr-3304	41	30	the	the	DET
fsr-3304	41	31	optimum	optimum	NOUN
fsr-3304	41	32	in	in	ADP
fsr-3304	41	33	the	the	DET
fsr-3304	41	34	theoretical	theoretical	ADJ
fsr-3304	41	35	fully	fully	ADV
fsr-3304	41	36	dynamic	dynamic	ADJ
fsr-3304	41	37	model	model	NOUN
fsr-3304	41	38	of	of	ADP
fsr-3304	41	39	pang	pang	NOUN
fsr-3304	41	40	and	and	CCONJ
fsr-3304	41	41	warshawsky	warshawsky	NOUN
fsr-3304	41	42	(	(	PUNCT
fsr-3304	41	43	2010	2010	NUM
fsr-3304	41	44	)	)	PUNCT
fsr-3304	41	45	described	describe	VERB
fsr-3304	41	46	below	below	ADV
fsr-3304	41	47	.	.	PUNCT
fsr-3304	42	1	the	the	DET
fsr-3304	42	2	components	component	NOUN
fsr-3304	42	3	of	of	ADP
fsr-3304	42	4	strategy	strategy	NOUN
fsr-3304	42	5	design	design	NOUN
fsr-3304	42	6	optimization	optimization	NOUN
fsr-3304	42	7	include	include	VERB
fsr-3304	42	8	the	the	DET
fsr-3304	42	9	withdrawal	withdrawal	NOUN
fsr-3304	42	10	rate	rate	NOUN
fsr-3304	42	11	,	,	PUNCT
fsr-3304	42	12	and	and	CCONJ
fsr-3304	42	13	the	the	DET
fsr-3304	42	14	length	length	NOUN
fsr-3304	42	15	and	and	CCONJ
fsr-3304	42	16	extent	extent	NOUN
fsr-3304	42	17	of	of	ADP
fsr-3304	42	18	annuitization	annuitization	NOUN
fsr-3304	42	19	.	.	PUNCT
fsr-3304	43	1	pang	pang	NOUN
fsr-3304	43	2	and	and	CCONJ
fsr-3304	43	3	warshawsky	warshawsky	NOUN
fsr-3304	43	4	(	(	PUNCT
fsr-3304	43	5	2010	2010	NUM
fsr-3304	43	6	)	)	PUNCT
fsr-3304	43	7	developed	develop	VERB
fsr-3304	43	8	a	a	DET
fsr-3304	43	9	formal	formal	ADJ
fsr-3304	43	10	theoretical	theoretical	NOUN
fsr-3304	43	11	,	,	PUNCT
fsr-3304	43	12	somewhat	somewhat	ADV
fsr-3304	43	13	stylized	stylize	VERB
fsr-3304	43	14	,	,	PUNCT
fsr-3304	43	15	dynamic	dynamic	ADJ
fsr-3304	43	16	model	model	NOUN
fsr-3304	43	17	of	of	ADP
fsr-3304	43	18	expected	expect	VERB
fsr-3304	43	19	utility	utility	NOUN
fsr-3304	43	20	maximization	maximization	NOUN
fsr-3304	43	21	in	in	ADP
fsr-3304	43	22	retirement	retirement	NOUN
fsr-3304	43	23	,	,	PUNCT
fsr-3304	43	24	where	where	SCONJ
fsr-3304	43	25	the	the	DET
fsr-3304	43	26	household	household	NOUN
fsr-3304	43	27	optimizes	optimize	VERB
fsr-3304	43	28	consumption	consumption	NOUN
fsr-3304	43	29	and	and	CCONJ
fsr-3304	43	30	allocates	allocate	VERB
fsr-3304	43	31	wealth	wealth	NOUN
fsr-3304	43	32	across	across	ADP
fsr-3304	43	33	equities	equity	NOUN
fsr-3304	43	34	,	,	PUNCT
fsr-3304	43	35	bonds	bond	NOUN
fsr-3304	43	36	,	,	PUNCT
fsr-3304	43	37	and	and	CCONJ
fsr-3304	43	38	life	life	NOUN
fsr-3304	43	39	annuities	annuity	NOUN
fsr-3304	43	40	,	,	PUNCT
fsr-3304	43	41	with	with	ADP
fsr-3304	43	42	consideration	consideration	NOUN
fsr-3304	43	43	of	of	ADP
fsr-3304	43	44	the	the	DET
fsr-3304	43	45	receipt	receipt	NOUN
fsr-3304	43	46	of	of	ADP
fsr-3304	43	47	lifetime	lifetime	NOUN
fsr-3304	43	48	income	income	NOUN
fsr-3304	43	49	flows	flow	VERB
fsr-3304	43	50	such	such	ADJ
fsr-3304	43	51	as	as	ADP
fsr-3304	43	52	social	social	ADJ
fsr-3304	43	53	security	security	NOUN
fsr-3304	43	54	and	and	CCONJ
fsr-3304	43	55	defined	define	VERB
fsr-3304	43	56	benefit	benefit	NOUN
fsr-3304	43	57	pensions	pension	NOUN
fsr-3304	43	58	.	.	PUNCT
fsr-3304	44	1	in	in	ADP
fsr-3304	44	2	addition	addition	NOUN
fsr-3304	44	3	to	to	ADP
fsr-3304	44	4	stochastic	stochastic	ADJ
fsr-3304	44	5	capital	capital	NOUN
fsr-3304	44	6	market	market	NOUN
fsr-3304	44	7	returns	return	NOUN
fsr-3304	44	8	and	and	CCONJ
fsr-3304	44	9	mortality	mortality	NOUN
fsr-3304	44	10	,	,	PUNCT
fsr-3304	44	11	households	household	NOUN
fsr-3304	44	12	are	be	AUX
fsr-3304	44	13	exposed	expose	VERB
fsr-3304	44	14	in	in	ADP
fsr-3304	44	15	this	this	DET
fsr-3304	44	16	model	model	NOUN
fsr-3304	44	17	to	to	ADP
fsr-3304	44	18	uninsured	uninsured	ADJ
fsr-3304	44	19	health	health	PROPN
fsr-3304	44	20	care	care	NOUN
fsr-3304	44	21	cost	cost	NOUN
fsr-3304	44	22	risks	risk	NOUN
fsr-3304	44	23	,	,	PUNCT
fsr-3304	44	24	which	which	PRON
fsr-3304	44	25	increase	increase	VERB
fsr-3304	44	26	with	with	ADP
fsr-3304	44	27	age	age	NOUN
fsr-3304	44	28	and	and	CCONJ
fsr-3304	44	29	income	income	NOUN
fsr-3304	44	30	decile	decile	NOUN
fsr-3304	44	31	.	.	PUNCT
fsr-3304	45	1	absent	absent	ADJ
fsr-3304	45	2	a	a	DET
fsr-3304	45	3	bequest	bequest	NOUN
fsr-3304	45	4	motive	motive	NOUN
fsr-3304	45	5	,	,	PUNCT
fsr-3304	45	6	the	the	DET
fsr-3304	45	7	results	result	NOUN
fsr-3304	45	8	indicate	indicate	VERB
fsr-3304	45	9	that	that	SCONJ
fsr-3304	45	10	retired	retire	VERB
fsr-3304	45	11	households	household	NOUN
fsr-3304	45	12	should	should	AUX
fsr-3304	45	13	optimally	optimally	ADV
fsr-3304	45	14	start	start	VERB
fsr-3304	45	15	annuitizing	annuitize	VERB
fsr-3304	45	16	their	their	PRON
fsr-3304	45	17	wealth	wealth	NOUN
fsr-3304	45	18	around	around	ADP
fsr-3304	45	19	their	their	PRON
fsr-3304	45	20	mid-70s	mid-70	NOUN
fsr-3304	45	21	and	and	CCONJ
fsr-3304	45	22	annuitize	annuitize	VERB
fsr-3304	45	23	fully	fully	ADV
fsr-3304	45	24	in	in	ADP
fsr-3304	45	25	their	their	PRON
fsr-3304	45	26	80s	80	NOUN
fsr-3304	45	27	.	.	PUNCT
fsr-3304	46	1	retirees	retiree	NOUN
fsr-3304	46	2	continue	continue	VERB
fsr-3304	46	3	purchasing	purchase	VERB
fsr-3304	46	4	annuities	annuity	NOUN
fsr-3304	46	5	throughout	throughout	ADP
fsr-3304	46	6	their	their	PRON
fsr-3304	46	7	lives	life	NOUN
fsr-3304	46	8	as	as	SCONJ
fsr-3304	46	9	they	they	PRON
fsr-3304	46	10	save	save	VERB
fsr-3304	46	11	some	some	DET
fsr-3304	46	12	income	income	NOUN
fsr-3304	46	13	for	for	ADP
fsr-3304	46	14	sequential	sequential	ADJ
fsr-3304	46	15	purchases	purchase	NOUN
fsr-3304	46	16	of	of	ADP
fsr-3304	46	17	higher	high	ADJ
fsr-3304	46	18	yielding	yield	VERB
fsr-3304	46	19	life	life	NOUN
fsr-3304	46	20	annuities	annuity	NOUN
fsr-3304	46	21	to	to	PART
fsr-3304	46	22	effectively	effectively	ADV
fsr-3304	46	23	insure	insure	VERB
fsr-3304	46	24	for	for	ADP
fsr-3304	46	25	higher	high	ADJ
fsr-3304	46	26	health	health	NOUN
fsr-3304	46	27	care	care	NOUN
fsr-3304	46	28	expenses	expense	NOUN
fsr-3304	46	29	later	later	ADV
fsr-3304	46	30	in	in	ADP
fsr-3304	46	31	life	life	NOUN
fsr-3304	46	32	.	.	PUNCT
fsr-3304	47	1	moreover	moreover	ADV
fsr-3304	47	2	,	,	PUNCT
fsr-3304	47	3	with	with	ADP
fsr-3304	47	4	the	the	DET
fsr-3304	47	5	use	use	NOUN
fsr-3304	47	6	of	of	ADP
fsr-3304	47	7	guaranteed	guarantee	VERB
fsr-3304	47	8	annuities	annuity	NOUN
fsr-3304	47	9	,	,	PUNCT
fsr-3304	47	10	the	the	DET
fsr-3304	47	11	optimal	optimal	ADJ
fsr-3304	47	12	equity	equity	NOUN
fsr-3304	47	13	exposure	exposure	NOUN
fsr-3304	47	14	in	in	ADP
fsr-3304	47	15	the	the	DET
fsr-3304	47	16	remaining	remain	VERB
fsr-3304	47	17	portfolio	portfolio	NOUN
fsr-3304	47	18	increases	increase	NOUN
fsr-3304	47	19	with	with	ADP
fsr-3304	47	20	age	age	NOUN
fsr-3304	47	21	,	,	PUNCT
fsr-3304	47	22	reaching	reach	VERB
fsr-3304	47	23	nearly	nearly	ADV
fsr-3304	47	24	100	100	NUM
fsr-3304	47	25	%	%	NOUN
fsr-3304	47	26	for	for	ADP
fsr-3304	47	27	highincome	highincome	ADJ
fsr-3304	47	28	households	household	NOUN
fsr-3304	47	29	,	,	PUNCT
fsr-3304	47	30	until	until	SCONJ
fsr-3304	47	31	nonannuitized	nonannuitize	VERB
fsr-3304	47	32	wealth	wealth	NOUN
fsr-3304	47	33	is	be	AUX
fsr-3304	47	34	used	use	VERB
fsr-3304	47	35	up	up	ADP
fsr-3304	47	36	.	.	PUNCT
fsr-3304	48	1	the	the	DET
fsr-3304	48	2	consumption	consumption	NOUN
fsr-3304	48	3	level	level	NOUN
fsr-3304	48	4	is	be	AUX
fsr-3304	48	5	fairly	fairly	ADV
fsr-3304	48	6	sustained	sustain	VERB
fsr-3304	48	7	over	over	ADP
fsr-3304	48	8	the	the	DET
fsr-3304	48	9	retirement	retirement	NOUN
fsr-3304	48	10	life	life	NOUN
fsr-3304	48	11	cycle	cycle	NOUN
fsr-3304	48	12	with	with	ADP
fsr-3304	48	13	the	the	DET
fsr-3304	48	14	support	support	NOUN
fsr-3304	48	15	of	of	ADP
fsr-3304	48	16	annuity	annuity	NOUN
fsr-3304	48	17	income	income	NOUN
fsr-3304	48	18	.	.	PUNCT
fsr-3304	49	1	a	a	DET
fsr-3304	49	2	modest	modest	ADJ
fsr-3304	49	3	bequest	bequ	ADJ
fsr-3304	49	4	motive	motive	NOUN
fsr-3304	49	5	tempers	temper	NOUN
fsr-3304	49	6	these	these	DET
fsr-3304	49	7	results	result	NOUN
fsr-3304	49	8	,	,	PUNCT
fsr-3304	49	9	in	in	ADP
fsr-3304	49	10	particular	particular	ADJ
fsr-3304	49	11	cutting	cut	VERB
fsr-3304	49	12	the	the	DET
fsr-3304	49	13	ultimate	ultimate	ADJ
fsr-3304	49	14	use	use	NOUN
fsr-3304	49	15	of	of	ADP
fsr-3304	49	16	life	life	NOUN
fsr-3304	49	17	annuities	annuity	NOUN
fsr-3304	49	18	,	,	PUNCT
fsr-3304	49	19	but	but	CCONJ
fsr-3304	49	20	does	do	AUX
fsr-3304	49	21	not	not	PART
fsr-3304	49	22	overturn	overturn	VERB
fsr-3304	49	23	them	they	PRON
fsr-3304	49	24	.	.	PUNCT
fsr-3304	50	1	in	in	ADP
fsr-3304	50	2	the	the	DET
fsr-3304	50	3	face	face	NOUN
fsr-3304	50	4	of	of	ADP
fsr-3304	50	5	uncertain	uncertain	ADJ
fsr-3304	50	6	health	health	NOUN
fsr-3304	50	7	care	care	NOUN
fsr-3304	50	8	expenses	expense	NOUN
fsr-3304	50	9	,	,	PUNCT
fsr-3304	50	10	it	it	PRON
fsr-3304	50	11	seems	seem	VERB
fsr-3304	50	12	logical	logical	ADJ
fsr-3304	50	13	to	to	PART
fsr-3304	50	14	expect	expect	VERB
fsr-3304	50	15	,	,	PUNCT
fsr-3304	50	16	and	and	CCONJ
fsr-3304	50	17	some	some	DET
fsr-3304	50	18	studies	study	NOUN
fsr-3304	50	19	indeed	indeed	ADV
fsr-3304	50	20	show	show	VERB
fsr-3304	50	21	,	,	PUNCT
fsr-3304	50	22	immediate	immediate	ADJ
fsr-3304	50	23	life	life	NOUN
fsr-3304	50	24	annuities	annuity	NOUN
fsr-3304	50	25	to	to	PART
fsr-3304	50	26	be	be	AUX
fsr-3304	50	27	a	a	DET
fsr-3304	50	28	poor	poor	ADJ
fsr-3304	50	29	investment	investment	NOUN
fsr-3304	50	30	,	,	PUNCT
fsr-3304	50	31	owing	owe	VERB
fsr-3304	50	32	to	to	ADP
fsr-3304	50	33	their	their	PRON
fsr-3304	50	34	lack	lack	NOUN
fsr-3304	50	35	of	of	ADP
fsr-3304	50	36	liquidity	liquidity	NOUN
fsr-3304	50	37	.	.	PUNCT
fsr-3304	51	1	however	however	ADV
fsr-3304	51	2	,	,	PUNCT
fsr-3304	51	3	uninsured	uninsured	ADJ
fsr-3304	51	4	health	health	NOUN
fsr-3304	51	5	care	care	NOUN
fsr-3304	51	6	spending	spending	NOUN
fsr-3304	51	7	exposure	exposure	NOUN
fsr-3304	51	8	is	be	AUX
fsr-3304	51	9	highest	high	ADJ
fsr-3304	51	10	later	later	ADV
fsr-3304	51	11	in	in	ADP
fsr-3304	51	12	life	life	NOUN
fsr-3304	51	13	,	,	PUNCT
fsr-3304	51	14	especially	especially	ADV
fsr-3304	51	15	for	for	ADP
fsr-3304	51	16	long	long	ADJ
fsr-3304	51	17	-	-	PUNCT
fsr-3304	51	18	term	term	NOUN
fsr-3304	51	19	care	care	NOUN
fsr-3304	51	20	needs	need	NOUN
fsr-3304	51	21	,	,	PUNCT
fsr-3304	51	22	precisely	precisely	ADV
fsr-3304	51	23	when	when	SCONJ
fsr-3304	51	24	newly	newly	ADV
fsr-3304	51	25	purchased	purchase	VERB
fsr-3304	51	26	immediate	immediate	ADJ
fsr-3304	51	27	life	life	NOUN
fsr-3304	51	28	annuities	annuity	NOUN
fsr-3304	51	29	(	(	PUNCT
fsr-3304	51	30	if	if	SCONJ
fsr-3304	51	31	available	available	ADJ
fsr-3304	51	32	)	)	PUNCT
fsr-3304	51	33	generate	generate	VERB
fsr-3304	51	34	their	their	PRON
fsr-3304	51	35	highest	high	ADJ
fsr-3304	51	36	returns	return	NOUN
fsr-3304	51	37	,	,	PUNCT
fsr-3304	51	38	owing	owe	VERB
fsr-3304	51	39	to	to	ADP
fsr-3304	51	40	large	large	ADJ
fsr-3304	51	41	and	and	CCONJ
fsr-3304	51	42	growing	grow	VERB
fsr-3304	51	43	-	-	PUNCT
fsr-3304	51	44	with	with	ADP
fsr-3304	51	45	-	-	PUNCT
fsr-3304	51	46	age	age	NOUN
fsr-3304	51	47	mortality	mortality	NOUN
fsr-3304	51	48	credits	credit	NOUN
fsr-3304	51	49	.	.	PUNCT
fsr-3304	52	1	hence	hence	ADV
fsr-3304	52	2	,	,	PUNCT
fsr-3304	52	3	immediate	immediate	ADJ
fsr-3304	52	4	life	life	NOUN
fsr-3304	52	5	annuities	annuity	NOUN
fsr-3304	52	6	are	be	AUX
fsr-3304	52	7	a	a	DET
fsr-3304	52	8	hedge	hedge	NOUN
fsr-3304	52	9	for	for	ADP
fsr-3304	52	10	long	long	ADJ
fsr-3304	52	11	-	-	PUNCT
fsr-3304	52	12	term	term	NOUN
fsr-3304	52	13	care	care	NOUN
fsr-3304	52	14	and	and	CCONJ
fsr-3304	52	15	health	health	NOUN
fsr-3304	52	16	spending	spending	NOUN
fsr-3304	52	17	in	in	ADP
fsr-3304	52	18	the	the	DET
fsr-3304	52	19	absence	absence	NOUN
fsr-3304	52	20	of	of	ADP
fsr-3304	52	21	complete	complete	ADJ
fsr-3304	52	22	health	health	NOUN
fsr-3304	52	23	and	and	CCONJ
fsr-3304	52	24	long	long	ADJ
fsr-3304	52	25	-	-	PUNCT
fsr-3304	52	26	term	term	NOUN
fsr-3304	52	27	care	care	NOUN
fsr-3304	52	28	insurance	insurance	NOUN
fsr-3304	52	29	coverage	coverage	NOUN
fsr-3304	52	30	.	.	PUNCT
fsr-3304	53	1	note	note	VERB
fsr-3304	53	2	that	that	SCONJ
fsr-3304	53	3	this	this	DET
fsr-3304	53	4	point	point	NOUN
fsr-3304	53	5	is	be	AUX
fsr-3304	53	6	orthogonal	orthogonal	ADJ
fsr-3304	53	7	to	to	ADP
fsr-3304	53	8	the	the	DET
fsr-3304	53	9	issue	issue	NOUN
fsr-3304	53	10	of	of	ADP
fsr-3304	53	11	the	the	DET
fsr-3304	53	12	current	current	ADJ
fsr-3304	53	13	health	health	NOUN
fsr-3304	53	14	status	status	NOUN
fsr-3304	53	15	and	and	CCONJ
fsr-3304	53	16	,	,	PUNCT
fsr-3304	53	17	therefore	therefore	ADV
fsr-3304	53	18	,	,	PUNCT
fsr-3304	53	19	life	life	NOUN
fsr-3304	53	20	expectancy	expectancy	NOUN
fsr-3304	53	21	of	of	ADP
fsr-3304	53	22	the	the	DET
fsr-3304	53	23	potential	potential	NOUN
fsr-3304	53	24	insured	insure	VERB
fsr-3304	53	25	and	and	CCONJ
fsr-3304	53	26	the	the	DET
fsr-3304	53	27	appropriateness	appropriateness	NOUN
fsr-3304	53	28	of	of	ADP
fsr-3304	53	29	the	the	DET
fsr-3304	53	30	current	current	ADJ
fsr-3304	53	31	purchase	purchase	NOUN
fsr-3304	53	32	of	of	ADP
fsr-3304	53	33	immediate	immediate	ADJ
fsr-3304	53	34	life	life	NOUN
fsr-3304	53	35	annuities	annuity	NOUN
fsr-3304	53	36	.	.	PUNCT
fsr-3304	54	1	dus	dus	PROPN
fsr-3304	54	2	,	,	PUNCT
fsr-3304	54	3	maurer	maurer	PROPN
fsr-3304	54	4	,	,	PUNCT
fsr-3304	54	5	and	and	CCONJ
fsr-3304	54	6	mitchell	mitchell	PROPN
fsr-3304	54	7	(	(	PUNCT
fsr-3304	54	8	2005	2005	NUM
fsr-3304	54	9	,	,	PUNCT
fsr-3304	54	10	dmm	dmm	PROPN
fsr-3304	54	11	)	)	PUNCT
fsr-3304	54	12	analyze	analyze	VERB
fsr-3304	54	13	various	various	ADJ
fsr-3304	54	14	strategies	strategy	NOUN
fsr-3304	54	15	,	,	PUNCT
fsr-3304	54	16	including	include	VERB
fsr-3304	54	17	an	an	DET
fsr-3304	54	18	immediate	immediate	ADJ
fsr-3304	54	19	real	real	NOUN
fsr-3304	54	20	(	(	PUNCT
fsr-3304	54	21	that	that	PRON
fsr-3304	54	22	is	is	ADV
fsr-3304	54	23	,	,	PUNCT
fsr-3304	54	24	inflation	inflation	NOUN
fsr-3304	54	25	-	-	PUNCT
fsr-3304	54	26	indexed	index	VERB
fsr-3304	54	27	)	)	PUNCT
fsr-3304	54	28	life	life	NOUN
fsr-3304	54	29	annuity	annuity	NOUN
fsr-3304	54	30	,	,	PUNCT
fsr-3304	54	31	delayed	delay	VERB
fsr-3304	54	32	annuitization	annuitization	NOUN
fsr-3304	54	33	and	and	CCONJ
fsr-3304	54	34	systematic	systematic	ADJ
fsr-3304	54	35	withdrawals	withdrawal	NOUN
fsr-3304	54	36	.	.	PUNCT
fsr-3304	55	1	the	the	DET
fsr-3304	55	2	withdrawal	withdrawal	NOUN
fsr-3304	55	3	rate	rate	NOUN
fsr-3304	55	4	is	be	AUX
fsr-3304	55	5	determined	determine	VERB
fsr-3304	55	6	according	accord	VERB
fsr-3304	55	7	to	to	ADP
fsr-3304	55	8	a	a	DET
fsr-3304	55	9	fixed	fix	VERB
fsr-3304	55	10	dollar	dollar	NOUN
fsr-3304	55	11	benefit	benefit	NOUN
fsr-3304	55	12	level	level	NOUN
fsr-3304	55	13	.	.	PUNCT
fsr-3304	56	1	115m.j	115m.j	NOUN
fsr-3304	56	2	.	.	PUNCT
fsr-3304	56	3	warshawsky	warshawsky	PROPN
fsr-3304	56	4	/	/	SYM
fsr-3304	56	5	financial	financial	ADJ
fsr-3304	56	6	services	service	NOUN
fsr-3304	56	7	review	review	VERB
fsr-3304	56	8	26	26	NUM
fsr-3304	56	9	(	(	PUNCT
fsr-3304	56	10	2017	2017	NUM
fsr-3304	56	11	)	)	PUNCT
fsr-3304	56	12	113–141	113–141	NUM
fsr-3304	56	13	under	under	ADP
fsr-3304	56	14	a	a	DET
fsr-3304	56	15	fixed	fix	VERB
fsr-3304	56	16	dollar	dollar	NOUN
fsr-3304	56	17	formula	formula	NOUN
fsr-3304	56	18	,	,	PUNCT
fsr-3304	56	19	benefits	benefit	NOUN
fsr-3304	56	20	are	be	AUX
fsr-3304	56	21	paid	pay	VERB
fsr-3304	56	22	until	until	SCONJ
fsr-3304	56	23	the	the	DET
fsr-3304	56	24	plan	plan	NOUN
fsr-3304	56	25	participant	participant	NOUN
fsr-3304	56	26	dies	die	VERB
fsr-3304	56	27	or	or	CCONJ
fsr-3304	56	28	funds	fund	NOUN
fsr-3304	56	29	are	be	AUX
fsr-3304	56	30	exhausted	exhaust	VERB
fsr-3304	56	31	.	.	PUNCT
fsr-3304	57	1	alternate	alternate	ADJ
fsr-3304	57	2	variable	variable	ADJ
fsr-3304	57	3	formulas	formula	NOUN
fsr-3304	57	4	are	be	AUX
fsr-3304	57	5	based	base	VERB
fsr-3304	57	6	on	on	ADP
fsr-3304	57	7	fixed	fix	VERB
fsr-3304	57	8	percentages	percentage	NOUN
fsr-3304	57	9	or	or	CCONJ
fsr-3304	57	10	relate	relate	VERB
fsr-3304	57	11	to	to	ADP
fsr-3304	57	12	remaining	remain	VERB
fsr-3304	57	13	life	life	NOUN
fsr-3304	57	14	expectancy	expectancy	NOUN
fsr-3304	57	15	.	.	PUNCT
fsr-3304	58	1	their	their	PRON
fsr-3304	58	2	evaluative	evaluative	ADJ
fsr-3304	58	3	approach	approach	NOUN
fsr-3304	58	4	is	be	AUX
fsr-3304	58	5	broadly	broadly	ADV
fsr-3304	58	6	similar	similar	ADJ
fsr-3304	58	7	to	to	ADP
fsr-3304	58	8	warshawsky	warshawsky	NOUN
fsr-3304	58	9	(	(	PUNCT
fsr-3304	58	10	2012	2012	NUM
fsr-3304	58	11	,	,	PUNCT
fsr-3304	58	12	chapter	chapter	NOUN
fsr-3304	58	13	7	7	NUM
fsr-3304	58	14	)	)	PUNCT
fsr-3304	58	15	using	use	VERB
fsr-3304	58	16	shortfall	shortfall	NOUN
fsr-3304	58	17	risk	risk	NOUN
fsr-3304	58	18	of	of	ADP
fsr-3304	58	19	expected	expect	VERB
fsr-3304	58	20	payouts	payout	NOUN
fsr-3304	58	21	and	and	CCONJ
fsr-3304	58	22	real	real	ADJ
fsr-3304	58	23	balances	balance	NOUN
fsr-3304	58	24	.	.	PUNCT
fsr-3304	59	1	if	if	SCONJ
fsr-3304	59	2	no	no	DET
fsr-3304	59	3	annuities	annuity	NOUN
fsr-3304	59	4	are	be	AUX
fsr-3304	59	5	available	available	ADJ
fsr-3304	59	6	,	,	PUNCT
fsr-3304	59	7	the	the	DET
fsr-3304	59	8	optimal	optimal	ADJ
fsr-3304	59	9	strategy	strategy	NOUN
fsr-3304	59	10	is	be	AUX
fsr-3304	59	11	a	a	DET
fsr-3304	59	12	fixed	fix	VERB
fsr-3304	59	13	percentage	percentage	NOUN
fsr-3304	59	14	withdrawal	withdrawal	NOUN
fsr-3304	59	15	of	of	ADP
fsr-3304	59	16	7.3	7.3	NUM
fsr-3304	59	17	%	%	NOUN
fsr-3304	59	18	,	,	PUNCT
fsr-3304	59	19	and	and	CCONJ
fsr-3304	59	20	the	the	DET
fsr-3304	59	21	optimal	optimal	ADJ
fsr-3304	59	22	equity	equity	NOUN
fsr-3304	59	23	share	share	NOUN
fsr-3304	59	24	is	be	AUX
fsr-3304	59	25	75%—remarkably	75%—remarkably	ADV
fsr-3304	59	26	close	close	ADJ
fsr-3304	59	27	to	to	ADP
fsr-3304	59	28	the	the	DET
fsr-3304	59	29	results	result	NOUN
fsr-3304	59	30	mentioned	mention	VERB
fsr-3304	59	31	above	above	ADV
fsr-3304	59	32	.	.	PUNCT
fsr-3304	60	1	dmm	dmm	PROPN
fsr-3304	60	2	compare	compare	VERB
fsr-3304	60	3	these	these	DET
fsr-3304	60	4	results	result	NOUN
fsr-3304	60	5	to	to	ADP
fsr-3304	60	6	a	a	DET
fsr-3304	60	7	fixed	fix	VERB
fsr-3304	60	8	payment	payment	NOUN
fsr-3304	60	9	systematic	systematic	ADJ
fsr-3304	60	10	withdrawal	withdrawal	NOUN
fsr-3304	60	11	equal	equal	ADJ
fsr-3304	60	12	to	to	ADP
fsr-3304	60	13	the	the	DET
fsr-3304	60	14	immediate	immediate	ADJ
fsr-3304	60	15	real	real	ADJ
fsr-3304	60	16	life	life	NOUN
fsr-3304	60	17	annuity	annuity	NOUN
fsr-3304	60	18	payout	payout	NOUN
fsr-3304	60	19	.	.	PUNCT
fsr-3304	61	1	focusing	focus	VERB
fsr-3304	61	2	on	on	ADP
fsr-3304	61	3	the	the	DET
fsr-3304	61	4	expected	expect	VERB
fsr-3304	61	5	present	present	ADJ
fsr-3304	61	6	value	value	NOUN
fsr-3304	61	7	of	of	ADP
fsr-3304	61	8	benefits	benefit	NOUN
fsr-3304	61	9	paid	pay	VERB
fsr-3304	61	10	(	(	PUNCT
fsr-3304	61	11	a	a	DET
fsr-3304	61	12	concept	concept	NOUN
fsr-3304	61	13	similar	similar	ADJ
fsr-3304	61	14	to	to	ADP
fsr-3304	61	15	money	money	NOUN
fsr-3304	61	16	’s	’s	PART
fsr-3304	61	17	worth	worth	NOUN
fsr-3304	61	18	in	in	ADP
fsr-3304	61	19	the	the	DET
fsr-3304	61	20	annuity	annuity	NOUN
fsr-3304	61	21	pricing	pricing	NOUN
fsr-3304	61	22	literature	literature	NOUN
fsr-3304	61	23	—	—	PUNCT
fsr-3304	61	24	the	the	DET
fsr-3304	61	25	larger	large	ADJ
fsr-3304	61	26	,	,	PUNCT
fsr-3304	61	27	the	the	DET
fsr-3304	61	28	better	well	ADJ
fsr-3304	61	29	)	)	PUNCT
fsr-3304	61	30	as	as	ADP
fsr-3304	61	31	the	the	DET
fsr-3304	61	32	best	good	ADJ
fsr-3304	61	33	single	single	ADJ
fsr-3304	61	34	evaluative	evaluative	ADJ
fsr-3304	61	35	measure	measure	NOUN
fsr-3304	61	36	,	,	PUNCT
fsr-3304	61	37	the	the	DET
fsr-3304	61	38	fixed	fix	VERB
fsr-3304	61	39	percentage	percentage	NOUN
fsr-3304	61	40	approach	approach	NOUN
fsr-3304	61	41	is	be	AUX
fsr-3304	61	42	shown	show	VERB
fsr-3304	61	43	to	to	PART
fsr-3304	61	44	be	be	AUX
fsr-3304	61	45	superior	superior	ADJ
fsr-3304	61	46	to	to	ADP
fsr-3304	61	47	the	the	DET
fsr-3304	61	48	fixed	fix	VERB
fsr-3304	61	49	dollar	dollar	NOUN
fsr-3304	61	50	approach.2	approach.2	PRON
fsr-3304	61	51	dmm	dmm	PROPN
fsr-3304	61	52	find	find	VERB
fsr-3304	61	53	that	that	SCONJ
fsr-3304	61	54	annuitization	annuitization	NOUN
fsr-3304	61	55	is	be	AUX
fsr-3304	61	56	more	more	ADV
fsr-3304	61	57	appealing	appealing	ADJ
fsr-3304	61	58	to	to	ADP
fsr-3304	61	59	older	old	ADJ
fsr-3304	61	60	retirees	retiree	NOUN
fsr-3304	61	61	,	,	PUNCT
fsr-3304	61	62	as	as	SCONJ
fsr-3304	61	63	compared	compare	VERB
fsr-3304	61	64	with	with	ADP
fsr-3304	61	65	systematic	systematic	ADJ
fsr-3304	61	66	withdrawals	withdrawal	NOUN
fsr-3304	61	67	,	,	PUNCT
fsr-3304	61	68	another	another	DET
fsr-3304	61	69	result	result	VERB
fsr-3304	61	70	quite	quite	ADV
fsr-3304	61	71	similar	similar	ADJ
fsr-3304	61	72	to	to	ADP
fsr-3304	61	73	those	those	PRON
fsr-3304	61	74	summarized	summarize	VERB
fsr-3304	61	75	above	above	ADV
fsr-3304	61	76	.	.	PUNCT
fsr-3304	62	1	they	they	PRON
fsr-3304	62	2	infer	infer	VERB
fsr-3304	62	3	that	that	SCONJ
fsr-3304	62	4	a	a	DET
fsr-3304	62	5	strategy	strategy	NOUN
fsr-3304	62	6	of	of	ADP
fsr-3304	62	7	systematic	systematic	ADJ
fsr-3304	62	8	withdrawals	withdrawal	NOUN
fsr-3304	62	9	followed	follow	VERB
fsr-3304	62	10	by	by	ADP
fsr-3304	62	11	full	full	ADJ
fsr-3304	62	12	annuitization	annuitization	NOUN
fsr-3304	62	13	at	at	ADP
fsr-3304	62	14	age	age	NOUN
fsr-3304	62	15	75	75	NUM
fsr-3304	62	16	or	or	CCONJ
fsr-3304	62	17	85	85	NUM
fsr-3304	62	18	(	(	PUNCT
fsr-3304	62	19	delayed	delay	VERB
fsr-3304	62	20	annuitization	annuitization	NOUN
fsr-3304	62	21	)	)	PUNCT
fsr-3304	62	22	increases	increase	VERB
fsr-3304	62	23	the	the	DET
fsr-3304	62	24	expected	expect	VERB
fsr-3304	62	25	present	present	ADJ
fsr-3304	62	26	value	value	NOUN
fsr-3304	62	27	of	of	ADP
fsr-3304	62	28	benefits	benefit	NOUN
fsr-3304	62	29	and	and	CCONJ
fsr-3304	62	30	shrinks	shrink	VERB
fsr-3304	62	31	the	the	DET
fsr-3304	62	32	expected	expect	VERB
fsr-3304	62	33	present	present	ADJ
fsr-3304	62	34	value	value	NOUN
fsr-3304	62	35	of	of	ADP
fsr-3304	62	36	shortfall	shortfall	NOUN
fsr-3304	62	37	income	income	NOUN
fsr-3304	62	38	.	.	PUNCT
fsr-3304	63	1	this	this	PRON
fsr-3304	63	2	evokes	evoke	VERB
fsr-3304	63	3	the	the	DET
fsr-3304	63	4	annuity	annuity	NOUN
fsr-3304	63	5	ladder	ladder	NOUN
fsr-3304	63	6	.	.	PUNCT
fsr-3304	64	1	finally	finally	ADV
fsr-3304	64	2	,	,	PUNCT
fsr-3304	64	3	they	they	PRON
fsr-3304	64	4	evaluate	evaluate	VERB
fsr-3304	64	5	the	the	DET
fsr-3304	64	6	immediate	immediate	ADJ
fsr-3304	64	7	purchase	purchase	NOUN
fsr-3304	64	8	of	of	ADP
fsr-3304	64	9	a	a	DET
fsr-3304	64	10	delayed	delay	VERB
fsr-3304	64	11	annuity	annuity	NOUN
fsr-3304	64	12	(	(	PUNCT
fsr-3304	64	13	to	to	PART
fsr-3304	64	14	pay	pay	VERB
fsr-3304	64	15	at	at	ADP
fsr-3304	64	16	age	age	NOUN
fsr-3304	64	17	75	75	NUM
fsr-3304	64	18	or	or	CCONJ
fsr-3304	64	19	85	85	NUM
fsr-3304	64	20	)	)	PUNCT
fsr-3304	64	21	at	at	ADP
fsr-3304	64	22	the	the	DET
fsr-3304	64	23	beginning	beginning	NOUN
fsr-3304	64	24	of	of	ADP
fsr-3304	64	25	the	the	DET
fsr-3304	64	26	retirement	retirement	NOUN
fsr-3304	64	27	period	period	NOUN
fsr-3304	64	28	—	—	PUNCT
fsr-3304	64	29	the	the	DET
fsr-3304	64	30	longevity	longevity	NOUN
fsr-3304	64	31	insurance	insurance	NOUN
fsr-3304	64	32	strategy	strategy	NOUN
fsr-3304	64	33	advocated	advocate	VERB
fsr-3304	64	34	by	by	ADP
fsr-3304	64	35	some	some	DET
fsr-3304	64	36	analysts	analyst	NOUN
fsr-3304	64	37	and	and	CCONJ
fsr-3304	64	38	market	market	NOUN
fsr-3304	64	39	participants	participant	NOUN
fsr-3304	64	40	.	.	PUNCT
fsr-3304	65	1	dmm	dmm	PROPN
fsr-3304	65	2	find	find	VERB
fsr-3304	65	3	that	that	SCONJ
fsr-3304	65	4	for	for	ADP
fsr-3304	65	5	retirees	retiree	NOUN
fsr-3304	65	6	who	who	PRON
fsr-3304	65	7	desire	desire	VERB
fsr-3304	65	8	any	any	DET
fsr-3304	65	9	bequests	bequest	NOUN
fsr-3304	65	10	or	or	CCONJ
fsr-3304	65	11	liquidity	liquidity	NOUN
fsr-3304	65	12	,	,	PUNCT
fsr-3304	65	13	these	these	DET
fsr-3304	65	14	outcomes	outcome	NOUN
fsr-3304	65	15	are	be	AUX
fsr-3304	65	16	generally	generally	ADV
fsr-3304	65	17	inferior	inferior	ADJ
fsr-3304	65	18	to	to	ADP
fsr-3304	65	19	delayed	delay	VERB
fsr-3304	65	20	annuitization	annuitization	NOUN
fsr-3304	65	21	,	,	PUNCT
fsr-3304	65	22	particularly	particularly	ADV
fsr-3304	65	23	for	for	ADP
fsr-3304	65	24	longevity	longevity	NOUN
fsr-3304	65	25	insurance	insurance	NOUN
fsr-3304	65	26	paying	pay	VERB
fsr-3304	65	27	at	at	ADP
fsr-3304	65	28	age	age	NOUN
fsr-3304	65	29	85	85	NUM
fsr-3304	65	30	.	.	PUNCT
fsr-3304	66	1	moreover	moreover	ADV
fsr-3304	66	2	,	,	PUNCT
fsr-3304	66	3	dmm	dmm	PROPN
fsr-3304	66	4	assumed	assume	VERB
fsr-3304	66	5	the	the	DET
fsr-3304	66	6	load	load	NOUN
fsr-3304	66	7	on	on	ADP
fsr-3304	66	8	the	the	DET
fsr-3304	66	9	delayed	delay	VERB
fsr-3304	66	10	annuity	annuity	NOUN
fsr-3304	66	11	is	be	AUX
fsr-3304	66	12	the	the	DET
fsr-3304	66	13	same	same	ADJ
fsr-3304	66	14	as	as	ADP
fsr-3304	66	15	for	for	ADP
fsr-3304	66	16	immediate	immediate	ADJ
fsr-3304	66	17	annuities	annuity	NOUN
fsr-3304	66	18	,	,	PUNCT
fsr-3304	66	19	whereas	whereas	SCONJ
fsr-3304	66	20	empirical	empirical	ADJ
fsr-3304	66	21	evidence	evidence	NOUN
fsr-3304	66	22	finds	find	VERB
fsr-3304	66	23	that	that	SCONJ
fsr-3304	66	24	immediate	immediate	ADJ
fsr-3304	66	25	life	life	NOUN
fsr-3304	66	26	annuities	annuity	NOUN
fsr-3304	66	27	have	have	VERB
fsr-3304	66	28	lower	low	ADJ
fsr-3304	66	29	loads	load	NOUN
fsr-3304	66	30	(	(	PUNCT
fsr-3304	66	31	see	see	VERB
fsr-3304	66	32	below	below	ADV
fsr-3304	66	33	)	)	PUNCT
fsr-3304	66	34	.	.	PUNCT
fsr-3304	67	1	a	a	DET
fsr-3304	67	2	related	related	ADJ
fsr-3304	67	3	article	article	NOUN
fsr-3304	67	4	by	by	ADP
fsr-3304	67	5	horneff	horneff	PROPN
fsr-3304	67	6	,	,	PUNCT
fsr-3304	67	7	maurer	maurer	PROPN
fsr-3304	67	8	,	,	PUNCT
fsr-3304	67	9	mitchell	mitchell	PROPN
fsr-3304	67	10	,	,	PUNCT
fsr-3304	67	11	and	and	CCONJ
fsr-3304	67	12	dus	dus	PROPN
fsr-3304	67	13	(	(	PUNCT
fsr-3304	67	14	2008	2008	NUM
fsr-3304	67	15	)	)	PUNCT
fsr-3304	67	16	uses	use	VERB
fsr-3304	67	17	a	a	DET
fsr-3304	67	18	utility	utility	NOUN
fsr-3304	67	19	-	-	PUNCT
fsr-3304	67	20	based	base	VERB
fsr-3304	67	21	framework	framework	NOUN
fsr-3304	67	22	,	,	PUNCT
fsr-3304	67	23	with	with	ADP
fsr-3304	67	24	stochastic	stochastic	ADJ
fsr-3304	67	25	capital	capital	NOUN
fsr-3304	67	26	markets	market	NOUN
fsr-3304	67	27	(	(	PUNCT
fsr-3304	67	28	but	but	CCONJ
fsr-3304	67	29	not	not	PART
fsr-3304	67	30	inflation	inflation	NOUN
fsr-3304	67	31	)	)	PUNCT
fsr-3304	67	32	and	and	CCONJ
fsr-3304	67	33	uncertain	uncertain	ADJ
fsr-3304	67	34	lifetimes	lifetime	NOUN
fsr-3304	67	35	,	,	PUNCT
fsr-3304	67	36	to	to	PART
fsr-3304	67	37	evaluate	evaluate	VERB
fsr-3304	67	38	phased	phase	VERB
fsr-3304	67	39	withdrawal	withdrawal	NOUN
fsr-3304	67	40	plans	plan	NOUN
fsr-3304	67	41	and	and	CCONJ
fsr-3304	67	42	fixed	fix	VERB
fsr-3304	67	43	payout	payout	NOUN
fsr-3304	67	44	annuities	annuity	NOUN
fsr-3304	67	45	.	.	PUNCT
fsr-3304	68	1	they	they	PRON
fsr-3304	68	2	find	find	VERB
fsr-3304	68	3	that	that	SCONJ
fsr-3304	68	4	the	the	DET
fsr-3304	68	5	fixed	fix	VERB
fsr-3304	68	6	benefit	benefit	NOUN
fsr-3304	68	7	rule	rule	NOUN
fsr-3304	68	8	performs	perform	VERB
fsr-3304	68	9	poorly	poorly	ADV
fsr-3304	68	10	,	,	PUNCT
fsr-3304	68	11	running	run	VERB
fsr-3304	68	12	out	out	ADP
fsr-3304	68	13	of	of	ADP
fsr-3304	68	14	funds	fund	NOUN
fsr-3304	68	15	by	by	ADP
fsr-3304	68	16	age	age	NOUN
fsr-3304	68	17	80	80	NUM
fsr-3304	68	18	,	,	PUNCT
fsr-3304	68	19	is	be	AUX
fsr-3304	68	20	consistent	consistent	ADJ
fsr-3304	68	21	only	only	ADV
fsr-3304	68	22	with	with	ADP
fsr-3304	68	23	very	very	ADV
fsr-3304	68	24	low	low	ADJ
fsr-3304	68	25	levels	level	NOUN
fsr-3304	68	26	of	of	ADP
fsr-3304	68	27	risk	risk	NOUN
fsr-3304	68	28	aversion	aversion	NOUN
fsr-3304	68	29	,	,	PUNCT
fsr-3304	68	30	and	and	CCONJ
fsr-3304	68	31	is	be	AUX
fsr-3304	68	32	dominated	dominate	VERB
fsr-3304	68	33	by	by	ADP
fsr-3304	68	34	other	other	ADJ
fsr-3304	68	35	payout	payout	ADJ
fsr-3304	68	36	rules	rule	NOUN
fsr-3304	68	37	(	(	PUNCT
fsr-3304	68	38	the	the	DET
fsr-3304	68	39	fixed	fix	VERB
fsr-3304	68	40	percentage	percentage	NOUN
fsr-3304	68	41	in	in	ADP
fsr-3304	68	42	particular	particular	ADJ
fsr-3304	68	43	)	)	PUNCT
fsr-3304	68	44	and	and	CCONJ
fsr-3304	68	45	by	by	ADP
fsr-3304	68	46	the	the	DET
fsr-3304	68	47	life	life	NOUN
fsr-3304	68	48	annuity	annuity	NOUN
fsr-3304	68	49	.	.	PUNCT
fsr-3304	69	1	horneff	horneff	NOUN
fsr-3304	69	2	et	et	PROPN
fsr-3304	69	3	al	al	PROPN
fsr-3304	69	4	.	.	PROPN
fsr-3304	69	5	,	,	PUNCT
fsr-3304	69	6	also	also	ADV
fsr-3304	69	7	consider	consider	VERB
fsr-3304	69	8	combination	combination	NOUN
fsr-3304	69	9	strategies	strategy	NOUN
fsr-3304	69	10	,	,	PUNCT
fsr-3304	69	11	in	in	ADP
fsr-3304	69	12	particular	particular	ADJ
fsr-3304	69	13	the	the	DET
fsr-3304	69	14	life	life	NOUN
fsr-3304	69	15	annuity	annuity	NOUN
fsr-3304	69	16	and	and	CCONJ
fsr-3304	69	17	the	the	DET
fsr-3304	69	18	life	life	NOUN
fsr-3304	69	19	expectancy	expectancy	NOUN
fsr-3304	69	20	withdrawal	withdrawal	NOUN
fsr-3304	69	21	rule	rule	NOUN
fsr-3304	69	22	.	.	PUNCT
fsr-3304	70	1	they	they	PRON
fsr-3304	70	2	find	find	VERB
fsr-3304	70	3	that	that	SCONJ
fsr-3304	70	4	as	as	SCONJ
fsr-3304	70	5	risk	risk	NOUN
fsr-3304	70	6	aversion	aversion	NOUN
fsr-3304	70	7	increases	increase	VERB
fsr-3304	70	8	above	above	ADP
fsr-3304	70	9	relatively	relatively	ADV
fsr-3304	70	10	low	low	ADJ
fsr-3304	70	11	levels	level	NOUN
fsr-3304	70	12	,	,	PUNCT
fsr-3304	70	13	the	the	DET
fsr-3304	70	14	devotion	devotion	NOUN
fsr-3304	70	15	of	of	ADP
fsr-3304	70	16	a	a	DET
fsr-3304	70	17	significant	significant	ADJ
fsr-3304	70	18	share	share	NOUN
fsr-3304	70	19	of	of	ADP
fsr-3304	70	20	wealth	wealth	NOUN
fsr-3304	70	21	(	(	PUNCT
fsr-3304	70	22	approaching	approach	VERB
fsr-3304	70	23	90	90	NUM
fsr-3304	70	24	%	%	NOUN
fsr-3304	70	25	with	with	ADP
fsr-3304	70	26	no	no	DET
fsr-3304	70	27	bequest	bequest	NOUN
fsr-3304	70	28	motive	motive	NOUN
fsr-3304	70	29	)	)	PUNCT
fsr-3304	70	30	to	to	ADP
fsr-3304	70	31	the	the	DET
fsr-3304	70	32	immediate	immediate	ADJ
fsr-3304	70	33	life	life	NOUN
fsr-3304	70	34	annuity	annuity	NOUN
fsr-3304	70	35	increases	increase	VERB
fsr-3304	70	36	welfare	welfare	NOUN
fsr-3304	70	37	significantly	significantly	ADV
fsr-3304	70	38	.	.	PUNCT
fsr-3304	71	1	for	for	ADP
fsr-3304	71	2	moderate	moderate	ADJ
fsr-3304	71	3	risk	risk	NOUN
fsr-3304	71	4	aversion	aversion	NOUN
fsr-3304	71	5	,	,	PUNCT
fsr-3304	71	6	it	it	PRON
fsr-3304	71	7	is	be	AUX
fsr-3304	71	8	better	well	ADJ
fsr-3304	71	9	to	to	PART
fsr-3304	71	10	delay	delay	VERB
fsr-3304	71	11	annuitization	annuitization	NOUN
fsr-3304	71	12	until	until	ADP
fsr-3304	71	13	around	around	ADP
fsr-3304	71	14	age	age	NOUN
fsr-3304	71	15	80	80	NUM
fsr-3304	71	16	.	.	PUNCT
fsr-3304	72	1	economists	economist	NOUN
fsr-3304	72	2	refer	refer	VERB
fsr-3304	72	3	to	to	ADP
fsr-3304	72	4	the	the	DET
fsr-3304	72	5	actual	actual	ADJ
fsr-3304	72	6	dearth	dearth	NOUN
fsr-3304	72	7	of	of	ADP
fsr-3304	72	8	voluntary	voluntary	ADJ
fsr-3304	72	9	annuitization	annuitization	NOUN
fsr-3304	72	10	—	—	PUNCT
fsr-3304	72	11	despite	despite	SCONJ
fsr-3304	72	12	the	the	DET
fsr-3304	72	13	evidence	evidence	NOUN
fsr-3304	72	14	of	of	ADP
fsr-3304	72	15	economic	economic	ADJ
fsr-3304	72	16	theory	theory	NOUN
fsr-3304	72	17	and	and	CCONJ
fsr-3304	72	18	simulations	simulation	NOUN
fsr-3304	72	19	showing	show	VERB
fsr-3304	72	20	the	the	DET
fsr-3304	72	21	high	high	ADJ
fsr-3304	72	22	utility	utility	NOUN
fsr-3304	72	23	value	value	NOUN
fsr-3304	72	24	of	of	ADP
fsr-3304	72	25	immediate	immediate	ADJ
fsr-3304	72	26	life	life	NOUN
fsr-3304	72	27	annuities	annuity	NOUN
fsr-3304	72	28	as	as	ADP
fsr-3304	72	29	insurance	insurance	NOUN
fsr-3304	72	30	against	against	ADP
fsr-3304	72	31	outliving	outlive	VERB
fsr-3304	72	32	wealth	wealth	NOUN
fsr-3304	72	33	—	—	PUNCT
fsr-3304	72	34	as	as	ADP
fsr-3304	72	35	the	the	DET
fsr-3304	72	36	“	"	PUNCT
fsr-3304	72	37	annuity	annuity	NOUN
fsr-3304	72	38	puzzle	puzzle	NOUN
fsr-3304	72	39	.	.	PUNCT
fsr-3304	72	40	”	"	PUNCT
fsr-3304	73	1	various	various	ADJ
fsr-3304	73	2	explanations	explanation	NOUN
fsr-3304	73	3	have	have	AUX
fsr-3304	73	4	been	be	AUX
fsr-3304	73	5	suggested	suggest	VERB
fsr-3304	73	6	.	.	PUNCT
fsr-3304	74	1	brown	brown	PROPN
fsr-3304	74	2	and	and	CCONJ
fsr-3304	74	3	warshawsky	warshawsky	ADJ
fsr-3304	74	4	(	(	PUNCT
fsr-3304	74	5	2004	2004	NUM
fsr-3304	74	6	)	)	PUNCT
fsr-3304	74	7	,	,	PUNCT
fsr-3304	74	8	dushi	dushi	PROPN
fsr-3304	74	9	and	and	CCONJ
fsr-3304	74	10	webb	webb	PROPN
fsr-3304	74	11	(	(	PUNCT
fsr-3304	74	12	2004	2004	NUM
fsr-3304	74	13	)	)	PUNCT
fsr-3304	74	14	,	,	PUNCT
fsr-3304	74	15	and	and	CCONJ
fsr-3304	74	16	inkmann	inkmann	PROPN
fsr-3304	74	17	et	et	PROPN
fsr-3304	74	18	al	al	PROPN
fsr-3304	74	19	.	.	PROPN
fsr-3304	74	20	,	,	PUNCT
fsr-3304	74	21	(	(	PUNCT
fsr-3304	74	22	2011	2011	NUM
fsr-3304	74	23	)	)	PUNCT
fsr-3304	74	24	,	,	PUNCT
fsr-3304	74	25	among	among	ADP
fsr-3304	74	26	others	other	NOUN
fsr-3304	74	27	,	,	PUNCT
fsr-3304	74	28	show	show	VERB
fsr-3304	74	29	that	that	SCONJ
fsr-3304	74	30	the	the	DET
fsr-3304	74	31	extent	extent	NOUN
fsr-3304	74	32	of	of	ADP
fsr-3304	74	33	annuitization	annuitization	NOUN
fsr-3304	74	34	is	be	AUX
fsr-3304	74	35	affected	affect	VERB
fsr-3304	74	36	by	by	ADP
fsr-3304	74	37	the	the	DET
fsr-3304	74	38	availability	availability	NOUN
fsr-3304	74	39	of	of	ADP
fsr-3304	74	40	annuities	annuity	NOUN
fsr-3304	74	41	in	in	ADP
fsr-3304	74	42	retirement	retirement	NOUN
fsr-3304	74	43	plans	plan	NOUN
fsr-3304	74	44	,	,	PUNCT
fsr-3304	74	45	the	the	DET
fsr-3304	74	46	share	share	NOUN
fsr-3304	74	47	of	of	ADP
fsr-3304	74	48	wealth	wealth	NOUN
fsr-3304	74	49	represented	represent	VERB
fsr-3304	74	50	by	by	ADP
fsr-3304	74	51	social	social	ADJ
fsr-3304	74	52	security	security	NOUN
fsr-3304	74	53	and	and	CCONJ
fsr-3304	74	54	defined	define	VERB
fsr-3304	74	55	benefit	benefit	NOUN
fsr-3304	74	56	plans	plan	NOUN
fsr-3304	74	57	,	,	PUNCT
fsr-3304	74	58	the	the	DET
fsr-3304	74	59	load	load	NOUN
fsr-3304	74	60	on	on	ADP
fsr-3304	74	61	life	life	NOUN
fsr-3304	74	62	annuities	annuity	NOUN
fsr-3304	74	63	arising	arise	VERB
fsr-3304	74	64	from	from	ADP
fsr-3304	74	65	adverse	adverse	ADJ
fsr-3304	74	66	selection	selection	NOUN
fsr-3304	74	67	,	,	PUNCT
fsr-3304	74	68	extra	extra	ADJ
fsr-3304	74	69	marketing	marketing	NOUN
fsr-3304	74	70	costs	cost	NOUN
fsr-3304	74	71	and	and	CCONJ
fsr-3304	74	72	other	other	ADJ
fsr-3304	74	73	factors	factor	NOUN
fsr-3304	74	74	,	,	PUNCT
fsr-3304	74	75	levels	level	NOUN
fsr-3304	74	76	of	of	ADP
fsr-3304	74	77	financial	financial	ADJ
fsr-3304	74	78	wealth	wealth	NOUN
fsr-3304	74	79	,	,	PUNCT
fsr-3304	74	80	life	life	NOUN
fsr-3304	74	81	expectancy	expectancy	NOUN
fsr-3304	74	82	,	,	PUNCT
fsr-3304	74	83	education	education	NOUN
fsr-3304	74	84	,	,	PUNCT
fsr-3304	74	85	and	and	CCONJ
fsr-3304	74	86	bequest	bequest	NOUN
fsr-3304	74	87	motive	motive	NOUN
fsr-3304	74	88	.	.	PUNCT
fsr-3304	75	1	behavioral	behavioral	ADJ
fsr-3304	75	2	biases	bias	NOUN
fsr-3304	75	3	are	be	AUX
fsr-3304	75	4	now	now	ADV
fsr-3304	75	5	favored	favor	VERB
fsr-3304	75	6	as	as	ADP
fsr-3304	75	7	an	an	DET
fsr-3304	75	8	explanation	explanation	NOUN
fsr-3304	75	9	of	of	ADP
fsr-3304	75	10	the	the	DET
fsr-3304	75	11	annuity	annuity	NOUN
fsr-3304	75	12	puzzle	puzzle	NOUN
fsr-3304	75	13	,	,	PUNCT
fsr-3304	75	14	prompting	prompt	VERB
fsr-3304	75	15	calls	call	NOUN
fsr-3304	75	16	for	for	ADP
fsr-3304	75	17	new	new	ADJ
fsr-3304	75	18	strategies	strategy	NOUN
fsr-3304	75	19	and	and	CCONJ
fsr-3304	75	20	public	public	ADJ
fsr-3304	75	21	policies	policy	NOUN
fsr-3304	75	22	to	to	PART
fsr-3304	75	23	overcome	overcome	VERB
fsr-3304	75	24	cognitive	cognitive	ADJ
fsr-3304	75	25	blocks	block	NOUN
fsr-3304	75	26	.	.	PUNCT
fsr-3304	76	1	one	one	NUM
fsr-3304	76	2	such	such	ADJ
fsr-3304	76	3	proposed	propose	VERB
fsr-3304	76	4	116	116	NUM
fsr-3304	76	5	m.j	m.j	PROPN
fsr-3304	76	6	.	.	PROPN
fsr-3304	76	7	warshawsky	warshawsky	PROPN
fsr-3304	76	8	/	/	SYM
fsr-3304	76	9	financial	financial	ADJ
fsr-3304	76	10	services	service	NOUN
fsr-3304	76	11	review	review	VERB
fsr-3304	76	12	26	26	NUM
fsr-3304	76	13	(	(	PUNCT
fsr-3304	76	14	2017	2017	NUM
fsr-3304	76	15	)	)	PUNCT
fsr-3304	76	16	113–141	113–141	NUM
fsr-3304	76	17	strategy	strategy	NOUN
fsr-3304	76	18	is	be	AUX
fsr-3304	76	19	longevity	longevity	NOUN
fsr-3304	76	20	insurance	insurance	NOUN
fsr-3304	76	21	,	,	PUNCT
fsr-3304	76	22	a	a	DET
fsr-3304	76	23	deeply	deeply	ADV
fsr-3304	76	24	deferred	defer	VERB
fsr-3304	76	25	life	life	NOUN
fsr-3304	76	26	annuity	annuity	NOUN
fsr-3304	76	27	,	,	PUNCT
fsr-3304	76	28	also	also	ADV
fsr-3304	76	29	known	know	VERB
fsr-3304	76	30	as	as	ADP
fsr-3304	76	31	an	an	DET
fsr-3304	76	32	advancedlife	advancedlife	NOUN
fsr-3304	76	33	delayed	delay	VERB
fsr-3304	76	34	annuity	annuity	NOUN
fsr-3304	76	35	(	(	PUNCT
fsr-3304	76	36	alda	alda	NOUN
fsr-3304	76	37	)	)	PUNCT
fsr-3304	76	38	.	.	PUNCT
fsr-3304	77	1	an	an	DET
fsr-3304	77	2	alda	alda	NOUN
fsr-3304	77	3	is	be	AUX
fsr-3304	77	4	purchased	purchase	VERB
fsr-3304	77	5	at	at	ADP
fsr-3304	77	6	retirement	retirement	NOUN
fsr-3304	77	7	but	but	CCONJ
fsr-3304	77	8	payouts	payout	NOUN
fsr-3304	77	9	do	do	AUX
fsr-3304	77	10	not	not	PART
fsr-3304	77	11	begin	begin	VERB
fsr-3304	77	12	until	until	SCONJ
fsr-3304	77	13	the	the	DET
fsr-3304	77	14	retiree	retiree	NOUN
fsr-3304	77	15	reaches	reach	VERB
fsr-3304	77	16	an	an	DET
fsr-3304	77	17	advanced	advanced	ADJ
fsr-3304	77	18	age	age	NOUN
fsr-3304	77	19	,	,	PUNCT
fsr-3304	77	20	usually	usually	ADV
fsr-3304	77	21	85	85	NUM
fsr-3304	77	22	.	.	PUNCT
fsr-3304	78	1	it	it	PRON
fsr-3304	78	2	has	have	AUX
fsr-3304	78	3	been	be	AUX
fsr-3304	78	4	promoted	promote	VERB
fsr-3304	78	5	by	by	ADP
fsr-3304	78	6	milevsky	milevsky	NOUN
fsr-3304	78	7	(	(	PUNCT
fsr-3304	78	8	2005	2005	NUM
fsr-3304	78	9	)	)	PUNCT
fsr-3304	78	10	and	and	CCONJ
fsr-3304	78	11	scott	scott	PROPN
fsr-3304	78	12	(	(	PUNCT
fsr-3304	78	13	2008	2008	NUM
fsr-3304	78	14	)	)	PUNCT
fsr-3304	78	15	,	,	PUNCT
fsr-3304	78	16	as	as	ADV
fsr-3304	78	17	well	well	ADV
fsr-3304	78	18	as	as	ADP
fsr-3304	78	19	by	by	ADP
fsr-3304	78	20	the	the	DET
fsr-3304	78	21	prior	prior	ADJ
fsr-3304	78	22	,	,	PUNCT
fsr-3304	78	23	obama	obama	NOUN
fsr-3304	78	24	,	,	PUNCT
fsr-3304	78	25	administration.3	administration.3	PROPN
fsr-3304	78	26	the	the	DET
fsr-3304	78	27	alda	alda	PROPN
fsr-3304	78	28	strategy	strategy	NOUN
fsr-3304	78	29	claims	claim	VERB
fsr-3304	78	30	to	to	PART
fsr-3304	78	31	provide	provide	VERB
fsr-3304	78	32	liquidity	liquidity	NOUN
fsr-3304	78	33	through	through	ADP
fsr-3304	78	34	most	most	ADJ
fsr-3304	78	35	of	of	ADP
fsr-3304	78	36	retirement	retirement	NOUN
fsr-3304	78	37	,	,	PUNCT
fsr-3304	78	38	that	that	ADV
fsr-3304	78	39	is	is	ADV
fsr-3304	78	40	,	,	PUNCT
fsr-3304	78	41	partial	partial	ADJ
fsr-3304	78	42	annuitization	annuitization	NOUN
fsr-3304	78	43	with	with	ADP
fsr-3304	78	44	longevity	longevity	NOUN
fsr-3304	78	45	risk	risk	NOUN
fsr-3304	78	46	coverage	coverage	NOUN
fsr-3304	78	47	late	late	ADV
fsr-3304	78	48	in	in	ADP
fsr-3304	78	49	life	life	NOUN
fsr-3304	78	50	for	for	ADP
fsr-3304	78	51	a	a	DET
fsr-3304	78	52	premium	premium	NOUN
fsr-3304	78	53	that	that	PRON
fsr-3304	78	54	might	might	AUX
fsr-3304	78	55	be	be	AUX
fsr-3304	78	56	perceived	perceive	VERB
fsr-3304	78	57	as	as	ADP
fsr-3304	78	58	a	a	DET
fsr-3304	78	59	cheap	cheap	ADJ
fsr-3304	78	60	price	price	NOUN
fsr-3304	78	61	.	.	PUNCT
fsr-3304	79	1	for	for	ADP
fsr-3304	79	2	example	example	NOUN
fsr-3304	79	3	,	,	PUNCT
fsr-3304	79	4	sexauer	sexauer	NOUN
fsr-3304	79	5	et	et	PROPN
fsr-3304	79	6	al	al	PROPN
fsr-3304	79	7	.	.	PROPN
fsr-3304	80	1	(	(	PUNCT
fsr-3304	80	2	2012	2012	NUM
fsr-3304	80	3	)	)	PUNCT
fsr-3304	80	4	show	show	VERB
fsr-3304	80	5	that	that	SCONJ
fsr-3304	80	6	in	in	ADP
fsr-3304	80	7	2010	2010	NUM
fsr-3304	80	8	,	,	PUNCT
fsr-3304	80	9	a	a	DET
fsr-3304	80	10	65	65	NUM
fsr-3304	80	11	-	-	PUNCT
fsr-3304	80	12	year	year	NOUN
fsr-3304	80	13	-	-	PUNCT
fsr-3304	80	14	old	old	ADJ
fsr-3304	80	15	retiree	retiree	NOUN
fsr-3304	80	16	would	would	AUX
fsr-3304	80	17	have	have	AUX
fsr-3304	80	18	needed	need	VERB
fsr-3304	80	19	“	"	PUNCT
fsr-3304	80	20	only	only	ADV
fsr-3304	80	21	”	"	PUNCT
fsr-3304	80	22	12	12	NUM
fsr-3304	80	23	%	%	NOUN
fsr-3304	80	24	of	of	ADP
fsr-3304	80	25	the	the	DET
fsr-3304	80	26	portfolio	portfolio	NOUN
fsr-3304	80	27	to	to	PART
fsr-3304	80	28	purchase	purchase	VERB
fsr-3304	80	29	a	a	DET
fsr-3304	80	30	deferred	defer	VERB
fsr-3304	80	31	(	(	PUNCT
fsr-3304	80	32	albeit	albeit	SCONJ
fsr-3304	80	33	nominal	nominal	ADJ
fsr-3304	80	34	)	)	PUNCT
fsr-3304	80	35	annuity	annuity	NOUN
fsr-3304	80	36	such	such	ADJ
fsr-3304	80	37	that	that	SCONJ
fsr-3304	80	38	the	the	DET
fsr-3304	80	39	first	first	ADJ
fsr-3304	80	40	payout	payout	NOUN
fsr-3304	80	41	at	at	ADP
fsr-3304	80	42	age	age	NOUN
fsr-3304	80	43	85	85	NUM
fsr-3304	80	44	would	would	AUX
fsr-3304	80	45	equal	equal	VERB
fsr-3304	80	46	the	the	DET
fsr-3304	80	47	last	last	ADJ
fsr-3304	80	48	payout	payout	NOUN
fsr-3304	80	49	from	from	ADP
fsr-3304	80	50	a	a	DET
fsr-3304	80	51	self	self	NOUN
fsr-3304	80	52	-	-	PUNCT
fsr-3304	80	53	amortizing	amortizing	NOUN
fsr-3304	80	54	(	(	PUNCT
fsr-3304	80	55	over	over	ADP
fsr-3304	80	56	20	20	NUM
fsr-3304	80	57	years	year	NOUN
fsr-3304	80	58	)	)	PUNCT
fsr-3304	80	59	portfolio	portfolio	NOUN
fsr-3304	80	60	of	of	ADP
fsr-3304	80	61	laddered	ladder	VERB
fsr-3304	80	62	treasury	treasury	PROPN
fsr-3304	80	63	inflation	inflation	NOUN
fsr-3304	80	64	protected	protect	VERB
fsr-3304	80	65	securities	security	NOUN
fsr-3304	80	66	(	(	PUNCT
fsr-3304	80	67	tips	tip	NOUN
fsr-3304	80	68	)	)	PUNCT
fsr-3304	80	69	.	.	PUNCT
fsr-3304	81	1	haensly	haensly	ADV
fsr-3304	81	2	and	and	CCONJ
fsr-3304	81	3	pai	pai	PROPN
fsr-3304	81	4	(	(	PUNCT
fsr-3304	81	5	2015	2015	NUM
fsr-3304	81	6	)	)	PUNCT
fsr-3304	81	7	have	have	AUX
fsr-3304	81	8	also	also	ADV
fsr-3304	81	9	examined	examine	VERB
fsr-3304	81	10	the	the	DET
fsr-3304	81	11	tips	tip	NOUN
fsr-3304	81	12	/	/	SYM
fsr-3304	81	13	alda	alda	NOUN
fsr-3304	81	14	strategy	strategy	NOUN
fsr-3304	81	15	.	.	PUNCT
fsr-3304	82	1	it	it	PRON
fsr-3304	82	2	should	should	AUX
fsr-3304	82	3	be	be	AUX
fsr-3304	82	4	noted	note	VERB
fsr-3304	82	5	though	though	SCONJ
fsr-3304	82	6	that	that	SCONJ
fsr-3304	82	7	there	there	PRON
fsr-3304	82	8	is	be	VERB
fsr-3304	82	9	no	no	DET
fsr-3304	82	10	upside	upside	ADJ
fsr-3304	82	11	investment	investment	NOUN
fsr-3304	82	12	potential	potential	NOUN
fsr-3304	82	13	with	with	ADP
fsr-3304	82	14	this	this	DET
fsr-3304	82	15	strategy	strategy	NOUN
fsr-3304	82	16	and	and	CCONJ
fsr-3304	82	17	it	it	PRON
fsr-3304	82	18	may	may	AUX
fsr-3304	82	19	not	not	PART
fsr-3304	82	20	therefore	therefore	ADV
fsr-3304	82	21	be	be	AUX
fsr-3304	82	22	desirable	desirable	ADJ
fsr-3304	82	23	to	to	ADP
fsr-3304	82	24	many	many	ADJ
fsr-3304	82	25	retired	retire	VERB
fsr-3304	82	26	investors	investor	NOUN
fsr-3304	82	27	.	.	PUNCT
fsr-3304	83	1	gong	gong	PROPN
fsr-3304	83	2	and	and	CCONJ
fsr-3304	83	3	webb	webb	PROPN
fsr-3304	83	4	(	(	PUNCT
fsr-3304	83	5	2010	2010	NUM
fsr-3304	83	6	)	)	PUNCT
fsr-3304	83	7	compare	compare	VERB
fsr-3304	83	8	longevity	longevity	NOUN
fsr-3304	83	9	insurance	insurance	NOUN
fsr-3304	83	10	with	with	ADP
fsr-3304	83	11	complete	complete	ADJ
fsr-3304	83	12	immediate	immediate	ADJ
fsr-3304	83	13	annuitization	annuitization	NOUN
fsr-3304	83	14	,	,	PUNCT
fsr-3304	83	15	delaying	delay	VERB
fsr-3304	83	16	the	the	DET
fsr-3304	83	17	complete	complete	ADJ
fsr-3304	83	18	annuitization	annuitization	NOUN
fsr-3304	83	19	to	to	ADP
fsr-3304	83	20	a	a	DET
fsr-3304	83	21	late	late	ADJ
fsr-3304	83	22	age	age	NOUN
fsr-3304	83	23	,	,	PUNCT
fsr-3304	83	24	and	and	CCONJ
fsr-3304	83	25	systematic	systematic	ADJ
fsr-3304	83	26	withdrawals	withdrawal	NOUN
fsr-3304	83	27	;	;	PUNCT
fsr-3304	83	28	they	they	PRON
fsr-3304	83	29	do	do	AUX
fsr-3304	83	30	not	not	PART
fsr-3304	83	31	consider	consider	VERB
fsr-3304	83	32	ladders	ladder	NOUN
fsr-3304	83	33	of	of	ADP
fsr-3304	83	34	annuity	annuity	NOUN
fsr-3304	83	35	purchases	purchase	NOUN
fsr-3304	83	36	.	.	PUNCT
fsr-3304	84	1	they	they	PRON
fsr-3304	84	2	use	use	VERB
fsr-3304	84	3	an	an	DET
fsr-3304	84	4	expected	expected	ADJ
fsr-3304	84	5	utility	utility	NOUN
fsr-3304	84	6	model	model	NOUN
fsr-3304	84	7	,	,	PUNCT
fsr-3304	84	8	but	but	CCONJ
fsr-3304	84	9	with	with	ADP
fsr-3304	84	10	no	no	DET
fsr-3304	84	11	risky	risky	ADJ
fsr-3304	84	12	assets	asset	NOUN
fsr-3304	84	13	or	or	CCONJ
fsr-3304	84	14	bequest	bequest	VERB
fsr-3304	84	15	motive	motive	NOUN
fsr-3304	84	16	,	,	PUNCT
fsr-3304	84	17	and	and	CCONJ
fsr-3304	84	18	assume	assume	VERB
fsr-3304	84	19	all	all	DET
fsr-3304	84	20	annuities	annuity	NOUN
fsr-3304	84	21	are	be	AUX
fsr-3304	84	22	loaded	load	VERB
fsr-3304	84	23	equally	equally	ADV
fsr-3304	84	24	.	.	PUNCT
fsr-3304	85	1	with	with	ADP
fsr-3304	85	2	retirement	retirement	NOUN
fsr-3304	85	3	at	at	ADP
fsr-3304	85	4	age	age	NOUN
fsr-3304	85	5	65	65	NUM
fsr-3304	85	6	and	and	CCONJ
fsr-3304	85	7	moderate	moderate	ADJ
fsr-3304	85	8	risk	risk	NOUN
fsr-3304	85	9	aversion	aversion	NOUN
fsr-3304	85	10	,	,	PUNCT
fsr-3304	85	11	gong	gong	NOUN
fsr-3304	85	12	and	and	CCONJ
fsr-3304	85	13	webb	webb	PROPN
fsr-3304	85	14	find	find	VERB
fsr-3304	85	15	that	that	SCONJ
fsr-3304	85	16	complete	complete	ADJ
fsr-3304	85	17	immediate	immediate	ADJ
fsr-3304	85	18	annuitization	annuitization	NOUN
fsr-3304	85	19	wins	win	VERB
fsr-3304	85	20	out	out	ADP
fsr-3304	85	21	over	over	ADP
fsr-3304	85	22	longevity	longevity	NOUN
fsr-3304	85	23	insurance	insurance	NOUN
fsr-3304	85	24	(	(	PUNCT
fsr-3304	85	25	although	although	SCONJ
fsr-3304	85	26	gong	gong	NOUN
fsr-3304	85	27	and	and	CCONJ
fsr-3304	85	28	webb	webb	PROPN
fsr-3304	85	29	say	say	VERB
fsr-3304	85	30	they	they	PRON
fsr-3304	85	31	favor	favor	VERB
fsr-3304	85	32	the	the	DET
fsr-3304	85	33	alda	alda	NOUN
fsr-3304	85	34	)	)	PUNCT
fsr-3304	85	35	.	.	PUNCT
fsr-3304	86	1	gong	gong	PROPN
fsr-3304	86	2	and	and	CCONJ
fsr-3304	86	3	webb	webb	PROPN
fsr-3304	86	4	also	also	ADV
fsr-3304	86	5	calculate	calculate	VERB
fsr-3304	86	6	loads	load	NOUN
fsr-3304	86	7	on	on	ADP
fsr-3304	86	8	commercial	commercial	ADJ
fsr-3304	86	9	annuity	annuity	NOUN
fsr-3304	86	10	products	product	NOUN
fsr-3304	86	11	using	use	VERB
fsr-3304	86	12	the	the	DET
fsr-3304	86	13	standard	standard	ADJ
fsr-3304	86	14	money	money	NOUN
fsr-3304	86	15	’s	’s	PART
fsr-3304	86	16	worth	worth	ADJ
fsr-3304	86	17	methodology	methodology	NOUN
fsr-3304	86	18	of	of	ADP
fsr-3304	86	19	mitchell	mitchell	PROPN
fsr-3304	86	20	et	et	PROPN
fsr-3304	86	21	al	al	PROPN
fsr-3304	86	22	.	.	PROPN
fsr-3304	87	1	(	(	PUNCT
fsr-3304	87	2	1999	1999	NUM
fsr-3304	87	3	)	)	PUNCT
fsr-3304	87	4	.	.	PUNCT
fsr-3304	88	1	they	they	PRON
fsr-3304	88	2	find	find	VERB
fsr-3304	88	3	that	that	SCONJ
fsr-3304	88	4	the	the	DET
fsr-3304	88	5	load	load	NOUN
fsr-3304	88	6	is	be	AUX
fsr-3304	88	7	about	about	ADV
fsr-3304	88	8	five	five	NUM
fsr-3304	88	9	percentage	percentage	NOUN
fsr-3304	88	10	points	point	NOUN
fsr-3304	88	11	higher	higher	ADV
fsr-3304	88	12	on	on	ADP
fsr-3304	88	13	real	real	ADJ
fsr-3304	88	14	annuities	annuity	NOUN
fsr-3304	88	15	than	than	ADP
fsr-3304	88	16	on	on	ADP
fsr-3304	88	17	nominal	nominal	ADJ
fsr-3304	88	18	annuities	annuity	NOUN
fsr-3304	88	19	,	,	PUNCT
fsr-3304	88	20	and	and	CCONJ
fsr-3304	88	21	that	that	SCONJ
fsr-3304	88	22	the	the	DET
fsr-3304	88	23	load	load	NOUN
fsr-3304	88	24	is	be	AUX
fsr-3304	88	25	fairly	fairly	ADV
fsr-3304	88	26	constant	constant	ADJ
fsr-3304	88	27	across	across	ADP
fsr-3304	88	28	ages	age	NOUN
fsr-3304	88	29	60	60	NUM
fsr-3304	88	30	through	through	ADP
fsr-3304	88	31	75	75	NUM
fsr-3304	88	32	but	but	CCONJ
fsr-3304	88	33	increases	increase	NOUN
fsr-3304	88	34	thereafter	thereafter	ADV
fsr-3304	88	35	,	,	PUNCT
fsr-3304	88	36	again	again	ADV
fsr-3304	88	37	by	by	ADP
fsr-3304	88	38	about	about	ADV
fsr-3304	88	39	five	five	NUM
fsr-3304	88	40	percentage	percentage	NOUN
fsr-3304	88	41	points	point	NOUN
fsr-3304	88	42	,	,	PUNCT
fsr-3304	88	43	based	base	VERB
fsr-3304	88	44	on	on	ADP
fsr-3304	88	45	the	the	DET
fsr-3304	88	46	best	good	ADJ
fsr-3304	88	47	pricing	pricing	NOUN
fsr-3304	88	48	of	of	ADP
fsr-3304	88	49	immediate	immediate	ADJ
fsr-3304	88	50	annuities	annuity	NOUN
fsr-3304	88	51	among	among	ADP
fsr-3304	88	52	three	three	NUM
fsr-3304	88	53	issuers	issuer	NOUN
fsr-3304	88	54	,	,	PUNCT
fsr-3304	88	55	and	and	CCONJ
fsr-3304	88	56	a	a	DET
fsr-3304	88	57	pricing	pricing	NOUN
fsr-3304	88	58	model	model	NOUN
fsr-3304	88	59	using	use	VERB
fsr-3304	88	60	treasury	treasury	NOUN
fsr-3304	88	61	bond	bond	NOUN
fsr-3304	88	62	yields	yield	NOUN
fsr-3304	88	63	and	and	CCONJ
fsr-3304	88	64	general	general	ADJ
fsr-3304	88	65	population	population	NOUN
fsr-3304	88	66	mortality	mortality	NOUN
fsr-3304	88	67	.	.	PUNCT
fsr-3304	89	1	a	a	DET
fsr-3304	89	2	comparison	comparison	NOUN
fsr-3304	89	3	of	of	ADP
fsr-3304	89	4	the	the	DET
fsr-3304	89	5	loads	load	NOUN
fsr-3304	89	6	on	on	ADP
fsr-3304	89	7	longevity	longevity	NOUN
fsr-3304	89	8	insurance	insurance	NOUN
fsr-3304	89	9	(	(	PUNCT
fsr-3304	89	10	paying	pay	VERB
fsr-3304	89	11	at	at	ADP
fsr-3304	89	12	age	age	NOUN
fsr-3304	89	13	85	85	NUM
fsr-3304	89	14	)	)	PUNCT
fsr-3304	89	15	with	with	ADP
fsr-3304	89	16	immediate	immediate	ADJ
fsr-3304	89	17	annuities	annuity	NOUN
fsr-3304	89	18	,	,	PUNCT
fsr-3304	89	19	on	on	ADP
fsr-3304	89	20	a	a	DET
fsr-3304	89	21	nominal	nominal	ADJ
fsr-3304	89	22	basis	basis	NOUN
fsr-3304	89	23	and	and	CCONJ
fsr-3304	89	24	issued	issue	VERB
fsr-3304	89	25	at	at	ADP
fsr-3304	89	26	age	age	NOUN
fsr-3304	89	27	65	65	NUM
fsr-3304	89	28	,	,	PUNCT
fsr-3304	89	29	finds	find	VERB
fsr-3304	89	30	the	the	DET
fsr-3304	89	31	load	load	NOUN
fsr-3304	89	32	on	on	ADP
fsr-3304	89	33	the	the	DET
fsr-3304	89	34	deferred	defer	VERB
fsr-3304	89	35	annuity	annuity	NOUN
fsr-3304	89	36	to	to	PART
fsr-3304	89	37	be	be	AUX
fsr-3304	89	38	about	about	ADV
fsr-3304	89	39	five	five	NUM
fsr-3304	89	40	percentage	percentage	NOUN
fsr-3304	89	41	points	point	NOUN
fsr-3304	89	42	higher	high	ADJ
fsr-3304	89	43	than	than	ADP
fsr-3304	89	44	for	for	ADP
fsr-3304	89	45	the	the	DET
fsr-3304	89	46	immediate	immediate	ADJ
fsr-3304	89	47	annuity	annuity	NOUN
fsr-3304	89	48	at	at	ADP
fsr-3304	89	49	one	one	NUM
fsr-3304	89	50	insurance	insurance	NOUN
fsr-3304	89	51	company	company	NOUN
fsr-3304	89	52	,	,	PUNCT
fsr-3304	89	53	and	and	CCONJ
fsr-3304	89	54	about	about	ADV
fsr-3304	89	55	20	20	NUM
fsr-3304	89	56	to	to	PART
fsr-3304	89	57	30	30	NUM
fsr-3304	89	58	percentage	percentage	NOUN
fsr-3304	89	59	points	point	NOUN
fsr-3304	89	60	higher	higher	ADV
fsr-3304	89	61	at	at	ADP
fsr-3304	89	62	another	another	PRON
fsr-3304	89	63	.	.	PUNCT
fsr-3304	90	1	although	although	SCONJ
fsr-3304	90	2	these	these	DET
fsr-3304	90	3	findings	finding	NOUN
fsr-3304	90	4	reflect	reflect	VERB
fsr-3304	90	5	pricing	pricing	NOUN
fsr-3304	90	6	on	on	ADP
fsr-3304	90	7	one	one	NUM
fsr-3304	90	8	day	day	NOUN
fsr-3304	90	9	only	only	ADV
fsr-3304	90	10	(	(	PUNCT
fsr-3304	90	11	in	in	ADP
fsr-3304	90	12	january	january	PROPN
fsr-3304	90	13	2008	2008	NUM
fsr-3304	90	14	)	)	PUNCT
fsr-3304	90	15	,	,	PUNCT
fsr-3304	90	16	finkelstein	finkelstein	PROPN
fsr-3304	90	17	and	and	CCONJ
fsr-3304	90	18	poterba	poterba	NOUN
fsr-3304	90	19	(	(	PUNCT
fsr-3304	90	20	2004	2004	NUM
fsr-3304	90	21	)	)	PUNCT
fsr-3304	90	22	reached	reach	VERB
fsr-3304	90	23	broadly	broadly	ADV
fsr-3304	90	24	similar	similar	ADJ
fsr-3304	90	25	conclusions	conclusion	NOUN
fsr-3304	90	26	based	base	VERB
fsr-3304	90	27	on	on	ADP
fsr-3304	90	28	data	datum	NOUN
fsr-3304	90	29	from	from	ADP
fsr-3304	90	30	a	a	DET
fsr-3304	90	31	large	large	ADJ
fsr-3304	90	32	united	united	ADJ
fsr-3304	90	33	kingdom	kingdom	PROPN
fsr-3304	90	34	insurance	insurance	NOUN
fsr-3304	90	35	company	company	NOUN
fsr-3304	90	36	over	over	ADP
fsr-3304	90	37	a	a	DET
fsr-3304	90	38	17	17	NUM
fsr-3304	90	39	-	-	PUNCT
fsr-3304	90	40	year	year	NOUN
fsr-3304	90	41	issuance	issuance	NOUN
fsr-3304	90	42	period	period	NOUN
fsr-3304	90	43	through	through	ADP
fsr-3304	90	44	1998	1998	NUM
fsr-3304	90	45	.	.	PUNCT
fsr-3304	91	1	they	they	PRON
fsr-3304	91	2	find	find	VERB
fsr-3304	91	3	that	that	SCONJ
fsr-3304	91	4	the	the	DET
fsr-3304	91	5	load	load	NOUN
fsr-3304	91	6	is	be	AUX
fsr-3304	91	7	from	from	ADP
fsr-3304	91	8	five	five	NUM
fsr-3304	91	9	to	to	PART
fsr-3304	91	10	10	10	NUM
fsr-3304	91	11	percentage	percentage	NOUN
fsr-3304	91	12	points	point	NOUN
fsr-3304	91	13	higher	higher	ADV
fsr-3304	91	14	on	on	ADP
fsr-3304	91	15	real	real	ADJ
fsr-3304	91	16	than	than	ADP
fsr-3304	91	17	on	on	ADP
fsr-3304	91	18	nominal	nominal	ADJ
fsr-3304	91	19	immediate	immediate	ADJ
fsr-3304	91	20	annuities	annuity	NOUN
fsr-3304	91	21	.	.	PUNCT
fsr-3304	92	1	we	we	PRON
fsr-3304	92	2	will	will	AUX
fsr-3304	92	3	use	use	VERB
fsr-3304	92	4	these	these	DET
fsr-3304	92	5	results	result	NOUN
fsr-3304	92	6	in	in	ADP
fsr-3304	92	7	our	our	PRON
fsr-3304	92	8	empirical	empirical	ADJ
fsr-3304	92	9	simulations	simulation	NOUN
fsr-3304	92	10	below	below	ADV
fsr-3304	92	11	.	.	PUNCT
fsr-3304	93	1	note	note	VERB
fsr-3304	93	2	that	that	SCONJ
fsr-3304	93	3	even	even	ADV
fsr-3304	93	4	though	though	SCONJ
fsr-3304	93	5	there	there	PRON
fsr-3304	93	6	is	be	VERB
fsr-3304	93	7	no	no	DET
fsr-3304	93	8	real	real	ADJ
fsr-3304	93	9	alda	alda	NOUN
fsr-3304	93	10	being	be	AUX
fsr-3304	93	11	sold	sell	VERB
fsr-3304	93	12	in	in	ADP
fsr-3304	93	13	the	the	DET
fsr-3304	93	14	market	market	NOUN
fsr-3304	93	15	,	,	PUNCT
fsr-3304	93	16	i	i	PRON
fsr-3304	93	17	do	do	AUX
fsr-3304	93	18	model	model	VERB
fsr-3304	93	19	it	it	PRON
fsr-3304	93	20	in	in	ADP
fsr-3304	93	21	a	a	DET
fsr-3304	93	22	couple	couple	NOUN
fsr-3304	93	23	of	of	ADP
fsr-3304	93	24	the	the	DET
fsr-3304	93	25	simulations	simulation	NOUN
fsr-3304	93	26	below	below	ADV
fsr-3304	93	27	,	,	PUNCT
fsr-3304	93	28	and	and	CCONJ
fsr-3304	93	29	make	make	VERB
fsr-3304	93	30	an	an	DET
fsr-3304	93	31	inference	inference	NOUN
fsr-3304	93	32	on	on	ADP
fsr-3304	93	33	what	what	PRON
fsr-3304	93	34	its	its	PRON
fsr-3304	93	35	load	load	NOUN
fsr-3304	93	36	would	would	AUX
fsr-3304	93	37	be	be	AUX
fsr-3304	93	38	from	from	ADP
fsr-3304	93	39	the	the	DET
fsr-3304	93	40	above	above	ADJ
fsr-3304	93	41	literature	literature	NOUN
fsr-3304	93	42	.	.	PUNCT
fsr-3304	94	1	this	this	DET
fsr-3304	94	2	literature	literature	NOUN
fsr-3304	94	3	review	review	NOUN
fsr-3304	94	4	has	have	AUX
fsr-3304	94	5	focused	focus	VERB
fsr-3304	94	6	on	on	ADP
fsr-3304	94	7	studies	study	NOUN
fsr-3304	94	8	bearing	bear	VERB
fsr-3304	94	9	directly	directly	ADV
fsr-3304	94	10	on	on	ADP
fsr-3304	94	11	retirement	retirement	NOUN
fsr-3304	94	12	income	income	NOUN
fsr-3304	94	13	strategies	strategy	NOUN
fsr-3304	94	14	.	.	PUNCT
fsr-3304	95	1	other	other	ADJ
fsr-3304	95	2	recent	recent	ADJ
fsr-3304	95	3	studies	study	NOUN
fsr-3304	95	4	,	,	PUNCT
fsr-3304	95	5	however	however	ADV
fsr-3304	95	6	,	,	PUNCT
fsr-3304	95	7	are	be	AUX
fsr-3304	95	8	also	also	ADV
fsr-3304	95	9	quite	quite	ADV
fsr-3304	95	10	relevant	relevant	ADJ
fsr-3304	95	11	to	to	ADP
fsr-3304	95	12	this	this	DET
fsr-3304	95	13	article	article	NOUN
fsr-3304	95	14	because	because	SCONJ
fsr-3304	95	15	they	they	PRON
fsr-3304	95	16	address	address	VERB
fsr-3304	95	17	directly	directly	ADV
fsr-3304	95	18	and	and	CCONJ
fsr-3304	95	19	empirically	empirically	ADV
fsr-3304	95	20	parameter	parameter	NOUN
fsr-3304	95	21	values	value	NOUN
fsr-3304	95	22	for	for	ADP
fsr-3304	95	23	the	the	DET
fsr-3304	95	24	bequest	bequest	NOUN
fsr-3304	95	25	motive	motive	NOUN
fsr-3304	95	26	that	that	PRON
fsr-3304	95	27	are	be	AUX
fsr-3304	95	28	only	only	ADV
fsr-3304	95	29	guessed	guess	VERB
fsr-3304	95	30	at	at	ADP
fsr-3304	95	31	in	in	ADP
fsr-3304	95	32	the	the	DET
fsr-3304	95	33	previous	previous	ADJ
fsr-3304	95	34	simulation	simulation	NOUN
fsr-3304	95	35	literature	literature	NOUN
fsr-3304	95	36	.	.	PUNCT
fsr-3304	96	1	ameriks	ameriks	PROPN
fsr-3304	96	2	et	et	PROPN
fsr-3304	96	3	al	al	PROPN
fsr-3304	96	4	.	.	PUNCT
fsr-3304	97	1	(	(	PUNCT
fsr-3304	97	2	2011	2011	NUM
fsr-3304	97	3	)	)	PUNCT
fsr-3304	97	4	,	,	PUNCT
fsr-3304	97	5	de	de	PROPN
fsr-3304	97	6	nardi	nardi	PROPN
fsr-3304	97	7	et	et	PROPN
fsr-3304	97	8	al	al	PROPN
fsr-3304	97	9	.	.	PROPN
fsr-3304	98	1	(	(	PUNCT
fsr-3304	98	2	2010	2010	NUM
fsr-3304	98	3	)	)	PUNCT
fsr-3304	98	4	,	,	PUNCT
fsr-3304	98	5	and	and	CCONJ
fsr-3304	98	6	lockwood	lockwood	PROPN
fsr-3304	98	7	(	(	PUNCT
fsr-3304	98	8	2012	2012	NUM
fsr-3304	98	9	)	)	PUNCT
fsr-3304	98	10	carefully	carefully	ADV
fsr-3304	98	11	estimate	estimate	VERB
fsr-3304	98	12	preference	preference	NOUN
fsr-3304	98	13	parameters	parameter	NOUN
fsr-3304	98	14	in	in	ADP
fsr-3304	98	15	structurally	structurally	ADV
fsr-3304	98	16	similar	similar	ADJ
fsr-3304	98	17	lifecycle	lifecycle	NOUN
fsr-3304	98	18	expected	expect	VERB
fsr-3304	98	19	utility	utility	NOUN
fsr-3304	98	20	models	model	NOUN
fsr-3304	98	21	.	.	PUNCT
fsr-3304	99	1	they	they	PRON
fsr-3304	99	2	find	find	VERB
fsr-3304	99	3	varying	vary	VERB
fsr-3304	99	4	degrees	degree	NOUN
fsr-3304	99	5	of	of	ADP
fsr-3304	99	6	bequest	bequ	ADJ
fsr-3304	99	7	prevalence	prevalence	NOUN
fsr-3304	99	8	and	and	CCONJ
fsr-3304	99	9	strength	strength	NOUN
fsr-3304	99	10	of	of	ADP
fsr-3304	99	11	the	the	DET
fsr-3304	99	12	bequest	bequest	NOUN
fsr-3304	99	13	motive	motive	NOUN
fsr-3304	99	14	.	.	PUNCT
fsr-3304	100	1	below	below	ADV
fsr-3304	100	2	,	,	PUNCT
fsr-3304	100	3	we	we	PRON
fsr-3304	100	4	use	use	VERB
fsr-3304	100	5	the	the	DET
fsr-3304	100	6	average	average	ADJ
fsr-3304	100	7	and	and	CCONJ
fsr-3304	100	8	range	range	NOUN
fsr-3304	100	9	of	of	ADP
fsr-3304	100	10	their	their	PRON
fsr-3304	100	11	parameter	parameter	NOUN
fsr-3304	100	12	estimates	estimate	NOUN
fsr-3304	100	13	in	in	ADP
fsr-3304	100	14	117m.j	117m.j	PROPN
fsr-3304	100	15	.	.	PUNCT
fsr-3304	101	1	warshawsky	warshawsky	PROPN
fsr-3304	101	2	/	/	SYM
fsr-3304	101	3	financial	financial	ADJ
fsr-3304	101	4	services	service	NOUN
fsr-3304	101	5	review	review	VERB
fsr-3304	101	6	26	26	NUM
fsr-3304	101	7	(	(	PUNCT
fsr-3304	101	8	2017	2017	NUM
fsr-3304	101	9	)	)	PUNCT
fsr-3304	101	10	113–141	113–141	NUM
fsr-3304	101	11	evaluations	evaluation	NOUN
fsr-3304	101	12	of	of	ADP
fsr-3304	101	13	income	income	NOUN
fsr-3304	101	14	strategies	strategy	NOUN
fsr-3304	101	15	.	.	PUNCT
fsr-3304	102	1	similarly	similarly	ADV
fsr-3304	102	2	,	,	PUNCT
fsr-3304	102	3	survey	survey	NOUN
fsr-3304	102	4	-	-	PUNCT
fsr-3304	102	5	based	base	VERB
fsr-3304	102	6	formal	formal	ADJ
fsr-3304	102	7	evidence	evidence	NOUN
fsr-3304	102	8	on	on	ADP
fsr-3304	102	9	the	the	DET
fsr-3304	102	10	parameters	parameter	NOUN
fsr-3304	102	11	for	for	ADP
fsr-3304	102	12	risk	risk	NOUN
fsr-3304	102	13	aversion	aversion	NOUN
fsr-3304	102	14	is	be	AUX
fsr-3304	102	15	found	find	VERB
fsr-3304	102	16	in	in	ADP
fsr-3304	102	17	kimbal	kimbal	PROPN
fsr-3304	102	18	et	et	PROPN
fsr-3304	102	19	al	al	PROPN
fsr-3304	102	20	.	.	PROPN
fsr-3304	103	1	(	(	PUNCT
fsr-3304	103	2	2008	2008	NUM
fsr-3304	103	3	)	)	PUNCT
fsr-3304	103	4	.	.	PUNCT
fsr-3304	104	1	their	their	PRON
fsr-3304	104	2	risk	risk	NOUN
fsr-3304	104	3	aversion	aversion	NOUN
fsr-3304	104	4	parameter	parameter	NOUN
fsr-3304	104	5	estimates	estimate	NOUN
fsr-3304	104	6	are	be	AUX
fsr-3304	104	7	measured	measure	VERB
fsr-3304	104	8	precisely	precisely	ADV
fsr-3304	104	9	,	,	PUNCT
fsr-3304	104	10	based	base	VERB
fsr-3304	104	11	on	on	ADP
fsr-3304	104	12	answers	answer	NOUN
fsr-3304	104	13	to	to	ADP
fsr-3304	104	14	hypothetical	hypothetical	ADJ
fsr-3304	104	15	risk	risk	NOUN
fsr-3304	104	16	situations	situation	NOUN
fsr-3304	104	17	.	.	PUNCT
fsr-3304	105	1	by	by	ADP
fsr-3304	105	2	contrast	contrast	NOUN
fsr-3304	105	3	,	,	PUNCT
fsr-3304	105	4	the	the	DET
fsr-3304	105	5	time	time	NOUN
fsr-3304	105	6	preference	preference	NOUN
fsr-3304	105	7	parameter	parameter	NOUN
fsr-3304	105	8	is	be	AUX
fsr-3304	105	9	less	less	ADV
fsr-3304	105	10	consistently	consistently	ADV
fsr-3304	105	11	and	and	CCONJ
fsr-3304	105	12	more	more	ADV
fsr-3304	105	13	widely	widely	ADV
fsr-3304	105	14	measured	measure	VERB
fsr-3304	105	15	in	in	ADP
fsr-3304	105	16	a	a	DET
fsr-3304	105	17	large	large	ADJ
fsr-3304	105	18	literature	literature	NOUN
fsr-3304	105	19	,	,	PUNCT
fsr-3304	105	20	so	so	SCONJ
fsr-3304	105	21	we	we	PRON
fsr-3304	105	22	hew	hew	VERB
fsr-3304	105	23	more	more	ADV
fsr-3304	105	24	closely	closely	ADV
fsr-3304	105	25	here	here	ADV
fsr-3304	105	26	to	to	ADP
fsr-3304	105	27	convention	convention	NOUN
fsr-3304	105	28	and	and	CCONJ
fsr-3304	105	29	intuition	intuition	NOUN
fsr-3304	105	30	.	.	PUNCT
fsr-3304	106	1	3	3	X
fsr-3304	106	2	.	.	X
fsr-3304	106	3	a	a	DET
fsr-3304	106	4	utility	utility	NOUN
fsr-3304	106	5	-	-	PUNCT
fsr-3304	106	6	maximizing	maximize	VERB
fsr-3304	106	7	framework	framework	NOUN
fsr-3304	106	8	for	for	ADP
fsr-3304	106	9	the	the	DET
fsr-3304	106	10	evaluation	evaluation	NOUN
fsr-3304	106	11	of	of	ADP
fsr-3304	106	12	strategies	strategy	NOUN
fsr-3304	106	13	3.1	3.1	NUM
fsr-3304	106	14	.	.	PUNCT
fsr-3304	106	15	lifetime	lifetime	NOUN
fsr-3304	106	16	utility	utility	NOUN
fsr-3304	106	17	i	i	PRON
fsr-3304	106	18	now	now	ADV
fsr-3304	106	19	specify	specify	VERB
fsr-3304	106	20	the	the	DET
fsr-3304	106	21	algorithm	algorithm	NOUN
fsr-3304	106	22	or	or	CCONJ
fsr-3304	106	23	model	model	NOUN
fsr-3304	106	24	by	by	ADP
fsr-3304	106	25	which	which	PRON
fsr-3304	106	26	retired	retire	VERB
fsr-3304	106	27	households	household	NOUN
fsr-3304	106	28	find	find	VERB
fsr-3304	106	29	their	their	PRON
fsr-3304	106	30	optimal	optimal	ADJ
fsr-3304	106	31	strategy	strategy	NOUN
fsr-3304	106	32	.	.	PUNCT
fsr-3304	107	1	this	this	DET
fsr-3304	107	2	stochastic	stochastic	ADJ
fsr-3304	107	3	simulation	simulation	NOUN
fsr-3304	107	4	optimization	optimization	NOUN
fsr-3304	107	5	model	model	NOUN
fsr-3304	107	6	is	be	AUX
fsr-3304	107	7	in	in	ADP
fsr-3304	107	8	the	the	DET
fsr-3304	107	9	spirit	spirit	NOUN
fsr-3304	107	10	of	of	ADP
fsr-3304	107	11	the	the	DET
fsr-3304	107	12	theoretical	theoretical	ADJ
fsr-3304	107	13	model	model	NOUN
fsr-3304	107	14	by	by	ADP
fsr-3304	107	15	pang	pang	NOUN
fsr-3304	107	16	and	and	CCONJ
fsr-3304	107	17	warshawsky	warshawsky	NOUN
fsr-3304	107	18	(	(	PUNCT
fsr-3304	107	19	2010	2010	NUM
fsr-3304	107	20	)	)	PUNCT
fsr-3304	107	21	but	but	CCONJ
fsr-3304	107	22	is	be	AUX
fsr-3304	107	23	more	more	ADV
fsr-3304	107	24	realistic	realistic	ADJ
fsr-3304	107	25	of	of	ADP
fsr-3304	107	26	product	product	NOUN
fsr-3304	107	27	and	and	CCONJ
fsr-3304	107	28	market	market	NOUN
fsr-3304	107	29	conditions	condition	NOUN
fsr-3304	107	30	.	.	PUNCT
fsr-3304	108	1	the	the	DET
fsr-3304	108	2	particular	particular	ADJ
fsr-3304	108	3	functional	functional	ADJ
fsr-3304	108	4	forms	form	NOUN
fsr-3304	108	5	used	use	VERB
fsr-3304	108	6	here	here	ADV
fsr-3304	108	7	are	be	AUX
fsr-3304	108	8	chosen	choose	VERB
fsr-3304	108	9	to	to	ADP
fsr-3304	108	10	(	(	PUNCT
fsr-3304	108	11	1	1	X
fsr-3304	108	12	)	)	PUNCT
fsr-3304	108	13	enable	enable	VERB
fsr-3304	108	14	the	the	DET
fsr-3304	108	15	use	use	NOUN
fsr-3304	108	16	of	of	ADP
fsr-3304	108	17	empirical	empirical	ADJ
fsr-3304	108	18	results	result	NOUN
fsr-3304	108	19	in	in	ADP
fsr-3304	108	20	the	the	DET
fsr-3304	108	21	literature	literature	NOUN
fsr-3304	108	22	estimating	estimate	VERB
fsr-3304	108	23	various	various	ADJ
fsr-3304	108	24	parameter	parameter	NOUN
fsr-3304	108	25	values	value	NOUN
fsr-3304	108	26	(	(	PUNCT
fsr-3304	108	27	which	which	PRON
fsr-3304	108	28	assumed	assume	VERB
fsr-3304	108	29	these	these	DET
fsr-3304	108	30	functional	functional	ADJ
fsr-3304	108	31	forms	form	NOUN
fsr-3304	108	32	)	)	PUNCT
fsr-3304	108	33	,	,	PUNCT
fsr-3304	108	34	(	(	PUNCT
fsr-3304	108	35	2	2	X
fsr-3304	108	36	)	)	PUNCT
fsr-3304	108	37	they	they	PRON
fsr-3304	108	38	are	be	AUX
fsr-3304	108	39	more	more	ADV
fsr-3304	108	40	easily	easily	ADV
fsr-3304	108	41	manipulated	manipulate	VERB
fsr-3304	108	42	in	in	ADP
fsr-3304	108	43	stochastic	stochastic	ADJ
fsr-3304	108	44	simulation	simulation	NOUN
fsr-3304	108	45	work	work	NOUN
fsr-3304	108	46	than	than	ADP
fsr-3304	108	47	other	other	ADJ
fsr-3304	108	48	forms	form	NOUN
fsr-3304	108	49	,	,	PUNCT
fsr-3304	108	50	and	and	CCONJ
fsr-3304	108	51	(	(	PUNCT
fsr-3304	108	52	3	3	X
fsr-3304	108	53	)	)	PUNCT
fsr-3304	108	54	are	be	AUX
fsr-3304	108	55	fairly	fairly	ADV
fsr-3304	108	56	common	common	ADJ
fsr-3304	108	57	and	and	CCONJ
fsr-3304	108	58	long	long	ADV
fsr-3304	108	59	-	-	PUNCT
fsr-3304	108	60	standing	standing	NOUN
fsr-3304	108	61	in	in	ADP
fsr-3304	108	62	both	both	CCONJ
fsr-3304	108	63	the	the	DET
fsr-3304	108	64	theoretical	theoretical	ADJ
fsr-3304	108	65	and	and	CCONJ
fsr-3304	108	66	empirical	empirical	ADJ
fsr-3304	108	67	literatures	literature	NOUN
fsr-3304	108	68	.	.	PUNCT
fsr-3304	109	1	a	a	DET
fsr-3304	109	2	household	household	NOUN
fsr-3304	109	3	is	be	AUX
fsr-3304	109	4	assumed	assume	VERB
fsr-3304	109	5	to	to	PART
fsr-3304	109	6	seek	seek	VERB
fsr-3304	109	7	an	an	DET
fsr-3304	109	8	income	income	NOUN
fsr-3304	109	9	and	and	CCONJ
fsr-3304	109	10	wealth	wealth	NOUN
fsr-3304	109	11	management	management	NOUN
fsr-3304	109	12	strategy	strategy	NOUN
fsr-3304	109	13	that	that	PRON
fsr-3304	109	14	maximizes	maximize	VERB
fsr-3304	109	15	its	its	PRON
fsr-3304	109	16	retirement	retirement	NOUN
fsr-3304	109	17	lifetime	lifetime	NOUN
fsr-3304	109	18	utility	utility	NOUN
fsr-3304	109	19	,	,	PUNCT
fsr-3304	109	20	which	which	PRON
fsr-3304	109	21	is	be	AUX
fsr-3304	109	22	defined	define	VERB
fsr-3304	109	23	as	as	ADP
fsr-3304	109	24	a	a	DET
fsr-3304	109	25	function	function	NOUN
fsr-3304	109	26	of	of	ADP
fsr-3304	109	27	consumption	consumption	NOUN
fsr-3304	109	28	flows	flow	NOUN
fsr-3304	109	29	and	and	CCONJ
fsr-3304	109	30	the	the	DET
fsr-3304	109	31	bequest	bequest	NOUN
fsr-3304	109	32	amount	amount	NOUN
fsr-3304	109	33	upon	upon	SCONJ
fsr-3304	109	34	death	death	NOUN
fsr-3304	109	35	.	.	PUNCT
fsr-3304	110	1	its	its	PRON
fsr-3304	110	2	lifetime	lifetime	NOUN
fsr-3304	110	3	utility	utility	NOUN
fsr-3304	110	4	in	in	ADP
fsr-3304	110	5	retirement	retirement	NOUN
fsr-3304	110	6	is	be	AUX
fsr-3304	110	7	expressed	express	VERB
fsr-3304	110	8	as	as	SCONJ
fsr-3304	110	9	follows	follow	VERB
fsr-3304	110	10	:	:	PUNCT
fsr-3304	110	11	v	v	PROPN
fsr-3304	110	12	�	�	PROPN
fsr-3304	110	13	�	�	PROPN
fsr-3304	110	14	�	�	PROPN
fsr-3304	110	15	t	t	PROPN
fsr-3304	110	16	�	�	PROPN
fsr-3304	110	17	0	0	NUM
fsr-3304	110	18	�	�	PROPN
fsr-3304	110	19	�	�	PROPN
fsr-3304	110	20	1	1	NUM
fsr-3304	110	21	�	�	PROPN
fsr-3304	110	22	�	�	PROPN
fsr-3304	110	23	thtu	thtu	NOUN
fsr-3304	110	24	�	�	PROPN
fsr-3304	110	25	ct	ct	PROPN
fsr-3304	110	26	ht	ht	PROPN
fsr-3304	110	27	�	�	PROPN
fsr-3304	110	28	�	�	PROPN
fsr-3304	110	29	�	�	PROPN
fsr-3304	110	30	�	�	PROPN
fsr-3304	110	31	�	�	PROPN
fsr-3304	110	32	v	v	NOUN
fsr-3304	110	33	�	�	PROPN
fsr-3304	110	34	b	b	PROPN
fsr-3304	110	35	�	�	PROPN
fsr-3304	110	36	�	�	PROPN
fsr-3304	110	37	,	,	PUNCT
fsr-3304	110	38	where	where	SCONJ
fsr-3304	110	39	the	the	DET
fsr-3304	110	40	realized	realize	VERB
fsr-3304	110	41	lifetime	lifetime	NOUN
fsr-3304	110	42	utility	utility	NOUN
fsr-3304	110	43	v	v	ADP
fsr-3304	110	44	�	�	PROPN
fsr-3304	110	45	depends	depend	VERB
fsr-3304	110	46	on	on	ADP
fsr-3304	110	47	the	the	DET
fsr-3304	110	48	survival	survival	NOUN
fsr-3304	110	49	from	from	ADP
fsr-3304	110	50	t	t	PROPN
fsr-3304	110	51	�	�	PROPN
fsr-3304	110	52	0	0	PUNCT
fsr-3304	111	1	(	(	PUNCT
fsr-3304	111	2	retirement	retirement	NOUN
fsr-3304	111	3	age	age	NOUN
fsr-3304	111	4	65	65	NUM
fsr-3304	111	5	)	)	PUNCT
fsr-3304	111	6	through	through	ADP
fsr-3304	111	7	�	�	PROPN
fsr-3304	111	8	(	(	PUNCT
fsr-3304	111	9	stochastic	stochastic	NOUN
fsr-3304	111	10	,	,	PUNCT
fsr-3304	111	11	maximum	maximum	ADJ
fsr-3304	111	12	age	age	NOUN
fsr-3304	111	13	105	105	NUM
fsr-3304	111	14	)	)	PUNCT
fsr-3304	111	15	,	,	PUNCT
fsr-3304	111	16	ct	ct	PROPN
fsr-3304	111	17	is	be	AUX
fsr-3304	111	18	household	household	NOUN
fsr-3304	111	19	consumption	consumption	NOUN
fsr-3304	111	20	and	and	CCONJ
fsr-3304	111	21	ct	ct	PROPN
fsr-3304	111	22	/	/	SYM
fsr-3304	111	23	ht	ht	PROPN
fsr-3304	111	24	is	be	AUX
fsr-3304	111	25	on	on	ADP
fsr-3304	111	26	a	a	DET
fsr-3304	111	27	per	per	ADP
fsr-3304	111	28	capita	capita	NOUN
fsr-3304	111	29	basis	basis	NOUN
fsr-3304	111	30	with	with	ADP
fsr-3304	111	31	ht	ht	PROPN
fsr-3304	111	32	being	be	AUX
fsr-3304	111	33	the	the	DET
fsr-3304	111	34	effective	effective	ADJ
fsr-3304	111	35	number	number	NOUN
fsr-3304	111	36	of	of	ADP
fsr-3304	111	37	adults	adult	NOUN
fsr-3304	111	38	,	,	PUNCT
fsr-3304	111	39	b	b	X
fsr-3304	111	40	�	�	PROPN
fsr-3304	111	41	is	be	AUX
fsr-3304	111	42	monetary	monetary	ADJ
fsr-3304	111	43	wealth	wealth	NOUN
fsr-3304	111	44	as	as	ADP
fsr-3304	111	45	bequest	bequest	NOUN
fsr-3304	111	46	upon	upon	SCONJ
fsr-3304	111	47	death	death	NOUN
fsr-3304	111	48	,	,	PUNCT
fsr-3304	111	49	and	and	CCONJ
fsr-3304	111	50	�	�	PROPN
fsr-3304	111	51	�	�	PROPN
fsr-3304	111	52	0.97	0.97	NUM
fsr-3304	111	53	is	be	AUX
fsr-3304	111	54	the	the	DET
fsr-3304	111	55	discount	discount	NOUN
fsr-3304	111	56	factor	factor	NOUN
fsr-3304	111	57	(	(	PUNCT
fsr-3304	111	58	time	time	NOUN
fsr-3304	111	59	preference	preference	NOUN
fsr-3304	111	60	)	)	PUNCT
fsr-3304	111	61	initially	initially	ADV
fsr-3304	111	62	(	(	PUNCT
fsr-3304	111	63	later	later	ADV
fsr-3304	111	64	we	we	PRON
fsr-3304	111	65	will	will	AUX
fsr-3304	111	66	vary	vary	VERB
fsr-3304	111	67	and	and	CCONJ
fsr-3304	111	68	increase	increase	VERB
fsr-3304	111	69	the	the	DET
fsr-3304	111	70	time	time	NOUN
fsr-3304	111	71	preference	preference	NOUN
fsr-3304	111	72	parameter	parameter	PROPN
fsr-3304	111	73	)	)	PUNCT
fsr-3304	111	74	.	.	PUNCT
fsr-3304	112	1	ignoring	ignore	VERB
fsr-3304	112	2	children	child	NOUN
fsr-3304	112	3	,	,	PUNCT
fsr-3304	112	4	we	we	PRON
fsr-3304	112	5	set	set	VERB
fsr-3304	112	6	ht	ht	PROPN
fsr-3304	112	7	to	to	ADP
fsr-3304	112	8	1	1	NUM
fsr-3304	112	9	for	for	ADP
fsr-3304	112	10	single	single	ADJ
fsr-3304	112	11	retirees	retiree	NOUN
fsr-3304	112	12	and	and	CCONJ
fsr-3304	112	13	20.5	20.5	NUM
fsr-3304	112	14	for	for	ADP
fsr-3304	112	15	couples	couple	NOUN
fsr-3304	112	16	,	,	PUNCT
fsr-3304	112	17	taking	take	VERB
fsr-3304	112	18	into	into	ADP
fsr-3304	112	19	account	account	NOUN
fsr-3304	112	20	economies	economy	NOUN
fsr-3304	112	21	of	of	ADP
fsr-3304	112	22	scale	scale	NOUN
fsr-3304	112	23	in	in	ADP
fsr-3304	112	24	consumption	consumption	NOUN
fsr-3304	112	25	.	.	PUNCT
fsr-3304	113	1	the	the	DET
fsr-3304	113	2	period	period	NOUN
fsr-3304	113	3	utility	utility	NOUN
fsr-3304	113	4	function	function	NOUN
fsr-3304	113	5	of	of	ADP
fsr-3304	113	6	consumption	consumption	NOUN
fsr-3304	113	7	takes	take	VERB
fsr-3304	113	8	the	the	DET
fsr-3304	113	9	constant	constant	ADJ
fsr-3304	113	10	relative	relative	ADJ
fsr-3304	113	11	risk	risk	NOUN
fsr-3304	113	12	aversion	aversion	NOUN
fsr-3304	113	13	(	(	PUNCT
fsr-3304	113	14	crra	crra	NOUN
fsr-3304	113	15	)	)	PUNCT
fsr-3304	113	16	form	form	NOUN
fsr-3304	113	17	:	:	PUNCT
fsr-3304	113	18	u	u	NOUN
fsr-3304	113	19	�	�	PROPN
fsr-3304	113	20	c	c	PROPN
fsr-3304	113	21	�	�	PROPN
fsr-3304	113	22	�	�	PROPN
fsr-3304	113	23	c1	c1	PROPN
fsr-3304	113	24	�	�	PROPN
fsr-3304	113	25	�	�	PROPN
fsr-3304	113	26	1	1	NUM
fsr-3304	113	27	�	�	PROPN
fsr-3304	113	28	�	�	PROPN
fsr-3304	113	29	,	,	PUNCT
fsr-3304	113	30	where	where	SCONJ
fsr-3304	113	31	a	a	DET
fsr-3304	113	32	higher	high	ADJ
fsr-3304	113	33	value	value	NOUN
fsr-3304	113	34	of	of	ADP
fsr-3304	113	35	�	�	PROPN
fsr-3304	113	36	indicates	indicate	VERB
fsr-3304	113	37	greater	great	ADJ
fsr-3304	113	38	risk	risk	NOUN
fsr-3304	113	39	aversion	aversion	NOUN
fsr-3304	113	40	.	.	PUNCT
fsr-3304	114	1	the	the	DET
fsr-3304	114	2	utility	utility	NOUN
fsr-3304	114	3	from	from	ADP
fsr-3304	114	4	bequest	bequest	NOUN
fsr-3304	114	5	has	have	VERB
fsr-3304	114	6	a	a	DET
fsr-3304	114	7	similar	similar	ADJ
fsr-3304	114	8	functional	functional	ADJ
fsr-3304	114	9	form	form	NOUN
fsr-3304	114	10	,	,	PUNCT
fsr-3304	114	11	as	as	SCONJ
fsr-3304	114	12	follows	follow	VERB
fsr-3304	114	13	:	:	PUNCT
fsr-3304	114	14	v	v	PROPN
fsr-3304	114	15	�	�	PROPN
fsr-3304	114	16	b	b	PROPN
fsr-3304	114	17	�	�	PROPN
fsr-3304	114	18	�	�	PROPN
fsr-3304	114	19	�	�	PROPN
fsr-3304	114	20	�	�	PROPN
fsr-3304	114	21	�	�	PROPN
fsr-3304	114	22	�	�	PROPN
fsr-3304	114	23	b	b	PROPN
fsr-3304	114	24	�	�	PROPN
fsr-3304	114	25	�	�	PROPN
fsr-3304	114	26	1	1	NUM
fsr-3304	114	27	�	�	PROPN
fsr-3304	114	28	�	�	PROPN
fsr-3304	114	29	1	1	NUM
fsr-3304	114	30	�	�	PROPN
fsr-3304	114	31	�	�	PROPN
fsr-3304	114	32	,	,	PUNCT
fsr-3304	114	33	118	118	NUM
fsr-3304	114	34	m.j	m.j	PROPN
fsr-3304	114	35	.	.	PROPN
fsr-3304	114	36	warshawsky	warshawsky	PROPN
fsr-3304	114	37	/	/	SYM
fsr-3304	114	38	financial	financial	ADJ
fsr-3304	114	39	services	service	NOUN
fsr-3304	114	40	review	review	VERB
fsr-3304	114	41	26	26	NUM
fsr-3304	114	42	(	(	PUNCT
fsr-3304	114	43	2017	2017	NUM
fsr-3304	114	44	)	)	PUNCT
fsr-3304	114	45	113–141	113–141	NUM
fsr-3304	114	46	where	where	SCONJ
fsr-3304	114	47	�	�	PROPN
fsr-3304	114	48	indicates	indicate	VERB
fsr-3304	114	49	the	the	DET
fsr-3304	114	50	strength	strength	NOUN
fsr-3304	114	51	of	of	ADP
fsr-3304	114	52	the	the	DET
fsr-3304	114	53	bequest	bequest	NOUN
fsr-3304	114	54	motive	motive	NOUN
fsr-3304	114	55	and	and	CCONJ
fsr-3304	114	56	�	�	PROPN
fsr-3304	114	57	imposes	impose	VERB
fsr-3304	114	58	a	a	DET
fsr-3304	114	59	threshold	threshold	NOUN
fsr-3304	114	60	of	of	ADP
fsr-3304	114	61	consumption	consumption	NOUN
fsr-3304	114	62	(	(	PUNCT
fsr-3304	114	63	in	in	ADP
fsr-3304	114	64	thousands	thousand	NOUN
fsr-3304	114	65	of	of	ADP
fsr-3304	114	66	dollars	dollar	NOUN
fsr-3304	114	67	)	)	PUNCT
fsr-3304	114	68	above	above	ADP
fsr-3304	114	69	which	which	PRON
fsr-3304	114	70	the	the	DET
fsr-3304	114	71	bequest	bequest	NOUN
fsr-3304	114	72	motive	motive	NOUN
fsr-3304	114	73	becomes	become	VERB
fsr-3304	114	74	operative	operative	ADJ
fsr-3304	114	75	.	.	PUNCT
fsr-3304	115	1	as	as	ADP
fsr-3304	115	2	the	the	DET
fsr-3304	115	3	value	value	NOUN
fsr-3304	115	4	of	of	ADP
fsr-3304	115	5	�	�	PROPN
fsr-3304	115	6	rises	rise	NOUN
fsr-3304	115	7	,	,	PUNCT
fsr-3304	115	8	bequests	bequest	NOUN
fsr-3304	115	9	are	be	AUX
fsr-3304	115	10	increasingly	increasingly	ADV
fsr-3304	115	11	considered	consider	VERB
fsr-3304	115	12	a	a	DET
fsr-3304	115	13	luxury	luxury	NOUN
fsr-3304	115	14	.	.	PUNCT
fsr-3304	116	1	using	use	VERB
fsr-3304	116	2	rounded	rounded	ADJ
fsr-3304	116	3	averages	average	NOUN
fsr-3304	116	4	of	of	ADP
fsr-3304	116	5	parameter	parameter	NOUN
fsr-3304	116	6	values	value	NOUN
fsr-3304	116	7	estimated	estimate	VERB
fsr-3304	116	8	by	by	ADP
fsr-3304	116	9	de	de	PROPN
fsr-3304	116	10	nardi	nardi	PROPN
fsr-3304	116	11	et	et	PROPN
fsr-3304	116	12	al	al	PROPN
fsr-3304	116	13	.	.	PROPN
fsr-3304	116	14	,	,	PUNCT
fsr-3304	116	15	(	(	PUNCT
fsr-3304	116	16	2010	2010	NUM
fsr-3304	116	17	)	)	PUNCT
fsr-3304	116	18	and	and	CCONJ
fsr-3304	116	19	lockwood	lockwood	PROPN
fsr-3304	116	20	(	(	PUNCT
fsr-3304	116	21	2012),4	2012),4	NUM
fsr-3304	116	22	we	we	PRON
fsr-3304	116	23	initially	initially	ADV
fsr-3304	116	24	set	set	VERB
fsr-3304	116	25	�	�	PROPN
fsr-3304	116	26	�	�	PROPN
fsr-3304	116	27	4	4	NUM
fsr-3304	116	28	,	,	PUNCT
fsr-3304	116	29	�	�	PROPN
fsr-3304	116	30	�	�	PROPN
fsr-3304	116	31	30	30	NUM
fsr-3304	116	32	,	,	PUNCT
fsr-3304	116	33	and	and	CCONJ
fsr-3304	116	34	�	�	PROPN
fsr-3304	116	35	�	�	PROPN
fsr-3304	116	36	10	10	NUM
fsr-3304	116	37	.	.	PUNCT
fsr-3304	117	1	these	these	DET
fsr-3304	117	2	parameters	parameter	NOUN
fsr-3304	117	3	depict	depict	VERB
fsr-3304	117	4	a	a	DET
fsr-3304	117	5	modestly	modestly	ADV
fsr-3304	117	6	conservative	conservative	ADJ
fsr-3304	117	7	attitude	attitude	NOUN
fsr-3304	117	8	of	of	ADP
fsr-3304	117	9	retirees	retiree	NOUN
fsr-3304	117	10	toward	toward	ADP
fsr-3304	117	11	risk	risk	NOUN
fsr-3304	117	12	and	and	CCONJ
fsr-3304	117	13	a	a	DET
fsr-3304	117	14	middling	middling	ADJ
fsr-3304	117	15	motive	motive	NOUN
fsr-3304	117	16	for	for	ADP
fsr-3304	117	17	a	a	DET
fsr-3304	117	18	bequest	bequest	NOUN
fsr-3304	117	19	.	.	PUNCT
fsr-3304	118	1	bequests	bequest	NOUN
fsr-3304	118	2	are	be	AUX
fsr-3304	118	3	feasible	feasible	ADJ
fsr-3304	118	4	for	for	ADP
fsr-3304	118	5	households	household	NOUN
fsr-3304	118	6	,	,	PUNCT
fsr-3304	118	7	but	but	CCONJ
fsr-3304	118	8	are	be	AUX
fsr-3304	118	9	not	not	PART
fsr-3304	118	10	necessarily	necessarily	ADV
fsr-3304	118	11	easy	easy	ADJ
fsr-3304	118	12	to	to	PART
fsr-3304	118	13	manage	manage	VERB
fsr-3304	118	14	with	with	ADP
fsr-3304	118	15	the	the	DET
fsr-3304	118	16	consumption	consumption	NOUN
fsr-3304	118	17	threshold	threshold	NOUN
fsr-3304	118	18	of	of	ADP
fsr-3304	118	19	$	$	SYM
fsr-3304	118	20	30,000	30,000	NUM
fsr-3304	118	21	a	a	DET
fsr-3304	118	22	year	year	NOUN
fsr-3304	118	23	(	(	PUNCT
fsr-3304	118	24	�	�	PROPN
fsr-3304	118	25	�	�	PROPN
fsr-3304	118	26	30	30	NUM
fsr-3304	118	27	)	)	PUNCT
fsr-3304	118	28	.	.	PUNCT
fsr-3304	119	1	we	we	PRON
fsr-3304	119	2	consider	consider	VERB
fsr-3304	119	3	alternative	alternative	ADJ
fsr-3304	119	4	values	value	NOUN
fsr-3304	119	5	later	later	ADV
fsr-3304	119	6	in	in	ADP
fsr-3304	119	7	sensitivity	sensitivity	NOUN
fsr-3304	119	8	tests	test	NOUN
fsr-3304	119	9	.	.	PUNCT
fsr-3304	120	1	the	the	DET
fsr-3304	120	2	objective	objective	NOUN
fsr-3304	120	3	of	of	ADP
fsr-3304	120	4	households	household	NOUN
fsr-3304	120	5	is	be	AUX
fsr-3304	120	6	to	to	PART
fsr-3304	120	7	maximize	maximize	VERB
fsr-3304	120	8	the	the	DET
fsr-3304	120	9	expected	expect	VERB
fsr-3304	120	10	v	v	NOUN
fsr-3304	120	11	�	�	PROPN
fsr-3304	120	12	over	over	ADP
fsr-3304	120	13	all	all	DET
fsr-3304	120	14	possible	possible	ADJ
fsr-3304	120	15	life	life	NOUN
fsr-3304	120	16	outcomes	outcome	NOUN
fsr-3304	120	17	of	of	ADP
fsr-3304	120	18	�	�	PROPN
fsr-3304	120	19	.	.	PUNCT
fsr-3304	121	1	the	the	DET
fsr-3304	121	2	numerical	numerical	ADJ
fsr-3304	121	3	result	result	NOUN
fsr-3304	121	4	of	of	ADP
fsr-3304	121	5	v	v	PROPN
fsr-3304	121	6	�	�	PROPN
fsr-3304	121	7	is	be	AUX
fsr-3304	121	8	a	a	DET
fsr-3304	121	9	ranking	ranking	NOUN
fsr-3304	121	10	of	of	ADP
fsr-3304	121	11	utility	utility	NOUN
fsr-3304	121	12	and	and	CCONJ
fsr-3304	121	13	does	do	AUX
fsr-3304	121	14	not	not	PART
fsr-3304	121	15	conveniently	conveniently	ADV
fsr-3304	121	16	measure	measure	VERB
fsr-3304	121	17	the	the	DET
fsr-3304	121	18	magnitude	magnitude	NOUN
fsr-3304	121	19	of	of	ADP
fsr-3304	121	20	welfare	welfare	NOUN
fsr-3304	121	21	gain	gain	NOUN
fsr-3304	121	22	or	or	CCONJ
fsr-3304	121	23	loss	loss	NOUN
fsr-3304	121	24	of	of	ADP
fsr-3304	121	25	one	one	NUM
fsr-3304	121	26	strategy	strategy	NOUN
fsr-3304	121	27	versus	versus	ADP
fsr-3304	121	28	another	another	PRON
fsr-3304	121	29	.	.	PUNCT
fsr-3304	122	1	therefore	therefore	ADV
fsr-3304	122	2	,	,	PUNCT
fsr-3304	122	3	we	we	PRON
fsr-3304	122	4	calculate	calculate	VERB
fsr-3304	122	5	the	the	DET
fsr-3304	122	6	so	so	ADV
fsr-3304	122	7	-	-	PUNCT
fsr-3304	122	8	called	call	VERB
fsr-3304	122	9	certainty	certainty	NOUN
fsr-3304	122	10	equivalent	equivalent	NOUN
fsr-3304	122	11	(	(	PUNCT
fsr-3304	122	12	ce	ce	PROPN
fsr-3304	122	13	)	)	PUNCT
fsr-3304	122	14	consumption	consumption	NOUN
fsr-3304	122	15	that	that	PRON
fsr-3304	122	16	would	would	AUX
fsr-3304	122	17	generate	generate	VERB
fsr-3304	122	18	the	the	DET
fsr-3304	122	19	same	same	ADJ
fsr-3304	122	20	level	level	NOUN
fsr-3304	122	21	of	of	ADP
fsr-3304	122	22	value	value	NOUN
fsr-3304	122	23	v	v	ADP
fsr-3304	122	24	�	�	PROPN
fsr-3304	122	25	for	for	ADP
fsr-3304	122	26	a	a	DET
fsr-3304	122	27	life	life	NOUN
fsr-3304	122	28	path	path	NOUN
fsr-3304	122	29	�	�	PROPN
fsr-3304	122	30	.	.	PUNCT
fsr-3304	123	1	this	this	DET
fsr-3304	123	2	constant	constant	ADJ
fsr-3304	123	3	ce	ce	PROPN
fsr-3304	123	4	consumption	consumption	NOUN
fsr-3304	123	5	,	,	PUNCT
fsr-3304	123	6	on	on	ADP
fsr-3304	123	7	a	a	DET
fsr-3304	123	8	per	per	ADP
fsr-3304	123	9	capita	capita	NOUN
fsr-3304	123	10	basis	basis	NOUN
fsr-3304	123	11	,	,	PUNCT
fsr-3304	123	12	is	be	AUX
fsr-3304	123	13	determined	determine	VERB
fsr-3304	123	14	such	such	ADJ
fsr-3304	123	15	that	that	SCONJ
fsr-3304	123	16	:	:	PUNCT
fsr-3304	123	17	�	�	PROPN
fsr-3304	123	18	t	t	PROPN
fsr-3304	123	19	�	�	PROPN
fsr-3304	123	20	0	0	PROPN
fsr-3304	123	21	�	�	PROPN
fsr-3304	123	22	�	�	PROPN
fsr-3304	123	23	�	�	PROPN
fsr-3304	123	24	thtu	thtu	PROPN
fsr-3304	123	25	�	�	PROPN
fsr-3304	123	26	ce	ce	PROPN
fsr-3304	123	27	�	�	PROPN
fsr-3304	123	28	�	�	PROPN
fsr-3304	123	29	�	�	PROPN
fsr-3304	123	30	v	v	PROPN
fsr-3304	123	31	�	�	PROPN
fsr-3304	123	32	.	.	PUNCT
fsr-3304	124	1	further	far	ADV
fsr-3304	124	2	,	,	PUNCT
fsr-3304	124	3	over	over	ADP
fsr-3304	124	4	n	n	CCONJ
fsr-3304	124	5	possible	possible	ADJ
fsr-3304	124	6	life	life	NOUN
fsr-3304	124	7	paths	path	NOUN
fsr-3304	124	8	(	(	PUNCT
fsr-3304	124	9	i.e.	i.e.	X
fsr-3304	124	10	,	,	PUNCT
fsr-3304	124	11	n	n	DET
fsr-3304	124	12	series	series	NOUN
fsr-3304	124	13	of	of	ADP
fsr-3304	124	14	simulations	simulation	NOUN
fsr-3304	124	15	from	from	ADP
fsr-3304	124	16	t	t	PROPN
fsr-3304	124	17	�	�	PROPN
fsr-3304	124	18	0	0	NUM
fsr-3304	124	19	through	through	ADP
fsr-3304	124	20	�	�	PROPN
fsr-3304	124	21	)	)	PUNCT
fsr-3304	124	22	,	,	PUNCT
fsr-3304	124	23	we	we	PRON
fsr-3304	124	24	calculate	calculate	VERB
fsr-3304	124	25	the	the	DET
fsr-3304	124	26	average	average	ADJ
fsr-3304	124	27	certainty	certainty	NOUN
fsr-3304	124	28	equivalent	equivalent	ADJ
fsr-3304	124	29	consumption	consumption	NOUN
fsr-3304	124	30	(	(	PUNCT
fsr-3304	124	31	ace	ace	NOUN
fsr-3304	124	32	)	)	PUNCT
fsr-3304	124	33	as	as	ADP
fsr-3304	124	34	:	:	PUNCT
fsr-3304	124	35	ace	ace	PROPN
fsr-3304	124	36	�	�	PROPN
fsr-3304	124	37	�	�	PROPN
fsr-3304	124	38	j	j	PROPN
fsr-3304	124	39	�	�	PROPN
fsr-3304	124	40	1	1	NUM
fsr-3304	124	41	n	n	NOUN
fsr-3304	124	42	cej	cej	NOUN
fsr-3304	124	43	n	n	PROPN
fsr-3304	124	44	.	.	PUNCT
fsr-3304	125	1	the	the	DET
fsr-3304	125	2	objective	objective	NOUN
fsr-3304	125	3	of	of	ADP
fsr-3304	125	4	households	household	NOUN
fsr-3304	125	5	is	be	AUX
fsr-3304	125	6	now	now	ADV
fsr-3304	125	7	transformed	transform	VERB
fsr-3304	125	8	to	to	PART
fsr-3304	125	9	search	search	VERB
fsr-3304	125	10	for	for	ADP
fsr-3304	125	11	an	an	DET
fsr-3304	125	12	income	income	NOUN
fsr-3304	125	13	distribution	distribution	NOUN
fsr-3304	125	14	and	and	CCONJ
fsr-3304	125	15	wealth	wealth	NOUN
fsr-3304	125	16	strategy	strategy	NOUN
fsr-3304	125	17	that	that	PRON
fsr-3304	125	18	achieves	achieve	VERB
fsr-3304	125	19	the	the	DET
fsr-3304	125	20	highest	high	ADJ
fsr-3304	125	21	ace	ace	NOUN
fsr-3304	125	22	.	.	PUNCT
fsr-3304	126	1	when	when	SCONJ
fsr-3304	126	2	evaluating	evaluate	VERB
fsr-3304	126	3	strategies	strategy	NOUN
fsr-3304	126	4	,	,	PUNCT
fsr-3304	126	5	both	both	CCONJ
fsr-3304	126	6	across	across	ADP
fsr-3304	126	7	broad	broad	ADJ
fsr-3304	126	8	categories	category	NOUN
fsr-3304	126	9	and	and	CCONJ
fsr-3304	126	10	for	for	ADP
fsr-3304	126	11	specific	specific	ADJ
fsr-3304	126	12	implementations	implementation	NOUN
fsr-3304	126	13	within	within	ADP
fsr-3304	126	14	a	a	DET
fsr-3304	126	15	category	category	NOUN
fsr-3304	126	16	,	,	PUNCT
fsr-3304	126	17	the	the	DET
fsr-3304	126	18	highest	high	ADJ
fsr-3304	126	19	ace	ace	NOUN
fsr-3304	126	20	should	should	AUX
fsr-3304	126	21	be	be	AUX
fsr-3304	126	22	chosen	choose	VERB
fsr-3304	126	23	,	,	PUNCT
fsr-3304	126	24	for	for	ADP
fsr-3304	126	25	a	a	DET
fsr-3304	126	26	particular	particular	ADJ
fsr-3304	126	27	set	set	NOUN
fsr-3304	126	28	of	of	ADP
fsr-3304	126	29	preference	preference	NOUN
fsr-3304	126	30	and	and	CCONJ
fsr-3304	126	31	economic	economic	ADJ
fsr-3304	126	32	condition	condition	NOUN
fsr-3304	126	33	parameters	parameter	NOUN
fsr-3304	126	34	.	.	PUNCT
fsr-3304	127	1	3.2	3.2	NUM
fsr-3304	127	2	.	.	PUNCT
fsr-3304	127	3	parameterizations	parameterization	NOUN
fsr-3304	127	4	and	and	CCONJ
fsr-3304	127	5	stochastics	stochastic	NOUN
fsr-3304	127	6	households	household	NOUN
fsr-3304	127	7	(	(	PUNCT
fsr-3304	127	8	singles	single	NOUN
fsr-3304	127	9	or	or	CCONJ
fsr-3304	127	10	couples	couple	NOUN
fsr-3304	127	11	)	)	PUNCT
fsr-3304	127	12	are	be	AUX
fsr-3304	127	13	initially	initially	ADV
fsr-3304	127	14	assumed	assume	VERB
fsr-3304	127	15	to	to	PART
fsr-3304	127	16	start	start	VERB
fsr-3304	127	17	with	with	ADP
fsr-3304	127	18	$	$	SYM
fsr-3304	127	19	250,000	250,000	NUM
fsr-3304	127	20	in	in	ADP
fsr-3304	127	21	accounts	account	NOUN
fsr-3304	127	22	upon	upon	SCONJ
fsr-3304	127	23	retirement	retirement	NOUN
fsr-3304	127	24	.	.	PUNCT
fsr-3304	128	1	household	household	NOUN
fsr-3304	128	2	consumption	consumption	NOUN
fsr-3304	128	3	ct	ct	NOUN
fsr-3304	128	4	is	be	AUX
fsr-3304	128	5	equal	equal	ADJ
fsr-3304	128	6	to	to	ADP
fsr-3304	128	7	income	income	NOUN
fsr-3304	128	8	that	that	PRON
fsr-3304	128	9	is	be	AUX
fsr-3304	128	10	the	the	DET
fsr-3304	128	11	sum	sum	NOUN
fsr-3304	128	12	of	of	ADP
fsr-3304	128	13	systematic	systematic	ADJ
fsr-3304	128	14	withdrawals	withdrawal	NOUN
fsr-3304	128	15	,	,	PUNCT
fsr-3304	128	16	annuity	annuity	NOUN
fsr-3304	128	17	payouts	payout	NOUN
fsr-3304	128	18	,	,	PUNCT
fsr-3304	128	19	and	and	CCONJ
fsr-3304	128	20	social	social	ADJ
fsr-3304	128	21	security	security	NOUN
fsr-3304	128	22	benefits	benefit	NOUN
fsr-3304	128	23	.	.	PUNCT
fsr-3304	129	1	the	the	DET
fsr-3304	129	2	social	social	ADJ
fsr-3304	129	3	security	security	NOUN
fsr-3304	129	4	benefit	benefit	NOUN
fsr-3304	129	5	is	be	AUX
fsr-3304	129	6	initially	initially	ADV
fsr-3304	129	7	set	set	VERB
fsr-3304	129	8	to	to	PART
fsr-3304	129	9	be	be	AUX
fsr-3304	129	10	12	12	NUM
fsr-3304	129	11	�	�	PROPN
fsr-3304	129	12	$	$	SYM
fsr-3304	129	13	1150for	1150for	PROPN
fsr-3304	129	14	singles	single	NOUN
fsr-3304	129	15	or	or	CCONJ
fsr-3304	129	16	survivors	survivor	NOUN
fsr-3304	129	17	and	and	CCONJ
fsr-3304	129	18	12	12	NUM
fsr-3304	129	19	�	�	NOUN
fsr-3304	129	20	$	$	SYM
fsr-3304	129	21	1150	1150	NUM
fsr-3304	129	22	�	�	PROPN
fsr-3304	129	23	1.5	1.5	NUM
fsr-3304	129	24	for	for	ADP
fsr-3304	129	25	couples	couple	NOUN
fsr-3304	129	26	(	(	PUNCT
fsr-3304	129	27	a	a	DET
fsr-3304	129	28	50	50	NUM
fsr-3304	129	29	%	%	NOUN
fsr-3304	129	30	spousal	spousal	NOUN
fsr-3304	129	31	benefit	benefit	NOUN
fsr-3304	129	32	)	)	PUNCT
fsr-3304	129	33	.	.	PUNCT
fsr-3304	130	1	these	these	DET
fsr-3304	130	2	amounts	amount	NOUN
fsr-3304	130	3	are	be	AUX
fsr-3304	130	4	based	base	VERB
fsr-3304	130	5	on	on	ADP
fsr-3304	130	6	the	the	DET
fsr-3304	130	7	50th	50th	ADJ
fsr-3304	130	8	percentile	percentile	NOUN
fsr-3304	130	9	of	of	ADP
fsr-3304	130	10	the	the	DET
fsr-3304	130	11	new	new	ADJ
fsr-3304	130	12	social	social	ADJ
fsr-3304	130	13	security	security	NOUN
fsr-3304	130	14	awards	award	NOUN
fsr-3304	130	15	to	to	ADP
fsr-3304	130	16	retired	retire	VERB
fsr-3304	130	17	workers	worker	NOUN
fsr-3304	130	18	in	in	ADP
fsr-3304	130	19	2010	2010	NUM
fsr-3304	130	20	.	.	PUNCT
fsr-3304	131	1	the	the	DET
fsr-3304	131	2	bequest	bequest	PROPN
fsr-3304	131	3	b	b	PROPN
fsr-3304	131	4	�	�	PROPN
fsr-3304	131	5	is	be	AUX
fsr-3304	131	6	set	set	VERB
fsr-3304	131	7	as	as	ADP
fsr-3304	131	8	the	the	DET
fsr-3304	131	9	fund	fund	NOUN
fsr-3304	131	10	balance	balance	NOUN
fsr-3304	131	11	upon	upon	SCONJ
fsr-3304	131	12	death	death	NOUN
fsr-3304	131	13	,	,	PUNCT
fsr-3304	131	14	if	if	SCONJ
fsr-3304	131	15	greater	great	ADJ
fsr-3304	131	16	than	than	ADP
fsr-3304	131	17	zero	zero	NUM
fsr-3304	131	18	,	,	PUNCT
fsr-3304	131	19	plus	plus	CCONJ
fsr-3304	131	20	one	one	NUM
fsr-3304	131	21	month	month	NOUN
fsr-3304	131	22	’s	’s	PART
fsr-3304	131	23	social	social	ADJ
fsr-3304	131	24	security	security	NOUN
fsr-3304	131	25	benefit	benefit	NOUN
fsr-3304	131	26	.	.	PUNCT
fsr-3304	132	1	households	household	NOUN
fsr-3304	132	2	are	be	AUX
fsr-3304	132	3	initially	initially	ADV
fsr-3304	132	4	assumed	assume	VERB
fsr-3304	132	5	to	to	PART
fsr-3304	132	6	have	have	VERB
fsr-3304	132	7	an	an	DET
fsr-3304	132	8	initial	initial	ADJ
fsr-3304	132	9	50	50	NUM
fsr-3304	132	10	–	–	SYM
fsr-3304	132	11	50	50	NUM
fsr-3304	132	12	equity	equity	NOUN
fsr-3304	132	13	-	-	PUNCT
fsr-3304	132	14	bond	bond	NOUN
fsr-3304	132	15	portfolio	portfolio	NOUN
fsr-3304	132	16	mix	mix	NOUN
fsr-3304	132	17	.	.	PUNCT
fsr-3304	133	1	this	this	DET
fsr-3304	133	2	simple	simple	ADJ
fsr-3304	133	3	allocation	allocation	NOUN
fsr-3304	133	4	,	,	PUNCT
fsr-3304	133	5	common	common	ADJ
fsr-3304	133	6	in	in	ADP
fsr-3304	133	7	many	many	ADJ
fsr-3304	133	8	target	target	NOUN
fsr-3304	133	9	-	-	PUNCT
fsr-3304	133	10	date	date	NOUN
fsr-3304	133	11	funds	fund	NOUN
fsr-3304	133	12	at	at	ADP
fsr-3304	133	13	the	the	DET
fsr-3304	133	14	point	point	NOUN
fsr-3304	133	15	of	of	ADP
fsr-3304	133	16	retirement	retirement	NOUN
fsr-3304	133	17	,	,	PUNCT
fsr-3304	133	18	is	be	AUX
fsr-3304	133	19	chosen	choose	VERB
fsr-3304	133	20	so	so	SCONJ
fsr-3304	133	21	that	that	SCONJ
fsr-3304	133	22	we	we	PRON
fsr-3304	133	23	can	can	AUX
fsr-3304	133	24	focus	focus	VERB
fsr-3304	133	25	on	on	ADP
fsr-3304	133	26	the	the	DET
fsr-3304	133	27	implications	implication	NOUN
fsr-3304	133	28	of	of	ADP
fsr-3304	133	29	various	various	ADJ
fsr-3304	133	30	withdrawal	withdrawal	NOUN
fsr-3304	133	31	and	and	CCONJ
fsr-3304	133	32	annuitization	annuitization	NOUN
fsr-3304	133	33	strategies	strategy	NOUN
fsr-3304	133	34	;	;	PUNCT
fsr-3304	133	35	we	we	PRON
fsr-3304	133	36	leave	leave	VERB
fsr-3304	133	37	the	the	DET
fsr-3304	133	38	analysis	analysis	NOUN
fsr-3304	133	39	of	of	ADP
fsr-3304	133	40	more	more	ADJ
fsr-3304	133	41	complex	complex	ADJ
fsr-3304	133	42	asset	asset	NOUN
fsr-3304	133	43	allocations	allocation	NOUN
fsr-3304	133	44	,	,	PUNCT
fsr-3304	133	45	such	such	ADJ
fsr-3304	133	46	as	as	ADP
fsr-3304	133	47	international	international	ADJ
fsr-3304	133	48	,	,	PUNCT
fsr-3304	133	49	developing	develop	VERB
fsr-3304	133	50	market	market	NOUN
fsr-3304	133	51	,	,	PUNCT
fsr-3304	133	52	real	real	ADJ
fsr-3304	133	53	assets	asset	NOUN
fsr-3304	133	54	,	,	PUNCT
fsr-3304	133	55	and	and	CCONJ
fsr-3304	133	56	so	so	ADV
fsr-3304	133	57	on	on	ADV
fsr-3304	133	58	,	,	PUNCT
fsr-3304	133	59	to	to	ADP
fsr-3304	133	60	future	future	ADJ
fsr-3304	133	61	work	work	NOUN
fsr-3304	133	62	.	.	PUNCT
fsr-3304	134	1	as	as	SCONJ
fsr-3304	134	2	wealth	wealth	NOUN
fsr-3304	134	3	is	be	AUX
fsr-3304	134	4	annuitized	annuitize	VERB
fsr-3304	134	5	,	,	PUNCT
fsr-3304	134	6	the	the	DET
fsr-3304	134	7	equity	equity	NOUN
fsr-3304	134	8	share	share	NOUN
fsr-3304	134	9	increases	increase	NOUN
fsr-3304	134	10	in	in	ADP
fsr-3304	134	11	the	the	DET
fsr-3304	134	12	remaining	remain	VERB
fsr-3304	134	13	assets	asset	NOUN
fsr-3304	134	14	(	(	PUNCT
fsr-3304	134	15	up	up	ADP
fsr-3304	134	16	to	to	PART
fsr-3304	134	17	100	100	NUM
fsr-3304	134	18	%	%	NOUN
fsr-3304	134	19	)	)	PUNCT
fsr-3304	134	20	so	so	SCONJ
fsr-3304	134	21	as	as	SCONJ
fsr-3304	134	22	to	to	PART
fsr-3304	134	23	maintain	maintain	VERB
fsr-3304	134	24	roughly	roughly	ADV
fsr-3304	134	25	the	the	DET
fsr-3304	134	26	same	same	ADJ
fsr-3304	134	27	overall	overall	ADJ
fsr-3304	134	28	risk	risk	NOUN
fsr-3304	134	29	exposure.5	exposure.5	VERB
fsr-3304	134	30	this	this	DET
fsr-3304	134	31	dynamic	dynamic	ADJ
fsr-3304	134	32	asset	asset	NOUN
fsr-3304	134	33	allocation	allocation	NOUN
fsr-3304	134	34	strategy	strategy	NOUN
fsr-3304	134	35	is	be	AUX
fsr-3304	134	36	an	an	DET
fsr-3304	134	37	approximation	approximation	NOUN
fsr-3304	134	38	to	to	ADP
fsr-3304	134	39	the	the	DET
fsr-3304	134	40	optimal	optimal	ADJ
fsr-3304	134	41	one	one	NUM
fsr-3304	134	42	resulting	result	VERB
fsr-3304	134	43	from	from	ADP
fsr-3304	134	44	the	the	DET
fsr-3304	134	45	theoretical	theoretical	ADJ
fsr-3304	134	46	model	model	NOUN
fsr-3304	134	47	of	of	ADP
fsr-3304	134	48	pang	pang	NOUN
fsr-3304	134	49	and	and	CCONJ
fsr-3304	134	50	warshawsky	warshawsky	NOUN
fsr-3304	134	51	(	(	PUNCT
fsr-3304	134	52	2010	2010	NUM
fsr-3304	134	53	)	)	PUNCT
fsr-3304	134	54	119m.j	119m.j	NOUN
fsr-3304	134	55	.	.	PUNCT
fsr-3304	134	56	warshawsky	warshawsky	PROPN
fsr-3304	134	57	/	/	SYM
fsr-3304	134	58	financial	financial	ADJ
fsr-3304	134	59	services	service	NOUN
fsr-3304	134	60	review	review	VERB
fsr-3304	134	61	26	26	NUM
fsr-3304	134	62	(	(	PUNCT
fsr-3304	134	63	2017	2017	NUM
fsr-3304	134	64	)	)	PUNCT
fsr-3304	134	65	113–141	113–141	NUM
fsr-3304	134	66	mentioned	mention	VERB
fsr-3304	134	67	above	above	ADV
fsr-3304	134	68	.	.	PUNCT
fsr-3304	135	1	although	although	SCONJ
fsr-3304	135	2	some	some	DET
fsr-3304	135	3	retirees	retiree	NOUN
fsr-3304	135	4	might	might	AUX
fsr-3304	135	5	initially	initially	ADV
fsr-3304	135	6	balk	balk	VERB
fsr-3304	135	7	at	at	ADP
fsr-3304	135	8	this	this	DET
fsr-3304	135	9	high	high	ADJ
fsr-3304	135	10	allocation	allocation	NOUN
fsr-3304	135	11	to	to	ADP
fsr-3304	135	12	equities	equity	NOUN
fsr-3304	135	13	,	,	PUNCT
fsr-3304	135	14	its	its	PRON
fsr-3304	135	15	riskiness	riskiness	NOUN
fsr-3304	135	16	is	be	AUX
fsr-3304	135	17	only	only	ADV
fsr-3304	135	18	apparent	apparent	ADJ
fsr-3304	135	19	and	and	CCONJ
fsr-3304	135	20	not	not	PART
fsr-3304	135	21	real	real	ADJ
fsr-3304	135	22	because	because	SCONJ
fsr-3304	135	23	of	of	ADP
fsr-3304	135	24	the	the	DET
fsr-3304	135	25	substitution	substitution	NOUN
fsr-3304	135	26	of	of	ADP
fsr-3304	135	27	fixed	fix	VERB
fsr-3304	135	28	life	life	NOUN
fsr-3304	135	29	annuities	annuity	NOUN
fsr-3304	135	30	for	for	ADP
fsr-3304	135	31	bonds	bond	NOUN
fsr-3304	135	32	;	;	PUNCT
fsr-3304	135	33	this	this	DET
fsr-3304	135	34	logic	logic	NOUN
fsr-3304	135	35	could	could	AUX
fsr-3304	135	36	be	be	AUX
fsr-3304	135	37	explained	explain	VERB
fsr-3304	135	38	to	to	ADP
fsr-3304	135	39	retired	retire	VERB
fsr-3304	135	40	households	household	NOUN
fsr-3304	135	41	by	by	ADP
fsr-3304	135	42	financial	financial	ADJ
fsr-3304	135	43	advisors	advisor	NOUN
fsr-3304	135	44	.	.	PUNCT
fsr-3304	136	1	variable	variable	ADJ
fsr-3304	136	2	returns	return	NOUN
fsr-3304	136	3	on	on	ADP
fsr-3304	136	4	equities	equity	NOUN
fsr-3304	136	5	and	and	CCONJ
fsr-3304	136	6	bonds	bond	NOUN
fsr-3304	136	7	are	be	AUX
fsr-3304	136	8	proxied	proxie	VERB
fsr-3304	136	9	by	by	ADP
fsr-3304	136	10	the	the	DET
fsr-3304	136	11	s&p	s&p	PROPN
fsr-3304	136	12	500	500	NUM
fsr-3304	136	13	and	and	CCONJ
fsr-3304	136	14	the	the	DET
fsr-3304	136	15	united	united	PROPN
fsr-3304	136	16	states	states	PROPN
fsr-3304	136	17	10	10	NUM
fsr-3304	136	18	-	-	PUNCT
fsr-3304	136	19	year	year	NOUN
fsr-3304	136	20	government	government	NOUN
fsr-3304	136	21	bonds	bond	NOUN
fsr-3304	136	22	total	total	ADJ
fsr-3304	136	23	return	return	NOUN
fsr-3304	136	24	indexes	index	NOUN
fsr-3304	136	25	,	,	PUNCT
fsr-3304	136	26	respectively	respectively	ADV
fsr-3304	136	27	.	.	PUNCT
fsr-3304	137	1	inflation	inflation	NOUN
fsr-3304	137	2	is	be	AUX
fsr-3304	137	3	measured	measure	VERB
fsr-3304	137	4	by	by	ADP
fsr-3304	137	5	the	the	DET
fsr-3304	137	6	change	change	NOUN
fsr-3304	137	7	in	in	ADP
fsr-3304	137	8	the	the	DET
fsr-3304	137	9	cpi	cpi	PROPN
fsr-3304	137	10	-	-	PUNCT
fsr-3304	137	11	u	u	NOUN
fsr-3304	137	12	index	index	NOUN
fsr-3304	137	13	.	.	PUNCT
fsr-3304	138	1	the	the	DET
fsr-3304	138	2	stochastic	stochastic	ADJ
fsr-3304	138	3	dynamics	dynamic	NOUN
fsr-3304	138	4	of	of	ADP
fsr-3304	138	5	asset	asset	NOUN
fsr-3304	138	6	returns	return	NOUN
fsr-3304	138	7	and	and	CCONJ
fsr-3304	138	8	inflation	inflation	NOUN
fsr-3304	138	9	are	be	AUX
fsr-3304	138	10	modeled	model	VERB
fsr-3304	138	11	as	as	ADP
fsr-3304	138	12	a	a	DET
fsr-3304	138	13	vector	vector	NOUN
fsr-3304	138	14	autoregressive	autoregressive	ADJ
fsr-3304	138	15	(	(	PUNCT
fsr-3304	138	16	var	var	NOUN
fsr-3304	138	17	)	)	PUNCT
fsr-3304	138	18	process	process	NOUN
fsr-3304	138	19	,	,	PUNCT
fsr-3304	138	20	following	follow	VERB
fsr-3304	138	21	campbell	campbell	PROPN
fsr-3304	138	22	and	and	CCONJ
fsr-3304	138	23	viceira	viceira	PROPN
fsr-3304	138	24	(	(	PUNCT
fsr-3304	138	25	2005	2005	NUM
fsr-3304	138	26	)	)	PUNCT
fsr-3304	138	27	.	.	PUNCT
fsr-3304	139	1	the	the	DET
fsr-3304	139	2	var	var	NOUN
fsr-3304	139	3	coefficients	coefficient	NOUN
fsr-3304	139	4	and	and	CCONJ
fsr-3304	139	5	variance	variance	NOUN
fsr-3304	139	6	-	-	PUNCT
fsr-3304	139	7	covariance	covariance	NOUN
fsr-3304	139	8	matrix	matrix	NOUN
fsr-3304	139	9	,	,	PUNCT
fsr-3304	139	10	estimated	estimate	VERB
fsr-3304	139	11	on	on	ADP
fsr-3304	139	12	1962–2011	1962–2011	NUM
fsr-3304	139	13	quarterly	quarterly	ADJ
fsr-3304	139	14	data	datum	NOUN
fsr-3304	139	15	,	,	PUNCT
fsr-3304	139	16	are	be	AUX
fsr-3304	139	17	embedded	embed	VERB
fsr-3304	139	18	in	in	ADP
fsr-3304	139	19	the	the	DET
fsr-3304	139	20	simulations	simulation	NOUN
fsr-3304	139	21	to	to	PART
fsr-3304	139	22	generate	generate	VERB
fsr-3304	139	23	a	a	DET
fsr-3304	139	24	large	large	ADJ
fsr-3304	139	25	number	number	NOUN
fsr-3304	139	26	of	of	ADP
fsr-3304	139	27	multiyear	multiyear	ADJ
fsr-3304	139	28	series	series	NOUN
fsr-3304	139	29	of	of	ADP
fsr-3304	139	30	rates	rate	NOUN
fsr-3304	139	31	and	and	CCONJ
fsr-3304	139	32	returns	return	NOUN
fsr-3304	139	33	.	.	PUNCT
fsr-3304	140	1	this	this	DET
fsr-3304	140	2	approach	approach	NOUN
fsr-3304	140	3	captures	capture	VERB
fsr-3304	140	4	the	the	DET
fsr-3304	140	5	serial	serial	ADJ
fsr-3304	140	6	correlations	correlation	NOUN
fsr-3304	140	7	among	among	ADP
fsr-3304	140	8	variables	variable	NOUN
fsr-3304	140	9	and	and	CCONJ
fsr-3304	140	10	the	the	DET
fsr-3304	140	11	contemporaneous	contemporaneous	ADJ
fsr-3304	140	12	correlations	correlation	NOUN
fsr-3304	140	13	of	of	ADP
fsr-3304	140	14	market	market	NOUN
fsr-3304	140	15	shocks	shock	NOUN
fsr-3304	140	16	.	.	PUNCT
fsr-3304	141	1	summary	summary	NOUN
fsr-3304	141	2	statistics	statistic	NOUN
fsr-3304	141	3	are	be	AUX
fsr-3304	141	4	reported	report	VERB
fsr-3304	141	5	in	in	ADP
fsr-3304	141	6	table	table	NOUN
fsr-3304	141	7	1	1	NUM
fsr-3304	141	8	and	and	CCONJ
fsr-3304	141	9	simulation	simulation	NOUN
fsr-3304	141	10	details	detail	NOUN
fsr-3304	141	11	are	be	AUX
fsr-3304	141	12	in	in	ADP
fsr-3304	141	13	the	the	DET
fsr-3304	141	14	appendix	appendix	NOUN
fsr-3304	141	15	,	,	PUNCT
fsr-3304	141	16	section	section	NOUN
fsr-3304	141	17	a.	a.	NOUN
fsr-3304	141	18	investment	investment	NOUN
fsr-3304	141	19	management	management	NOUN
fsr-3304	141	20	fees	fee	NOUN
fsr-3304	141	21	are	be	AUX
fsr-3304	141	22	subtracted	subtract	VERB
fsr-3304	141	23	from	from	ADP
fsr-3304	141	24	returns	return	NOUN
fsr-3304	141	25	.	.	PUNCT
fsr-3304	142	1	we	we	PRON
fsr-3304	142	2	also	also	ADV
fsr-3304	142	3	allow	allow	VERB
fsr-3304	142	4	for	for	ADP
fsr-3304	142	5	insurer	insurer	NOUN
fsr-3304	142	6	bankruptcies	bankruptcy	NOUN
fsr-3304	142	7	,	,	PUNCT
fsr-3304	142	8	with	with	ADP
fsr-3304	142	9	small	small	ADJ
fsr-3304	142	10	probabilities	probability	NOUN
fsr-3304	142	11	,	,	PUNCT
fsr-3304	142	12	and	and	CCONJ
fsr-3304	142	13	stochastic	stochastic	ADJ
fsr-3304	142	14	partial	partial	ADJ
fsr-3304	142	15	policyholder	policyholder	NOUN
fsr-3304	142	16	recoveries	recovery	NOUN
fsr-3304	142	17	.	.	PUNCT
fsr-3304	143	1	the	the	DET
fsr-3304	143	2	management	management	NOUN
fsr-3304	143	3	fee	fee	NOUN
fsr-3304	143	4	for	for	ADP
fsr-3304	143	5	investments	investment	NOUN
fsr-3304	143	6	is	be	AUX
fsr-3304	143	7	initially	initially	ADV
fsr-3304	143	8	assumed	assume	VERB
fsr-3304	143	9	to	to	PART
fsr-3304	143	10	be	be	AUX
fsr-3304	143	11	a	a	DET
fsr-3304	143	12	relatively	relatively	ADV
fsr-3304	143	13	low	low	ADJ
fsr-3304	143	14	25	25	NUM
fsr-3304	143	15	basis	basis	NOUN
fsr-3304	143	16	points	point	NOUN
fsr-3304	143	17	,	,	PUNCT
fsr-3304	143	18	which	which	PRON
fsr-3304	143	19	is	be	AUX
fsr-3304	143	20	consistent	consistent	ADJ
fsr-3304	143	21	with	with	ADP
fsr-3304	143	22	a	a	DET
fsr-3304	143	23	portfolio	portfolio	NOUN
fsr-3304	143	24	composed	compose	VERB
fsr-3304	143	25	mainly	mainly	ADV
fsr-3304	143	26	,	,	PUNCT
fsr-3304	143	27	but	but	CCONJ
fsr-3304	143	28	not	not	PART
fsr-3304	143	29	entirely	entirely	ADV
fsr-3304	143	30	,	,	PUNCT
fsr-3304	143	31	of	of	ADP
fsr-3304	143	32	indexed	indexed	ADJ
fsr-3304	143	33	equity	equity	NOUN
fsr-3304	143	34	and	and	CCONJ
fsr-3304	143	35	bond	bond	NOUN
fsr-3304	143	36	funds	fund	NOUN
fsr-3304	143	37	in	in	ADP
fsr-3304	143	38	employer	employer	NOUN
fsr-3304	143	39	-	-	PUNCT
fsr-3304	143	40	sponsored	sponsor	VERB
fsr-3304	143	41	retirement	retirement	NOUN
fsr-3304	143	42	accounts	account	NOUN
fsr-3304	143	43	or	or	CCONJ
fsr-3304	143	44	discount	discount	NOUN
fsr-3304	143	45	iras	ira	NOUN
fsr-3304	143	46	.	.	PUNCT
fsr-3304	144	1	for	for	ADP
fsr-3304	144	2	annuity	annuity	NOUN
fsr-3304	144	3	purchases	purchase	NOUN
fsr-3304	144	4	before	before	ADP
fsr-3304	144	5	age	age	NOUN
fsr-3304	144	6	75	75	NUM
fsr-3304	144	7	,	,	PUNCT
fsr-3304	144	8	a	a	DET
fsr-3304	144	9	10	10	NUM
fsr-3304	144	10	%	%	NOUN
fsr-3304	144	11	load	load	NOUN
fsr-3304	144	12	is	be	AUX
fsr-3304	144	13	assumed	assume	VERB
fsr-3304	144	14	for	for	ADP
fsr-3304	144	15	nominal	nominal	ADJ
fsr-3304	144	16	immediate	immediate	ADJ
fsr-3304	144	17	life	life	NOUN
fsr-3304	144	18	annuities	annuity	NOUN
fsr-3304	144	19	,	,	PUNCT
fsr-3304	144	20	a	a	DET
fsr-3304	144	21	15	15	NUM
fsr-3304	144	22	%	%	NOUN
fsr-3304	144	23	load	load	NOUN
fsr-3304	144	24	for	for	ADP
fsr-3304	144	25	real	real	ADJ
fsr-3304	144	26	immediate	immediate	ADJ
fsr-3304	144	27	life	life	NOUN
fsr-3304	144	28	annuities	annuity	NOUN
fsr-3304	144	29	,	,	PUNCT
fsr-3304	144	30	a	a	DET
fsr-3304	144	31	15	15	NUM
fsr-3304	144	32	%	%	NOUN
fsr-3304	144	33	load	load	NOUN
fsr-3304	144	34	for	for	ADP
fsr-3304	144	35	the	the	DET
fsr-3304	144	36	nominal	nominal	ADJ
fsr-3304	144	37	alda	alda	NOUN
fsr-3304	144	38	,	,	PUNCT
fsr-3304	144	39	and	and	CCONJ
fsr-3304	144	40	a	a	DET
fsr-3304	144	41	20	20	NUM
fsr-3304	144	42	%	%	NOUN
fsr-3304	144	43	load	load	NOUN
fsr-3304	144	44	for	for	ADP
fsr-3304	144	45	the	the	DET
fsr-3304	144	46	real	real	ADJ
fsr-3304	144	47	alda	alda	NOUN
fsr-3304	144	48	(	(	PUNCT
fsr-3304	144	49	as	as	SCONJ
fsr-3304	144	50	mentioned	mention	VERB
fsr-3304	144	51	above	above	ADV
fsr-3304	144	52	,	,	PUNCT
fsr-3304	144	53	this	this	DET
fsr-3304	144	54	latter	latter	ADJ
fsr-3304	144	55	product	product	NOUN
fsr-3304	144	56	does	do	AUX
fsr-3304	144	57	not	not	PART
fsr-3304	144	58	exist	exist	VERB
fsr-3304	144	59	in	in	ADP
fsr-3304	144	60	the	the	DET
fsr-3304	144	61	market	market	NOUN
fsr-3304	144	62	,	,	PUNCT
fsr-3304	144	63	so	so	SCONJ
fsr-3304	144	64	it	it	PRON
fsr-3304	144	65	should	should	AUX
fsr-3304	144	66	be	be	AUX
fsr-3304	144	67	regarded	regard	VERB
fsr-3304	144	68	as	as	ADP
fsr-3304	144	69	hypothetical	hypothetical	ADJ
fsr-3304	144	70	here	here	ADV
fsr-3304	144	71	)	)	PUNCT
fsr-3304	144	72	.	.	PUNCT
fsr-3304	145	1	for	for	ADP
fsr-3304	145	2	annuity	annuity	NOUN
fsr-3304	145	3	purchases	purchase	NOUN
fsr-3304	145	4	after	after	ADP
fsr-3304	145	5	age	age	NOUN
fsr-3304	145	6	75	75	NUM
fsr-3304	145	7	,	,	PUNCT
fsr-3304	145	8	loads	load	NOUN
fsr-3304	145	9	are	be	AUX
fsr-3304	145	10	further	far	ADV
fsr-3304	145	11	assumed	assume	VERB
fsr-3304	145	12	to	to	PART
fsr-3304	145	13	increase	increase	VERB
fsr-3304	145	14	linearly	linearly	ADV
fsr-3304	145	15	by	by	ADP
fsr-3304	145	16	up	up	ADP
fsr-3304	145	17	to	to	PART
fsr-3304	145	18	5	5	NUM
fsr-3304	145	19	%	%	NOUN
fsr-3304	145	20	until	until	ADP
fsr-3304	145	21	age	age	NOUN
fsr-3304	145	22	85	85	NUM
fsr-3304	145	23	and	and	CCONJ
fsr-3304	145	24	flatten	flatten	VERB
fsr-3304	145	25	off	off	ADP
fsr-3304	145	26	thereafter	thereafter	ADV
fsr-3304	145	27	.	.	PUNCT
fsr-3304	146	1	these	these	DET
fsr-3304	146	2	load	load	NOUN
fsr-3304	146	3	differentials	differential	NOUN
fsr-3304	146	4	are	be	AUX
fsr-3304	146	5	consistent	consistent	ADJ
fsr-3304	146	6	with	with	ADP
fsr-3304	146	7	the	the	DET
fsr-3304	146	8	empirical	empirical	ADJ
fsr-3304	146	9	evidence	evidence	NOUN
fsr-3304	146	10	of	of	ADP
fsr-3304	146	11	age	age	NOUN
fsr-3304	146	12	-	-	PUNCT
fsr-3304	146	13	varying	vary	VERB
fsr-3304	146	14	actuarial	actuarial	ADJ
fsr-3304	146	15	fairness	fairness	NOUN
fsr-3304	146	16	of	of	ADP
fsr-3304	146	17	annuities	annuity	NOUN
fsr-3304	146	18	reported	report	VERB
fsr-3304	146	19	in	in	ADP
fsr-3304	146	20	gong	gong	NOUN
fsr-3304	146	21	and	and	CCONJ
fsr-3304	146	22	webb	webb	PROPN
fsr-3304	146	23	(	(	PUNCT
fsr-3304	146	24	2010).6	2010).6	NUM
fsr-3304	146	25	single	single	ADJ
fsr-3304	146	26	households	household	NOUN
fsr-3304	146	27	purchase	purchase	VERB
fsr-3304	146	28	single	single	ADJ
fsr-3304	146	29	life	life	NOUN
fsr-3304	146	30	annuities	annuity	NOUN
fsr-3304	146	31	,	,	PUNCT
fsr-3304	146	32	while	while	SCONJ
fsr-3304	146	33	married	married	ADJ
fsr-3304	146	34	couples	couple	NOUN
fsr-3304	146	35	purchase	purchase	VERB
fsr-3304	146	36	joint	joint	NOUN
fsr-3304	146	37	and	and	CCONJ
fsr-3304	146	38	survivor	survivor	NOUN
fsr-3304	146	39	(	(	PUNCT
fsr-3304	146	40	j&s	j&s	PROPN
fsr-3304	146	41	)	)	PUNCT
fsr-3304	146	42	annuities	annuity	NOUN
fsr-3304	146	43	with	with	ADP
fsr-3304	146	44	75	75	NUM
fsr-3304	146	45	%	%	NOUN
fsr-3304	146	46	survivor	survivor	NOUN
fsr-3304	146	47	benefit	benefit	NOUN
fsr-3304	146	48	.	.	PUNCT
fsr-3304	147	1	the	the	DET
fsr-3304	147	2	process	process	NOUN
fsr-3304	147	3	of	of	ADP
fsr-3304	147	4	annuitization	annuitization	NOUN
fsr-3304	147	5	can	can	AUX
fsr-3304	147	6	be	be	AUX
fsr-3304	147	7	gradual	gradual	ADJ
fsr-3304	147	8	for	for	ADP
fsr-3304	147	9	immediate	immediate	ADJ
fsr-3304	147	10	annuities	annuity	NOUN
fsr-3304	147	11	,	,	PUNCT
fsr-3304	147	12	taking	take	VERB
fsr-3304	147	13	as	as	ADV
fsr-3304	147	14	long	long	ADJ
fsr-3304	147	15	as	as	ADP
fsr-3304	147	16	30	30	NUM
fsr-3304	147	17	or	or	CCONJ
fsr-3304	147	18	more	more	ADJ
fsr-3304	147	19	years	year	NOUN
fsr-3304	147	20	,	,	PUNCT
fsr-3304	147	21	although	although	SCONJ
fsr-3304	147	22	in	in	ADP
fsr-3304	147	23	actual	actual	ADJ
fsr-3304	147	24	practice	practice	NOUN
fsr-3304	147	25	,	,	PUNCT
fsr-3304	147	26	it	it	PRON
fsr-3304	147	27	would	would	AUX
fsr-3304	147	28	be	be	AUX
fsr-3304	147	29	appropriate	appropriate	ADJ
fsr-3304	147	30	to	to	PART
fsr-3304	147	31	limit	limit	VERB
fsr-3304	147	32	the	the	DET
fsr-3304	147	33	process	process	NOUN
fsr-3304	147	34	up	up	ADP
fsr-3304	147	35	to	to	ADP
fsr-3304	147	36	age	age	NOUN
fsr-3304	147	37	90	90	NUM
fsr-3304	147	38	,	,	PUNCT
fsr-3304	147	39	in	in	ADP
fsr-3304	147	40	line	line	NOUN
fsr-3304	147	41	with	with	ADP
fsr-3304	147	42	current	current	ADJ
fsr-3304	147	43	u.s	u.s	PROPN
fsr-3304	147	44	.	.	PROPN
fsr-3304	147	45	market	market	NOUN
fsr-3304	147	46	practices	practice	NOUN
fsr-3304	147	47	for	for	ADP
fsr-3304	147	48	the	the	DET
fsr-3304	147	49	maximum	maximum	ADJ
fsr-3304	147	50	age	age	NOUN
fsr-3304	147	51	for	for	ADP
fsr-3304	147	52	immediate	immediate	ADJ
fsr-3304	147	53	annuity	annuity	NOUN
fsr-3304	147	54	sales	sale	NOUN
fsr-3304	147	55	.	.	PUNCT
fsr-3304	148	1	for	for	ADP
fsr-3304	148	2	the	the	DET
fsr-3304	148	3	alda	alda	NOUN
fsr-3304	148	4	,	,	PUNCT
fsr-3304	148	5	it	it	PRON
fsr-3304	148	6	is	be	AUX
fsr-3304	148	7	a	a	DET
fsr-3304	148	8	one	one	NUM
fsr-3304	148	9	-	-	PUNCT
fsr-3304	148	10	time	time	NOUN
fsr-3304	148	11	purchase	purchase	NOUN
fsr-3304	148	12	upon	upon	SCONJ
fsr-3304	148	13	retirement	retirement	NOUN
fsr-3304	148	14	at	at	ADP
fsr-3304	148	15	age	age	NOUN
fsr-3304	148	16	65	65	NUM
fsr-3304	148	17	,	,	PUNCT
fsr-3304	148	18	with	with	ADP
fsr-3304	148	19	payment	payment	NOUN
fsr-3304	148	20	commencing	commencing	NOUN
fsr-3304	148	21	at	at	ADP
fsr-3304	148	22	85	85	NUM
fsr-3304	148	23	—	—	PUNCT
fsr-3304	148	24	the	the	DET
fsr-3304	148	25	approach	approach	NOUN
fsr-3304	148	26	advocated	advocate	VERB
fsr-3304	148	27	by	by	ADP
fsr-3304	148	28	some	some	DET
fsr-3304	148	29	analysts	analyst	NOUN
fsr-3304	148	30	,	,	PUNCT
fsr-3304	148	31	market	market	NOUN
fsr-3304	148	32	makers	maker	NOUN
fsr-3304	148	33	,	,	PUNCT
fsr-3304	148	34	and	and	CCONJ
fsr-3304	148	35	policymakers	policymaker	NOUN
fsr-3304	148	36	.	.	PUNCT
fsr-3304	149	1	table	table	NOUN
fsr-3304	149	2	1	1	NUM
fsr-3304	149	3	summary	summary	NOUN
fsr-3304	149	4	statistics	statistic	NOUN
fsr-3304	149	5	of	of	ADP
fsr-3304	149	6	simulated	simulate	VERB
fsr-3304	149	7	annual	annual	ADJ
fsr-3304	149	8	rates	rate	NOUN
fsr-3304	149	9	and	and	CCONJ
fsr-3304	149	10	returns	return	VERB
fsr-3304	149	11	equity	equity	NOUN
fsr-3304	149	12	return	return	NOUN
fsr-3304	149	13	bond	bond	NOUN
fsr-3304	149	14	return	return	NOUN
fsr-3304	149	15	bond	bond	NOUN
fsr-3304	149	16	yield	yield	NOUN
fsr-3304	149	17	inflation	inflation	NOUN
fsr-3304	149	18	real	real	ADJ
fsr-3304	149	19	(	(	PUNCT
fsr-3304	149	20	%	%	INTJ
fsr-3304	149	21	)	)	PUNCT
fsr-3304	149	22	mean	mean	VERB
fsr-3304	149	23	4.9	4.9	NUM
fsr-3304	149	24	2.8	2.8	NUM
fsr-3304	149	25	2.5	2.5	NUM
fsr-3304	149	26	—	—	PUNCT
fsr-3304	149	27	standard	standard	ADJ
fsr-3304	149	28	deviation	deviation	NOUN
fsr-3304	149	29	17.8	17.8	NUM
fsr-3304	149	30	9.7	9.7	NUM
fsr-3304	149	31	2.4	2.4	NUM
fsr-3304	149	32	—	—	PUNCT
fsr-3304	149	33	nominal	nominal	ADJ
fsr-3304	149	34	(	(	PUNCT
fsr-3304	149	35	%	%	NOUN
fsr-3304	149	36	)	)	PUNCT
fsr-3304	149	37	mean	mean	NOUN
fsr-3304	149	38	8.9	8.9	NUM
fsr-3304	149	39	6.9	6.9	NUM
fsr-3304	149	40	6.5	6.5	NUM
fsr-3304	149	41	4.1	4.1	NUM
fsr-3304	149	42	standard	standard	ADJ
fsr-3304	149	43	deviation	deviation	NOUN
fsr-3304	149	44	17.3	17.3	NUM
fsr-3304	149	45	9.0	9.0	NUM
fsr-3304	149	46	2.5	2.5	NUM
fsr-3304	149	47	2.7	2.7	NUM
fsr-3304	149	48	source	source	NOUN
fsr-3304	149	49	:	:	PUNCT
fsr-3304	149	50	author	author	NOUN
fsr-3304	149	51	’s	’s	PART
fsr-3304	149	52	simulations	simulation	NOUN
fsr-3304	149	53	based	base	VERB
fsr-3304	149	54	on	on	ADP
fsr-3304	149	55	1962–2011	1962–2011	NUM
fsr-3304	149	56	data	datum	NOUN
fsr-3304	149	57	.	.	PUNCT
fsr-3304	150	1	120	120	NUM
fsr-3304	150	2	m.j	m.j	PROPN
fsr-3304	150	3	.	.	PROPN
fsr-3304	150	4	warshawsky	warshawsky	PROPN
fsr-3304	150	5	/	/	SYM
fsr-3304	150	6	financial	financial	ADJ
fsr-3304	150	7	services	service	NOUN
fsr-3304	150	8	review	review	VERB
fsr-3304	150	9	26	26	NUM
fsr-3304	150	10	(	(	PUNCT
fsr-3304	150	11	2017	2017	NUM
fsr-3304	150	12	)	)	PUNCT
fsr-3304	150	13	113–141	113–141	NUM
fsr-3304	150	14	the	the	DET
fsr-3304	150	15	underlying	underlie	VERB
fsr-3304	150	16	assets	asset	NOUN
fsr-3304	150	17	for	for	ADP
fsr-3304	150	18	life	life	NOUN
fsr-3304	150	19	annuities	annuity	NOUN
fsr-3304	150	20	are	be	AUX
fsr-3304	150	21	assumed	assume	VERB
fsr-3304	150	22	to	to	PART
fsr-3304	150	23	be	be	AUX
fsr-3304	150	24	invested	invest	VERB
fsr-3304	150	25	in	in	ADP
fsr-3304	150	26	nominal	nominal	ADJ
fsr-3304	150	27	bonds	bond	NOUN
fsr-3304	150	28	.	.	PUNCT
fsr-3304	151	1	the	the	DET
fsr-3304	151	2	calculation	calculation	NOUN
fsr-3304	151	3	of	of	ADP
fsr-3304	151	4	annuity	annuity	NOUN
fsr-3304	151	5	price	price	NOUN
fsr-3304	151	6	/	/	SYM
fsr-3304	151	7	factor	factor	NOUN
fsr-3304	151	8	uses	use	VERB
fsr-3304	151	9	the	the	DET
fsr-3304	151	10	10	10	NUM
fsr-3304	151	11	-	-	PUNCT
fsr-3304	151	12	year	year	NOUN
fsr-3304	151	13	government	government	NOUN
fsr-3304	151	14	bond	bond	NOUN
fsr-3304	151	15	yield	yield	NOUN
fsr-3304	151	16	,	,	PUNCT
fsr-3304	151	17	which	which	PRON
fsr-3304	151	18	is	be	AUX
fsr-3304	151	19	stochastic	stochastic	ADJ
fsr-3304	151	20	through	through	ADP
fsr-3304	151	21	time	time	NOUN
fsr-3304	151	22	,	,	PUNCT
fsr-3304	151	23	and	and	CCONJ
fsr-3304	151	24	life	life	NOUN
fsr-3304	151	25	tables	table	NOUN
fsr-3304	151	26	for	for	ADP
fsr-3304	151	27	annuitants	annuitant	NOUN
fsr-3304	151	28	rather	rather	ADV
fsr-3304	151	29	than	than	ADP
fsr-3304	151	30	those	those	PRON
fsr-3304	151	31	for	for	ADP
fsr-3304	151	32	the	the	DET
fsr-3304	151	33	general	general	ADJ
fsr-3304	151	34	population	population	NOUN
fsr-3304	151	35	,	,	PUNCT
fsr-3304	151	36	which	which	PRON
fsr-3304	151	37	reflects	reflect	VERB
fsr-3304	151	38	adverse	adverse	ADJ
fsr-3304	151	39	selection	selection	NOUN
fsr-3304	151	40	in	in	ADP
fsr-3304	151	41	the	the	DET
fsr-3304	151	42	voluntary	voluntary	ADJ
fsr-3304	151	43	annuity	annuity	NOUN
fsr-3304	151	44	market	market	NOUN
fsr-3304	151	45	.	.	PUNCT
fsr-3304	152	1	note	note	VERB
fsr-3304	152	2	that	that	SCONJ
fsr-3304	152	3	this	this	DET
fsr-3304	152	4	annuity	annuity	NOUN
fsr-3304	152	5	pricing	pricing	NOUN
fsr-3304	152	6	module	module	NOUN
fsr-3304	152	7	,	,	PUNCT
fsr-3304	152	8	including	include	VERB
fsr-3304	152	9	the	the	DET
fsr-3304	152	10	loads	load	NOUN
fsr-3304	152	11	mentioned	mention	VERB
fsr-3304	152	12	above	above	ADV
fsr-3304	152	13	,	,	PUNCT
fsr-3304	152	14	is	be	AUX
fsr-3304	152	15	quite	quite	ADV
fsr-3304	152	16	conservative	conservative	ADJ
fsr-3304	152	17	and	and	CCONJ
fsr-3304	152	18	biases	bias	VERB
fsr-3304	152	19	the	the	DET
fsr-3304	152	20	optimal	optimal	ADJ
fsr-3304	152	21	strategies	strategy	NOUN
fsr-3304	152	22	somewhat	somewhat	ADV
fsr-3304	152	23	away	away	ADV
fsr-3304	152	24	from	from	ADP
fsr-3304	152	25	annuitization	annuitization	NOUN
fsr-3304	152	26	.	.	PUNCT
fsr-3304	153	1	the	the	DET
fsr-3304	153	2	survivals	survival	NOUN
fsr-3304	153	3	of	of	ADP
fsr-3304	153	4	households	household	NOUN
fsr-3304	153	5	are	be	AUX
fsr-3304	153	6	simulated	simulate	VERB
fsr-3304	153	7	in	in	ADP
fsr-3304	153	8	the	the	DET
fsr-3304	153	9	model	model	NOUN
fsr-3304	153	10	based	base	VERB
fsr-3304	153	11	on	on	ADP
fsr-3304	153	12	general	general	ADJ
fsr-3304	153	13	population	population	NOUN
fsr-3304	153	14	mortality	mortality	NOUN
fsr-3304	153	15	rates	rate	NOUN
fsr-3304	153	16	.	.	PUNCT
fsr-3304	154	1	3.3	3.3	NUM
fsr-3304	154	2	.	.	PUNCT
fsr-3304	154	3	implementations	implementation	NOUN
fsr-3304	154	4	and	and	CCONJ
fsr-3304	154	5	strategies	strategy	NOUN
fsr-3304	154	6	considered	consider	VERB
fsr-3304	154	7	i	i	PRON
fsr-3304	154	8	now	now	ADV
fsr-3304	154	9	consider	consider	VERB
fsr-3304	154	10	several	several	ADJ
fsr-3304	154	11	broad	broad	ADJ
fsr-3304	154	12	strategies	strategy	NOUN
fsr-3304	154	13	,	,	PUNCT
fsr-3304	154	14	including	include	VERB
fsr-3304	154	15	systematic	systematic	ADJ
fsr-3304	154	16	withdrawals	withdrawal	NOUN
fsr-3304	154	17	,	,	PUNCT
fsr-3304	154	18	immediate	immediate	ADJ
fsr-3304	154	19	annuities	annuity	NOUN
fsr-3304	154	20	,	,	PUNCT
fsr-3304	154	21	and	and	CCONJ
fsr-3304	154	22	deeply	deeply	ADV
fsr-3304	154	23	deferred	deferred	ADJ
fsr-3304	154	24	annuities	annuity	NOUN
fsr-3304	154	25	,	,	PUNCT
fsr-3304	154	26	nominal	nominal	ADJ
fsr-3304	154	27	and	and	CCONJ
fsr-3304	154	28	real	real	ADJ
fsr-3304	154	29	.	.	PUNCT
fsr-3304	155	1	i	i	PRON
fsr-3304	155	2	model	model	VERB
fsr-3304	155	3	retired	retired	ADJ
fsr-3304	155	4	investors	investor	NOUN
fsr-3304	155	5	searching	search	VERB
fsr-3304	155	6	among	among	ADP
fsr-3304	155	7	the	the	DET
fsr-3304	155	8	implementations	implementation	NOUN
fsr-3304	155	9	for	for	ADP
fsr-3304	155	10	the	the	DET
fsr-3304	155	11	best	good	ADJ
fsr-3304	155	12	strategies	strategy	NOUN
fsr-3304	155	13	,	,	PUNCT
fsr-3304	155	14	first	first	ADJ
fsr-3304	155	15	simple	simple	ADJ
fsr-3304	155	16	ones	one	NOUN
fsr-3304	155	17	and	and	CCONJ
fsr-3304	155	18	then	then	ADV
fsr-3304	155	19	more	more	ADV
fsr-3304	155	20	complex	complex	ADJ
fsr-3304	155	21	combinations	combination	NOUN
fsr-3304	155	22	.	.	PUNCT
fsr-3304	156	1	3.3.1	3.3.1	X
fsr-3304	156	2	.	.	PUNCT
fsr-3304	156	3	systematic	systematic	ADJ
fsr-3304	156	4	withdrawals	withdrawal	NOUN
fsr-3304	156	5	:	:	PUNCT
fsr-3304	156	6	fixed	fix	VERB
fsr-3304	156	7	real	real	ADJ
fsr-3304	156	8	dollars	dollar	NOUN
fsr-3304	156	9	or	or	CCONJ
fsr-3304	156	10	fixed	fix	VERB
fsr-3304	156	11	percentage	percentage	NOUN
fsr-3304	156	12	of	of	ADP
fsr-3304	156	13	balances	balance	NOUN
fsr-3304	156	14	retirees	retiree	NOUN
fsr-3304	156	15	can	can	AUX
fsr-3304	156	16	continue	continue	VERB
fsr-3304	156	17	to	to	PART
fsr-3304	156	18	hold	hold	VERB
fsr-3304	156	19	investment	investment	NOUN
fsr-3304	156	20	funds	fund	NOUN
fsr-3304	156	21	and	and	CCONJ
fsr-3304	156	22	take	take	VERB
fsr-3304	156	23	periodic	periodic	ADJ
fsr-3304	156	24	systematic	systematic	ADJ
fsr-3304	156	25	withdrawals	withdrawal	NOUN
fsr-3304	156	26	,	,	PUNCT
fsr-3304	156	27	which	which	PRON
fsr-3304	156	28	can	can	AUX
fsr-3304	156	29	be	be	AUX
fsr-3304	156	30	constant	constant	ADJ
fsr-3304	156	31	in	in	ADP
fsr-3304	156	32	real	real	ADJ
fsr-3304	156	33	dollars	dollar	NOUN
fsr-3304	156	34	.	.	PUNCT
fsr-3304	157	1	that	that	PRON
fsr-3304	157	2	is	be	AUX
fsr-3304	157	3	,	,	PUNCT
fsr-3304	157	4	investors	investor	NOUN
fsr-3304	157	5	withdraw	withdraw	VERB
fsr-3304	157	6	a	a	DET
fsr-3304	157	7	certain	certain	ADJ
fsr-3304	157	8	amount	amount	NOUN
fsr-3304	157	9	in	in	ADP
fsr-3304	157	10	the	the	DET
fsr-3304	157	11	first	first	ADJ
fsr-3304	157	12	period	period	NOUN
fsr-3304	157	13	and	and	CCONJ
fsr-3304	157	14	adjust	adjust	VERB
fsr-3304	157	15	the	the	DET
fsr-3304	157	16	amount	amount	NOUN
fsr-3304	157	17	for	for	ADP
fsr-3304	157	18	inflation	inflation	NOUN
fsr-3304	157	19	in	in	ADP
fsr-3304	157	20	the	the	DET
fsr-3304	157	21	following	following	ADJ
fsr-3304	157	22	periods	period	NOUN
fsr-3304	157	23	.	.	PUNCT
fsr-3304	158	1	this	this	DET
fsr-3304	158	2	strategy	strategy	NOUN
fsr-3304	158	3	provides	provide	VERB
fsr-3304	158	4	retirees	retiree	NOUN
fsr-3304	158	5	with	with	ADP
fsr-3304	158	6	the	the	DET
fsr-3304	158	7	same	same	ADJ
fsr-3304	158	8	purchasing	purchasing	NOUN
fsr-3304	158	9	power	power	NOUN
fsr-3304	158	10	over	over	ADP
fsr-3304	158	11	time	time	NOUN
fsr-3304	158	12	,	,	PUNCT
fsr-3304	158	13	but	but	CCONJ
fsr-3304	158	14	they	they	PRON
fsr-3304	158	15	risk	risk	VERB
fsr-3304	158	16	outliving	outlive	VERB
fsr-3304	158	17	resources	resource	NOUN
fsr-3304	158	18	at	at	ADP
fsr-3304	158	19	older	old	ADJ
fsr-3304	158	20	ages	age	NOUN
fsr-3304	158	21	.	.	PUNCT
fsr-3304	159	1	this	this	DET
fsr-3304	159	2	approach	approach	NOUN
fsr-3304	159	3	is	be	AUX
fsr-3304	159	4	related	relate	VERB
fsr-3304	159	5	closely	closely	ADV
fsr-3304	159	6	to	to	ADP
fsr-3304	159	7	the	the	DET
fsr-3304	159	8	so	so	ADV
fsr-3304	159	9	-	-	PUNCT
fsr-3304	159	10	called	call	VERB
fsr-3304	159	11	bengen	bengen	NOUN
fsr-3304	159	12	rule	rule	NOUN
fsr-3304	159	13	,	,	PUNCT
fsr-3304	159	14	discussed	discuss	VERB
fsr-3304	159	15	below	below	ADV
fsr-3304	159	16	.	.	PUNCT
fsr-3304	160	1	alternatively	alternatively	ADV
fsr-3304	160	2	,	,	PUNCT
fsr-3304	160	3	withdrawals	withdrawal	NOUN
fsr-3304	160	4	can	can	AUX
fsr-3304	160	5	be	be	AUX
fsr-3304	160	6	a	a	DET
fsr-3304	160	7	fixed	fixed	ADJ
fsr-3304	160	8	percentage	percentage	NOUN
fsr-3304	160	9	of	of	ADP
fsr-3304	160	10	the	the	DET
fsr-3304	160	11	portfolio	portfolio	NOUN
fsr-3304	160	12	balance	balance	NOUN
fsr-3304	160	13	in	in	ADP
fsr-3304	160	14	each	each	DET
fsr-3304	160	15	period	period	NOUN
fsr-3304	160	16	,	,	PUNCT
fsr-3304	160	17	which	which	PRON
fsr-3304	160	18	will	will	AUX
fsr-3304	160	19	not	not	PART
fsr-3304	160	20	exhaust	exhaust	VERB
fsr-3304	160	21	the	the	DET
fsr-3304	160	22	retiree	retiree	NOUN
fsr-3304	160	23	’s	’s	PART
fsr-3304	160	24	wealth	wealth	NOUN
fsr-3304	160	25	and	and	CCONJ
fsr-3304	160	26	implicitly	implicitly	ADV
fsr-3304	160	27	assumes	assume	VERB
fsr-3304	160	28	some	some	DET
fsr-3304	160	29	selfdiscipline	selfdiscipline	NOUN
fsr-3304	160	30	or	or	CCONJ
fsr-3304	160	31	flexibility	flexibility	NOUN
fsr-3304	160	32	on	on	ADP
fsr-3304	160	33	consumption	consumption	NOUN
fsr-3304	160	34	because	because	SCONJ
fsr-3304	160	35	withdrawals	withdrawal	NOUN
fsr-3304	160	36	can	can	AUX
fsr-3304	160	37	be	be	AUX
fsr-3304	160	38	very	very	ADV
fsr-3304	160	39	low	low	ADJ
fsr-3304	160	40	in	in	ADP
fsr-3304	160	41	adverse	adverse	ADJ
fsr-3304	160	42	investment	investment	NOUN
fsr-3304	160	43	climates	climate	NOUN
fsr-3304	160	44	.	.	PUNCT
fsr-3304	161	1	this	this	DET
fsr-3304	161	2	approach	approach	NOUN
fsr-3304	161	3	provides	provide	VERB
fsr-3304	161	4	liquidity	liquidity	NOUN
fsr-3304	161	5	to	to	ADP
fsr-3304	161	6	investors	investor	NOUN
fsr-3304	161	7	and	and	CCONJ
fsr-3304	161	8	bequest	bequest	VERB
fsr-3304	161	9	potential	potential	NOUN
fsr-3304	161	10	to	to	ADP
fsr-3304	161	11	their	their	PRON
fsr-3304	161	12	heirs	heir	NOUN
fsr-3304	161	13	.	.	PUNCT
fsr-3304	162	1	it	it	PRON
fsr-3304	162	2	allows	allow	VERB
fsr-3304	162	3	investors	investor	NOUN
fsr-3304	162	4	to	to	PART
fsr-3304	162	5	consume	consume	VERB
fsr-3304	162	6	more	more	ADJ
fsr-3304	162	7	when	when	SCONJ
fsr-3304	162	8	funds	fund	NOUN
fsr-3304	162	9	perform	perform	VERB
fsr-3304	162	10	well	well	ADV
fsr-3304	162	11	,	,	PUNCT
fsr-3304	162	12	but	but	CCONJ
fsr-3304	162	13	also	also	ADV
fsr-3304	162	14	exposes	expose	VERB
fsr-3304	162	15	them	they	PRON
fsr-3304	162	16	to	to	PART
fsr-3304	162	17	possibly	possibly	ADV
fsr-3304	162	18	painful	painful	ADJ
fsr-3304	162	19	declines	decline	NOUN
fsr-3304	162	20	in	in	ADP
fsr-3304	162	21	consumption	consumption	NOUN
fsr-3304	162	22	when	when	SCONJ
fsr-3304	162	23	investments	investment	NOUN
fsr-3304	162	24	fare	fare	VERB
fsr-3304	162	25	poorly.7	poorly.7	VERB
fsr-3304	162	26	3.3.2	3.3.2	NUM
fsr-3304	162	27	.	.	PUNCT
fsr-3304	163	1	immediate	immediate	ADJ
fsr-3304	163	2	life	life	NOUN
fsr-3304	163	3	annuity	annuity	NOUN
fsr-3304	163	4	:	:	PUNCT
fsr-3304	163	5	nominal	nominal	ADJ
fsr-3304	163	6	or	or	CCONJ
fsr-3304	163	7	real	real	ADJ
fsr-3304	163	8	life	life	NOUN
fsr-3304	163	9	annuities	annuity	NOUN
fsr-3304	163	10	address	address	VERB
fsr-3304	163	11	longevity	longevity	NOUN
fsr-3304	163	12	risk	risk	NOUN
fsr-3304	163	13	and	and	CCONJ
fsr-3304	163	14	offer	offer	VERB
fsr-3304	163	15	a	a	DET
fsr-3304	163	16	steady	steady	ADJ
fsr-3304	163	17	flow	flow	NOUN
fsr-3304	163	18	of	of	ADP
fsr-3304	163	19	income	income	NOUN
fsr-3304	163	20	.	.	PUNCT
fsr-3304	164	1	lacking	lack	VERB
fsr-3304	164	2	an	an	DET
fsr-3304	164	3	annuity	annuity	NOUN
fsr-3304	164	4	,	,	PUNCT
fsr-3304	164	5	retirees	retiree	NOUN
fsr-3304	164	6	’	'	PUNCT
fsr-3304	164	7	income	income	NOUN
fsr-3304	164	8	flow	flow	NOUN
fsr-3304	164	9	and	and	CCONJ
fsr-3304	164	10	consumption	consumption	NOUN
fsr-3304	164	11	hinge	hinge	NOUN
fsr-3304	164	12	on	on	ADP
fsr-3304	164	13	how	how	SCONJ
fsr-3304	164	14	quickly	quickly	ADV
fsr-3304	164	15	they	they	PRON
fsr-3304	164	16	draw	draw	VERB
fsr-3304	164	17	down	down	ADP
fsr-3304	164	18	wealth	wealth	NOUN
fsr-3304	164	19	,	,	PUNCT
fsr-3304	164	20	how	how	SCONJ
fsr-3304	164	21	long	long	ADV
fsr-3304	164	22	they	they	PRON
fsr-3304	164	23	live	live	VERB
fsr-3304	164	24	,	,	PUNCT
fsr-3304	164	25	and	and	CCONJ
fsr-3304	164	26	their	their	PRON
fsr-3304	164	27	investment	investment	NOUN
fsr-3304	164	28	outcomes	outcome	NOUN
fsr-3304	164	29	.	.	PUNCT
fsr-3304	165	1	retirees	retiree	NOUN
fsr-3304	165	2	who	who	PRON
fsr-3304	165	3	consume	consume	VERB
fsr-3304	165	4	too	too	ADV
fsr-3304	165	5	quickly	quickly	ADV
fsr-3304	165	6	may	may	AUX
fsr-3304	165	7	outlive	outlive	VERB
fsr-3304	165	8	their	their	PRON
fsr-3304	165	9	financial	financial	ADJ
fsr-3304	165	10	resources	resource	NOUN
fsr-3304	165	11	,	,	PUNCT
fsr-3304	165	12	especially	especially	ADV
fsr-3304	165	13	given	give	VERB
fsr-3304	165	14	ever	ever	ADV
fsr-3304	165	15	-	-	PUNCT
fsr-3304	165	16	increasing	increase	VERB
fsr-3304	165	17	life	life	NOUN
fsr-3304	165	18	expectancy	expectancy	NOUN
fsr-3304	165	19	,	,	PUNCT
fsr-3304	165	20	while	while	SCONJ
fsr-3304	165	21	the	the	DET
fsr-3304	165	22	overly	overly	ADV
fsr-3304	165	23	cautious	cautious	ADJ
fsr-3304	165	24	may	may	AUX
fsr-3304	165	25	consume	consume	VERB
fsr-3304	165	26	well	well	ADV
fsr-3304	165	27	below	below	ADP
fsr-3304	165	28	their	their	PRON
fsr-3304	165	29	means	mean	NOUN
fsr-3304	165	30	.	.	PUNCT
fsr-3304	166	1	we	we	PRON
fsr-3304	166	2	consider	consider	VERB
fsr-3304	166	3	the	the	DET
fsr-3304	166	4	most	most	ADV
fsr-3304	166	5	widely	widely	ADV
fsr-3304	166	6	available	available	ADJ
fsr-3304	166	7	nominal	nominal	ADJ
fsr-3304	166	8	immediate	immediate	ADJ
fsr-3304	166	9	life	life	NOUN
fsr-3304	166	10	annuities	annuity	NOUN
fsr-3304	166	11	,	,	PUNCT
fsr-3304	166	12	whose	whose	DET
fsr-3304	166	13	payouts	payout	NOUN
fsr-3304	166	14	are	be	AUX
fsr-3304	166	15	constant	constant	ADJ
fsr-3304	166	16	in	in	ADP
fsr-3304	166	17	nominal	nominal	ADJ
fsr-3304	166	18	terms	term	NOUN
fsr-3304	166	19	,	,	PUNCT
fsr-3304	166	20	as	as	ADV
fsr-3304	166	21	well	well	ADV
fsr-3304	166	22	as	as	ADP
fsr-3304	166	23	real	real	ADJ
fsr-3304	166	24	life	life	NOUN
fsr-3304	166	25	annuities	annuity	NOUN
fsr-3304	166	26	,	,	PUNCT
fsr-3304	166	27	whose	whose	DET
fsr-3304	166	28	payouts	payout	NOUN
fsr-3304	166	29	are	be	AUX
fsr-3304	166	30	indexed	index	VERB
fsr-3304	166	31	to	to	ADP
fsr-3304	166	32	inflation	inflation	NOUN
fsr-3304	166	33	,	,	PUNCT
fsr-3304	166	34	with	with	ADP
fsr-3304	166	35	extra	extra	ADJ
fsr-3304	166	36	cost	cost	NOUN
fsr-3304	166	37	loads	load	NOUN
fsr-3304	166	38	,	,	PUNCT
fsr-3304	166	39	as	as	SCONJ
fsr-3304	166	40	observed	observe	VERB
fsr-3304	166	41	in	in	ADP
fsr-3304	166	42	the	the	DET
fsr-3304	166	43	market	market	NOUN
fsr-3304	166	44	.	.	PUNCT
fsr-3304	167	1	3.3.3	3.3.3	X
fsr-3304	167	2	.	.	PUNCT
fsr-3304	167	3	advanced	advanced	ADJ
fsr-3304	167	4	-	-	PUNCT
fsr-3304	167	5	life	life	NOUN
fsr-3304	167	6	delayed	delay	VERB
fsr-3304	167	7	annuity	annuity	NOUN
fsr-3304	167	8	as	as	ADP
fsr-3304	167	9	a	a	DET
fsr-3304	167	10	relatively	relatively	ADV
fsr-3304	167	11	recent	recent	ADJ
fsr-3304	167	12	innovation	innovation	NOUN
fsr-3304	167	13	to	to	PART
fsr-3304	167	14	insure	insure	VERB
fsr-3304	167	15	against	against	ADP
fsr-3304	167	16	longevity	longevity	NOUN
fsr-3304	167	17	,	,	PUNCT
fsr-3304	167	18	the	the	DET
fsr-3304	167	19	alda	alda	NOUN
fsr-3304	167	20	purchased	purchase	VERB
fsr-3304	167	21	at	at	ADP
fsr-3304	167	22	retirement	retirement	NOUN
fsr-3304	167	23	begins	begin	VERB
fsr-3304	167	24	payouts	payout	NOUN
fsr-3304	167	25	at	at	ADP
fsr-3304	167	26	an	an	DET
fsr-3304	167	27	advanced	advanced	ADJ
fsr-3304	167	28	age	age	NOUN
fsr-3304	167	29	,	,	PUNCT
fsr-3304	167	30	such	such	ADJ
fsr-3304	167	31	as	as	ADP
fsr-3304	167	32	85	85	NUM
fsr-3304	167	33	,	,	PUNCT
fsr-3304	167	34	to	to	ADP
fsr-3304	167	35	surviving	survive	VERB
fsr-3304	167	36	investors	investor	NOUN
fsr-3304	167	37	.	.	PUNCT
fsr-3304	168	1	the	the	DET
fsr-3304	168	2	alda	alda	PROPN
fsr-3304	168	3	premium	premium	NOUN
fsr-3304	168	4	is	be	AUX
fsr-3304	168	5	typically	typically	ADV
fsr-3304	168	6	a	a	DET
fsr-3304	168	7	fraction	fraction	NOUN
fsr-3304	168	8	of	of	ADP
fsr-3304	168	9	the	the	DET
fsr-3304	168	10	premium	premium	NOUN
fsr-3304	168	11	for	for	ADP
fsr-3304	168	12	an	an	DET
fsr-3304	168	13	immediate	immediate	ADJ
fsr-3304	168	14	annuity	annuity	NOUN
fsr-3304	168	15	with	with	ADP
fsr-3304	168	16	the	the	DET
fsr-3304	168	17	same	same	ADJ
fsr-3304	168	18	121m.j	121m.j	NOUN
fsr-3304	168	19	.	.	PUNCT
fsr-3304	169	1	warshawsky	warshawsky	PROPN
fsr-3304	169	2	/	/	SYM
fsr-3304	169	3	financial	financial	ADJ
fsr-3304	169	4	services	service	NOUN
fsr-3304	169	5	review	review	VERB
fsr-3304	169	6	26	26	NUM
fsr-3304	169	7	(	(	PUNCT
fsr-3304	169	8	2017	2017	NUM
fsr-3304	169	9	)	)	PUNCT
fsr-3304	169	10	113–141	113–141	NUM
fsr-3304	169	11	payout	payout	NOUN
fsr-3304	169	12	.	.	PUNCT
fsr-3304	170	1	the	the	DET
fsr-3304	170	2	annuity	annuity	NOUN
fsr-3304	170	3	load	load	NOUN
fsr-3304	170	4	is	be	AUX
fsr-3304	170	5	nonetheless	nonetheless	ADV
fsr-3304	170	6	higher	high	ADJ
fsr-3304	170	7	because	because	SCONJ
fsr-3304	170	8	alda	alda	ADJ
fsr-3304	170	9	providers	provider	NOUN
fsr-3304	170	10	face	face	VERB
fsr-3304	170	11	higher	high	ADJ
fsr-3304	170	12	risk	risk	NOUN
fsr-3304	170	13	in	in	ADP
fsr-3304	170	14	guaranteeing	guarantee	VERB
fsr-3304	170	15	the	the	DET
fsr-3304	170	16	interest	interest	NOUN
fsr-3304	170	17	rate	rate	NOUN
fsr-3304	170	18	during	during	ADP
fsr-3304	170	19	the	the	DET
fsr-3304	170	20	interval	interval	NOUN
fsr-3304	170	21	between	between	ADP
fsr-3304	170	22	purchase	purchase	NOUN
fsr-3304	170	23	and	and	CCONJ
fsr-3304	170	24	payouts	payout	NOUN
fsr-3304	170	25	and	and	CCONJ
fsr-3304	170	26	also	also	ADV
fsr-3304	170	27	possibly	possibly	ADV
fsr-3304	170	28	from	from	ADP
fsr-3304	170	29	a	a	DET
fsr-3304	170	30	greater	great	ADJ
fsr-3304	170	31	extent	extent	NOUN
fsr-3304	170	32	of	of	ADP
fsr-3304	170	33	adverse	adverse	ADJ
fsr-3304	170	34	selection	selection	NOUN
fsr-3304	170	35	among	among	ADP
fsr-3304	170	36	purchasers	purchaser	NOUN
fsr-3304	170	37	.	.	PUNCT
fsr-3304	171	1	determining	determine	VERB
fsr-3304	171	2	the	the	DET
fsr-3304	171	3	desired	desire	VERB
fsr-3304	171	4	level	level	NOUN
fsr-3304	171	5	of	of	ADP
fsr-3304	171	6	alda	alda	ADJ
fsr-3304	171	7	payouts	payout	NOUN
fsr-3304	171	8	and	and	CCONJ
fsr-3304	171	9	smoothly	smoothly	ADV
fsr-3304	171	10	managing	manage	VERB
fsr-3304	171	11	income	income	NOUN
fsr-3304	171	12	before	before	ADP
fsr-3304	171	13	benefits	benefit	NOUN
fsr-3304	171	14	begin	begin	VERB
fsr-3304	171	15	remains	remain	VERB
fsr-3304	171	16	practically	practically	ADV
fsr-3304	171	17	challenging	challenging	ADJ
fsr-3304	171	18	for	for	ADP
fsr-3304	171	19	investors	investor	NOUN
fsr-3304	171	20	.	.	PUNCT
fsr-3304	172	1	our	our	PRON
fsr-3304	172	2	simulations	simulation	NOUN
fsr-3304	172	3	assume	assume	VERB
fsr-3304	172	4	that	that	SCONJ
fsr-3304	172	5	investors	investor	NOUN
fsr-3304	172	6	purchase	purchase	VERB
fsr-3304	172	7	the	the	DET
fsr-3304	172	8	alda	alda	NOUN
fsr-3304	172	9	at	at	ADP
fsr-3304	172	10	age	age	NOUN
fsr-3304	172	11	65	65	NUM
fsr-3304	172	12	,	,	PUNCT
fsr-3304	172	13	make	make	VERB
fsr-3304	172	14	systematic	systematic	ADJ
fsr-3304	172	15	withdrawals	withdrawal	NOUN
fsr-3304	172	16	before	before	ADP
fsr-3304	172	17	85	85	NUM
fsr-3304	172	18	,	,	PUNCT
fsr-3304	172	19	and	and	CCONJ
fsr-3304	172	20	lower	low	ADJ
fsr-3304	172	21	withdrawals	withdrawal	NOUN
fsr-3304	172	22	by	by	ADP
fsr-3304	172	23	the	the	DET
fsr-3304	172	24	amount	amount	NOUN
fsr-3304	172	25	of	of	ADP
fsr-3304	172	26	alda	alda	ADJ
fsr-3304	172	27	payouts	payout	NOUN
fsr-3304	172	28	at	at	ADP
fsr-3304	172	29	85	85	NUM
fsr-3304	172	30	.	.	PUNCT
fsr-3304	173	1	the	the	DET
fsr-3304	173	2	lifetime	lifetime	NOUN
fsr-3304	173	3	income	income	NOUN
fsr-3304	173	4	flow	flow	NOUN
fsr-3304	173	5	can	can	AUX
fsr-3304	173	6	be	be	AUX
fsr-3304	173	7	volatile	volatile	ADJ
fsr-3304	173	8	because	because	SCONJ
fsr-3304	173	9	of	of	ADP
fsr-3304	173	10	the	the	DET
fsr-3304	173	11	uncertainty	uncertainty	NOUN
fsr-3304	173	12	in	in	ADP
fsr-3304	173	13	investment	investment	NOUN
fsr-3304	173	14	outcomes	outcome	NOUN
fsr-3304	173	15	.	.	PUNCT
fsr-3304	174	1	4	4	X
fsr-3304	174	2	.	.	NOUN
fsr-3304	174	3	results	result	VERB
fsr-3304	174	4	the	the	DET
fsr-3304	174	5	strategies	strategy	NOUN
fsr-3304	174	6	may	may	AUX
fsr-3304	174	7	use	use	VERB
fsr-3304	174	8	nominal	nominal	ADJ
fsr-3304	174	9	or	or	CCONJ
fsr-3304	174	10	real	real	ADJ
fsr-3304	174	11	(	(	PUNCT
fsr-3304	174	12	inflation	inflation	NOUN
fsr-3304	174	13	-	-	PUNCT
fsr-3304	174	14	adjusted	adjust	VERB
fsr-3304	174	15	)	)	PUNCT
fsr-3304	174	16	product	product	NOUN
fsr-3304	174	17	components	component	NOUN
fsr-3304	174	18	in	in	ADP
fsr-3304	174	19	their	their	PRON
fsr-3304	174	20	implementations	implementation	NOUN
fsr-3304	174	21	,	,	PUNCT
fsr-3304	174	22	but	but	CCONJ
fsr-3304	174	23	reported	report	VERB
fsr-3304	174	24	outcomes	outcome	NOUN
fsr-3304	174	25	are	be	AUX
fsr-3304	174	26	always	always	ADV
fsr-3304	174	27	adjusted	adjust	VERB
fsr-3304	174	28	for	for	ADP
fsr-3304	174	29	stochastically	stochastically	ADV
fsr-3304	174	30	realized	realize	VERB
fsr-3304	174	31	inflations	inflation	NOUN
fsr-3304	174	32	,	,	PUNCT
fsr-3304	174	33	that	that	ADV
fsr-3304	174	34	is	is	ADV
fsr-3304	174	35	,	,	PUNCT
fsr-3304	174	36	reported	report	VERB
fsr-3304	174	37	incomes	income	NOUN
fsr-3304	174	38	and	and	CCONJ
fsr-3304	174	39	balances	balance	NOUN
fsr-3304	174	40	are	be	AUX
fsr-3304	174	41	in	in	ADP
fsr-3304	174	42	real	real	ADJ
fsr-3304	174	43	dollars	dollar	NOUN
fsr-3304	174	44	.	.	PUNCT
fsr-3304	175	1	to	to	PART
fsr-3304	175	2	initially	initially	ADV
fsr-3304	175	3	speed	speed	VERB
fsr-3304	175	4	up	up	ADP
fsr-3304	175	5	the	the	DET
fsr-3304	175	6	simulation	simulation	NOUN
fsr-3304	175	7	computations	computation	NOUN
fsr-3304	175	8	,	,	PUNCT
fsr-3304	175	9	which	which	PRON
fsr-3304	175	10	involve	involve	VERB
fsr-3304	175	11	searching	search	VERB
fsr-3304	175	12	across	across	ADP
fsr-3304	175	13	a	a	DET
fsr-3304	175	14	grid	grid	NOUN
fsr-3304	175	15	of	of	ADP
fsr-3304	175	16	expected	expect	VERB
fsr-3304	175	17	utility	utility	NOUN
fsr-3304	175	18	values	value	NOUN
fsr-3304	175	19	to	to	PART
fsr-3304	175	20	find	find	VERB
fsr-3304	175	21	the	the	DET
fsr-3304	175	22	optimum	optimum	NOUN
fsr-3304	175	23	,	,	PUNCT
fsr-3304	175	24	the	the	DET
fsr-3304	175	25	fixed	fix	VERB
fsr-3304	175	26	percentage	percentage	NOUN
fsr-3304	175	27	withdrawal	withdrawal	NOUN
fsr-3304	175	28	has	have	VERB
fsr-3304	175	29	a	a	DET
fsr-3304	175	30	one	one	NUM
fsr-3304	175	31	percentage	percentage	NOUN
fsr-3304	175	32	point	point	NOUN
fsr-3304	175	33	increment	increment	NOUN
fsr-3304	175	34	,	,	PUNCT
fsr-3304	175	35	and	and	CCONJ
fsr-3304	175	36	the	the	DET
fsr-3304	175	37	fixed	fix	VERB
fsr-3304	175	38	real	real	ADJ
fsr-3304	175	39	dollar	dollar	NOUN
fsr-3304	175	40	(	(	PUNCT
fsr-3304	175	41	annual	annual	ADJ
fsr-3304	175	42	)	)	PUNCT
fsr-3304	175	43	withdrawal	withdrawal	NOUN
fsr-3304	175	44	has	have	VERB
fsr-3304	175	45	a	a	DET
fsr-3304	175	46	$	$	SYM
fsr-3304	175	47	5,000	5,000	NUM
fsr-3304	175	48	increment	increment	NOUN
fsr-3304	175	49	.	.	PUNCT
fsr-3304	176	1	the	the	DET
fsr-3304	176	2	annuitization	annuitization	NOUN
fsr-3304	176	3	process	process	NOUN
fsr-3304	176	4	can	can	AUX
fsr-3304	176	5	take	take	VERB
fsr-3304	176	6	up	up	ADV
fsr-3304	176	7	to	to	PART
fsr-3304	176	8	30	30	NUM
fsr-3304	176	9	or	or	CCONJ
fsr-3304	176	10	more	more	ADJ
fsr-3304	176	11	years	year	NOUN
fsr-3304	176	12	,	,	PUNCT
fsr-3304	176	13	with	with	ADP
fsr-3304	176	14	a	a	DET
fsr-3304	176	15	5	5	NUM
fsr-3304	176	16	-	-	PUNCT
fsr-3304	176	17	year	year	NOUN
fsr-3304	176	18	time	time	NOUN
fsr-3304	176	19	period	period	NOUN
fsr-3304	176	20	increment	increment	NOUN
fsr-3304	176	21	,	,	PUNCT
fsr-3304	176	22	and	and	CCONJ
fsr-3304	176	23	the	the	DET
fsr-3304	176	24	purchase	purchase	NOUN
fsr-3304	176	25	can	can	AUX
fsr-3304	176	26	start	start	VERB
fsr-3304	176	27	and	and	CCONJ
fsr-3304	176	28	end	end	VERB
fsr-3304	176	29	in	in	ADP
fsr-3304	176	30	the	the	DET
fsr-3304	176	31	range	range	NOUN
fsr-3304	176	32	of	of	ADP
fsr-3304	176	33	0–100	0–100	NOUN
fsr-3304	176	34	%	%	NOUN
fsr-3304	176	35	of	of	ADP
fsr-3304	176	36	expected	expect	VERB
fsr-3304	176	37	wealth	wealth	NOUN
fsr-3304	176	38	,	,	PUNCT
fsr-3304	176	39	with	with	ADP
fsr-3304	176	40	a	a	DET
fsr-3304	176	41	five	five	NUM
fsr-3304	176	42	percentage	percentage	NOUN
fsr-3304	176	43	point	point	NOUN
fsr-3304	176	44	increment	increment	NOUN
fsr-3304	176	45	.	.	PUNCT
fsr-3304	177	1	later	later	ADJ
fsr-3304	177	2	simulations	simulation	NOUN
fsr-3304	177	3	do	do	AUX
fsr-3304	177	4	use	use	VERB
fsr-3304	177	5	a	a	DET
fsr-3304	177	6	more	more	ADV
fsr-3304	177	7	refined	refined	ADJ
fsr-3304	177	8	search	search	NOUN
fsr-3304	177	9	grid	grid	NOUN
fsr-3304	177	10	.	.	PUNCT
fsr-3304	178	1	i	i	PRON
fsr-3304	178	2	consider	consider	VERB
fsr-3304	178	3	both	both	DET
fsr-3304	178	4	singles	single	NOUN
fsr-3304	178	5	and	and	CCONJ
fsr-3304	178	6	couples	couple	NOUN
fsr-3304	178	7	as	as	ADP
fsr-3304	178	8	retired	retire	VERB
fsr-3304	178	9	households	household	NOUN
fsr-3304	178	10	.	.	PUNCT
fsr-3304	179	1	4.1	4.1	NUM
fsr-3304	179	2	.	.	PUNCT
fsr-3304	180	1	singles	single	NOUN
fsr-3304	180	2	with	with	ADP
fsr-3304	180	3	normal	normal	ADJ
fsr-3304	180	4	life	life	NOUN
fsr-3304	180	5	expectancy	expectancy	NOUN
fsr-3304	180	6	although	although	SCONJ
fsr-3304	180	7	the	the	DET
fsr-3304	180	8	at	at	ADV
fsr-3304	180	9	-	-	PUNCT
fsr-3304	180	10	least	least	ADJ
fsr-3304	180	11	-	-	PUNCT
fsr-3304	180	12	partial	partial	ADJ
fsr-3304	180	13	use	use	NOUN
fsr-3304	180	14	of	of	ADP
fsr-3304	180	15	annuities	annuity	NOUN
fsr-3304	180	16	is	be	AUX
fsr-3304	180	17	indicated	indicate	VERB
fsr-3304	180	18	by	by	ADP
fsr-3304	180	19	the	the	DET
fsr-3304	180	20	literature	literature	NOUN
fsr-3304	180	21	,	,	PUNCT
fsr-3304	180	22	and	and	CCONJ
fsr-3304	180	23	the	the	DET
fsr-3304	180	24	ace	ace	NOUN
fsr-3304	180	25	values	value	NOUN
fsr-3304	180	26	(	(	PUNCT
fsr-3304	180	27	for	for	ADP
fsr-3304	180	28	like	like	ADP
fsr-3304	180	29	preference	preference	NOUN
fsr-3304	180	30	parameters	parameter	NOUN
fsr-3304	180	31	)	)	PUNCT
fsr-3304	180	32	reported	report	VERB
fsr-3304	180	33	below	below	ADV
fsr-3304	180	34	are	be	AUX
fsr-3304	180	35	higher	high	ADJ
fsr-3304	180	36	than	than	SCONJ
fsr-3304	180	37	found	find	VERB
fsr-3304	180	38	in	in	ADP
fsr-3304	180	39	strategies	strategy	NOUN
fsr-3304	180	40	using	use	VERB
fsr-3304	180	41	systematic	systematic	ADJ
fsr-3304	180	42	withdrawals	withdrawal	NOUN
fsr-3304	180	43	alone	alone	ADV
fsr-3304	180	44	,	,	PUNCT
fsr-3304	180	45	i	i	PRON
fsr-3304	180	46	start	start	VERB
fsr-3304	180	47	with	with	ADP
fsr-3304	180	48	systematic	systematic	ADJ
fsr-3304	180	49	withdrawals	withdrawal	NOUN
fsr-3304	180	50	alone	alone	ADV
fsr-3304	180	51	to	to	PART
fsr-3304	180	52	gain	gain	VERB
fsr-3304	180	53	some	some	DET
fsr-3304	180	54	insight	insight	NOUN
fsr-3304	180	55	into	into	ADP
fsr-3304	180	56	the	the	DET
fsr-3304	180	57	best	good	ADJ
fsr-3304	180	58	form	form	NOUN
fsr-3304	180	59	and	and	CCONJ
fsr-3304	180	60	level	level	NOUN
fsr-3304	180	61	of	of	ADP
fsr-3304	180	62	systematic	systematic	ADJ
fsr-3304	180	63	withdrawals	withdrawal	NOUN
fsr-3304	180	64	.	.	PUNCT
fsr-3304	181	1	among	among	ADP
fsr-3304	181	2	fixed	fix	VERB
fsr-3304	181	3	-	-	PUNCT
fsr-3304	181	4	dollar	dollar	NOUN
fsr-3304	181	5	inflationindexed	inflationindexe	VERB
fsr-3304	181	6	withdrawals	withdrawal	NOUN
fsr-3304	181	7	,	,	PUNCT
fsr-3304	181	8	the	the	DET
fsr-3304	181	9	simulations	simulation	NOUN
fsr-3304	181	10	find	find	VERB
fsr-3304	181	11	that	that	SCONJ
fsr-3304	181	12	a	a	DET
fsr-3304	181	13	$	$	SYM
fsr-3304	181	14	15,000	15,000	NUM
fsr-3304	181	15	withdrawal	withdrawal	NOUN
fsr-3304	181	16	(	(	PUNCT
fsr-3304	181	17	that	that	PRON
fsr-3304	181	18	is	is	ADV
fsr-3304	181	19	,	,	PUNCT
fsr-3304	181	20	6	6	NUM
fsr-3304	181	21	%	%	NOUN
fsr-3304	181	22	of	of	ADP
fsr-3304	181	23	the	the	DET
fsr-3304	181	24	initial	initial	ADJ
fsr-3304	181	25	balance	balance	NOUN
fsr-3304	181	26	,	,	PUNCT
fsr-3304	181	27	inflation	inflation	NOUN
fsr-3304	181	28	-	-	PUNCT
fsr-3304	181	29	indexed	index	VERB
fsr-3304	181	30	in	in	ADP
fsr-3304	181	31	subsequent	subsequent	ADJ
fsr-3304	181	32	years	year	NOUN
fsr-3304	181	33	)	)	PUNCT
fsr-3304	181	34	generates	generate	VERB
fsr-3304	181	35	the	the	DET
fsr-3304	181	36	highest	high	ADJ
fsr-3304	181	37	lifetime	lifetime	NOUN
fsr-3304	181	38	utility	utility	NOUN
fsr-3304	181	39	.	.	PUNCT
fsr-3304	182	1	real	real	ADJ
fsr-3304	182	2	consumption	consumption	NOUN
fsr-3304	182	3	remains	remain	VERB
fsr-3304	182	4	constant	constant	ADJ
fsr-3304	182	5	,	,	PUNCT
fsr-3304	182	6	as	as	ADV
fsr-3304	182	7	long	long	ADV
fsr-3304	182	8	as	as	SCONJ
fsr-3304	182	9	the	the	DET
fsr-3304	182	10	accounts	account	NOUN
fsr-3304	182	11	are	be	AUX
fsr-3304	182	12	not	not	PART
fsr-3304	182	13	exhausted	exhausted	ADJ
fsr-3304	182	14	.	.	PUNCT
fsr-3304	183	1	if	if	SCONJ
fsr-3304	183	2	the	the	DET
fsr-3304	183	3	distribution	distribution	NOUN
fsr-3304	183	4	strategy	strategy	NOUN
fsr-3304	183	5	is	be	AUX
fsr-3304	183	6	based	base	VERB
fsr-3304	183	7	on	on	ADP
fsr-3304	183	8	a	a	DET
fsr-3304	183	9	fixed	fix	VERB
fsr-3304	183	10	percentage	percentage	NOUN
fsr-3304	183	11	of	of	ADP
fsr-3304	183	12	asset	asset	NOUN
fsr-3304	183	13	balances	balance	NOUN
fsr-3304	183	14	with	with	ADP
fsr-3304	183	15	a	a	DET
fsr-3304	183	16	varying	vary	VERB
fsr-3304	183	17	dollar	dollar	NOUN
fsr-3304	183	18	amount	amount	NOUN
fsr-3304	183	19	,	,	PUNCT
fsr-3304	183	20	the	the	DET
fsr-3304	183	21	optimal	optimal	ADJ
fsr-3304	183	22	withdrawal	withdrawal	NOUN
fsr-3304	183	23	is	be	AUX
fsr-3304	183	24	9	9	NUM
fsr-3304	183	25	%	%	NOUN
fsr-3304	183	26	of	of	ADP
fsr-3304	183	27	the	the	DET
fsr-3304	183	28	portfolio	portfolio	NOUN
fsr-3304	183	29	balance	balance	NOUN
fsr-3304	183	30	each	each	DET
fsr-3304	183	31	period	period	NOUN
fsr-3304	183	32	.	.	PUNCT
fsr-3304	184	1	relative	relative	ADJ
fsr-3304	184	2	to	to	ADP
fsr-3304	184	3	the	the	DET
fsr-3304	184	4	fixed	fix	VERB
fsr-3304	184	5	real	real	ADJ
fsr-3304	184	6	-	-	PUNCT
fsr-3304	184	7	dollar	dollar	NOUN
fsr-3304	184	8	withdrawals	withdrawal	NOUN
fsr-3304	184	9	,	,	PUNCT
fsr-3304	184	10	this	this	DET
fsr-3304	184	11	strategy	strategy	NOUN
fsr-3304	184	12	tends	tend	VERB
fsr-3304	184	13	to	to	PART
fsr-3304	184	14	generate	generate	VERB
fsr-3304	184	15	higher	high	ADJ
fsr-3304	184	16	consumption	consumption	NOUN
fsr-3304	184	17	in	in	ADP
fsr-3304	184	18	earlier	early	ADJ
fsr-3304	184	19	years	year	NOUN
fsr-3304	184	20	but	but	CCONJ
fsr-3304	184	21	lower	low	ADJ
fsr-3304	184	22	consumption	consumption	NOUN
fsr-3304	184	23	in	in	ADP
fsr-3304	184	24	later	later	ADJ
fsr-3304	184	25	years	year	NOUN
fsr-3304	184	26	,	,	PUNCT
fsr-3304	184	27	owing	owe	VERB
fsr-3304	184	28	to	to	ADP
fsr-3304	184	29	a	a	DET
fsr-3304	184	30	higher	high	ADJ
fsr-3304	184	31	volatility	volatility	NOUN
fsr-3304	184	32	of	of	ADP
fsr-3304	184	33	incomes	income	NOUN
fsr-3304	184	34	.	.	PUNCT
fsr-3304	185	1	overall	overall	ADV
fsr-3304	185	2	,	,	PUNCT
fsr-3304	185	3	the	the	DET
fsr-3304	185	4	ace	ace	NOUN
fsr-3304	185	5	is	be	AUX
fsr-3304	185	6	higher	high	ADJ
fsr-3304	185	7	here	here	ADV
fsr-3304	185	8	than	than	ADP
fsr-3304	185	9	with	with	ADP
fsr-3304	185	10	the	the	DET
fsr-3304	185	11	fixed	fix	VERB
fsr-3304	185	12	dollars	dollar	NOUN
fsr-3304	185	13	implementation	implementation	NOUN
fsr-3304	185	14	,	,	PUNCT
fsr-3304	185	15	indicating	indicate	VERB
fsr-3304	185	16	the	the	DET
fsr-3304	185	17	superiority	superiority	NOUN
fsr-3304	185	18	of	of	ADP
fsr-3304	185	19	the	the	DET
fsr-3304	185	20	fixed	fix	VERB
fsr-3304	185	21	percentage	percentage	NOUN
fsr-3304	185	22	approach	approach	NOUN
fsr-3304	185	23	.	.	PUNCT
fsr-3304	186	1	see	see	VERB
fsr-3304	186	2	table	table	NOUN
fsr-3304	186	3	a-1	a-1	PROPN
fsr-3304	186	4	in	in	ADP
fsr-3304	186	5	the	the	DET
fsr-3304	186	6	appendix	appendix	NOUN
fsr-3304	186	7	,	,	PUNCT
fsr-3304	186	8	section	section	NOUN
fsr-3304	186	9	b	b	PROPN
fsr-3304	186	10	,	,	PUNCT
fsr-3304	186	11	for	for	ADP
fsr-3304	186	12	the	the	DET
fsr-3304	186	13	consumption	consumption	NOUN
fsr-3304	186	14	and	and	CCONJ
fsr-3304	186	15	wealth	wealth	NOUN
fsr-3304	186	16	outcomes	outcome	NOUN
fsr-3304	186	17	for	for	ADP
fsr-3304	186	18	single	single	ADJ
fsr-3304	186	19	retirees	retiree	NOUN
fsr-3304	186	20	.	.	PUNCT
fsr-3304	187	1	financial	financial	ADJ
fsr-3304	187	2	planners	planner	NOUN
fsr-3304	187	3	often	often	ADV
fsr-3304	187	4	advise	advise	VERB
fsr-3304	187	5	retirees	retiree	NOUN
fsr-3304	187	6	to	to	PART
fsr-3304	187	7	draw	draw	VERB
fsr-3304	187	8	down	down	ADP
fsr-3304	187	9	their	their	PRON
fsr-3304	187	10	assets	asset	NOUN
fsr-3304	187	11	using	use	VERB
fsr-3304	187	12	a	a	DET
fsr-3304	187	13	4	4	NUM
fsr-3304	187	14	%	%	NOUN
fsr-3304	187	15	rule	rule	NOUN
fsr-3304	187	16	,	,	PUNCT
fsr-3304	187	17	as	as	SCONJ
fsr-3304	187	18	suggested	suggest	VERB
fsr-3304	187	19	by	by	ADP
fsr-3304	187	20	bengen	bengen	NOUN
fsr-3304	187	21	(	(	PUNCT
fsr-3304	187	22	1994	1994	NUM
fsr-3304	187	23	)	)	PUNCT
fsr-3304	187	24	.	.	PUNCT
fsr-3304	188	1	by	by	ADP
fsr-3304	188	2	this	this	DET
fsr-3304	188	3	rule	rule	NOUN
fsr-3304	188	4	,	,	PUNCT
fsr-3304	188	5	households	household	NOUN
fsr-3304	188	6	in	in	ADP
fsr-3304	188	7	our	our	PRON
fsr-3304	188	8	model	model	NOUN
fsr-3304	188	9	would	would	AUX
fsr-3304	188	10	withdraw	withdraw	VERB
fsr-3304	188	11	$	$	SYM
fsr-3304	188	12	10,000	10,000	NUM
fsr-3304	188	13	a	a	DET
fsr-3304	188	14	year	year	NOUN
fsr-3304	188	15	in	in	ADP
fsr-3304	188	16	real	real	ADJ
fsr-3304	188	17	dollars	dollar	NOUN
fsr-3304	188	18	,	,	PUNCT
fsr-3304	188	19	which	which	PRON
fsr-3304	188	20	is	be	AUX
fsr-3304	188	21	lower	low	ADJ
fsr-3304	188	22	than	than	ADP
fsr-3304	188	23	the	the	DET
fsr-3304	188	24	optimal	optimal	ADJ
fsr-3304	188	25	withdrawal	withdrawal	NOUN
fsr-3304	188	26	amount	amount	NOUN
fsr-3304	188	27	given	give	VERB
fsr-3304	188	28	above	above	ADV
fsr-3304	188	29	and	and	CCONJ
fsr-3304	188	30	produces	produce	VERB
fsr-3304	188	31	lower	lower	ADV
fsr-3304	188	32	expected	expect	VERB
fsr-3304	188	33	lifetime	lifetime	NOUN
fsr-3304	188	34	utility	utility	NOUN
fsr-3304	188	35	(	(	PUNCT
fsr-3304	188	36	by	by	ADP
fsr-3304	188	37	an	an	DET
fsr-3304	188	38	ace	ace	ADJ
fsr-3304	188	39	measure	measure	NOUN
fsr-3304	188	40	of	of	ADP
fsr-3304	188	41	23.0	23.0	NUM
fsr-3304	188	42	,	,	PUNCT
fsr-3304	188	43	not	not	PART
fsr-3304	188	44	reported	report	VERB
fsr-3304	188	45	,	,	PUNCT
fsr-3304	188	46	vs.	vs.	ADP
fsr-3304	188	47	25.1	25.1	NUM
fsr-3304	188	48	in	in	ADP
fsr-3304	188	49	table	table	NOUN
fsr-3304	188	50	a-1	a-1	PROPN
fsr-3304	188	51	)	)	PUNCT
fsr-3304	188	52	.	.	PUNCT
fsr-3304	189	1	one	one	NUM
fsr-3304	189	2	important	important	ADJ
fsr-3304	189	3	factor	factor	NOUN
fsr-3304	189	4	is	be	AUX
fsr-3304	189	5	that	that	SCONJ
fsr-3304	189	6	my	my	PRON
fsr-3304	189	7	analysis	analysis	NOUN
fsr-3304	189	8	includes	include	VERB
fsr-3304	189	9	a	a	DET
fsr-3304	189	10	safe	safe	ADJ
fsr-3304	189	11	and	and	CCONJ
fsr-3304	189	12	inflation	inflation	NOUN
fsr-3304	189	13	-	-	PUNCT
fsr-3304	189	14	indexed	index	VERB
fsr-3304	189	15	122	122	NUM
fsr-3304	189	16	m.j	m.j	PROPN
fsr-3304	189	17	.	.	PROPN
fsr-3304	189	18	warshawsky	warshawsky	PROPN
fsr-3304	189	19	/	/	SYM
fsr-3304	189	20	financial	financial	ADJ
fsr-3304	189	21	services	service	NOUN
fsr-3304	189	22	review	review	VERB
fsr-3304	189	23	26	26	NUM
fsr-3304	189	24	(	(	PUNCT
fsr-3304	189	25	2017	2017	NUM
fsr-3304	189	26	)	)	PUNCT
fsr-3304	189	27	113–141	113–141	NUM
fsr-3304	189	28	lifetime	lifetime	NOUN
fsr-3304	189	29	income	income	NOUN
fsr-3304	189	30	flow	flow	NOUN
fsr-3304	189	31	from	from	ADP
fsr-3304	189	32	social	social	ADJ
fsr-3304	189	33	security	security	NOUN
fsr-3304	189	34	,	,	PUNCT
fsr-3304	189	35	which	which	PRON
fsr-3304	189	36	supports	support	VERB
fsr-3304	189	37	a	a	DET
fsr-3304	189	38	higher	high	ADJ
fsr-3304	189	39	withdrawal	withdrawal	NOUN
fsr-3304	189	40	and	and	CCONJ
fsr-3304	189	41	reduces	reduce	VERB
fsr-3304	189	42	the	the	DET
fsr-3304	189	43	risk	risk	NOUN
fsr-3304	189	44	to	to	ADP
fsr-3304	189	45	income	income	NOUN
fsr-3304	189	46	of	of	ADP
fsr-3304	189	47	wealth	wealth	NOUN
fsr-3304	189	48	running	run	VERB
fsr-3304	189	49	out	out	ADV
fsr-3304	189	50	.	.	PUNCT
fsr-3304	190	1	scott	scott	PROPN
fsr-3304	190	2	et	et	PROPN
fsr-3304	190	3	al	al	PROPN
fsr-3304	190	4	.	.	PROPN
fsr-3304	191	1	(	(	PUNCT
fsr-3304	191	2	2009	2009	NUM
fsr-3304	191	3	)	)	PUNCT
fsr-3304	191	4	argue	argue	VERB
fsr-3304	191	5	that	that	SCONJ
fsr-3304	191	6	the	the	DET
fsr-3304	191	7	4	4	NUM
fsr-3304	191	8	%	%	NOUN
fsr-3304	191	9	rule	rule	NOUN
fsr-3304	191	10	is	be	AUX
fsr-3304	191	11	inefficient	inefficient	ADJ
fsr-3304	191	12	because	because	SCONJ
fsr-3304	191	13	it	it	PRON
fsr-3304	191	14	leaves	leave	VERB
fsr-3304	191	15	a	a	DET
fsr-3304	191	16	significant	significant	ADJ
fsr-3304	191	17	portion	portion	NOUN
fsr-3304	191	18	of	of	ADP
fsr-3304	191	19	resources	resource	NOUN
fsr-3304	191	20	unspent	unspent	ADJ
fsr-3304	191	21	.	.	PUNCT
fsr-3304	192	1	also	also	ADV
fsr-3304	192	2	,	,	PUNCT
fsr-3304	192	3	most	most	ADJ
fsr-3304	192	4	financial	financial	ADJ
fsr-3304	192	5	advisors	advisor	NOUN
fsr-3304	192	6	deal	deal	VERB
fsr-3304	192	7	with	with	ADP
fsr-3304	192	8	clients	client	NOUN
fsr-3304	192	9	with	with	ADP
fsr-3304	192	10	above	above	ADP
fsr-3304	192	11	-	-	PUNCT
fsr-3304	192	12	average	average	NOUN
fsr-3304	192	13	wealth	wealth	NOUN
fsr-3304	192	14	;	;	PUNCT
fsr-3304	192	15	their	their	PRON
fsr-3304	192	16	spending	spending	NOUN
fsr-3304	192	17	needs	need	NOUN
fsr-3304	192	18	and	and	CCONJ
fsr-3304	192	19	desires	desire	NOUN
fsr-3304	192	20	may	may	AUX
fsr-3304	192	21	be	be	AUX
fsr-3304	192	22	relatively	relatively	ADV
fsr-3304	192	23	modest	modest	ADJ
fsr-3304	192	24	compared	compare	VERB
fsr-3304	192	25	with	with	ADP
fsr-3304	192	26	their	their	PRON
fsr-3304	192	27	assets	asset	NOUN
fsr-3304	192	28	.	.	PUNCT
fsr-3304	193	1	let	let	VERB
fsr-3304	193	2	individuals	individual	NOUN
fsr-3304	193	3	now	now	ADV
fsr-3304	193	4	consider	consider	VERB
fsr-3304	193	5	adding	add	VERB
fsr-3304	193	6	(	(	PUNCT
fsr-3304	193	7	laddered	laddered	ADJ
fsr-3304	193	8	)	)	PUNCT
fsr-3304	193	9	purchases	purchase	NOUN
fsr-3304	193	10	of	of	ADP
fsr-3304	193	11	immediate	immediate	ADJ
fsr-3304	193	12	life	life	NOUN
fsr-3304	193	13	annuities	annuity	NOUN
fsr-3304	193	14	(	(	PUNCT
fsr-3304	193	15	table	table	NOUN
fsr-3304	193	16	2	2	NUM
fsr-3304	193	17	)	)	PUNCT
fsr-3304	193	18	.	.	PUNCT
fsr-3304	194	1	in	in	ADP
fsr-3304	194	2	scenario	scenario	NOUN
fsr-3304	194	3	2a	2a	NUM
fsr-3304	194	4	,	,	PUNCT
fsr-3304	194	5	with	with	ADP
fsr-3304	194	6	both	both	DET
fsr-3304	194	7	fixed	fix	VERB
fsr-3304	194	8	dollar	dollar	NOUN
fsr-3304	194	9	withdrawals	withdrawal	NOUN
fsr-3304	194	10	and	and	CCONJ
fsr-3304	194	11	annuity	annuity	NOUN
fsr-3304	194	12	payouts	payout	NOUN
fsr-3304	194	13	indexed	index	VERB
fsr-3304	194	14	to	to	ADP
fsr-3304	194	15	inflation	inflation	NOUN
fsr-3304	194	16	,	,	PUNCT
fsr-3304	194	17	singles	single	NOUN
fsr-3304	194	18	annuitize	annuitize	VERB
fsr-3304	194	19	40	40	NUM
fsr-3304	194	20	%	%	NOUN
fsr-3304	194	21	of	of	ADP
fsr-3304	194	22	wealth	wealth	NOUN
fsr-3304	194	23	initially	initially	ADV
fsr-3304	194	24	and	and	CCONJ
fsr-3304	194	25	45	45	NUM
fsr-3304	194	26	%	%	NOUN
fsr-3304	194	27	over	over	ADP
fsr-3304	194	28	25	25	NUM
fsr-3304	194	29	years.8	years.8	PROPN
fsr-3304	194	30	they	they	PRON
fsr-3304	194	31	also	also	ADV
fsr-3304	194	32	simultaneously	simultaneously	ADV
fsr-3304	194	33	withdraw	withdraw	VERB
fsr-3304	194	34	$	$	SYM
fsr-3304	194	35	10,000	10,000	NUM
fsr-3304	194	36	a	a	DET
fsr-3304	194	37	year	year	NOUN
fsr-3304	194	38	in	in	ADP
fsr-3304	194	39	real	real	ADJ
fsr-3304	194	40	terms	term	NOUN
fsr-3304	194	41	.	.	PUNCT
fsr-3304	195	1	this	this	DET
fsr-3304	195	2	combination	combination	NOUN
fsr-3304	195	3	foregoes	forego	VERB
fsr-3304	195	4	some	some	DET
fsr-3304	195	5	liquidity	liquidity	NOUN
fsr-3304	195	6	(	(	PUNCT
fsr-3304	195	7	lower	low	ADJ
fsr-3304	195	8	balances	balance	NOUN
fsr-3304	195	9	)	)	PUNCT
fsr-3304	195	10	but	but	CCONJ
fsr-3304	195	11	generates	generate	VERB
fsr-3304	195	12	a	a	DET
fsr-3304	195	13	higher	high	ADJ
fsr-3304	195	14	and	and	CCONJ
fsr-3304	195	15	more	more	ADV
fsr-3304	195	16	sustainable	sustainable	ADJ
fsr-3304	195	17	income	income	NOUN
fsr-3304	195	18	flow	flow	NOUN
fsr-3304	195	19	than	than	ADP
fsr-3304	195	20	systematic	systematic	ADJ
fsr-3304	195	21	withdrawals	withdrawal	NOUN
fsr-3304	195	22	alone	alone	ADV
fsr-3304	195	23	,	,	PUNCT
fsr-3304	195	24	implying	imply	VERB
fsr-3304	195	25	a	a	DET
fsr-3304	195	26	greater	great	ADJ
fsr-3304	195	27	lifetime	lifetime	NOUN
fsr-3304	195	28	utility	utility	NOUN
fsr-3304	195	29	(	(	PUNCT
fsr-3304	195	30	ace	ace	NOUN
fsr-3304	195	31	of	of	ADP
fsr-3304	195	32	25.6	25.6	NUM
fsr-3304	195	33	vs.	vs.	ADP
fsr-3304	195	34	25.1	25.1	NUM
fsr-3304	195	35	in	in	ADP
fsr-3304	195	36	table	table	NOUN
fsr-3304	195	37	a-1	a-1	PROPN
fsr-3304	195	38	)	)	PUNCT
fsr-3304	195	39	.	.	PUNCT
fsr-3304	196	1	when	when	SCONJ
fsr-3304	196	2	fixed	fix	VERB
fsr-3304	196	3	percentage	percentage	NOUN
fsr-3304	196	4	withdrawals	withdrawal	NOUN
fsr-3304	196	5	and	and	CCONJ
fsr-3304	196	6	nominal	nominal	ADJ
fsr-3304	196	7	life	life	NOUN
fsr-3304	196	8	annuities	annuity	NOUN
fsr-3304	196	9	are	be	AUX
fsr-3304	196	10	considered	consider	VERB
fsr-3304	196	11	in	in	ADP
fsr-3304	196	12	scenario	scenario	NOUN
fsr-3304	196	13	2b	2b	NOUN
fsr-3304	196	14	,	,	PUNCT
fsr-3304	196	15	it	it	PRON
fsr-3304	196	16	is	be	AUX
fsr-3304	196	17	optimal	optimal	ADJ
fsr-3304	196	18	to	to	PART
fsr-3304	196	19	not	not	PART
fsr-3304	196	20	annuitize	annuitize	VERB
fsr-3304	196	21	initially	initially	ADV
fsr-3304	196	22	(	(	PUNCT
fsr-3304	196	23	zero	zero	NUM
fsr-3304	196	24	percentage	percentage	NOUN
fsr-3304	196	25	)	)	PUNCT
fsr-3304	196	26	,	,	PUNCT
fsr-3304	196	27	but	but	CCONJ
fsr-3304	196	28	purchases	purchase	NOUN
fsr-3304	196	29	of	of	ADP
fsr-3304	196	30	immediate	immediate	ADJ
fsr-3304	196	31	annuities	annuity	NOUN
fsr-3304	196	32	reach	reach	VERB
fsr-3304	196	33	45	45	NUM
fsr-3304	196	34	%	%	NOUN
fsr-3304	196	35	of	of	ADP
fsr-3304	196	36	wealth	wealth	NOUN
fsr-3304	196	37	by	by	ADP
fsr-3304	196	38	20	20	NUM
fsr-3304	196	39	years	year	NOUN
fsr-3304	196	40	.	.	PUNCT
fsr-3304	197	1	the	the	DET
fsr-3304	197	2	postponed	postpone	VERB
fsr-3304	197	3	and	and	CCONJ
fsr-3304	197	4	laddered	laddered	ADJ
fsr-3304	197	5	purchase	purchase	NOUN
fsr-3304	197	6	of	of	ADP
fsr-3304	197	7	nominal	nominal	ADJ
fsr-3304	197	8	annuities	annuity	NOUN
fsr-3304	197	9	helps	help	VERB
fsr-3304	197	10	maintain	maintain	VERB
fsr-3304	197	11	the	the	DET
fsr-3304	197	12	real	real	ADJ
fsr-3304	197	13	purchasing	purchasing	NOUN
fsr-3304	197	14	power	power	NOUN
fsr-3304	197	15	of	of	ADP
fsr-3304	197	16	payouts	payout	NOUN
fsr-3304	197	17	and	and	CCONJ
fsr-3304	197	18	reduces	reduce	VERB
fsr-3304	197	19	the	the	DET
fsr-3304	197	20	timing	timing	NOUN
fsr-3304	197	21	risk	risk	NOUN
fsr-3304	197	22	of	of	ADP
fsr-3304	197	23	purchases	purchase	NOUN
fsr-3304	197	24	.	.	PUNCT
fsr-3304	198	1	for	for	ADP
fsr-3304	198	2	early	early	ADJ
fsr-3304	198	3	years	year	NOUN
fsr-3304	198	4	in	in	ADP
fsr-3304	198	5	retirement	retirement	NOUN
fsr-3304	198	6	,	,	PUNCT
fsr-3304	198	7	income	income	NOUN
fsr-3304	198	8	is	be	AUX
fsr-3304	198	9	achieved	achieve	VERB
fsr-3304	198	10	primarily	primarily	ADV
fsr-3304	198	11	through	through	ADP
fsr-3304	198	12	withdrawals	withdrawal	NOUN
fsr-3304	198	13	(	(	PUNCT
fsr-3304	198	14	8	8	NUM
fsr-3304	198	15	%	%	NOUN
fsr-3304	198	16	of	of	ADP
fsr-3304	198	17	balance	balance	NOUN
fsr-3304	198	18	)	)	PUNCT
fsr-3304	198	19	,	,	PUNCT
fsr-3304	198	20	which	which	PRON
fsr-3304	198	21	are	be	AUX
fsr-3304	198	22	nontrivial	nontrivial	ADJ
fsr-3304	198	23	amounts	amount	NOUN
fsr-3304	198	24	given	give	VERB
fsr-3304	198	25	the	the	DET
fsr-3304	198	26	size	size	NOUN
fsr-3304	198	27	of	of	ADP
fsr-3304	198	28	account	account	NOUN
fsr-3304	198	29	balances	balance	NOUN
fsr-3304	198	30	.	.	PUNCT
fsr-3304	199	1	the	the	DET
fsr-3304	199	2	ace	ace	NOUN
fsr-3304	199	3	is	be	AUX
fsr-3304	199	4	highest	high	ADJ
fsr-3304	199	5	here	here	ADV
fsr-3304	199	6	across	across	ADP
fsr-3304	199	7	the	the	DET
fsr-3304	199	8	strategies	strategy	NOUN
fsr-3304	199	9	/	/	SYM
fsr-3304	199	10	implementations	implementation	NOUN
fsr-3304	199	11	analyzed	analyze	VERB
fsr-3304	199	12	,	,	PUNCT
fsr-3304	199	13	at	at	ADP
fsr-3304	199	14	26.3	26.3	NUM
fsr-3304	199	15	.	.	PUNCT
fsr-3304	200	1	with	with	ADP
fsr-3304	200	2	withdrawals	withdrawal	NOUN
fsr-3304	200	3	fixed	fix	VERB
fsr-3304	200	4	in	in	ADP
fsr-3304	200	5	real	real	ADJ
fsr-3304	200	6	dollars	dollar	NOUN
fsr-3304	200	7	along	along	ADP
fsr-3304	200	8	with	with	ADP
fsr-3304	200	9	a	a	DET
fsr-3304	200	10	ladder	ladder	NOUN
fsr-3304	200	11	of	of	ADP
fsr-3304	200	12	nominal	nominal	ADJ
fsr-3304	200	13	annuities	annuity	NOUN
fsr-3304	200	14	considered	consider	VERB
fsr-3304	200	15	in	in	ADP
fsr-3304	200	16	scenario	scenario	NOUN
fsr-3304	200	17	2c	2c	NOUN
fsr-3304	200	18	,	,	PUNCT
fsr-3304	200	19	singles	single	NOUN
fsr-3304	200	20	withdraw	withdraw	VERB
fsr-3304	200	21	$	$	SYM
fsr-3304	200	22	10,000	10,000	NUM
fsr-3304	200	23	a	a	DET
fsr-3304	200	24	year	year	NOUN
fsr-3304	200	25	and	and	CCONJ
fsr-3304	200	26	also	also	ADV
fsr-3304	200	27	generate	generate	VERB
fsr-3304	200	28	income	income	NOUN
fsr-3304	200	29	through	through	ADP
fsr-3304	200	30	significant	significant	ADJ
fsr-3304	200	31	annuity	annuity	NOUN
fsr-3304	200	32	purchases	purchase	NOUN
fsr-3304	200	33	—	—	PUNCT
fsr-3304	200	34	initially	initially	ADV
fsr-3304	200	35	30	30	NUM
fsr-3304	200	36	%	%	NOUN
fsr-3304	200	37	of	of	ADP
fsr-3304	200	38	wealth	wealth	NOUN
fsr-3304	200	39	and	and	CCONJ
fsr-3304	200	40	reaching	reach	VERB
fsr-3304	200	41	55	55	NUM
fsr-3304	200	42	%	%	NOUN
fsr-3304	200	43	by	by	ADP
fsr-3304	200	44	25	25	NUM
fsr-3304	200	45	years	year	NOUN
fsr-3304	200	46	.	.	PUNCT
fsr-3304	201	1	the	the	DET
fsr-3304	201	2	ace	ace	NOUN
fsr-3304	201	3	is	be	AUX
fsr-3304	201	4	lower	low	ADJ
fsr-3304	201	5	than	than	ADP
fsr-3304	201	6	in	in	ADP
fsr-3304	201	7	the	the	DET
fsr-3304	201	8	above	above	ADJ
fsr-3304	201	9	“	"	PUNCT
fsr-3304	201	10	nominal	nominal	ADJ
fsr-3304	201	11	”	"	PUNCT
fsr-3304	201	12	strategy	strategy	NOUN
fsr-3304	201	13	,	,	PUNCT
fsr-3304	201	14	because	because	SCONJ
fsr-3304	201	15	the	the	DET
fsr-3304	201	16	rigid	rigid	ADJ
fsr-3304	201	17	fixed	fix	VERB
fsr-3304	201	18	dollar	dollar	NOUN
fsr-3304	201	19	withdrawal	withdrawal	NOUN
fsr-3304	201	20	imposes	impose	VERB
fsr-3304	201	21	greater	great	ADJ
fsr-3304	201	22	risk	risk	NOUN
fsr-3304	201	23	of	of	ADP
fsr-3304	201	24	running	run	VERB
fsr-3304	201	25	out	out	ADP
fsr-3304	201	26	of	of	ADP
fsr-3304	201	27	funds	fund	NOUN
fsr-3304	201	28	.	.	PUNCT
fsr-3304	202	1	overall	overall	ADV
fsr-3304	202	2	,	,	PUNCT
fsr-3304	202	3	the	the	DET
fsr-3304	202	4	strategy	strategy	NOUN
fsr-3304	202	5	of	of	ADP
fsr-3304	202	6	fixed	fix	VERB
fsr-3304	202	7	percentage	percentage	NOUN
fsr-3304	202	8	withdrawals	withdrawal	NOUN
fsr-3304	202	9	combined	combine	VERB
fsr-3304	202	10	with	with	ADP
fsr-3304	202	11	laddered	ladder	VERB
fsr-3304	202	12	purchases	purchase	NOUN
fsr-3304	202	13	of	of	ADP
fsr-3304	202	14	nominal	nominal	ADJ
fsr-3304	202	15	immediate	immediate	ADJ
fsr-3304	202	16	annuities	annuity	NOUN
fsr-3304	202	17	wins.9	wins.9	ADJ
fsr-3304	202	18	table	table	NOUN
fsr-3304	202	19	2	2	NUM
fsr-3304	202	20	search	search	NOUN
fsr-3304	202	21	for	for	ADP
fsr-3304	202	22	optimal	optimal	ADJ
fsr-3304	202	23	strategies	strategy	NOUN
fsr-3304	202	24	among	among	ADP
fsr-3304	202	25	systematic	systematic	ADJ
fsr-3304	202	26	withdrawals	withdrawal	NOUN
fsr-3304	202	27	and	and	CCONJ
fsr-3304	202	28	laddered	ladder	VERB
fsr-3304	202	29	purchases	purchase	NOUN
fsr-3304	202	30	of	of	ADP
fsr-3304	202	31	immediate	immediate	ADJ
fsr-3304	202	32	life	life	NOUN
fsr-3304	202	33	annuities	annuity	NOUN
fsr-3304	202	34	—	—	PUNCT
fsr-3304	202	35	singles	single	NOUN
fsr-3304	202	36	real	real	ADJ
fsr-3304	202	37	$	$	SYM
fsr-3304	202	38	000	000	NUM
fsr-3304	202	39	95th	95th	ADJ
fsr-3304	202	40	percentile	percentile	ADJ
fsr-3304	202	41	50th	50th	ADJ
fsr-3304	202	42	percentile	percentile	ADJ
fsr-3304	202	43	5th	5th	ADJ
fsr-3304	202	44	percentile	percentile	ADJ
fsr-3304	202	45	mean	mean	VERB
fsr-3304	202	46	standard	standard	ADJ
fsr-3304	202	47	deviation	deviation	NOUN
fsr-3304	202	48	a.	a.	NOUN
fsr-3304	202	49	options	option	NOUN
fsr-3304	202	50	:	:	PUNCT
fsr-3304	202	51	fixed	fix	VERB
fsr-3304	202	52	real	real	ADJ
fsr-3304	202	53	dollars	dollar	NOUN
fsr-3304	202	54	�	�	PROPN
fsr-3304	202	55	real	real	ADJ
fsr-3304	202	56	annuity	annuity	NOUN
fsr-3304	202	57	optimal	optimal	ADJ
fsr-3304	202	58	strategy	strategy	NOUN
fsr-3304	202	59	:	:	PUNCT
fsr-3304	202	60	withdrawal	withdrawal	NOUN
fsr-3304	202	61	$	$	SYM
fsr-3304	202	62	10	10	NUM
fsr-3304	202	63	,	,	PUNCT
fsr-3304	202	64	annuity	annuity	NOUN
fsr-3304	202	65	initial	initial	ADJ
fsr-3304	202	66	40	40	NUM
fsr-3304	202	67	%	%	NOUN
fsr-3304	202	68	of	of	ADP
fsr-3304	202	69	wealth	wealth	NOUN
fsr-3304	202	70	,	,	PUNCT
fsr-3304	202	71	ending	end	VERB
fsr-3304	202	72	45	45	NUM
fsr-3304	202	73	%	%	NOUN
fsr-3304	202	74	by	by	ADP
fsr-3304	202	75	25	25	NUM
fsr-3304	202	76	years	year	NOUN
fsr-3304	202	77	,	,	PUNCT
fsr-3304	202	78	ace	ace	VERB
fsr-3304	202	79	25.6	25.6	NUM
fsr-3304	202	80	income	income	NOUN
fsr-3304	202	81	32.6	32.6	NUM
fsr-3304	202	82	29.5	29.5	NUM
fsr-3304	202	83	18.6	18.6	NUM
fsr-3304	202	84	28.0	28.0	NUM
fsr-3304	202	85	4.4	4.4	NUM
fsr-3304	202	86	balance	balance	NOUN
fsr-3304	202	87	199.8	199.8	NUM
fsr-3304	202	88	89.4	89.4	NUM
fsr-3304	202	89	0.0	0.0	NUM
fsr-3304	202	90	88.9	88.9	NUM
fsr-3304	202	91	72.5	72.5	NUM
fsr-3304	202	92	b.	b.	NOUN
fsr-3304	202	93	options	option	NOUN
fsr-3304	202	94	:	:	PUNCT
fsr-3304	202	95	fixed	fix	VERB
fsr-3304	202	96	percentage	percentage	NOUN
fsr-3304	202	97	�	�	PROPN
fsr-3304	202	98	nominal	nominal	ADJ
fsr-3304	202	99	annuity	annuity	NOUN
fsr-3304	202	100	optimal	optimal	ADJ
fsr-3304	202	101	strategy	strategy	NOUN
fsr-3304	202	102	:	:	PUNCT
fsr-3304	202	103	withdrawal	withdrawal	NOUN
fsr-3304	202	104	8	8	NUM
fsr-3304	202	105	%	%	NOUN
fsr-3304	202	106	,	,	PUNCT
fsr-3304	202	107	annuity	annuity	NOUN
fsr-3304	202	108	initial	initial	ADJ
fsr-3304	202	109	0	0	NUM
fsr-3304	202	110	%	%	NOUN
fsr-3304	202	111	of	of	ADP
fsr-3304	202	112	wealth	wealth	NOUN
fsr-3304	202	113	,	,	PUNCT
fsr-3304	202	114	ending	end	VERB
fsr-3304	202	115	45	45	NUM
fsr-3304	202	116	%	%	NOUN
fsr-3304	202	117	by	by	ADP
fsr-3304	202	118	20	20	NUM
fsr-3304	202	119	years	year	NOUN
fsr-3304	202	120	,	,	PUNCT
fsr-3304	202	121	ace	ace	VERB
fsr-3304	202	122	26.3	26.3	NUM
fsr-3304	202	123	income	income	NOUN
fsr-3304	202	124	35.6	35.6	NUM
fsr-3304	202	125	28.2	28.2	NUM
fsr-3304	202	126	21.2	21.2	NUM
fsr-3304	202	127	28.4	28.4	NUM
fsr-3304	202	128	4.6	4.6	NUM
fsr-3304	202	129	balance	balance	NOUN
fsr-3304	202	130	250.0	250.0	NUM
fsr-3304	202	131	105.3	105.3	NUM
fsr-3304	202	132	0.0	0.0	NUM
fsr-3304	202	133	113.2	113.2	NUM
fsr-3304	202	134	87.9	87.9	NUM
fsr-3304	202	135	c.	c.	NOUN
fsr-3304	202	136	options	option	NOUN
fsr-3304	202	137	:	:	PUNCT
fsr-3304	202	138	fixed	fix	VERB
fsr-3304	202	139	real	real	ADJ
fsr-3304	202	140	dollars	dollar	NOUN
fsr-3304	202	141	�	�	PROPN
fsr-3304	202	142	nominal	nominal	ADJ
fsr-3304	202	143	annuity	annuity	NOUN
fsr-3304	202	144	optimal	optimal	ADJ
fsr-3304	202	145	strategy	strategy	NOUN
fsr-3304	202	146	:	:	PUNCT
fsr-3304	202	147	withdrawal	withdrawal	NOUN
fsr-3304	202	148	$	$	SYM
fsr-3304	202	149	10	10	NUM
fsr-3304	202	150	,	,	PUNCT
fsr-3304	202	151	annuity	annuity	NOUN
fsr-3304	202	152	initial	initial	ADJ
fsr-3304	202	153	30	30	NUM
fsr-3304	202	154	%	%	NOUN
fsr-3304	202	155	of	of	ADP
fsr-3304	202	156	wealth	wealth	NOUN
fsr-3304	202	157	,	,	PUNCT
fsr-3304	202	158	ending	end	VERB
fsr-3304	202	159	55	55	NUM
fsr-3304	202	160	%	%	NOUN
fsr-3304	202	161	by	by	ADP
fsr-3304	202	162	25	25	NUM
fsr-3304	202	163	years	year	NOUN
fsr-3304	202	164	,	,	PUNCT
fsr-3304	202	165	ace	ace	VERB
fsr-3304	202	166	25.8	25.8	NUM
fsr-3304	202	167	income	income	NOUN
fsr-3304	202	168	33.3	33.3	NUM
fsr-3304	202	169	30.1	30.1	NUM
fsr-3304	202	170	18.0	18.0	NUM
fsr-3304	202	171	28.4	28.4	NUM
fsr-3304	202	172	4.9	4.9	NUM
fsr-3304	202	173	balance	balance	NOUN
fsr-3304	202	174	219.2	219.2	NUM
fsr-3304	202	175	101.3	101.3	NUM
fsr-3304	202	176	0.0	0.0	NUM
fsr-3304	202	177	99.4	99.4	NUM
fsr-3304	202	178	82.1	82.1	NUM
fsr-3304	202	179	source	source	NOUN
fsr-3304	202	180	:	:	PUNCT
fsr-3304	202	181	author	author	NOUN
fsr-3304	202	182	’s	’s	PART
fsr-3304	202	183	simulations	simulation	NOUN
fsr-3304	202	184	.	.	PUNCT
fsr-3304	203	1	higher	high	ADJ
fsr-3304	203	2	aces	ace	NOUN
fsr-3304	203	3	(	(	PUNCT
fsr-3304	203	4	average	average	ADJ
fsr-3304	203	5	certainty	certainty	NOUN
fsr-3304	203	6	equivalent	equivalent	ADJ
fsr-3304	203	7	consumption	consumption	NOUN
fsr-3304	203	8	)	)	PUNCT
fsr-3304	203	9	indicate	indicate	VERB
fsr-3304	203	10	better	well	ADJ
fsr-3304	203	11	outcomes	outcome	NOUN
fsr-3304	203	12	for	for	ADP
fsr-3304	203	13	households	household	NOUN
fsr-3304	203	14	,	,	PUNCT
fsr-3304	203	15	for	for	ADP
fsr-3304	203	16	a	a	DET
fsr-3304	203	17	given	give	VERB
fsr-3304	203	18	set	set	NOUN
fsr-3304	203	19	of	of	ADP
fsr-3304	203	20	preference	preference	NOUN
fsr-3304	203	21	parameters	parameter	NOUN
fsr-3304	203	22	.	.	PUNCT
fsr-3304	204	1	123m.j	123m.j	X
fsr-3304	204	2	.	.	PUNCT
fsr-3304	204	3	warshawsky	warshawsky	PROPN
fsr-3304	204	4	/	/	SYM
fsr-3304	204	5	financial	financial	ADJ
fsr-3304	204	6	services	service	NOUN
fsr-3304	204	7	review	review	VERB
fsr-3304	204	8	26	26	NUM
fsr-3304	204	9	(	(	PUNCT
fsr-3304	204	10	2017	2017	NUM
fsr-3304	204	11	)	)	PUNCT
fsr-3304	204	12	113–141	113–141	NUM
fsr-3304	204	13	in	in	ADP
fsr-3304	204	14	table	table	NOUN
fsr-3304	204	15	3	3	NUM
fsr-3304	204	16	,	,	PUNCT
fsr-3304	204	17	an	an	DET
fsr-3304	204	18	alda	alda	NOUN
fsr-3304	204	19	is	be	AUX
fsr-3304	204	20	considered	consider	VERB
fsr-3304	204	21	instead	instead	ADV
fsr-3304	204	22	of	of	ADP
fsr-3304	204	23	laddered	ladder	VERB
fsr-3304	204	24	purchases	purchase	NOUN
fsr-3304	204	25	of	of	ADP
fsr-3304	204	26	immediate	immediate	ADJ
fsr-3304	204	27	annuities	annuity	NOUN
fsr-3304	204	28	.	.	PUNCT
fsr-3304	205	1	in	in	ADP
fsr-3304	205	2	scenarios	scenario	NOUN
fsr-3304	205	3	3a	3a	NUM
fsr-3304	205	4	and	and	CCONJ
fsr-3304	205	5	3c	3c	NUM
fsr-3304	205	6	,	,	PUNCT
fsr-3304	205	7	the	the	DET
fsr-3304	205	8	retiree	retiree	NOUN
fsr-3304	205	9	would	would	AUX
fsr-3304	205	10	optimally	optimally	ADV
fsr-3304	205	11	withdraw	withdraw	VERB
fsr-3304	205	12	$	$	SYM
fsr-3304	205	13	15,000	15,000	NUM
fsr-3304	205	14	systematically	systematically	ADV
fsr-3304	205	15	,	,	PUNCT
fsr-3304	205	16	inflation	inflation	NOUN
fsr-3304	205	17	-	-	PUNCT
fsr-3304	205	18	adjusted	adjust	VERB
fsr-3304	205	19	,	,	PUNCT
fsr-3304	205	20	and	and	CCONJ
fsr-3304	205	21	use	use	VERB
fsr-3304	205	22	5	5	NUM
fsr-3304	205	23	%	%	NOUN
fsr-3304	205	24	of	of	ADP
fsr-3304	205	25	initial	initial	ADJ
fsr-3304	205	26	wealth	wealth	NOUN
fsr-3304	205	27	to	to	PART
fsr-3304	205	28	purchase	purchase	VERB
fsr-3304	205	29	an	an	DET
fsr-3304	205	30	alda	alda	NOUN
fsr-3304	205	31	,	,	PUNCT
fsr-3304	205	32	with	with	ADP
fsr-3304	205	33	payouts	payout	NOUN
fsr-3304	205	34	indexed	index	VERB
fsr-3304	205	35	to	to	ADP
fsr-3304	205	36	inflation	inflation	NOUN
fsr-3304	205	37	or	or	CCONJ
fsr-3304	205	38	nominal	nominal	ADJ
fsr-3304	205	39	,	,	PUNCT
fsr-3304	205	40	respectively	respectively	ADV
fsr-3304	205	41	.	.	PUNCT
fsr-3304	206	1	the	the	DET
fsr-3304	206	2	simulated	simulated	ADJ
fsr-3304	206	3	level	level	NOUN
fsr-3304	206	4	of	of	ADP
fsr-3304	206	5	demand	demand	NOUN
fsr-3304	206	6	for	for	ADP
fsr-3304	206	7	the	the	DET
fsr-3304	206	8	alda	alda	NOUN
fsr-3304	206	9	seems	seem	VERB
fsr-3304	206	10	trivial	trivial	ADJ
fsr-3304	206	11	.	.	PUNCT
fsr-3304	207	1	recall	recall	NOUN
fsr-3304	207	2	,	,	PUNCT
fsr-3304	207	3	however	however	ADV
fsr-3304	207	4	,	,	PUNCT
fsr-3304	207	5	that	that	SCONJ
fsr-3304	207	6	the	the	DET
fsr-3304	207	7	alda	alda	PROPN
fsr-3304	207	8	payout	payout	NOUN
fsr-3304	207	9	commences	commence	VERB
fsr-3304	207	10	20	20	NUM
fsr-3304	207	11	years	year	NOUN
fsr-3304	207	12	after	after	ADP
fsr-3304	207	13	purchase	purchase	NOUN
fsr-3304	207	14	.	.	PUNCT
fsr-3304	208	1	the	the	DET
fsr-3304	208	2	ages	age	NOUN
fsr-3304	208	3	covered	cover	VERB
fsr-3304	208	4	by	by	ADP
fsr-3304	208	5	an	an	DET
fsr-3304	208	6	alda	alda	NOUN
fsr-3304	208	7	have	have	VERB
fsr-3304	208	8	higher	high	ADJ
fsr-3304	208	9	mortality	mortality	NOUN
fsr-3304	208	10	rates	rate	NOUN
fsr-3304	208	11	than	than	ADP
fsr-3304	208	12	earlier	early	ADJ
fsr-3304	208	13	years	year	NOUN
fsr-3304	208	14	,	,	PUNCT
fsr-3304	208	15	which	which	PRON
fsr-3304	208	16	actuarially	actuarially	ADV
fsr-3304	208	17	reduces	reduce	VERB
fsr-3304	208	18	the	the	DET
fsr-3304	208	19	cost	cost	NOUN
fsr-3304	208	20	for	for	ADP
fsr-3304	208	21	any	any	DET
fsr-3304	208	22	life	life	NOUN
fsr-3304	208	23	annuity	annuity	NOUN
fsr-3304	208	24	payout	payout	NOUN
fsr-3304	208	25	.	.	PUNCT
fsr-3304	209	1	further	far	ADV
fsr-3304	209	2	,	,	PUNCT
fsr-3304	209	3	with	with	ADP
fsr-3304	209	4	discounting	discount	VERB
fsr-3304	209	5	for	for	ADP
fsr-3304	209	6	time	time	NOUN
fsr-3304	209	7	(	(	PUNCT
fsr-3304	209	8	interest	interest	NOUN
fsr-3304	209	9	)	)	PUNCT
fsr-3304	209	10	for	for	ADP
fsr-3304	209	11	the	the	DET
fsr-3304	209	12	20	20	NUM
fsr-3304	209	13	-	-	PUNCT
fsr-3304	209	14	year	year	NOUN
fsr-3304	209	15	waiting	waiting	NOUN
fsr-3304	209	16	period	period	NOUN
fsr-3304	209	17	,	,	PUNCT
fsr-3304	209	18	the	the	DET
fsr-3304	209	19	alda	alda	NOUN
fsr-3304	209	20	premium	premium	NOUN
fsr-3304	209	21	is	be	AUX
fsr-3304	209	22	substantially	substantially	ADV
fsr-3304	209	23	lower	low	ADJ
fsr-3304	209	24	.	.	PUNCT
fsr-3304	210	1	discounting	discount	VERB
fsr-3304	210	2	would	would	AUX
fsr-3304	210	3	lower	lower	VERB
fsr-3304	210	4	the	the	DET
fsr-3304	210	5	premium	premium	NOUN
fsr-3304	210	6	by	by	ADP
fsr-3304	210	7	about	about	ADV
fsr-3304	210	8	65	65	NUM
fsr-3304	210	9	%	%	NOUN
fsr-3304	210	10	for	for	ADP
fsr-3304	210	11	a	a	DET
fsr-3304	210	12	real	real	ADJ
fsr-3304	210	13	alda	alda	NOUN
fsr-3304	210	14	and	and	CCONJ
fsr-3304	210	15	85	85	NUM
fsr-3304	210	16	%	%	NOUN
fsr-3304	210	17	for	for	ADP
fsr-3304	210	18	a	a	DET
fsr-3304	210	19	nominal	nominal	ADJ
fsr-3304	210	20	alda	alda	NOUN
fsr-3304	210	21	,	,	PUNCT
fsr-3304	210	22	assuming	assume	VERB
fsr-3304	210	23	the	the	DET
fsr-3304	210	24	average	average	ADJ
fsr-3304	210	25	interest	interest	NOUN
fsr-3304	210	26	and	and	CCONJ
fsr-3304	210	27	inflation	inflation	NOUN
fsr-3304	210	28	rates	rate	NOUN
fsr-3304	210	29	reported	report	VERB
fsr-3304	210	30	in	in	ADP
fsr-3304	210	31	table	table	NOUN
fsr-3304	210	32	1	1	NUM
fsr-3304	210	33	.	.	PUNCT
fsr-3304	211	1	put	put	VERB
fsr-3304	211	2	differently	differently	ADV
fsr-3304	211	3	,	,	PUNCT
fsr-3304	211	4	the	the	DET
fsr-3304	211	5	age-85	age-85	PROPN
fsr-3304	211	6	payout	payout	NOUN
fsr-3304	211	7	from	from	ADP
fsr-3304	211	8	an	an	DET
fsr-3304	211	9	alda	alda	NOUN
fsr-3304	211	10	that	that	PRON
fsr-3304	211	11	is	be	AUX
fsr-3304	211	12	purchased	purchase	VERB
fsr-3304	211	13	with	with	ADP
fsr-3304	211	14	5	5	NUM
fsr-3304	211	15	%	%	NOUN
fsr-3304	211	16	of	of	ADP
fsr-3304	211	17	wealth	wealth	NOUN
fsr-3304	211	18	is	be	AUX
fsr-3304	211	19	equivalent	equivalent	ADJ
fsr-3304	211	20	to	to	ADP
fsr-3304	211	21	the	the	DET
fsr-3304	211	22	payout	payout	NOUN
fsr-3304	211	23	from	from	ADP
fsr-3304	211	24	an	an	DET
fsr-3304	211	25	immediate	immediate	ADJ
fsr-3304	211	26	annuity	annuity	NOUN
fsr-3304	211	27	that	that	PRON
fsr-3304	211	28	is	be	AUX
fsr-3304	211	29	purchased	purchase	VERB
fsr-3304	211	30	with	with	ADP
fsr-3304	211	31	15–30	15–30	NUM
fsr-3304	211	32	%	%	NOUN
fsr-3304	211	33	of	of	ADP
fsr-3304	211	34	initial	initial	ADJ
fsr-3304	211	35	wealth	wealth	NOUN
fsr-3304	211	36	,	,	PUNCT
fsr-3304	211	37	depending	depend	VERB
fsr-3304	211	38	on	on	ADP
fsr-3304	211	39	the	the	DET
fsr-3304	211	40	contract	contract	NOUN
fsr-3304	211	41	terms	term	NOUN
fsr-3304	211	42	.	.	PUNCT
fsr-3304	212	1	nonetheless	nonetheless	ADV
fsr-3304	212	2	,	,	PUNCT
fsr-3304	212	3	the	the	DET
fsr-3304	212	4	alda	alda	NOUN
fsr-3304	212	5	has	have	VERB
fsr-3304	212	6	significant	significant	ADJ
fsr-3304	212	7	shortcomings	shortcoming	NOUN
fsr-3304	212	8	.	.	PUNCT
fsr-3304	213	1	first	first	ADV
fsr-3304	213	2	,	,	PUNCT
fsr-3304	213	3	achieving	achieve	VERB
fsr-3304	213	4	a	a	DET
fsr-3304	213	5	smooth	smooth	ADJ
fsr-3304	213	6	connection	connection	NOUN
fsr-3304	213	7	between	between	ADP
fsr-3304	213	8	withdrawals	withdrawal	NOUN
fsr-3304	213	9	and	and	CCONJ
fsr-3304	213	10	commencement	commencement	NOUN
fsr-3304	213	11	of	of	ADP
fsr-3304	213	12	payout	payout	NOUN
fsr-3304	213	13	is	be	AUX
fsr-3304	213	14	difficult	difficult	ADJ
fsr-3304	213	15	.	.	PUNCT
fsr-3304	214	1	consumption	consumption	NOUN
fsr-3304	214	2	may	may	AUX
fsr-3304	214	3	experience	experience	VERB
fsr-3304	214	4	cliff	cliff	NOUN
fsr-3304	214	5	changes	change	NOUN
fsr-3304	214	6	by	by	ADP
fsr-3304	214	7	the	the	DET
fsr-3304	214	8	time	time	NOUN
fsr-3304	214	9	the	the	DET
fsr-3304	214	10	alda	alda	NOUN
fsr-3304	214	11	begins	begin	VERB
fsr-3304	214	12	payouts	payout	NOUN
fsr-3304	214	13	because	because	SCONJ
fsr-3304	214	14	of	of	ADP
fsr-3304	214	15	declines	decline	NOUN
fsr-3304	214	16	in	in	ADP
fsr-3304	214	17	wealth	wealth	NOUN
fsr-3304	214	18	.	.	PUNCT
fsr-3304	215	1	notably	notably	ADV
fsr-3304	215	2	in	in	ADP
fsr-3304	215	3	scenario	scenario	NOUN
fsr-3304	215	4	3b	3b	NOUN
fsr-3304	215	5	,	,	PUNCT
fsr-3304	215	6	the	the	DET
fsr-3304	215	7	alda	alda	NOUN
fsr-3304	215	8	loses	lose	VERB
fsr-3304	215	9	its	its	PRON
fsr-3304	215	10	appeal	appeal	NOUN
fsr-3304	215	11	entirely	entirely	ADV
fsr-3304	215	12	when	when	SCONJ
fsr-3304	215	13	a	a	DET
fsr-3304	215	14	fixed	fix	VERB
fsr-3304	215	15	percentage	percentage	NOUN
fsr-3304	215	16	withdrawal	withdrawal	NOUN
fsr-3304	215	17	is	be	AUX
fsr-3304	215	18	used	use	VERB
fsr-3304	215	19	.	.	PUNCT
fsr-3304	216	1	and	and	CCONJ
fsr-3304	216	2	second	second	ADJ
fsr-3304	216	3	,	,	PUNCT
fsr-3304	216	4	households	household	NOUN
fsr-3304	216	5	are	be	AUX
fsr-3304	216	6	likely	likely	ADJ
fsr-3304	216	7	to	to	PART
fsr-3304	216	8	be	be	AUX
fsr-3304	216	9	better	well	ADJ
fsr-3304	216	10	off	off	ADP
fsr-3304	216	11	using	use	VERB
fsr-3304	216	12	immediate	immediate	ADJ
fsr-3304	216	13	annuities	annuity	NOUN
fsr-3304	216	14	rather	rather	ADV
fsr-3304	216	15	than	than	ADP
fsr-3304	216	16	an	an	DET
fsr-3304	216	17	alda	alda	NOUN
fsr-3304	216	18	,	,	PUNCT
fsr-3304	216	19	as	as	SCONJ
fsr-3304	216	20	indicated	indicate	VERB
fsr-3304	216	21	by	by	ADP
fsr-3304	216	22	higher	high	ADJ
fsr-3304	216	23	aces	ace	NOUN
fsr-3304	216	24	in	in	ADP
fsr-3304	216	25	table	table	NOUN
fsr-3304	216	26	2	2	NUM
fsr-3304	216	27	versus	versus	ADP
fsr-3304	216	28	table	table	NOUN
fsr-3304	216	29	3	3	NUM
fsr-3304	216	30	,	,	PUNCT
fsr-3304	216	31	in	in	ADP
fsr-3304	216	32	part	part	NOUN
fsr-3304	216	33	owing	owe	VERB
fsr-3304	216	34	to	to	ADP
fsr-3304	216	35	the	the	DET
fsr-3304	216	36	lower	low	ADJ
fsr-3304	216	37	loads	load	NOUN
fsr-3304	216	38	on	on	ADP
fsr-3304	216	39	immediate	immediate	ADJ
fsr-3304	216	40	annuities	annuity	NOUN
fsr-3304	216	41	.	.	PUNCT
fsr-3304	217	1	more	more	ADV
fsr-3304	217	2	important	important	ADJ
fsr-3304	217	3	,	,	PUNCT
fsr-3304	217	4	the	the	DET
fsr-3304	217	5	immediate	immediate	ADJ
fsr-3304	217	6	annuities	annuity	NOUN
fsr-3304	217	7	perform	perform	VERB
fsr-3304	217	8	better	well	ADV
fsr-3304	217	9	in	in	ADP
fsr-3304	217	10	managing	manage	VERB
fsr-3304	217	11	a	a	DET
fsr-3304	217	12	steady	steady	ADJ
fsr-3304	217	13	income	income	NOUN
fsr-3304	217	14	flow	flow	NOUN
fsr-3304	217	15	and	and	CCONJ
fsr-3304	217	16	avoiding	avoid	VERB
fsr-3304	217	17	extremely	extremely	ADV
fsr-3304	217	18	low	low	ADJ
fsr-3304	217	19	incomes	income	NOUN
fsr-3304	217	20	.	.	PUNCT
fsr-3304	218	1	4.2	4.2	NUM
fsr-3304	218	2	.	.	PUNCT
fsr-3304	219	1	singles	single	NOUN
fsr-3304	219	2	with	with	ADP
fsr-3304	219	3	a	a	DET
fsr-3304	219	4	short	short	ADJ
fsr-3304	219	5	life	life	NOUN
fsr-3304	219	6	expectancy	expectancy	NOUN
fsr-3304	219	7	i	i	PRON
fsr-3304	219	8	examine	examine	VERB
fsr-3304	219	9	now	now	ADV
fsr-3304	219	10	how	how	SCONJ
fsr-3304	219	11	the	the	DET
fsr-3304	219	12	strategies	strategy	NOUN
fsr-3304	219	13	/	/	SYM
fsr-3304	219	14	implementations	implementation	NOUN
fsr-3304	219	15	would	would	AUX
fsr-3304	219	16	vary	vary	VERB
fsr-3304	219	17	for	for	ADP
fsr-3304	219	18	single	single	ADJ
fsr-3304	219	19	retirees	retiree	NOUN
fsr-3304	219	20	with	with	ADP
fsr-3304	219	21	an	an	DET
fsr-3304	219	22	impaired	impaired	ADJ
fsr-3304	219	23	life	life	NOUN
fsr-3304	219	24	expectancy	expectancy	NOUN
fsr-3304	219	25	.	.	PUNCT
fsr-3304	220	1	i	i	PRON
fsr-3304	220	2	model	model	VERB
fsr-3304	220	3	impaired	impaired	ADJ
fsr-3304	220	4	mortality	mortality	NOUN
fsr-3304	220	5	as	as	ADP
fsr-3304	220	6	equivalent	equivalent	ADJ
fsr-3304	220	7	to	to	ADP
fsr-3304	220	8	those	those	PRON
fsr-3304	220	9	with	with	ADP
fsr-3304	220	10	a	a	DET
fsr-3304	220	11	spinal	spinal	ADJ
fsr-3304	220	12	cord	cord	NOUN
fsr-3304	220	13	injury	injury	NOUN
fsr-3304	220	14	,	,	PUNCT
fsr-3304	220	15	based	base	VERB
fsr-3304	220	16	on	on	ADP
fsr-3304	220	17	the	the	DET
fsr-3304	220	18	estimates	estimate	NOUN
fsr-3304	220	19	of	of	ADP
fsr-3304	220	20	strauss	strauss	PROPN
fsr-3304	220	21	et	et	PROPN
fsr-3304	220	22	al	al	PROPN
fsr-3304	220	23	.	.	PROPN
fsr-3304	221	1	(	(	PUNCT
fsr-3304	221	2	2005	2005	NUM
fsr-3304	221	3	)	)	PUNCT
fsr-3304	221	4	.	.	PUNCT
fsr-3304	222	1	their	their	PRON
fsr-3304	222	2	life	life	NOUN
fsr-3304	222	3	expectancy	expectancy	NOUN
fsr-3304	222	4	is	be	AUX
fsr-3304	222	5	about	about	ADV
fsr-3304	222	6	seven	seven	NUM
fsr-3304	222	7	table	table	NOUN
fsr-3304	222	8	3	3	NUM
fsr-3304	222	9	search	search	NOUN
fsr-3304	222	10	for	for	ADP
fsr-3304	222	11	optimal	optimal	ADJ
fsr-3304	222	12	strategies	strategy	NOUN
fsr-3304	222	13	among	among	ADP
fsr-3304	222	14	systematic	systematic	ADJ
fsr-3304	222	15	withdrawals	withdrawal	NOUN
fsr-3304	222	16	and	and	CCONJ
fsr-3304	222	17	age-85	age-85	PROPN
fsr-3304	222	18	alda	alda	NOUN
fsr-3304	222	19	—	—	PUNCT
fsr-3304	222	20	singles	single	NOUN
fsr-3304	222	21	real	real	ADJ
fsr-3304	222	22	$	$	SYM
fsr-3304	222	23	000	000	NUM
fsr-3304	222	24	95th	95th	ADJ
fsr-3304	222	25	percentile	percentile	ADJ
fsr-3304	222	26	50th	50th	ADJ
fsr-3304	222	27	percentile	percentile	ADJ
fsr-3304	222	28	5th	5th	ADJ
fsr-3304	222	29	percentile	percentile	ADJ
fsr-3304	222	30	mean	mean	VERB
fsr-3304	222	31	standard	standard	ADJ
fsr-3304	222	32	deviation	deviation	NOUN
fsr-3304	222	33	a.	a.	NOUN
fsr-3304	222	34	options	option	NOUN
fsr-3304	222	35	:	:	PUNCT
fsr-3304	222	36	fixed	fix	VERB
fsr-3304	222	37	real	real	ADJ
fsr-3304	222	38	dollars	dollar	NOUN
fsr-3304	222	39	�	�	PROPN
fsr-3304	222	40	real	real	ADJ
fsr-3304	222	41	alda	alda	NOUN
fsr-3304	222	42	optimal	optimal	ADJ
fsr-3304	222	43	strategy	strategy	NOUN
fsr-3304	222	44	:	:	PUNCT
fsr-3304	222	45	withdrawal	withdrawal	NOUN
fsr-3304	222	46	$	$	SYM
fsr-3304	222	47	15	15	NUM
fsr-3304	222	48	,	,	PUNCT
fsr-3304	222	49	alda	alda	NOUN
fsr-3304	222	50	5	5	NUM
fsr-3304	222	51	%	%	NOUN
fsr-3304	222	52	of	of	ADP
fsr-3304	222	53	wealth	wealth	NOUN
fsr-3304	222	54	,	,	PUNCT
fsr-3304	222	55	ace	ace	VERB
fsr-3304	222	56	25.2	25.2	NUM
fsr-3304	222	57	income	income	NOUN
fsr-3304	222	58	28.8	28.8	NUM
fsr-3304	222	59	28.8	28.8	NUM
fsr-3304	222	60	15.4	15.4	NUM
fsr-3304	222	61	27.2	27.2	NUM
fsr-3304	222	62	4.3	4.3	NUM
fsr-3304	222	63	balance	balance	NOUN
fsr-3304	222	64	295.9	295.9	NUM
fsr-3304	222	65	161.4	161.4	NUM
fsr-3304	222	66	0.0	0.0	NUM
fsr-3304	222	67	151.1	151.1	NUM
fsr-3304	222	68	100.6	100.6	NUM
fsr-3304	222	69	b.	b.	NOUN
fsr-3304	222	70	options	option	NOUN
fsr-3304	222	71	:	:	PUNCT
fsr-3304	222	72	fixed	fix	VERB
fsr-3304	222	73	percentage	percentage	NOUN
fsr-3304	222	74	�	�	PROPN
fsr-3304	222	75	nominal	nominal	ADJ
fsr-3304	222	76	alda	alda	NOUN
fsr-3304	222	77	optimal	optimal	ADJ
fsr-3304	222	78	strategy	strategy	NOUN
fsr-3304	222	79	:	:	PUNCT
fsr-3304	222	80	withdrawal	withdrawal	NOUN
fsr-3304	222	81	9	9	NUM
fsr-3304	222	82	%	%	NOUN
fsr-3304	222	83	,	,	PUNCT
fsr-3304	222	84	alda	alda	NOUN
fsr-3304	222	85	0	0	NUM
fsr-3304	222	86	%	%	NOUN
fsr-3304	222	87	,	,	PUNCT
fsr-3304	222	88	ace	ace	VERB
fsr-3304	222	89	25.7	25.7	NUM
fsr-3304	222	90	income	income	NOUN
fsr-3304	222	91	36.7	36.7	NUM
fsr-3304	222	92	26.7	26.7	NUM
fsr-3304	222	93	17.6	17.6	NUM
fsr-3304	222	94	27.2	27.2	NUM
fsr-3304	222	95	6.4	6.4	NUM
fsr-3304	222	96	balance	balance	NOUN
fsr-3304	222	97	254.1	254.1	NUM
fsr-3304	222	98	140.3	140.3	NUM
fsr-3304	222	99	41.0	41.0	NUM
fsr-3304	222	100	146.3	146.3	NUM
fsr-3304	222	101	71.4	71.4	NUM
fsr-3304	222	102	c.	c.	NOUN
fsr-3304	222	103	options	option	NOUN
fsr-3304	222	104	:	:	PUNCT
fsr-3304	222	105	fixed	fix	VERB
fsr-3304	222	106	real	real	ADJ
fsr-3304	222	107	dollars	dollar	NOUN
fsr-3304	222	108	�	�	PROPN
fsr-3304	222	109	nominal	nominal	ADJ
fsr-3304	222	110	alda	alda	NOUN
fsr-3304	222	111	optimal	optimal	ADJ
fsr-3304	222	112	strategy	strategy	NOUN
fsr-3304	222	113	:	:	PUNCT
fsr-3304	222	114	withdrawal	withdrawal	NOUN
fsr-3304	222	115	$	$	SYM
fsr-3304	222	116	15	15	NUM
fsr-3304	222	117	,	,	PUNCT
fsr-3304	222	118	alda	alda	NOUN
fsr-3304	222	119	5	5	NUM
fsr-3304	222	120	%	%	NOUN
fsr-3304	222	121	of	of	ADP
fsr-3304	222	122	wealth	wealth	NOUN
fsr-3304	222	123	,	,	PUNCT
fsr-3304	222	124	ace	ace	VERB
fsr-3304	222	125	25.2	25.2	NUM
fsr-3304	222	126	income	income	NOUN
fsr-3304	222	127	28.8	28.8	NUM
fsr-3304	222	128	28.8	28.8	NUM
fsr-3304	222	129	15.2	15.2	NUM
fsr-3304	222	130	27.2	27.2	NUM
fsr-3304	222	131	4.3	4.3	NUM
fsr-3304	222	132	balance	balance	NOUN
fsr-3304	222	133	293.7	293.7	NUM
fsr-3304	222	134	160.0	160.0	NUM
fsr-3304	222	135	0.0	0.0	NUM
fsr-3304	222	136	150.7	150.7	NUM
fsr-3304	222	137	100.2	100.2	NUM
fsr-3304	222	138	source	source	NOUN
fsr-3304	222	139	:	:	PUNCT
fsr-3304	222	140	author	author	NOUN
fsr-3304	222	141	’s	’s	PART
fsr-3304	222	142	simulations	simulation	NOUN
fsr-3304	222	143	.	.	PUNCT
fsr-3304	223	1	higher	high	ADJ
fsr-3304	223	2	aces	ace	NOUN
fsr-3304	223	3	(	(	PUNCT
fsr-3304	223	4	average	average	ADJ
fsr-3304	223	5	certainty	certainty	NOUN
fsr-3304	223	6	equivalent	equivalent	ADJ
fsr-3304	223	7	consumption	consumption	NOUN
fsr-3304	223	8	)	)	PUNCT
fsr-3304	223	9	indicate	indicate	VERB
fsr-3304	223	10	better	well	ADJ
fsr-3304	223	11	outcomes	outcome	NOUN
fsr-3304	223	12	for	for	ADP
fsr-3304	223	13	households	household	NOUN
fsr-3304	223	14	,	,	PUNCT
fsr-3304	223	15	for	for	ADP
fsr-3304	223	16	a	a	DET
fsr-3304	223	17	given	give	VERB
fsr-3304	223	18	set	set	NOUN
fsr-3304	223	19	of	of	ADP
fsr-3304	223	20	preference	preference	NOUN
fsr-3304	223	21	parameters	parameter	NOUN
fsr-3304	223	22	.	.	PUNCT
fsr-3304	224	1	124	124	NUM
fsr-3304	224	2	m.j	m.j	PROPN
fsr-3304	224	3	.	.	PROPN
fsr-3304	224	4	warshawsky	warshawsky	PROPN
fsr-3304	224	5	/	/	SYM
fsr-3304	224	6	financial	financial	ADJ
fsr-3304	224	7	services	service	NOUN
fsr-3304	224	8	review	review	VERB
fsr-3304	224	9	26	26	NUM
fsr-3304	224	10	(	(	PUNCT
fsr-3304	224	11	2017	2017	NUM
fsr-3304	224	12	)	)	PUNCT
fsr-3304	224	13	113–141	113–141	NUM
fsr-3304	224	14	years	year	NOUN
fsr-3304	224	15	shorter	short	ADJ
fsr-3304	224	16	than	than	ADP
fsr-3304	224	17	that	that	PRON
fsr-3304	224	18	for	for	ADP
fsr-3304	224	19	the	the	DET
fsr-3304	224	20	general	general	ADJ
fsr-3304	224	21	population	population	NOUN
fsr-3304	224	22	.	.	PUNCT
fsr-3304	225	1	as	as	SCONJ
fsr-3304	225	2	shown	show	VERB
fsr-3304	225	3	in	in	ADP
fsr-3304	225	4	table	table	NOUN
fsr-3304	225	5	4	4	NUM
fsr-3304	225	6	,	,	PUNCT
fsr-3304	225	7	these	these	DET
fsr-3304	225	8	households	household	NOUN
fsr-3304	225	9	would	would	AUX
fsr-3304	225	10	make	make	VERB
fsr-3304	225	11	more	more	ADV
fsr-3304	225	12	aggressive	aggressive	ADJ
fsr-3304	225	13	withdrawals—$5,000	withdrawals—$5,000	PRON
fsr-3304	225	14	more	more	ADV
fsr-3304	225	15	a	a	DET
fsr-3304	225	16	year	year	NOUN
fsr-3304	225	17	as	as	ADP
fsr-3304	225	18	a	a	DET
fsr-3304	225	19	fixed	fix	VERB
fsr-3304	225	20	dollar	dollar	NOUN
fsr-3304	225	21	withdrawal	withdrawal	NOUN
fsr-3304	225	22	strategy	strategy	NOUN
fsr-3304	225	23	or	or	CCONJ
fsr-3304	225	24	three	three	NUM
fsr-3304	225	25	percentage	percentage	NOUN
fsr-3304	225	26	points	point	NOUN
fsr-3304	225	27	higher	high	ADJ
fsr-3304	225	28	as	as	ADP
fsr-3304	225	29	a	a	DET
fsr-3304	225	30	fixed	fix	VERB
fsr-3304	225	31	percentage	percentage	NOUN
fsr-3304	225	32	strategy	strategy	NOUN
fsr-3304	225	33	(	(	PUNCT
fsr-3304	225	34	compared	compare	VERB
fsr-3304	225	35	with	with	ADP
fsr-3304	225	36	cases	case	NOUN
fsr-3304	225	37	2a	2a	NUM
fsr-3304	225	38	and	and	CCONJ
fsr-3304	225	39	2b	2b	NOUN
fsr-3304	225	40	above	above	ADV
fsr-3304	225	41	,	,	PUNCT
fsr-3304	225	42	respectively	respectively	ADV
fsr-3304	225	43	)	)	PUNCT
fsr-3304	225	44	.	.	PUNCT
fsr-3304	226	1	being	be	AUX
fsr-3304	226	2	less	less	ADV
fsr-3304	226	3	likely	likely	ADJ
fsr-3304	226	4	to	to	PART
fsr-3304	226	5	reach	reach	VERB
fsr-3304	226	6	advanced	advanced	ADJ
fsr-3304	226	7	ages	age	NOUN
fsr-3304	226	8	,	,	PUNCT
fsr-3304	226	9	these	these	DET
fsr-3304	226	10	retirees	retiree	NOUN
fsr-3304	226	11	would	would	AUX
fsr-3304	226	12	also	also	ADV
fsr-3304	226	13	generally	generally	ADV
fsr-3304	226	14	reduce	reduce	VERB
fsr-3304	226	15	their	their	PRON
fsr-3304	226	16	purchases	purchase	NOUN
fsr-3304	226	17	of	of	ADP
fsr-3304	226	18	immediate	immediate	ADJ
fsr-3304	226	19	life	life	NOUN
fsr-3304	226	20	annuities	annuity	NOUN
fsr-3304	226	21	.	.	PUNCT
fsr-3304	227	1	here	here	ADV
fsr-3304	227	2	mortality	mortality	NOUN
fsr-3304	227	3	is	be	AUX
fsr-3304	227	4	simulated	simulate	VERB
fsr-3304	227	5	based	base	VERB
fsr-3304	227	6	on	on	ADP
fsr-3304	227	7	the	the	DET
fsr-3304	227	8	impaired	impair	VERB
fsr-3304	227	9	population	population	NOUN
fsr-3304	227	10	life	life	NOUN
fsr-3304	227	11	table	table	NOUN
fsr-3304	227	12	but	but	CCONJ
fsr-3304	227	13	assumes	assume	VERB
fsr-3304	227	14	that	that	SCONJ
fsr-3304	227	15	annuity	annuity	NOUN
fsr-3304	227	16	pricing	pricing	NOUN
fsr-3304	227	17	uses	use	VERB
fsr-3304	227	18	the	the	DET
fsr-3304	227	19	regular	regular	ADJ
fsr-3304	227	20	annuitant	annuitant	ADJ
fsr-3304	227	21	life	life	NOUN
fsr-3304	227	22	table	table	NOUN
fsr-3304	227	23	,	,	PUNCT
fsr-3304	227	24	because	because	SCONJ
fsr-3304	227	25	annuity	annuity	NOUN
fsr-3304	227	26	underwriting	underwriting	NOUN
fsr-3304	227	27	is	be	AUX
fsr-3304	227	28	uncommon	uncommon	ADJ
fsr-3304	227	29	and	and	CCONJ
fsr-3304	227	30	expensive	expensive	ADJ
fsr-3304	227	31	in	in	ADP
fsr-3304	227	32	the	the	DET
fsr-3304	227	33	united	united	PROPN
fsr-3304	227	34	states	states	PROPN
fsr-3304	227	35	.	.	PUNCT
fsr-3304	228	1	4.3	4.3	NUM
fsr-3304	228	2	.	.	PUNCT
fsr-3304	229	1	couples	couple	NOUN
fsr-3304	229	2	tables	table	VERB
fsr-3304	229	3	5	5	NUM
fsr-3304	229	4	and	and	CCONJ
fsr-3304	229	5	6	6	NUM
fsr-3304	229	6	report	report	VERB
fsr-3304	229	7	the	the	DET
fsr-3304	229	8	results	result	NOUN
fsr-3304	229	9	for	for	ADP
fsr-3304	229	10	two	two	NUM
fsr-3304	229	11	-	-	PUNCT
fsr-3304	229	12	person	person	NOUN
fsr-3304	229	13	(	(	PUNCT
fsr-3304	229	14	same	same	ADJ
fsr-3304	229	15	age	age	NOUN
fsr-3304	229	16	)	)	PUNCT
fsr-3304	229	17	retired	retire	VERB
fsr-3304	229	18	households	household	NOUN
fsr-3304	229	19	when	when	SCONJ
fsr-3304	229	20	both	both	DET
fsr-3304	229	21	annuities	annuity	NOUN
fsr-3304	229	22	and	and	CCONJ
fsr-3304	229	23	systematic	systematic	ADJ
fsr-3304	229	24	withdrawals	withdrawal	NOUN
fsr-3304	229	25	are	be	AUX
fsr-3304	229	26	considered	consider	VERB
fsr-3304	229	27	.	.	PUNCT
fsr-3304	230	1	the	the	DET
fsr-3304	230	2	optimal	optimal	ADJ
fsr-3304	230	3	strategies	strategy	NOUN
fsr-3304	230	4	for	for	ADP
fsr-3304	230	5	couples	couple	NOUN
fsr-3304	230	6	are	be	AUX
fsr-3304	230	7	table	table	NOUN
fsr-3304	230	8	4	4	NUM
fsr-3304	230	9	search	search	NOUN
fsr-3304	230	10	for	for	ADP
fsr-3304	230	11	optimal	optimal	ADJ
fsr-3304	230	12	strategies	strategy	NOUN
fsr-3304	230	13	among	among	ADP
fsr-3304	230	14	systematic	systematic	ADJ
fsr-3304	230	15	withdrawals	withdrawal	NOUN
fsr-3304	230	16	and	and	CCONJ
fsr-3304	230	17	immediate	immediate	ADJ
fsr-3304	230	18	annuities	annuity	NOUN
fsr-3304	230	19	—	—	PUNCT
fsr-3304	230	20	singles	single	NOUN
fsr-3304	230	21	with	with	ADP
fsr-3304	230	22	an	an	DET
fsr-3304	230	23	impaired	impaired	ADJ
fsr-3304	230	24	life	life	NOUN
fsr-3304	230	25	expectancy	expectancy	NOUN
fsr-3304	230	26	real	real	ADJ
fsr-3304	230	27	$	$	SYM
fsr-3304	230	28	000	000	NUM
fsr-3304	230	29	95th	95th	ADJ
fsr-3304	230	30	percentile	percentile	ADJ
fsr-3304	230	31	50th	50th	ADJ
fsr-3304	230	32	percentile	percentile	ADJ
fsr-3304	230	33	5th	5th	ADJ
fsr-3304	230	34	percentile	percentile	ADJ
fsr-3304	230	35	mean	mean	VERB
fsr-3304	230	36	standard	standard	ADJ
fsr-3304	230	37	deviation	deviation	NOUN
fsr-3304	230	38	a.	a.	NOUN
fsr-3304	230	39	options	option	NOUN
fsr-3304	230	40	:	:	PUNCT
fsr-3304	230	41	fixed	fix	VERB
fsr-3304	230	42	real	real	ADJ
fsr-3304	230	43	dollars	dollar	NOUN
fsr-3304	230	44	�	�	PROPN
fsr-3304	230	45	real	real	ADJ
fsr-3304	230	46	annuities	annuity	NOUN
fsr-3304	230	47	optimal	optimal	ADJ
fsr-3304	230	48	strategy	strategy	NOUN
fsr-3304	230	49	:	:	PUNCT
fsr-3304	230	50	withdrawal	withdrawal	NOUN
fsr-3304	230	51	$	$	SYM
fsr-3304	230	52	15	15	NUM
fsr-3304	230	53	,	,	PUNCT
fsr-3304	230	54	annuity	annuity	NOUN
fsr-3304	230	55	,	,	PUNCT
fsr-3304	230	56	initial	initial	ADJ
fsr-3304	230	57	and	and	CCONJ
fsr-3304	230	58	ending	ending	NOUN
fsr-3304	230	59	,	,	PUNCT
fsr-3304	230	60	25	25	NUM
fsr-3304	230	61	%	%	NOUN
fsr-3304	230	62	of	of	ADP
fsr-3304	230	63	wealth	wealth	NOUN
fsr-3304	230	64	,	,	PUNCT
fsr-3304	230	65	ace	ace	VERB
fsr-3304	230	66	27.2	27.2	NUM
fsr-3304	230	67	income	income	NOUN
fsr-3304	230	68	35.7	35.7	NUM
fsr-3304	230	69	34.0	34.0	NUM
fsr-3304	230	70	18.7	18.7	NUM
fsr-3304	230	71	32.6	32.6	NUM
fsr-3304	230	72	4.6	4.6	NUM
fsr-3304	230	73	balance	balance	NOUN
fsr-3304	230	74	220.5	220.5	NUM
fsr-3304	230	75	138.8	138.8	NUM
fsr-3304	230	76	0.0	0.0	NUM
fsr-3304	230	77	126.0	126.0	NUM
fsr-3304	230	78	72.0	72.0	NUM
fsr-3304	230	79	b.	b.	NOUN
fsr-3304	230	80	options	option	NOUN
fsr-3304	230	81	:	:	PUNCT
fsr-3304	230	82	fixed	fix	VERB
fsr-3304	230	83	percentage	percentage	NOUN
fsr-3304	230	84	�	�	PROPN
fsr-3304	230	85	nominal	nominal	ADJ
fsr-3304	230	86	annuity	annuity	NOUN
fsr-3304	230	87	optimal	optimal	ADJ
fsr-3304	230	88	strategy	strategy	NOUN
fsr-3304	230	89	:	:	PUNCT
fsr-3304	230	90	withdrawal	withdrawal	NOUN
fsr-3304	230	91	11	11	NUM
fsr-3304	230	92	%	%	NOUN
fsr-3304	230	93	,	,	PUNCT
fsr-3304	230	94	annuity	annuity	NOUN
fsr-3304	230	95	,	,	PUNCT
fsr-3304	230	96	initial	initial	ADJ
fsr-3304	230	97	0	0	NUM
fsr-3304	230	98	%	%	NOUN
fsr-3304	230	99	of	of	ADP
fsr-3304	230	100	wealth	wealth	NOUN
fsr-3304	230	101	,	,	PUNCT
fsr-3304	230	102	ending	end	VERB
fsr-3304	230	103	30	30	NUM
fsr-3304	230	104	%	%	NOUN
fsr-3304	230	105	by	by	ADP
fsr-3304	230	106	20	20	NUM
fsr-3304	230	107	years	year	NOUN
fsr-3304	230	108	,	,	PUNCT
fsr-3304	230	109	ace	ace	VERB
fsr-3304	230	110	27.9	27.9	NUM
fsr-3304	230	111	income	income	NOUN
fsr-3304	230	112	41.3	41.3	NUM
fsr-3304	230	113	32.5	32.5	NUM
fsr-3304	230	114	23.3	23.3	NUM
fsr-3304	230	115	32.8	32.8	NUM
fsr-3304	230	116	6.3	6.3	NUM
fsr-3304	230	117	balance	balance	NOUN
fsr-3304	230	118	250.0	250.0	NUM
fsr-3304	230	119	138.5	138.5	NUM
fsr-3304	230	120	6.8	6.8	NUM
fsr-3304	230	121	137.7	137.7	NUM
fsr-3304	230	122	79.6	79.6	NUM
fsr-3304	230	123	source	source	NOUN
fsr-3304	230	124	:	:	PUNCT
fsr-3304	230	125	author	author	NOUN
fsr-3304	230	126	’s	’s	PART
fsr-3304	230	127	simulations	simulation	NOUN
fsr-3304	230	128	.	.	PUNCT
fsr-3304	231	1	higher	high	ADJ
fsr-3304	231	2	aces	ace	NOUN
fsr-3304	231	3	(	(	PUNCT
fsr-3304	231	4	average	average	ADJ
fsr-3304	231	5	certainty	certainty	NOUN
fsr-3304	231	6	equivalent	equivalent	ADJ
fsr-3304	231	7	consumption	consumption	NOUN
fsr-3304	231	8	)	)	PUNCT
fsr-3304	231	9	indicate	indicate	VERB
fsr-3304	231	10	better	well	ADJ
fsr-3304	231	11	outcomes	outcome	NOUN
fsr-3304	231	12	for	for	ADP
fsr-3304	231	13	households	household	NOUN
fsr-3304	231	14	,	,	PUNCT
fsr-3304	231	15	for	for	ADP
fsr-3304	231	16	a	a	DET
fsr-3304	231	17	given	give	VERB
fsr-3304	231	18	set	set	NOUN
fsr-3304	231	19	of	of	ADP
fsr-3304	231	20	preference	preference	NOUN
fsr-3304	231	21	parameters	parameter	NOUN
fsr-3304	231	22	.	.	PUNCT
fsr-3304	232	1	table	table	NOUN
fsr-3304	232	2	5	5	NUM
fsr-3304	232	3	search	search	NOUN
fsr-3304	232	4	for	for	ADP
fsr-3304	232	5	optimal	optimal	ADJ
fsr-3304	232	6	strategies	strategy	NOUN
fsr-3304	232	7	among	among	ADP
fsr-3304	232	8	systematic	systematic	ADJ
fsr-3304	232	9	withdrawals	withdrawal	NOUN
fsr-3304	232	10	and	and	CCONJ
fsr-3304	232	11	laddered	ladder	VERB
fsr-3304	232	12	purchases	purchase	NOUN
fsr-3304	232	13	of	of	ADP
fsr-3304	232	14	immediate	immediate	ADJ
fsr-3304	232	15	life	life	NOUN
fsr-3304	232	16	annuities	annuity	NOUN
fsr-3304	232	17	—	—	PUNCT
fsr-3304	232	18	couples	couple	NOUN
fsr-3304	232	19	real	real	ADJ
fsr-3304	232	20	$	$	SYM
fsr-3304	232	21	000	000	NUM
fsr-3304	232	22	95th	95th	ADJ
fsr-3304	232	23	percentile	percentile	ADJ
fsr-3304	232	24	50th	50th	ADJ
fsr-3304	232	25	percentile	percentile	ADJ
fsr-3304	232	26	5th	5th	ADJ
fsr-3304	232	27	percentile	percentile	ADJ
fsr-3304	232	28	mean	mean	VERB
fsr-3304	232	29	standard	standard	ADJ
fsr-3304	232	30	deviation	deviation	NOUN
fsr-3304	232	31	a.	a.	NOUN
fsr-3304	232	32	options	option	NOUN
fsr-3304	232	33	:	:	PUNCT
fsr-3304	232	34	fixed	fix	VERB
fsr-3304	232	35	real	real	ADJ
fsr-3304	232	36	dollars	dollar	NOUN
fsr-3304	232	37	�	�	PROPN
fsr-3304	232	38	real	real	ADJ
fsr-3304	232	39	annuity	annuity	NOUN
fsr-3304	232	40	optimal	optimal	ADJ
fsr-3304	232	41	strategy	strategy	NOUN
fsr-3304	232	42	:	:	PUNCT
fsr-3304	232	43	withdrawal	withdrawal	NOUN
fsr-3304	232	44	$	$	SYM
fsr-3304	232	45	10	10	NUM
fsr-3304	232	46	,	,	PUNCT
fsr-3304	232	47	annuity	annuity	NOUN
fsr-3304	232	48	initial	initial	ADJ
fsr-3304	232	49	35	35	NUM
fsr-3304	232	50	%	%	NOUN
fsr-3304	232	51	of	of	ADP
fsr-3304	232	52	wealth	wealth	NOUN
fsr-3304	232	53	,	,	PUNCT
fsr-3304	232	54	ending	end	VERB
fsr-3304	232	55	45	45	NUM
fsr-3304	232	56	%	%	NOUN
fsr-3304	232	57	by	by	ADP
fsr-3304	232	58	25	25	NUM
fsr-3304	232	59	years	year	NOUN
fsr-3304	232	60	,	,	PUNCT
fsr-3304	232	61	ace	ace	VERB
fsr-3304	232	62	23.5	23.5	NUM
fsr-3304	232	63	income	income	NOUN
fsr-3304	232	64	37.8	37.8	NUM
fsr-3304	232	65	33.3	33.3	NUM
fsr-3304	232	66	17.4	17.4	NUM
fsr-3304	232	67	30.4	30.4	NUM
fsr-3304	232	68	6.7	6.7	NUM
fsr-3304	232	69	balance	balance	NOUN
fsr-3304	232	70	213.6	213.6	NUM
fsr-3304	232	71	87.3	87.3	NUM
fsr-3304	232	72	0.0	0.0	NUM
fsr-3304	232	73	90.5	90.5	NUM
fsr-3304	232	74	80.0	80.0	NUM
fsr-3304	232	75	b.	b.	NOUN
fsr-3304	232	76	options	option	NOUN
fsr-3304	232	77	:	:	PUNCT
fsr-3304	232	78	fixed	fix	VERB
fsr-3304	232	79	percentage	percentage	NOUN
fsr-3304	232	80	�	�	PROPN
fsr-3304	232	81	nominal	nominal	ADJ
fsr-3304	232	82	annuity	annuity	NOUN
fsr-3304	232	83	optimal	optimal	ADJ
fsr-3304	232	84	strategy	strategy	NOUN
fsr-3304	232	85	:	:	PUNCT
fsr-3304	232	86	withdrawal	withdrawal	NOUN
fsr-3304	232	87	8	8	NUM
fsr-3304	232	88	%	%	NOUN
fsr-3304	232	89	,	,	PUNCT
fsr-3304	232	90	annuity	annuity	NOUN
fsr-3304	232	91	initial	initial	ADJ
fsr-3304	232	92	0	0	NUM
fsr-3304	232	93	%	%	NOUN
fsr-3304	232	94	of	of	ADP
fsr-3304	232	95	wealth	wealth	NOUN
fsr-3304	232	96	,	,	PUNCT
fsr-3304	232	97	ending	end	VERB
fsr-3304	232	98	50	50	NUM
fsr-3304	232	99	%	%	NOUN
fsr-3304	232	100	by	by	ADP
fsr-3304	232	101	25	25	NUM
fsr-3304	232	102	years	year	NOUN
fsr-3304	232	103	,	,	PUNCT
fsr-3304	232	104	ace	ace	VERB
fsr-3304	232	105	24.3	24.3	NUM
fsr-3304	232	106	income	income	NOUN
fsr-3304	232	107	41.3	41.3	NUM
fsr-3304	232	108	31.3	31.3	NUM
fsr-3304	232	109	19.9	19.9	NUM
fsr-3304	232	110	31.1	31.1	NUM
fsr-3304	232	111	7.0	7.0	NUM
fsr-3304	232	112	balance	balance	NOUN
fsr-3304	232	113	250.0	250.0	NUM
fsr-3304	232	114	88.9	88.9	NUM
fsr-3304	232	115	0.0	0.0	NUM
fsr-3304	232	116	102.6	102.6	NUM
fsr-3304	232	117	87.2	87.2	NUM
fsr-3304	232	118	c.	c.	NOUN
fsr-3304	232	119	options	option	NOUN
fsr-3304	232	120	:	:	PUNCT
fsr-3304	232	121	fixed	fix	VERB
fsr-3304	232	122	real	real	ADJ
fsr-3304	232	123	dollars	dollar	NOUN
fsr-3304	232	124	�	�	PROPN
fsr-3304	232	125	nominal	nominal	ADJ
fsr-3304	232	126	annuity	annuity	NOUN
fsr-3304	232	127	optimal	optimal	ADJ
fsr-3304	232	128	strategy	strategy	NOUN
fsr-3304	232	129	:	:	PUNCT
fsr-3304	232	130	withdrawal	withdrawal	NOUN
fsr-3304	232	131	$	$	SYM
fsr-3304	232	132	10	10	NUM
fsr-3304	232	133	,	,	PUNCT
fsr-3304	232	134	annuity	annuity	NOUN
fsr-3304	232	135	initial	initial	NOUN
fsr-3304	232	136	25	25	NUM
fsr-3304	232	137	%	%	NOUN
fsr-3304	232	138	of	of	ADP
fsr-3304	232	139	wealth	wealth	NOUN
fsr-3304	232	140	,	,	PUNCT
fsr-3304	232	141	ending	end	VERB
fsr-3304	232	142	65	65	NUM
fsr-3304	232	143	%	%	NOUN
fsr-3304	232	144	by	by	ADP
fsr-3304	232	145	25	25	NUM
fsr-3304	232	146	years	year	NOUN
fsr-3304	232	147	,	,	PUNCT
fsr-3304	232	148	ace	ace	VERB
fsr-3304	232	149	23.8	23.8	NUM
fsr-3304	232	150	income	income	NOUN
fsr-3304	232	151	39.3	39.3	NUM
fsr-3304	232	152	34.2	34.2	NUM
fsr-3304	232	153	17.2	17.2	NUM
fsr-3304	232	154	31.0	31.0	NUM
fsr-3304	232	155	7.4	7.4	NUM
fsr-3304	232	156	balance	balance	NOUN
fsr-3304	232	157	223.3	223.3	NUM
fsr-3304	232	158	77.3	77.3	NUM
fsr-3304	232	159	0.0	0.0	NUM
fsr-3304	232	160	88.8	88.8	NUM
fsr-3304	232	161	86.1	86.1	NUM
fsr-3304	232	162	source	source	NOUN
fsr-3304	232	163	:	:	PUNCT
fsr-3304	232	164	author	author	NOUN
fsr-3304	232	165	’s	’s	PART
fsr-3304	232	166	simulations	simulation	NOUN
fsr-3304	232	167	.	.	PUNCT
fsr-3304	233	1	higher	high	ADJ
fsr-3304	233	2	aces	ace	NOUN
fsr-3304	233	3	(	(	PUNCT
fsr-3304	233	4	average	average	ADJ
fsr-3304	233	5	certainty	certainty	NOUN
fsr-3304	233	6	equivalent	equivalent	ADJ
fsr-3304	233	7	consumption	consumption	NOUN
fsr-3304	233	8	)	)	PUNCT
fsr-3304	233	9	indicate	indicate	VERB
fsr-3304	233	10	better	well	ADJ
fsr-3304	233	11	outcomes	outcome	NOUN
fsr-3304	233	12	for	for	ADP
fsr-3304	233	13	households	household	NOUN
fsr-3304	233	14	,	,	PUNCT
fsr-3304	233	15	for	for	ADP
fsr-3304	233	16	a	a	DET
fsr-3304	233	17	given	give	VERB
fsr-3304	233	18	set	set	NOUN
fsr-3304	233	19	of	of	ADP
fsr-3304	233	20	preference	preference	NOUN
fsr-3304	233	21	parameters	parameter	NOUN
fsr-3304	233	22	.	.	PUNCT
fsr-3304	234	1	125m.j	125m.j	X
fsr-3304	234	2	.	.	PUNCT
fsr-3304	234	3	warshawsky	warshawsky	PROPN
fsr-3304	234	4	/	/	SYM
fsr-3304	234	5	financial	financial	ADJ
fsr-3304	234	6	services	service	NOUN
fsr-3304	234	7	review	review	VERB
fsr-3304	234	8	26	26	NUM
fsr-3304	234	9	(	(	PUNCT
fsr-3304	234	10	2017	2017	NUM
fsr-3304	234	11	)	)	PUNCT
fsr-3304	234	12	113–141	113–141	NUM
fsr-3304	234	13	similar	similar	ADJ
fsr-3304	234	14	to	to	ADP
fsr-3304	234	15	those	those	PRON
fsr-3304	234	16	for	for	ADP
fsr-3304	234	17	singles	single	NOUN
fsr-3304	234	18	.	.	PUNCT
fsr-3304	235	1	using	use	VERB
fsr-3304	235	2	systematic	systematic	ADJ
fsr-3304	235	3	withdrawals	withdrawal	NOUN
fsr-3304	235	4	alone	alone	ADV
fsr-3304	235	5	,	,	PUNCT
fsr-3304	235	6	it	it	PRON
fsr-3304	235	7	is	be	AUX
fsr-3304	235	8	optimal	optimal	ADJ
fsr-3304	235	9	for	for	SCONJ
fsr-3304	235	10	couples	couple	NOUN
fsr-3304	235	11	to	to	PART
fsr-3304	235	12	withdraw	withdraw	VERB
fsr-3304	235	13	$	$	SYM
fsr-3304	235	14	15,000	15,000	NUM
fsr-3304	235	15	in	in	ADP
fsr-3304	235	16	real	real	ADJ
fsr-3304	235	17	dollars	dollar	NOUN
fsr-3304	235	18	,	,	PUNCT
fsr-3304	235	19	or	or	CCONJ
fsr-3304	235	20	alternatively	alternatively	ADV
fsr-3304	235	21	9	9	NUM
fsr-3304	235	22	%	%	NOUN
fsr-3304	235	23	of	of	ADP
fsr-3304	235	24	balances	balance	NOUN
fsr-3304	235	25	each	each	DET
fsr-3304	235	26	year	year	NOUN
fsr-3304	235	27	(	(	PUNCT
fsr-3304	235	28	table	table	NOUN
fsr-3304	235	29	a-2	a-2	PROPN
fsr-3304	235	30	in	in	ADP
fsr-3304	235	31	appendix	appendix	NOUN
fsr-3304	235	32	,	,	PUNCT
fsr-3304	235	33	section	section	NOUN
fsr-3304	235	34	b	b	NOUN
fsr-3304	235	35	)	)	PUNCT
fsr-3304	235	36	.	.	PUNCT
fsr-3304	236	1	when	when	SCONJ
fsr-3304	236	2	the	the	DET
fsr-3304	236	3	option	option	NOUN
fsr-3304	236	4	of	of	ADP
fsr-3304	236	5	laddered	ladder	VERB
fsr-3304	236	6	purchases	purchase	NOUN
fsr-3304	236	7	of	of	ADP
fsr-3304	236	8	immediate	immediate	ADJ
fsr-3304	236	9	life	life	NOUN
fsr-3304	236	10	annuities	annuity	NOUN
fsr-3304	236	11	is	be	AUX
fsr-3304	236	12	considered	consider	VERB
fsr-3304	236	13	,	,	PUNCT
fsr-3304	236	14	couples	couple	NOUN
fsr-3304	236	15	should	should	AUX
fsr-3304	236	16	eventually	eventually	ADV
fsr-3304	236	17	annuitize	annuitize	VERB
fsr-3304	236	18	from	from	ADP
fsr-3304	236	19	45	45	NUM
fsr-3304	236	20	to	to	PART
fsr-3304	236	21	65	65	NUM
fsr-3304	236	22	%	%	NOUN
fsr-3304	236	23	of	of	ADP
fsr-3304	236	24	wealth	wealth	NOUN
fsr-3304	236	25	,	,	PUNCT
fsr-3304	236	26	varying	vary	VERB
fsr-3304	236	27	with	with	ADP
fsr-3304	236	28	the	the	DET
fsr-3304	236	29	combinations	combination	NOUN
fsr-3304	236	30	of	of	ADP
fsr-3304	236	31	nominal	nominal	ADJ
fsr-3304	236	32	and	and	CCONJ
fsr-3304	236	33	real	real	ADJ
fsr-3304	236	34	products	product	NOUN
fsr-3304	236	35	(	(	PUNCT
fsr-3304	236	36	table	table	NOUN
fsr-3304	236	37	5	5	NUM
fsr-3304	236	38	)	)	PUNCT
fsr-3304	236	39	.	.	PUNCT
fsr-3304	237	1	initial	initial	ADJ
fsr-3304	237	2	annuitization	annuitization	NOUN
fsr-3304	237	3	is	be	AUX
fsr-3304	237	4	generally	generally	ADV
fsr-3304	237	5	lower	low	ADJ
fsr-3304	237	6	for	for	ADP
fsr-3304	237	7	couples	couple	NOUN
fsr-3304	237	8	than	than	ADP
fsr-3304	237	9	for	for	ADP
fsr-3304	237	10	singles	single	NOUN
fsr-3304	237	11	.	.	PUNCT
fsr-3304	238	1	also	also	ADV
fsr-3304	238	2	note	note	VERB
fsr-3304	238	3	that	that	SCONJ
fsr-3304	238	4	the	the	DET
fsr-3304	238	5	ace	ace	NOUN
fsr-3304	238	6	is	be	AUX
fsr-3304	238	7	lower	low	ADJ
fsr-3304	238	8	for	for	ADP
fsr-3304	238	9	couples	couple	NOUN
fsr-3304	238	10	than	than	ADP
fsr-3304	238	11	for	for	ADP
fsr-3304	238	12	singles	single	NOUN
fsr-3304	238	13	because	because	SCONJ
fsr-3304	238	14	the	the	DET
fsr-3304	238	15	same	same	ADJ
fsr-3304	238	16	resources	resource	NOUN
fsr-3304	238	17	have	have	VERB
fsr-3304	238	18	to	to	PART
fsr-3304	238	19	be	be	AUX
fsr-3304	238	20	shared	share	VERB
fsr-3304	238	21	for	for	ADP
fsr-3304	238	22	a	a	DET
fsr-3304	238	23	couple	couple	NOUN
fsr-3304	238	24	even	even	ADV
fsr-3304	238	25	when	when	SCONJ
fsr-3304	238	26	there	there	PRON
fsr-3304	238	27	are	be	VERB
fsr-3304	238	28	some	some	DET
fsr-3304	238	29	economies	economy	NOUN
fsr-3304	238	30	of	of	ADP
fsr-3304	238	31	scale	scale	NOUN
fsr-3304	238	32	in	in	ADP
fsr-3304	238	33	living	living	NOUN
fsr-3304	238	34	.	.	PUNCT
fsr-3304	239	1	for	for	ADP
fsr-3304	239	2	retired	retire	VERB
fsr-3304	239	3	couples	couple	NOUN
fsr-3304	239	4	,	,	PUNCT
fsr-3304	239	5	the	the	DET
fsr-3304	239	6	optimal	optimal	ADJ
fsr-3304	239	7	strategy	strategy	NOUN
fsr-3304	239	8	is	be	AUX
fsr-3304	239	9	a	a	DET
fsr-3304	239	10	program	program	NOUN
fsr-3304	239	11	of	of	ADP
fsr-3304	239	12	systematic	systematic	ADJ
fsr-3304	239	13	withdrawals	withdrawal	NOUN
fsr-3304	239	14	of	of	ADP
fsr-3304	239	15	8	8	NUM
fsr-3304	239	16	%	%	NOUN
fsr-3304	239	17	of	of	ADP
fsr-3304	239	18	balances	balance	NOUN
fsr-3304	239	19	combined	combine	VERB
fsr-3304	239	20	with	with	ADP
fsr-3304	239	21	a	a	DET
fsr-3304	239	22	laddered	laddered	ADJ
fsr-3304	239	23	purchase	purchase	NOUN
fsr-3304	239	24	of	of	ADP
fsr-3304	239	25	immediate	immediate	ADJ
fsr-3304	239	26	nominal	nominal	ADJ
fsr-3304	239	27	life	life	NOUN
fsr-3304	239	28	annuities	annuity	NOUN
fsr-3304	239	29	over	over	ADP
fsr-3304	239	30	25	25	NUM
fsr-3304	239	31	years	year	NOUN
fsr-3304	239	32	,	,	PUNCT
fsr-3304	239	33	rising	rise	VERB
fsr-3304	239	34	from	from	ADP
fsr-3304	239	35	zero	zero	NUM
fsr-3304	239	36	percentage	percentage	NOUN
fsr-3304	239	37	to	to	ADP
fsr-3304	239	38	50	50	NUM
fsr-3304	239	39	%	%	NOUN
fsr-3304	239	40	of	of	ADP
fsr-3304	239	41	wealth	wealth	NOUN
fsr-3304	239	42	.	.	PUNCT
fsr-3304	240	1	when	when	SCONJ
fsr-3304	240	2	an	an	DET
fsr-3304	240	3	alda	alda	NOUN
fsr-3304	240	4	is	be	AUX
fsr-3304	240	5	considered	consider	VERB
fsr-3304	240	6	,	,	PUNCT
fsr-3304	240	7	a	a	DET
fsr-3304	240	8	small	small	ADJ
fsr-3304	240	9	fraction	fraction	NOUN
fsr-3304	240	10	(	(	PUNCT
fsr-3304	240	11	5	5	NUM
fsr-3304	240	12	%	%	NOUN
fsr-3304	240	13	)	)	PUNCT
fsr-3304	240	14	of	of	ADP
fsr-3304	240	15	wealth	wealth	NOUN
fsr-3304	240	16	on	on	ADP
fsr-3304	240	17	alda	alda	ADJ
fsr-3304	240	18	purchase	purchase	NOUN
fsr-3304	240	19	is	be	AUX
fsr-3304	240	20	optimal	optimal	ADJ
fsr-3304	240	21	and	and	CCONJ
fsr-3304	240	22	improves	improve	VERB
fsr-3304	240	23	welfare	welfare	NOUN
fsr-3304	240	24	relative	relative	ADJ
fsr-3304	240	25	to	to	ADP
fsr-3304	240	26	the	the	DET
fsr-3304	240	27	systematic	systematic	ADJ
fsr-3304	240	28	withdrawals	withdrawal	NOUN
fsr-3304	240	29	alone	alone	ADV
fsr-3304	240	30	,	,	PUNCT
fsr-3304	240	31	according	accord	VERB
fsr-3304	240	32	to	to	ADP
fsr-3304	240	33	the	the	DET
fsr-3304	240	34	measure	measure	NOUN
fsr-3304	240	35	of	of	ADP
fsr-3304	240	36	ace	ace	NOUN
fsr-3304	240	37	(	(	PUNCT
fsr-3304	240	38	table	table	NOUN
fsr-3304	240	39	6	6	NUM
fsr-3304	240	40	)	)	PUNCT
fsr-3304	240	41	.	.	PUNCT
fsr-3304	241	1	overall	overall	ADV
fsr-3304	241	2	,	,	PUNCT
fsr-3304	241	3	households	household	NOUN
fsr-3304	241	4	benefit	benefit	VERB
fsr-3304	241	5	from	from	ADP
fsr-3304	241	6	adding	add	VERB
fsr-3304	241	7	annuities	annuity	NOUN
fsr-3304	241	8	to	to	ADP
fsr-3304	241	9	their	their	PRON
fsr-3304	241	10	retirement	retirement	NOUN
fsr-3304	241	11	portfolios	portfolio	NOUN
fsr-3304	241	12	.	.	PUNCT
fsr-3304	242	1	immediate	immediate	ADJ
fsr-3304	242	2	life	life	NOUN
fsr-3304	242	3	annuities	annuity	NOUN
fsr-3304	242	4	again	again	ADV
fsr-3304	242	5	serve	serve	VERB
fsr-3304	242	6	better	well	ADJ
fsr-3304	242	7	than	than	ADP
fsr-3304	242	8	aldas	alda	NOUN
fsr-3304	242	9	.	.	PUNCT
fsr-3304	243	1	4.4	4.4	NUM
fsr-3304	243	2	.	.	PUNCT
fsr-3304	244	1	other	other	ADJ
fsr-3304	244	2	household	household	NOUN
fsr-3304	244	3	preferences	preference	NOUN
fsr-3304	244	4	and	and	CCONJ
fsr-3304	244	5	situations	situation	NOUN
fsr-3304	244	6	using	use	VERB
fsr-3304	244	7	the	the	DET
fsr-3304	244	8	combined	combine	VERB
fsr-3304	244	9	withdrawal	withdrawal	NOUN
fsr-3304	244	10	-	-	PUNCT
fsr-3304	244	11	laddered	ladder	VERB
fsr-3304	244	12	strategy	strategy	NOUN
fsr-3304	244	13	i	i	PRON
fsr-3304	244	14	now	now	ADV
fsr-3304	244	15	consider	consider	VERB
fsr-3304	244	16	alternative	alternative	ADJ
fsr-3304	244	17	preferences	preference	NOUN
fsr-3304	244	18	and	and	CCONJ
fsr-3304	244	19	household	household	NOUN
fsr-3304	244	20	situations	situation	NOUN
fsr-3304	244	21	.	.	PUNCT
fsr-3304	245	1	given	give	VERB
fsr-3304	245	2	the	the	DET
fsr-3304	245	3	prior	prior	ADJ
fsr-3304	245	4	results	result	NOUN
fsr-3304	245	5	indicating	indicate	VERB
fsr-3304	245	6	the	the	DET
fsr-3304	245	7	overall	overall	ADJ
fsr-3304	245	8	superiority	superiority	NOUN
fsr-3304	245	9	of	of	ADP
fsr-3304	245	10	combinations	combination	NOUN
fsr-3304	245	11	of	of	ADP
fsr-3304	245	12	fixed	fix	VERB
fsr-3304	245	13	percentage	percentage	NOUN
fsr-3304	245	14	withdrawals	withdrawal	NOUN
fsr-3304	245	15	with	with	ADP
fsr-3304	245	16	laddered	ladder	VERB
fsr-3304	245	17	purchases	purchase	NOUN
fsr-3304	245	18	of	of	ADP
fsr-3304	245	19	nominal	nominal	ADJ
fsr-3304	245	20	life	life	NOUN
fsr-3304	245	21	annuities	annuity	NOUN
fsr-3304	245	22	,	,	PUNCT
fsr-3304	245	23	we	we	PRON
fsr-3304	245	24	search	search	VERB
fsr-3304	245	25	for	for	ADP
fsr-3304	245	26	optimal	optimal	ADJ
fsr-3304	245	27	strategies	strategy	NOUN
fsr-3304	245	28	just	just	ADV
fsr-3304	245	29	within	within	ADP
fsr-3304	245	30	that	that	DET
fsr-3304	245	31	class	class	NOUN
fsr-3304	245	32	.	.	PUNCT
fsr-3304	246	1	table	table	NOUN
fsr-3304	246	2	7	7	NUM
fsr-3304	246	3	shows	show	VERB
fsr-3304	246	4	the	the	DET
fsr-3304	246	5	specific	specific	ADJ
fsr-3304	246	6	optimal	optimal	ADJ
fsr-3304	246	7	strategies	strategy	NOUN
fsr-3304	246	8	and	and	CCONJ
fsr-3304	246	9	range	range	NOUN
fsr-3304	246	10	of	of	ADP
fsr-3304	246	11	results	result	NOUN
fsr-3304	246	12	in	in	ADP
fsr-3304	246	13	several	several	ADJ
fsr-3304	246	14	cases	case	NOUN
fsr-3304	246	15	.	.	PUNCT
fsr-3304	247	1	with	with	ADP
fsr-3304	247	2	greater	great	ADJ
fsr-3304	247	3	wealth	wealth	NOUN
fsr-3304	247	4	(	(	PUNCT
fsr-3304	247	5	here	here	ADV
fsr-3304	247	6	$	$	SYM
fsr-3304	247	7	600,000	600,000	NUM
fsr-3304	247	8	)	)	PUNCT
fsr-3304	247	9	,	,	PUNCT
fsr-3304	247	10	there	there	PRON
fsr-3304	247	11	is	be	VERB
fsr-3304	247	12	more	more	ADJ
fsr-3304	247	13	room	room	NOUN
fsr-3304	247	14	for	for	ADP
fsr-3304	247	15	the	the	DET
fsr-3304	247	16	operation	operation	NOUN
fsr-3304	247	17	of	of	ADP
fsr-3304	247	18	the	the	DET
fsr-3304	247	19	bequest	bequest	NOUN
fsr-3304	247	20	motive	motive	NOUN
fsr-3304	247	21	(	(	PUNCT
fsr-3304	247	22	the	the	DET
fsr-3304	247	23	minimum	minimum	ADJ
fsr-3304	247	24	consumption	consumption	NOUN
fsr-3304	247	25	threshold	threshold	NOUN
fsr-3304	247	26	is	be	AUX
fsr-3304	247	27	easily	easily	ADV
fsr-3304	247	28	met	meet	VERB
fsr-3304	247	29	)	)	PUNCT
fsr-3304	247	30	,	,	PUNCT
fsr-3304	247	31	and	and	CCONJ
fsr-3304	247	32	therefore	therefore	ADV
fsr-3304	247	33	the	the	DET
fsr-3304	247	34	withdrawal	withdrawal	NOUN
fsr-3304	247	35	rate	rate	NOUN
fsr-3304	247	36	is	be	AUX
fsr-3304	247	37	lower	low	ADJ
fsr-3304	247	38	as	as	SCONJ
fsr-3304	247	39	is	be	AUX
fsr-3304	247	40	the	the	DET
fsr-3304	247	41	ultimate	ultimate	ADJ
fsr-3304	247	42	extent	extent	NOUN
fsr-3304	247	43	of	of	ADP
fsr-3304	247	44	annuitization	annuitization	NOUN
fsr-3304	247	45	(	(	PUNCT
fsr-3304	247	46	compare	compare	NOUN
fsr-3304	247	47	table	table	NOUN
fsr-3304	247	48	7a	7a	NUM
fsr-3304	247	49	with	with	ADP
fsr-3304	247	50	table	table	NOUN
fsr-3304	247	51	2b	2b	NOUN
fsr-3304	247	52	)	)	PUNCT
fsr-3304	247	53	.	.	PUNCT
fsr-3304	248	1	table	table	NOUN
fsr-3304	248	2	6	6	NUM
fsr-3304	248	3	search	search	NOUN
fsr-3304	248	4	for	for	ADP
fsr-3304	248	5	optimal	optimal	ADJ
fsr-3304	248	6	strategies	strategy	NOUN
fsr-3304	248	7	among	among	ADP
fsr-3304	248	8	systematic	systematic	ADJ
fsr-3304	248	9	withdrawals	withdrawal	NOUN
fsr-3304	248	10	and	and	CCONJ
fsr-3304	248	11	age-85	age-85	PROPN
fsr-3304	248	12	alda	alda	PROPN
fsr-3304	248	13	—	—	PUNCT
fsr-3304	248	14	couples	couple	NOUN
fsr-3304	248	15	real	real	ADJ
fsr-3304	248	16	$	$	SYM
fsr-3304	248	17	000	000	NUM
fsr-3304	248	18	95th	95th	ADJ
fsr-3304	248	19	percentile	percentile	ADJ
fsr-3304	248	20	50th	50th	ADJ
fsr-3304	248	21	percentile	percentile	ADJ
fsr-3304	248	22	5th	5th	ADJ
fsr-3304	248	23	percentile	percentile	ADJ
fsr-3304	248	24	mean	mean	VERB
fsr-3304	248	25	standard	standard	ADJ
fsr-3304	248	26	deviation	deviation	NOUN
fsr-3304	248	27	a.	a.	NOUN
fsr-3304	248	28	options	option	NOUN
fsr-3304	248	29	:	:	PUNCT
fsr-3304	248	30	fixed	fix	VERB
fsr-3304	248	31	real	real	ADJ
fsr-3304	248	32	dollars	dollar	NOUN
fsr-3304	248	33	�	�	PROPN
fsr-3304	248	34	real	real	ADJ
fsr-3304	248	35	alda	alda	NOUN
fsr-3304	248	36	optimal	optimal	ADJ
fsr-3304	248	37	strategy	strategy	NOUN
fsr-3304	248	38	:	:	PUNCT
fsr-3304	248	39	withdrawal	withdrawal	NOUN
fsr-3304	248	40	$	$	SYM
fsr-3304	248	41	15	15	NUM
fsr-3304	248	42	,	,	PUNCT
fsr-3304	248	43	alda	alda	NOUN
fsr-3304	248	44	5	5	NUM
fsr-3304	248	45	%	%	NOUN
fsr-3304	248	46	of	of	ADP
fsr-3304	248	47	wealth	wealth	NOUN
fsr-3304	248	48	,	,	PUNCT
fsr-3304	248	49	ace	ace	VERB
fsr-3304	248	50	23.6	23.6	NUM
fsr-3304	248	51	income	income	NOUN
fsr-3304	248	52	35.7	35.7	NUM
fsr-3304	248	53	35.7	35.7	NUM
fsr-3304	248	54	16.2	16.2	NUM
fsr-3304	248	55	30.7	30.7	NUM
fsr-3304	248	56	6.5	6.5	NUM
fsr-3304	248	57	balance	balance	NOUN
fsr-3304	248	58	296.5	296.5	NUM
fsr-3304	248	59	142.1	142.1	NUM
fsr-3304	248	60	0.0	0.0	NUM
fsr-3304	248	61	139.4	139.4	NUM
fsr-3304	248	62	105.5	105.5	NUM
fsr-3304	248	63	b.	b.	NOUN
fsr-3304	248	64	options	option	NOUN
fsr-3304	248	65	:	:	PUNCT
fsr-3304	248	66	fixed	fix	VERB
fsr-3304	248	67	percentage	percentage	NOUN
fsr-3304	248	68	�	�	PROPN
fsr-3304	248	69	nominal	nominal	ADJ
fsr-3304	248	70	alda	alda	NOUN
fsr-3304	248	71	optimal	optimal	ADJ
fsr-3304	248	72	strategy	strategy	NOUN
fsr-3304	248	73	:	:	PUNCT
fsr-3304	248	74	withdrawal	withdrawal	NOUN
fsr-3304	248	75	9	9	NUM
fsr-3304	248	76	%	%	NOUN
fsr-3304	248	77	,	,	PUNCT
fsr-3304	248	78	alda	alda	NOUN
fsr-3304	248	79	0	0	NUM
fsr-3304	248	80	%	%	NOUN
fsr-3304	248	81	,	,	PUNCT
fsr-3304	248	82	ace	ace	VERB
fsr-3304	248	83	23.9	23.9	NUM
fsr-3304	248	84	income	income	NOUN
fsr-3304	248	85	43.1	43.1	NUM
fsr-3304	248	86	30.0	30.0	NUM
fsr-3304	248	87	17.5	17.5	NUM
fsr-3304	248	88	30.2	30.2	NUM
fsr-3304	248	89	8.5	8.5	NUM
fsr-3304	248	90	balance	balance	NOUN
fsr-3304	248	91	250.3	250.3	NUM
fsr-3304	248	92	126.8	126.8	NUM
fsr-3304	248	93	37.0	37.0	NUM
fsr-3304	248	94	136.8	136.8	NUM
fsr-3304	248	95	71.6	71.6	NUM
fsr-3304	248	96	c.	c.	NOUN
fsr-3304	248	97	options	option	NOUN
fsr-3304	248	98	:	:	PUNCT
fsr-3304	248	99	fixed	fix	VERB
fsr-3304	248	100	real	real	ADJ
fsr-3304	248	101	dollars	dollar	NOUN
fsr-3304	248	102	�	�	PROPN
fsr-3304	248	103	nominal	nominal	ADJ
fsr-3304	248	104	alda	alda	NOUN
fsr-3304	248	105	optimal	optimal	ADJ
fsr-3304	248	106	strategy	strategy	NOUN
fsr-3304	248	107	:	:	PUNCT
fsr-3304	248	108	withdrawal	withdrawal	NOUN
fsr-3304	248	109	$	$	SYM
fsr-3304	248	110	15	15	NUM
fsr-3304	248	111	,	,	PUNCT
fsr-3304	248	112	alda	alda	NOUN
fsr-3304	248	113	5	5	NUM
fsr-3304	248	114	%	%	NOUN
fsr-3304	248	115	of	of	ADP
fsr-3304	248	116	wealth	wealth	NOUN
fsr-3304	248	117	,	,	PUNCT
fsr-3304	248	118	ace	ace	VERB
fsr-3304	248	119	23.7	23.7	NUM
fsr-3304	248	120	income	income	NOUN
fsr-3304	248	121	35.7	35.7	NUM
fsr-3304	248	122	35.7	35.7	NUM
fsr-3304	248	123	16.1	16.1	NUM
fsr-3304	248	124	30.7	30.7	NUM
fsr-3304	248	125	6.6	6.6	NUM
fsr-3304	248	126	balance	balance	NOUN
fsr-3304	248	127	296.3	296.3	NUM
fsr-3304	248	128	142.8	142.8	NUM
fsr-3304	248	129	0.0	0.0	NUM
fsr-3304	248	130	139.6	139.6	NUM
fsr-3304	248	131	104.4	104.4	NUM
fsr-3304	248	132	source	source	NOUN
fsr-3304	248	133	:	:	PUNCT
fsr-3304	248	134	authors	author	NOUN
fsr-3304	248	135	’	’	PART
fsr-3304	248	136	simulations	simulation	NOUN
fsr-3304	248	137	.	.	PUNCT
fsr-3304	249	1	higher	high	ADJ
fsr-3304	249	2	aces	ace	NOUN
fsr-3304	249	3	(	(	PUNCT
fsr-3304	249	4	average	average	ADJ
fsr-3304	249	5	certainty	certainty	NOUN
fsr-3304	249	6	equivalent	equivalent	ADJ
fsr-3304	249	7	consumption	consumption	NOUN
fsr-3304	249	8	)	)	PUNCT
fsr-3304	249	9	indicate	indicate	VERB
fsr-3304	249	10	better	well	ADJ
fsr-3304	249	11	outcomes	outcome	NOUN
fsr-3304	249	12	for	for	ADP
fsr-3304	249	13	households	household	NOUN
fsr-3304	249	14	,	,	PUNCT
fsr-3304	249	15	for	for	ADP
fsr-3304	249	16	a	a	DET
fsr-3304	249	17	given	give	VERB
fsr-3304	249	18	set	set	NOUN
fsr-3304	249	19	of	of	ADP
fsr-3304	249	20	preference	preference	NOUN
fsr-3304	249	21	parameters	parameter	NOUN
fsr-3304	249	22	.	.	PUNCT
fsr-3304	250	1	126	126	NUM
fsr-3304	250	2	m.j	m.j	PROPN
fsr-3304	250	3	.	.	PROPN
fsr-3304	250	4	warshawsky	warshawsky	PROPN
fsr-3304	250	5	/	/	SYM
fsr-3304	250	6	financial	financial	ADJ
fsr-3304	250	7	services	service	NOUN
fsr-3304	250	8	review	review	VERB
fsr-3304	250	9	26	26	NUM
fsr-3304	250	10	(	(	PUNCT
fsr-3304	250	11	2017	2017	NUM
fsr-3304	250	12	)	)	PUNCT
fsr-3304	250	13	113–141	113–141	NUM
fsr-3304	250	14	hence	hence	ADV
fsr-3304	250	15	,	,	PUNCT
fsr-3304	250	16	the	the	DET
fsr-3304	250	17	balance	balance	NOUN
fsr-3304	250	18	holdings	holding	NOUN
fsr-3304	250	19	across	across	ADP
fsr-3304	250	20	possible	possible	ADJ
fsr-3304	250	21	outcomes	outcome	NOUN
fsr-3304	250	22	are	be	AUX
fsr-3304	250	23	all	all	ADV
fsr-3304	250	24	proportionately	proportionately	ADV
fsr-3304	250	25	higher	high	ADJ
fsr-3304	250	26	here	here	ADV
fsr-3304	250	27	.	.	PUNCT
fsr-3304	251	1	if	if	SCONJ
fsr-3304	251	2	risk	risk	NOUN
fsr-3304	251	3	aversion	aversion	NOUN
fsr-3304	251	4	is	be	AUX
fsr-3304	251	5	higher	high	ADJ
fsr-3304	251	6	(	(	PUNCT
fsr-3304	251	7	�	�	PROPN
fsr-3304	251	8	�	�	PROPN
fsr-3304	251	9	6	6	NUM
fsr-3304	251	10	vs.	vs.	ADP
fsr-3304	251	11	4	4	NUM
fsr-3304	251	12	in	in	ADP
fsr-3304	251	13	the	the	DET
fsr-3304	251	14	baseline	baseline	NOUN
fsr-3304	251	15	)	)	PUNCT
fsr-3304	251	16	,	,	PUNCT
fsr-3304	251	17	the	the	DET
fsr-3304	251	18	single	single	ADJ
fsr-3304	251	19	-	-	PUNCT
fsr-3304	251	20	member	member	NOUN
fsr-3304	251	21	household	household	NOUN
fsr-3304	251	22	would	would	AUX
fsr-3304	251	23	boost	boost	VERB
fsr-3304	251	24	eventual	eventual	ADJ
fsr-3304	251	25	annuitization	annuitization	NOUN
fsr-3304	251	26	by	by	ADP
fsr-3304	251	27	10	10	NUM
fsr-3304	251	28	percentage	percentage	NOUN
fsr-3304	251	29	points	point	NOUN
fsr-3304	251	30	across	across	ADP
fsr-3304	251	31	the	the	DET
fsr-3304	251	32	life	life	NOUN
fsr-3304	251	33	cycle	cycle	NOUN
fsr-3304	251	34	(	(	PUNCT
fsr-3304	251	35	compare	compare	NOUN
fsr-3304	251	36	table	table	NOUN
fsr-3304	251	37	7b	7b	NOUN
fsr-3304	251	38	with	with	ADP
fsr-3304	251	39	table	table	NOUN
fsr-3304	251	40	7a	7a	NUM
fsr-3304	251	41	)	)	PUNCT
fsr-3304	251	42	owing	owe	VERB
fsr-3304	251	43	to	to	ADP
fsr-3304	251	44	its	its	PRON
fsr-3304	251	45	greater	great	ADJ
fsr-3304	251	46	preference	preference	NOUN
fsr-3304	251	47	for	for	ADP
fsr-3304	251	48	security	security	NOUN
fsr-3304	251	49	,	,	PUNCT
fsr-3304	251	50	in	in	ADP
fsr-3304	251	51	particular	particular	ADJ
fsr-3304	251	52	about	about	ADP
fsr-3304	251	53	income	income	NOUN
fsr-3304	251	54	;	;	PUNCT
fsr-3304	251	55	indeed	indeed	ADV
fsr-3304	251	56	income	income	NOUN
fsr-3304	251	57	outcomes	outcome	NOUN
fsr-3304	251	58	are	be	AUX
fsr-3304	251	59	uniformly	uniformly	ADV
fsr-3304	251	60	larger	large	ADJ
fsr-3304	251	61	and	and	CCONJ
fsr-3304	251	62	balances	balance	NOUN
fsr-3304	251	63	lower	low	ADJ
fsr-3304	251	64	.	.	PUNCT
fsr-3304	252	1	in	in	ADP
fsr-3304	252	2	situation	situation	NOUN
fsr-3304	252	3	7c	7c	NUM
fsr-3304	252	4	,	,	PUNCT
fsr-3304	252	5	i	i	PRON
fsr-3304	252	6	change	change	VERB
fsr-3304	252	7	a	a	DET
fsr-3304	252	8	number	number	NOUN
fsr-3304	252	9	of	of	ADP
fsr-3304	252	10	preferences	preference	NOUN
fsr-3304	252	11	and	and	CCONJ
fsr-3304	252	12	situations	situation	NOUN
fsr-3304	252	13	simultaneously	simultaneously	ADV
fsr-3304	252	14	:	:	PUNCT
fsr-3304	252	15	the	the	DET
fsr-3304	252	16	household	household	NOUN
fsr-3304	252	17	is	be	AUX
fsr-3304	252	18	wealthier	wealthy	ADJ
fsr-3304	252	19	(	(	PUNCT
fsr-3304	252	20	$	$	SYM
fsr-3304	252	21	1,000,000	1,000,000	NUM
fsr-3304	252	22	)	)	PUNCT
fsr-3304	252	23	,	,	PUNCT
fsr-3304	252	24	more	more	ADJ
fsr-3304	252	25	risk	risk	NOUN
fsr-3304	252	26	averse	averse	ADJ
fsr-3304	252	27	(	(	PUNCT
fsr-3304	252	28	�	�	PROPN
fsr-3304	252	29	�	�	PROPN
fsr-3304	252	30	7.6	7.6	NUM
fsr-3304	252	31	)	)	PUNCT
fsr-3304	252	32	,	,	PUNCT
fsr-3304	252	33	more	more	ADV
fsr-3304	252	34	desirous	desirous	ADJ
fsr-3304	252	35	of	of	ADP
fsr-3304	252	36	leaving	leave	VERB
fsr-3304	252	37	a	a	DET
fsr-3304	252	38	bequest	bequest	NOUN
fsr-3304	252	39	(	(	PUNCT
fsr-3304	252	40	�	�	PROPN
fsr-3304	252	41	�	�	PROPN
fsr-3304	252	42	20	20	NUM
fsr-3304	252	43	vs.	vs.	ADP
fsr-3304	252	44	10	10	NUM
fsr-3304	252	45	in	in	ADP
fsr-3304	252	46	the	the	DET
fsr-3304	252	47	baseline	baseline	NOUN
fsr-3304	252	48	)	)	PUNCT
fsr-3304	252	49	,	,	PUNCT
fsr-3304	252	50	more	more	ADV
fsr-3304	252	51	forward	forward	ADV
fsr-3304	252	52	-	-	PUNCT
fsr-3304	252	53	looking	look	VERB
fsr-3304	252	54	/	/	SYM
fsr-3304	252	55	patient	patient	NOUN
fsr-3304	252	56	(	(	PUNCT
fsr-3304	252	57	�	�	PROPN
fsr-3304	252	58	�	�	PROPN
fsr-3304	252	59	1.10	1.10	NUM
fsr-3304	252	60	)	)	PUNCT
fsr-3304	252	61	,	,	PUNCT
fsr-3304	252	62	while	while	SCONJ
fsr-3304	252	63	our	our	PRON
fsr-3304	252	64	search	search	NOUN
fsr-3304	252	65	grid	grid	NOUN
fsr-3304	252	66	across	across	ADP
fsr-3304	252	67	solutions	solution	NOUN
fsr-3304	252	68	to	to	PART
fsr-3304	252	69	find	find	VERB
fsr-3304	252	70	the	the	DET
fsr-3304	252	71	optimal	optimal	ADJ
fsr-3304	252	72	strategy	strategy	NOUN
fsr-3304	252	73	is	be	AUX
fsr-3304	252	74	more	more	ADV
fsr-3304	252	75	refined	refined	ADJ
fsr-3304	252	76	both	both	PRON
fsr-3304	252	77	for	for	ADP
fsr-3304	252	78	withdrawal	withdrawal	NOUN
fsr-3304	252	79	rates	rate	NOUN
fsr-3304	252	80	,	,	PUNCT
fsr-3304	252	81	and	and	CCONJ
fsr-3304	252	82	the	the	DET
fsr-3304	252	83	extent	extent	NOUN
fsr-3304	252	84	and	and	CCONJ
fsr-3304	252	85	timing	timing	NOUN
fsr-3304	252	86	of	of	ADP
fsr-3304	252	87	annuitization	annuitization	NOUN
fsr-3304	252	88	.	.	PUNCT
fsr-3304	253	1	these	these	DET
fsr-3304	253	2	changes	change	NOUN
fsr-3304	253	3	drop	drop	VERB
fsr-3304	253	4	the	the	DET
fsr-3304	253	5	fixed	fix	VERB
fsr-3304	253	6	percentage	percentage	NOUN
fsr-3304	253	7	withdrawal	withdrawal	NOUN
fsr-3304	253	8	rate	rate	NOUN
fsr-3304	253	9	substantially	substantially	ADV
fsr-3304	253	10	,	,	PUNCT
fsr-3304	253	11	while	while	SCONJ
fsr-3304	253	12	the	the	DET
fsr-3304	253	13	annuitization	annuitization	NOUN
fsr-3304	253	14	pattern	pattern	NOUN
fsr-3304	253	15	is	be	AUX
fsr-3304	253	16	largely	largely	ADV
fsr-3304	253	17	unchanged	unchanged	ADJ
fsr-3304	253	18	.	.	PUNCT
fsr-3304	254	1	wealth	wealth	NOUN
fsr-3304	254	2	outcomes	outcome	NOUN
fsr-3304	254	3	are	be	AUX
fsr-3304	254	4	uniformly	uniformly	ADV
fsr-3304	254	5	and	and	CCONJ
fsr-3304	254	6	relatively	relatively	ADV
fsr-3304	254	7	higher	high	ADJ
fsr-3304	254	8	here	here	ADV
fsr-3304	254	9	because	because	SCONJ
fsr-3304	254	10	the	the	DET
fsr-3304	254	11	optimal	optimal	ADJ
fsr-3304	254	12	strategy	strategy	NOUN
fsr-3304	254	13	consistent	consistent	ADJ
fsr-3304	254	14	with	with	ADP
fsr-3304	254	15	the	the	DET
fsr-3304	254	16	preferences	preference	NOUN
fsr-3304	254	17	and	and	CCONJ
fsr-3304	254	18	situation	situation	NOUN
fsr-3304	254	19	gives	give	VERB
fsr-3304	254	20	more	more	ADJ
fsr-3304	254	21	emphasis	emphasis	NOUN
fsr-3304	254	22	to	to	ADP
fsr-3304	254	23	retaining	retain	VERB
fsr-3304	254	24	balances	balance	NOUN
fsr-3304	254	25	.	.	PUNCT
fsr-3304	255	1	in	in	ADP
fsr-3304	255	2	the	the	DET
fsr-3304	255	3	final	final	ADJ
fsr-3304	255	4	frame	frame	NOUN
fsr-3304	255	5	of	of	ADP
fsr-3304	255	6	table	table	NOUN
fsr-3304	255	7	7	7	NUM
fsr-3304	255	8	,	,	PUNCT
fsr-3304	255	9	i	i	PRON
fsr-3304	255	10	move	move	VERB
fsr-3304	255	11	in	in	ADP
fsr-3304	255	12	the	the	DET
fsr-3304	255	13	opposite	opposite	ADJ
fsr-3304	255	14	direction	direction	NOUN
fsr-3304	255	15	—	—	PUNCT
fsr-3304	255	16	preferences	preference	NOUN
fsr-3304	255	17	remain	remain	VERB
fsr-3304	255	18	the	the	DET
fsr-3304	255	19	same	same	ADJ
fsr-3304	255	20	,	,	PUNCT
fsr-3304	255	21	but	but	CCONJ
fsr-3304	255	22	wealth	wealth	NOUN
fsr-3304	255	23	is	be	AUX
fsr-3304	255	24	lower	low	ADJ
fsr-3304	255	25	and	and	CCONJ
fsr-3304	255	26	retirement	retirement	NOUN
fsr-3304	255	27	for	for	ADP
fsr-3304	255	28	the	the	DET
fsr-3304	255	29	couple	couple	NOUN
fsr-3304	255	30	is	be	AUX
fsr-3304	255	31	at	at	ADP
fsr-3304	255	32	age	age	NOUN
fsr-3304	255	33	62	62	NUM
fsr-3304	255	34	.	.	PUNCT
fsr-3304	256	1	the	the	DET
fsr-3304	256	2	optimal	optimal	ADJ
fsr-3304	256	3	strategy	strategy	NOUN
fsr-3304	256	4	places	place	VERB
fsr-3304	256	5	a	a	DET
fsr-3304	256	6	higher	high	ADJ
fsr-3304	256	7	emphasis	emphasis	NOUN
fsr-3304	256	8	on	on	ADP
fsr-3304	256	9	income	income	NOUN
fsr-3304	256	10	,	,	PUNCT
fsr-3304	256	11	as	as	ADP
fsr-3304	256	12	evident	evident	ADJ
fsr-3304	256	13	in	in	ADP
fsr-3304	256	14	the	the	DET
fsr-3304	256	15	much	much	ADV
fsr-3304	256	16	greater	great	ADJ
fsr-3304	256	17	extent	extent	NOUN
fsr-3304	256	18	of	of	ADP
fsr-3304	256	19	annuitization	annuitization	NOUN
fsr-3304	256	20	,	,	PUNCT
fsr-3304	256	21	albeit	albeit	SCONJ
fsr-3304	256	22	the	the	DET
fsr-3304	256	23	purchase	purchase	NOUN
fsr-3304	256	24	laddering	laddering	NOUN
fsr-3304	256	25	takes	take	VERB
fsr-3304	256	26	place	place	NOUN
fsr-3304	256	27	over	over	ADP
fsr-3304	256	28	a	a	DET
fsr-3304	256	29	longer	long	ADJ
fsr-3304	256	30	horizon	horizon	NOUN
fsr-3304	256	31	because	because	SCONJ
fsr-3304	256	32	the	the	DET
fsr-3304	256	33	younger	young	ADJ
fsr-3304	256	34	couple	couple	NOUN
fsr-3304	256	35	has	have	VERB
fsr-3304	256	36	a	a	DET
fsr-3304	256	37	much	much	ADV
fsr-3304	256	38	higher	high	ADJ
fsr-3304	256	39	probability	probability	NOUN
fsr-3304	256	40	of	of	ADP
fsr-3304	256	41	at	at	ADV
fsr-3304	256	42	least	least	ADV
fsr-3304	256	43	one	one	NUM
fsr-3304	256	44	member	member	NOUN
fsr-3304	256	45	surviving	survive	VERB
fsr-3304	256	46	to	to	ADP
fsr-3304	256	47	old	old	ADJ
fsr-3304	256	48	age	age	NOUN
fsr-3304	256	49	.	.	PUNCT
fsr-3304	257	1	the	the	DET
fsr-3304	257	2	longer	long	ADJ
fsr-3304	257	3	horizon	horizon	NOUN
fsr-3304	257	4	for	for	ADP
fsr-3304	257	5	the	the	DET
fsr-3304	257	6	household	household	NOUN
fsr-3304	257	7	also	also	ADV
fsr-3304	257	8	explains	explain	VERB
fsr-3304	257	9	the	the	DET
fsr-3304	257	10	lower	low	ADJ
fsr-3304	257	11	rate	rate	NOUN
fsr-3304	257	12	of	of	ADP
fsr-3304	257	13	withdrawals	withdrawal	NOUN
fsr-3304	257	14	.	.	PUNCT
fsr-3304	258	1	the	the	DET
fsr-3304	258	2	specific	specific	ADJ
fsr-3304	258	3	optimal	optimal	ADJ
fsr-3304	258	4	strategies	strategy	NOUN
fsr-3304	258	5	vary	vary	VERB
fsr-3304	258	6	widely	widely	ADV
fsr-3304	258	7	with	with	ADP
fsr-3304	258	8	household	household	NOUN
fsr-3304	258	9	preferences	preference	NOUN
fsr-3304	258	10	and	and	CCONJ
fsr-3304	258	11	demographic	demographic	ADJ
fsr-3304	258	12	situations	situation	NOUN
fsr-3304	258	13	.	.	PUNCT
fsr-3304	259	1	table	table	NOUN
fsr-3304	259	2	7	7	NUM
fsr-3304	259	3	search	search	NOUN
fsr-3304	259	4	for	for	ADP
fsr-3304	259	5	optimal	optimal	ADJ
fsr-3304	259	6	strategies	strategy	NOUN
fsr-3304	259	7	among	among	ADP
fsr-3304	259	8	fixed	fix	VERB
fsr-3304	259	9	percentage	percentage	NOUN
fsr-3304	259	10	systematic	systematic	ADJ
fsr-3304	259	11	withdrawals	withdrawal	NOUN
fsr-3304	259	12	and	and	CCONJ
fsr-3304	259	13	laddered	ladder	VERB
fsr-3304	259	14	purchases	purchase	NOUN
fsr-3304	259	15	of	of	ADP
fsr-3304	259	16	nominal	nominal	ADJ
fsr-3304	259	17	immediate	immediate	ADJ
fsr-3304	259	18	life	life	NOUN
fsr-3304	259	19	annuities	annuity	NOUN
fsr-3304	259	20	—	—	PUNCT
fsr-3304	259	21	alternative	alternative	ADJ
fsr-3304	259	22	situations	situation	NOUN
fsr-3304	259	23	and	and	CCONJ
fsr-3304	259	24	preferences	preference	NOUN
fsr-3304	259	25	real	real	ADJ
fsr-3304	259	26	$	$	SYM
fsr-3304	259	27	000	000	NUM
fsr-3304	259	28	95th	95th	ADJ
fsr-3304	259	29	percentile	percentile	ADJ
fsr-3304	259	30	50th	50th	ADJ
fsr-3304	259	31	percentile	percentile	ADJ
fsr-3304	259	32	5th	5th	ADJ
fsr-3304	259	33	percentile	percentile	ADJ
fsr-3304	259	34	mean	mean	VERB
fsr-3304	259	35	standard	standard	ADJ
fsr-3304	259	36	deviation	deviation	NOUN
fsr-3304	259	37	a.	a.	NOUN
fsr-3304	259	38	situation	situation	NOUN
fsr-3304	259	39	:	:	PUNCT
fsr-3304	259	40	initial	initial	ADJ
fsr-3304	259	41	wealth	wealth	NOUN
fsr-3304	259	42	is	be	AUX
fsr-3304	259	43	$	$	SYM
fsr-3304	259	44	600,000	600,000	NUM
fsr-3304	259	45	optimal	optimal	ADJ
fsr-3304	259	46	strategy	strategy	NOUN
fsr-3304	259	47	:	:	PUNCT
fsr-3304	259	48	withdrawal	withdrawal	NOUN
fsr-3304	259	49	7	7	NUM
fsr-3304	259	50	%	%	NOUN
fsr-3304	259	51	,	,	PUNCT
fsr-3304	259	52	annuity	annuity	NOUN
fsr-3304	259	53	initial	initial	ADJ
fsr-3304	259	54	0	0	NUM
fsr-3304	259	55	%	%	NOUN
fsr-3304	259	56	of	of	ADP
fsr-3304	259	57	wealth	wealth	NOUN
fsr-3304	259	58	,	,	PUNCT
fsr-3304	259	59	ending	end	VERB
fsr-3304	259	60	20	20	NUM
fsr-3304	259	61	%	%	NOUN
fsr-3304	259	62	by	by	ADP
fsr-3304	259	63	20	20	NUM
fsr-3304	259	64	years	year	NOUN
fsr-3304	259	65	,	,	PUNCT
fsr-3304	259	66	ace	ace	VERB
fsr-3304	259	67	41.49	41.49	NUM
fsr-3304	259	68	income	income	NOUN
fsr-3304	259	69	61.92	61.92	NUM
fsr-3304	259	70	45.39	45.39	NUM
fsr-3304	259	71	30.04	30.04	NUM
fsr-3304	259	72	45.74	45.74	NUM
fsr-3304	259	73	balance	balance	NOUN
fsr-3304	259	74	638.12	638.12	NUM
fsr-3304	259	75	359.16	359.16	NUM
fsr-3304	259	76	75.66	75.66	NUM
fsr-3304	259	77	363.56	363.56	NUM
fsr-3304	259	78	b.	b.	PROPN
fsr-3304	259	79	situation	situation	NOUN
fsr-3304	259	80	:	:	PUNCT
fsr-3304	259	81	as	as	ADP
fsr-3304	259	82	in	in	ADP
fsr-3304	259	83	a.	a.	NOUN
fsr-3304	259	84	above	above	ADV
fsr-3304	259	85	,	,	PUNCT
fsr-3304	259	86	but	but	CCONJ
fsr-3304	259	87	with	with	ADP
fsr-3304	259	88	higher	high	ADJ
fsr-3304	259	89	risk	risk	NOUN
fsr-3304	259	90	aversion	aversion	NOUN
fsr-3304	259	91	�	�	PROPN
fsr-3304	259	92	�	�	PROPN
fsr-3304	259	93	6	6	NUM
fsr-3304	259	94	optimal	optimal	ADJ
fsr-3304	259	95	strategy	strategy	NOUN
fsr-3304	259	96	:	:	PUNCT
fsr-3304	259	97	withdrawal	withdrawal	NOUN
fsr-3304	259	98	7	7	NUM
fsr-3304	259	99	%	%	NOUN
fsr-3304	259	100	,	,	PUNCT
fsr-3304	259	101	annuity	annuity	NOUN
fsr-3304	259	102	initial	initial	ADJ
fsr-3304	259	103	10	10	NUM
fsr-3304	259	104	%	%	NOUN
fsr-3304	259	105	of	of	ADP
fsr-3304	259	106	wealth	wealth	NOUN
fsr-3304	259	107	,	,	PUNCT
fsr-3304	259	108	ending	end	VERB
fsr-3304	259	109	30	30	NUM
fsr-3304	259	110	%	%	NOUN
fsr-3304	259	111	by	by	ADP
fsr-3304	259	112	20	20	NUM
fsr-3304	259	113	years	year	NOUN
fsr-3304	259	114	,	,	PUNCT
fsr-3304	259	115	ace	ace	VERB
fsr-3304	259	116	43.40	43.40	NUM
fsr-3304	259	117	income	income	NOUN
fsr-3304	259	118	62.78	62.78	NUM
fsr-3304	259	119	46.14	46.14	NUM
fsr-3304	259	120	30.79	30.79	NUM
fsr-3304	259	121	46.51	46.51	NUM
fsr-3304	259	122	balance	balance	NOUN
fsr-3304	259	123	579.88	579.88	NUM
fsr-3304	259	124	319.14	319.14	NUM
fsr-3304	259	125	57.62	57.62	NUM
fsr-3304	259	126	322.98	322.98	NUM
fsr-3304	259	127	c.	c.	NOUN
fsr-3304	259	128	situation	situation	NOUN
fsr-3304	259	129	:	:	PUNCT
fsr-3304	259	130	initial	initial	ADJ
fsr-3304	259	131	wealth	wealth	NOUN
fsr-3304	259	132	is	be	AUX
fsr-3304	259	133	$	$	SYM
fsr-3304	259	134	1,000,000	1,000,000	NUM
fsr-3304	259	135	,	,	PUNCT
fsr-3304	259	136	high	high	ADJ
fsr-3304	259	137	risk	risk	NOUN
fsr-3304	259	138	aversion	aversion	NOUN
fsr-3304	259	139	�	�	PROPN
fsr-3304	259	140	�	�	PROPN
fsr-3304	259	141	7.6	7.6	NUM
fsr-3304	259	142	stronger	strong	ADJ
fsr-3304	259	143	bequest	bequ	ADJ
fsr-3304	259	144	motive	motive	ADJ
fsr-3304	259	145	�	�	PROPN
fsr-3304	259	146	�	�	PROPN
fsr-3304	259	147	20	20	NUM
fsr-3304	259	148	more	more	ADV
fsr-3304	259	149	forward	forward	ADV
fsr-3304	259	150	-	-	PUNCT
fsr-3304	259	151	looking	look	VERB
fsr-3304	259	152	,	,	PUNCT
fsr-3304	259	153	patient	patient	ADJ
fsr-3304	259	154	�	�	PROPN
fsr-3304	259	155	�	�	PROPN
fsr-3304	259	156	1.10	1.10	NUM
fsr-3304	259	157	,	,	PUNCT
fsr-3304	259	158	refined	refined	ADJ
fsr-3304	259	159	search	search	NOUN
fsr-3304	259	160	grids	grid	NOUN
fsr-3304	259	161	optimal	optimal	ADJ
fsr-3304	259	162	strategy	strategy	NOUN
fsr-3304	259	163	:	:	PUNCT
fsr-3304	259	164	withdrawal	withdrawal	NOUN
fsr-3304	259	165	4	4	NUM
fsr-3304	259	166	%	%	NOUN
fsr-3304	259	167	,	,	PUNCT
fsr-3304	259	168	annuity	annuity	NOUN
fsr-3304	259	169	initial	initial	ADJ
fsr-3304	259	170	7.5	7.5	NUM
fsr-3304	259	171	%	%	NOUN
fsr-3304	259	172	of	of	ADP
fsr-3304	259	173	wealth	wealth	NOUN
fsr-3304	259	174	,	,	PUNCT
fsr-3304	259	175	ending	end	VERB
fsr-3304	259	176	20	20	NUM
fsr-3304	259	177	%	%	NOUN
fsr-3304	259	178	by	by	ADP
fsr-3304	259	179	21	21	NUM
fsr-3304	259	180	years	year	NOUN
fsr-3304	259	181	,	,	PUNCT
fsr-3304	259	182	ace	ace	VERB
fsr-3304	259	183	49.1	49.1	NUM
fsr-3304	259	184	income	income	NOUN
fsr-3304	259	185	79.6	79.6	NUM
fsr-3304	259	186	55.9	55.9	NUM
fsr-3304	259	187	39.5	39.5	NUM
fsr-3304	259	188	56.9	56.9	NUM
fsr-3304	259	189	12.5	12.5	NUM
fsr-3304	259	190	balance	balance	NOUN
fsr-3304	259	191	1314.7	1314.7	NUM
fsr-3304	259	192	806.5	806.5	NUM
fsr-3304	259	193	348.2	348.2	NUM
fsr-3304	259	194	806.4	806.4	NUM
fsr-3304	259	195	301.4	301.4	NUM
fsr-3304	259	196	d.	d.	PROPN
fsr-3304	259	197	situation	situation	NOUN
fsr-3304	259	198	:	:	PUNCT
fsr-3304	259	199	as	as	ADP
fsr-3304	259	200	in	in	ADP
fsr-3304	259	201	a.	a.	NOUN
fsr-3304	259	202	above	above	ADV
fsr-3304	259	203	,	,	PUNCT
fsr-3304	259	204	except	except	SCONJ
fsr-3304	259	205	couple	couple	NOUN
fsr-3304	259	206	both	both	PRON
fsr-3304	259	207	age	age	NOUN
fsr-3304	259	208	62	62	NUM
fsr-3304	259	209	,	,	PUNCT
fsr-3304	259	210	initial	initial	ADJ
fsr-3304	259	211	wealth	wealth	NOUN
fsr-3304	259	212	is	be	AUX
fsr-3304	259	213	$	$	SYM
fsr-3304	259	214	150,000	150,000	NUM
fsr-3304	259	215	,	,	PUNCT
fsr-3304	259	216	and	and	CCONJ
fsr-3304	259	217	�	�	PROPN
fsr-3304	259	218	�	�	PROPN
fsr-3304	259	219	1.0	1.0	NUM
fsr-3304	259	220	optimal	optimal	ADJ
fsr-3304	259	221	strategy	strategy	NOUN
fsr-3304	259	222	:	:	PUNCT
fsr-3304	259	223	withdrawal	withdrawal	NOUN
fsr-3304	259	224	6	6	NUM
fsr-3304	259	225	%	%	NOUN
fsr-3304	259	226	,	,	PUNCT
fsr-3304	259	227	annuity	annuity	NOUN
fsr-3304	259	228	initial	initial	ADJ
fsr-3304	259	229	20	20	NUM
fsr-3304	259	230	%	%	NOUN
fsr-3304	259	231	of	of	ADP
fsr-3304	259	232	wealth	wealth	NOUN
fsr-3304	259	233	,	,	PUNCT
fsr-3304	259	234	ending	end	VERB
fsr-3304	259	235	75	75	NUM
fsr-3304	259	236	%	%	NOUN
fsr-3304	259	237	by	by	ADP
fsr-3304	259	238	30	30	NUM
fsr-3304	259	239	years	year	NOUN
fsr-3304	259	240	,	,	PUNCT
fsr-3304	259	241	ace	ace	VERB
fsr-3304	259	242	19.76	19.76	NUM
fsr-3304	259	243	income	income	NOUN
fsr-3304	259	244	31.69	31.69	NUM
fsr-3304	259	245	26.56	26.56	NUM
fsr-3304	259	246	17.36	17.36	NUM
fsr-3304	259	247	25.31	25.31	NUM
fsr-3304	259	248	4.83	4.83	NUM
fsr-3304	259	249	balance	balance	NOUN
fsr-3304	259	250	127.57	127.57	NUM
fsr-3304	259	251	48.77	48.77	NUM
fsr-3304	259	252	0.0	0.0	NUM
fsr-3304	259	253	54.32	54.32	NUM
fsr-3304	259	254	45.98	45.98	NUM
fsr-3304	259	255	source	source	NOUN
fsr-3304	259	256	:	:	PUNCT
fsr-3304	259	257	author	author	NOUN
fsr-3304	259	258	’s	’s	PART
fsr-3304	259	259	simulations	simulation	NOUN
fsr-3304	259	260	.	.	PUNCT
fsr-3304	260	1	higher	high	ADJ
fsr-3304	260	2	aces	ace	NOUN
fsr-3304	260	3	(	(	PUNCT
fsr-3304	260	4	average	average	ADJ
fsr-3304	260	5	certainty	certainty	NOUN
fsr-3304	260	6	equivalent	equivalent	ADJ
fsr-3304	260	7	consumption	consumption	NOUN
fsr-3304	260	8	)	)	PUNCT
fsr-3304	260	9	indicate	indicate	VERB
fsr-3304	260	10	better	well	ADJ
fsr-3304	260	11	outcomes	outcome	NOUN
fsr-3304	260	12	for	for	ADP
fsr-3304	260	13	households	household	NOUN
fsr-3304	260	14	,	,	PUNCT
fsr-3304	260	15	for	for	ADP
fsr-3304	260	16	a	a	DET
fsr-3304	260	17	given	give	VERB
fsr-3304	260	18	set	set	NOUN
fsr-3304	260	19	of	of	ADP
fsr-3304	260	20	preference	preference	NOUN
fsr-3304	260	21	parameters	parameter	NOUN
fsr-3304	260	22	.	.	PUNCT
fsr-3304	261	1	127m.j	127m.j	NOUN
fsr-3304	261	2	.	.	PUNCT
fsr-3304	261	3	warshawsky	warshawsky	PROPN
fsr-3304	261	4	/	/	SYM
fsr-3304	261	5	financial	financial	ADJ
fsr-3304	261	6	services	service	NOUN
fsr-3304	261	7	review	review	VERB
fsr-3304	261	8	26	26	NUM
fsr-3304	261	9	(	(	PUNCT
fsr-3304	261	10	2017	2017	NUM
fsr-3304	261	11	)	)	PUNCT
fsr-3304	262	1	113–141	113–141	NUM
fsr-3304	262	2	4.5	4.5	NUM
fsr-3304	262	3	.	.	PUNCT
fsr-3304	263	1	add	add	VERB
fsr-3304	263	2	consideration	consideration	NOUN
fsr-3304	263	3	of	of	ADP
fsr-3304	263	4	household	household	NOUN
fsr-3304	263	5	taxes	taxis	NOUN
fsr-3304	263	6	i	i	PRON
fsr-3304	263	7	now	now	ADV
fsr-3304	263	8	add	add	VERB
fsr-3304	263	9	consideration	consideration	NOUN
fsr-3304	263	10	of	of	ADP
fsr-3304	263	11	personal	personal	ADJ
fsr-3304	263	12	taxes	taxis	NOUN
fsr-3304	263	13	on	on	ADP
fsr-3304	263	14	the	the	DET
fsr-3304	263	15	retired	retired	ADJ
fsr-3304	263	16	household	household	NOUN
fsr-3304	263	17	to	to	ADP
fsr-3304	263	18	the	the	DET
fsr-3304	263	19	model	model	NOUN
fsr-3304	263	20	.	.	PUNCT
fsr-3304	264	1	in	in	ADP
fsr-3304	264	2	particular	particular	ADJ
fsr-3304	264	3	,	,	PUNCT
fsr-3304	264	4	i	i	PRON
fsr-3304	264	5	add	add	VERB
fsr-3304	264	6	parameters	parameter	NOUN
fsr-3304	264	7	for	for	ADP
fsr-3304	264	8	the	the	DET
fsr-3304	264	9	payment	payment	NOUN
fsr-3304	264	10	of	of	ADP
fsr-3304	264	11	taxes	taxis	NOUN
fsr-3304	264	12	(	(	PUNCT
fsr-3304	264	13	aggregating	aggregate	VERB
fsr-3304	264	14	federal	federal	ADJ
fsr-3304	264	15	,	,	PUNCT
fsr-3304	264	16	state	state	NOUN
fsr-3304	264	17	and	and	CCONJ
fsr-3304	264	18	local	local	ADJ
fsr-3304	264	19	government	government	NOUN
fsr-3304	264	20	impositions	imposition	NOUN
fsr-3304	264	21	)	)	PUNCT
fsr-3304	264	22	on	on	ADP
fsr-3304	264	23	income	income	NOUN
fsr-3304	264	24	and	and	CCONJ
fsr-3304	264	25	bequests	bequest	NOUN
fsr-3304	264	26	made	make	VERB
fsr-3304	264	27	at	at	ADP
fsr-3304	264	28	the	the	DET
fsr-3304	264	29	average	average	ADJ
fsr-3304	264	30	effective	effective	ADJ
fsr-3304	264	31	rates	rate	NOUN
fsr-3304	264	32	of	of	ADP
fsr-3304	264	33	the	the	DET
fsr-3304	264	34	household	household	NOUN
fsr-3304	264	35	.	.	PUNCT
fsr-3304	265	1	for	for	ADP
fsr-3304	265	2	most	most	ADJ
fsr-3304	265	3	households	household	NOUN
fsr-3304	265	4	,	,	PUNCT
fsr-3304	265	5	estate	estate	NOUN
fsr-3304	265	6	tax	tax	NOUN
fsr-3304	265	7	rates	rate	NOUN
fsr-3304	265	8	are	be	AUX
fsr-3304	265	9	low	low	ADJ
fsr-3304	265	10	or	or	CCONJ
fsr-3304	265	11	zero	zero	NUM
fsr-3304	265	12	,	,	PUNCT
fsr-3304	265	13	but	but	CCONJ
fsr-3304	265	14	income	income	NOUN
fsr-3304	265	15	tax	tax	NOUN
fsr-3304	265	16	rates	rate	NOUN
fsr-3304	265	17	,	,	PUNCT
fsr-3304	265	18	even	even	ADV
fsr-3304	265	19	for	for	ADP
fsr-3304	265	20	middle	middle	ADJ
fsr-3304	265	21	-	-	PUNCT
fsr-3304	265	22	class	class	NOUN
fsr-3304	265	23	retirees	retiree	NOUN
fsr-3304	265	24	,	,	PUNCT
fsr-3304	265	25	can	can	AUX
fsr-3304	265	26	be	be	AUX
fsr-3304	265	27	15	15	NUM
fsr-3304	265	28	%	%	NOUN
fsr-3304	265	29	or	or	CCONJ
fsr-3304	265	30	higher	high	ADJ
fsr-3304	265	31	.	.	PUNCT
fsr-3304	266	1	i	i	PRON
fsr-3304	266	2	also	also	ADV
fsr-3304	266	3	add	add	VERB
fsr-3304	266	4	to	to	ADP
fsr-3304	266	5	the	the	DET
fsr-3304	266	6	model	model	NOUN
fsr-3304	266	7	the	the	DET
fsr-3304	266	8	minimum	minimum	ADJ
fsr-3304	266	9	distribution	distribution	NOUN
fsr-3304	266	10	requirements	requirement	NOUN
fsr-3304	266	11	on	on	ADP
fsr-3304	266	12	tax	tax	NOUN
fsr-3304	266	13	-	-	PUNCT
fsr-3304	266	14	deferred	defer	VERB
fsr-3304	266	15	account	account	NOUN
fsr-3304	266	16	balances	balance	NOUN
fsr-3304	266	17	which	which	PRON
fsr-3304	266	18	can	can	AUX
fsr-3304	266	19	force	force	VERB
fsr-3304	266	20	distributions	distribution	NOUN
fsr-3304	266	21	in	in	ADP
fsr-3304	266	22	excess	excess	NOUN
fsr-3304	266	23	of	of	ADP
fsr-3304	266	24	optimal	optimal	ADJ
fsr-3304	266	25	levels	level	NOUN
fsr-3304	266	26	determined	determine	VERB
fsr-3304	266	27	,	,	PUNCT
fsr-3304	266	28	particularly	particularly	ADV
fsr-3304	266	29	at	at	ADP
fsr-3304	266	30	older	old	ADJ
fsr-3304	266	31	ages	age	NOUN
fsr-3304	266	32	;	;	PUNCT
fsr-3304	266	33	for	for	ADP
fsr-3304	266	34	example	example	NOUN
fsr-3304	266	35	,	,	PUNCT
fsr-3304	266	36	beyond	beyond	ADP
fsr-3304	266	37	the	the	DET
fsr-3304	266	38	ages	age	NOUN
fsr-3304	266	39	of	of	ADP
fsr-3304	266	40	90	90	NUM
fsr-3304	266	41	and	and	CCONJ
fsr-3304	266	42	older	old	ADJ
fsr-3304	266	43	,	,	PUNCT
fsr-3304	266	44	distributions	distribution	NOUN
fsr-3304	266	45	of	of	ADP
fsr-3304	266	46	10	10	NUM
fsr-3304	266	47	%	%	NOUN
fsr-3304	266	48	and	and	CCONJ
fsr-3304	266	49	more	more	ADJ
fsr-3304	266	50	are	be	AUX
fsr-3304	266	51	required	require	VERB
fsr-3304	266	52	.	.	PUNCT
fsr-3304	267	1	if	if	SCONJ
fsr-3304	267	2	the	the	DET
fsr-3304	267	3	legally	legally	ADV
fsr-3304	267	4	required	require	VERB
fsr-3304	267	5	distribution	distribution	NOUN
fsr-3304	267	6	in	in	ADP
fsr-3304	267	7	a	a	DET
fsr-3304	267	8	year	year	NOUN
fsr-3304	267	9	is	be	AUX
fsr-3304	267	10	higher	high	ADJ
fsr-3304	267	11	than	than	ADP
fsr-3304	267	12	the	the	DET
fsr-3304	267	13	optimal	optimal	ADJ
fsr-3304	267	14	,	,	PUNCT
fsr-3304	267	15	then	then	ADV
fsr-3304	267	16	we	we	PRON
fsr-3304	267	17	place	place	VERB
fsr-3304	267	18	the	the	DET
fsr-3304	267	19	distribution	distribution	NOUN
fsr-3304	267	20	in	in	ADP
fsr-3304	267	21	excess	excess	NOUN
fsr-3304	267	22	of	of	ADP
fsr-3304	267	23	the	the	DET
fsr-3304	267	24	optimal	optimal	ADJ
fsr-3304	267	25	in	in	ADP
fsr-3304	267	26	a	a	DET
fsr-3304	267	27	taxable	taxable	ADJ
fsr-3304	267	28	investment	investment	NOUN
fsr-3304	267	29	account	account	NOUN
fsr-3304	267	30	that	that	PRON
fsr-3304	267	31	will	will	AUX
fsr-3304	267	32	eventually	eventually	ADV
fsr-3304	267	33	be	be	AUX
fsr-3304	267	34	used	use	VERB
fsr-3304	267	35	for	for	ADP
fsr-3304	267	36	liquidity	liquidity	NOUN
fsr-3304	267	37	or	or	CCONJ
fsr-3304	267	38	bequest	bequest	NOUN
fsr-3304	267	39	purposes	purpose	NOUN
fsr-3304	267	40	,	,	PUNCT
fsr-3304	267	41	that	that	ADV
fsr-3304	267	42	is	is	ADV
fsr-3304	267	43	,	,	PUNCT
fsr-3304	267	44	to	to	PART
fsr-3304	267	45	support	support	VERB
fsr-3304	267	46	consumption	consumption	NOUN
fsr-3304	267	47	if	if	SCONJ
fsr-3304	267	48	all	all	DET
fsr-3304	267	49	other	other	ADJ
fsr-3304	267	50	retirement	retirement	NOUN
fsr-3304	267	51	wealth	wealth	NOUN
fsr-3304	267	52	has	have	AUX
fsr-3304	267	53	been	be	AUX
fsr-3304	267	54	used	use	VERB
fsr-3304	267	55	up	up	ADP
fsr-3304	267	56	,	,	PUNCT
fsr-3304	267	57	but	but	CCONJ
fsr-3304	267	58	otherwise	otherwise	ADV
fsr-3304	267	59	held	hold	VERB
fsr-3304	267	60	in	in	ADP
fsr-3304	267	61	reserve	reserve	NOUN
fsr-3304	267	62	.	.	PUNCT
fsr-3304	268	1	i	i	PRON
fsr-3304	268	2	illustrate	illustrate	VERB
fsr-3304	268	3	in	in	ADP
fsr-3304	268	4	table	table	NOUN
fsr-3304	268	5	8	8	NUM
fsr-3304	268	6	the	the	DET
fsr-3304	268	7	impact	impact	NOUN
fsr-3304	268	8	of	of	ADP
fsr-3304	268	9	taxes	taxis	NOUN
fsr-3304	268	10	on	on	ADP
fsr-3304	268	11	optimal	optimal	ADJ
fsr-3304	268	12	strategies	strategy	NOUN
fsr-3304	268	13	for	for	ADP
fsr-3304	268	14	four	four	NUM
fsr-3304	268	15	cases	case	NOUN
fsr-3304	268	16	shown	show	VERB
fsr-3304	268	17	above	above	ADP
fsr-3304	268	18	,	,	PUNCT
fsr-3304	268	19	in	in	ADP
fsr-3304	268	20	panels	panel	NOUN
fsr-3304	268	21	2b	2b	NOUN
fsr-3304	268	22	,	,	PUNCT
fsr-3304	268	23	5b	5b	NUM
fsr-3304	268	24	,	,	PUNCT
fsr-3304	268	25	7b	7b	NOUN
fsr-3304	268	26	,	,	PUNCT
fsr-3304	268	27	and	and	CCONJ
fsr-3304	268	28	7c	7c	NUM
fsr-3304	268	29	.	.	PUNCT
fsr-3304	269	1	i	i	PRON
fsr-3304	269	2	assume	assume	VERB
fsr-3304	269	3	a	a	DET
fsr-3304	269	4	15	15	NUM
fsr-3304	269	5	%	%	NOUN
fsr-3304	269	6	effective	effective	ADJ
fsr-3304	269	7	income	income	NOUN
fsr-3304	269	8	tax	tax	NOUN
fsr-3304	269	9	rate	rate	NOUN
fsr-3304	269	10	and	and	CCONJ
fsr-3304	269	11	a	a	DET
fsr-3304	269	12	zero	zero	NUM
fsr-3304	269	13	effective	effective	ADJ
fsr-3304	269	14	table	table	NOUN
fsr-3304	269	15	8	8	NUM
fsr-3304	269	16	search	search	NOUN
fsr-3304	269	17	for	for	ADP
fsr-3304	269	18	optimal	optimal	ADJ
fsr-3304	269	19	strategies	strategy	NOUN
fsr-3304	269	20	among	among	ADP
fsr-3304	269	21	fixed	fix	VERB
fsr-3304	269	22	percentage	percentage	NOUN
fsr-3304	269	23	systematic	systematic	ADJ
fsr-3304	269	24	withdrawals	withdrawal	NOUN
fsr-3304	269	25	and	and	CCONJ
fsr-3304	269	26	laddered	ladder	VERB
fsr-3304	269	27	purchases	purchase	NOUN
fsr-3304	269	28	of	of	ADP
fsr-3304	269	29	nominal	nominal	ADJ
fsr-3304	269	30	immediate	immediate	ADJ
fsr-3304	269	31	life	life	NOUN
fsr-3304	269	32	annuities	annuity	NOUN
fsr-3304	269	33	—	—	PUNCT
fsr-3304	269	34	alternative	alternative	ADJ
fsr-3304	269	35	situations	situation	NOUN
fsr-3304	269	36	and	and	CCONJ
fsr-3304	269	37	preferences	preference	NOUN
fsr-3304	269	38	,	,	PUNCT
fsr-3304	269	39	with	with	ADP
fsr-3304	269	40	additional	additional	ADJ
fsr-3304	269	41	consideration	consideration	NOUN
fsr-3304	269	42	of	of	ADP
fsr-3304	269	43	taxes	taxis	NOUN
fsr-3304	269	44	and	and	CCONJ
fsr-3304	269	45	minimum	minimum	ADJ
fsr-3304	269	46	distribution	distribution	NOUN
fsr-3304	269	47	requirements	requirement	NOUN
fsr-3304	269	48	real	real	ADJ
fsr-3304	269	49	$	$	SYM
fsr-3304	269	50	000	000	NUM
fsr-3304	269	51	95th	95th	ADJ
fsr-3304	269	52	percentile	percentile	ADJ
fsr-3304	269	53	50th	50th	ADJ
fsr-3304	269	54	percentile	percentile	ADJ
fsr-3304	269	55	5th	5th	ADJ
fsr-3304	269	56	percentile	percentile	ADJ
fsr-3304	269	57	mean	mean	VERB
fsr-3304	269	58	standard	standard	ADJ
fsr-3304	269	59	deviation	deviation	NOUN
fsr-3304	269	60	a.	a.	NOUN
fsr-3304	269	61	situation	situation	NOUN
fsr-3304	269	62	:	:	PUNCT
fsr-3304	269	63	panel	panel	NOUN
fsr-3304	269	64	2b	2b	NOUN
fsr-3304	269	65	optimal	optimal	ADJ
fsr-3304	269	66	strategy	strategy	NOUN
fsr-3304	269	67	:	:	PUNCT
fsr-3304	269	68	withdrawal	withdrawal	NOUN
fsr-3304	269	69	9	9	NUM
fsr-3304	269	70	%	%	NOUN
fsr-3304	269	71	,	,	PUNCT
fsr-3304	269	72	annuity	annuity	NOUN
fsr-3304	269	73	initial	initial	ADJ
fsr-3304	269	74	0	0	NUM
fsr-3304	269	75	%	%	NOUN
fsr-3304	269	76	of	of	ADP
fsr-3304	269	77	wealth	wealth	NOUN
fsr-3304	269	78	,	,	PUNCT
fsr-3304	269	79	ending	end	VERB
fsr-3304	269	80	55	55	NUM
fsr-3304	269	81	%	%	NOUN
fsr-3304	269	82	by	by	ADP
fsr-3304	269	83	20	20	NUM
fsr-3304	269	84	years	year	NOUN
fsr-3304	269	85	,	,	PUNCT
fsr-3304	269	86	ace	ace	VERB
fsr-3304	269	87	23.2	23.2	NUM
fsr-3304	269	88	after	after	ADP
fsr-3304	269	89	-	-	PUNCT
fsr-3304	269	90	tax	tax	NOUN
fsr-3304	269	91	income	income	NOUN
fsr-3304	269	92	31.5	31.5	NUM
fsr-3304	269	93	24.8	24.8	NUM
fsr-3304	269	94	17.4	17.4	NUM
fsr-3304	269	95	24.4	24.4	NUM
fsr-3304	269	96	4.6	4.6	NUM
fsr-3304	269	97	tax	tax	NOUN
fsr-3304	269	98	-	-	PUNCT
fsr-3304	269	99	deferred	defer	VERB
fsr-3304	269	100	balance	balance	NOUN
fsr-3304	269	101	250.0	250.0	NUM
fsr-3304	269	102	80.9	80.9	NUM
fsr-3304	269	103	0.0	0.0	NUM
fsr-3304	269	104	97.5	97.5	NUM
fsr-3304	269	105	88.9	88.9	NUM
fsr-3304	269	106	taxable	taxable	ADJ
fsr-3304	269	107	balance	balance	NOUN
fsr-3304	269	108	at	at	ADP
fsr-3304	269	109	age	age	NOUN
fsr-3304	269	110	95	95	NUM
fsr-3304	269	111	0.5	0.5	NUM
fsr-3304	269	112	0.0	0.0	NUM
fsr-3304	269	113	0.0	0.0	NUM
fsr-3304	269	114	0.1	0.1	NUM
fsr-3304	269	115	0.5	0.5	NUM
fsr-3304	269	116	b.	b.	NOUN
fsr-3304	269	117	situation	situation	NOUN
fsr-3304	269	118	:	:	PUNCT
fsr-3304	269	119	panel	panel	NOUN
fsr-3304	269	120	5b	5b	VERB
fsr-3304	269	121	optimal	optimal	ADJ
fsr-3304	269	122	strategy	strategy	NOUN
fsr-3304	269	123	:	:	PUNCT
fsr-3304	269	124	withdrawal	withdrawal	NOUN
fsr-3304	269	125	8	8	NUM
fsr-3304	269	126	%	%	NOUN
fsr-3304	269	127	,	,	PUNCT
fsr-3304	269	128	annuity	annuity	NOUN
fsr-3304	269	129	initial	initial	ADJ
fsr-3304	269	130	0	0	NUM
fsr-3304	269	131	%	%	NOUN
fsr-3304	269	132	of	of	ADP
fsr-3304	269	133	wealth	wealth	NOUN
fsr-3304	269	134	,	,	PUNCT
fsr-3304	269	135	ending	end	VERB
fsr-3304	269	136	60	60	NUM
fsr-3304	269	137	%	%	NOUN
fsr-3304	269	138	by	by	ADP
fsr-3304	269	139	25	25	NUM
fsr-3304	269	140	years	year	NOUN
fsr-3304	269	141	,	,	PUNCT
fsr-3304	269	142	ace	ace	VERB
fsr-3304	269	143	21.03	21.03	NUM
fsr-3304	269	144	after	after	ADP
fsr-3304	269	145	-	-	PUNCT
fsr-3304	269	146	tax	tax	NOUN
fsr-3304	269	147	income	income	NOUN
fsr-3304	269	148	35.2	35.2	NUM
fsr-3304	269	149	26.6	26.6	NUM
fsr-3304	269	150	16.7	16.7	NUM
fsr-3304	269	151	26.5	26.5	NUM
fsr-3304	269	152	6.0	6.0	NUM
fsr-3304	269	153	tax	tax	NOUN
fsr-3304	269	154	-	-	PUNCT
fsr-3304	269	155	deferred	defer	VERB
fsr-3304	269	156	balance	balance	NOUN
fsr-3304	269	157	250.0	250.0	NUM
fsr-3304	269	158	77.8	77.8	NUM
fsr-3304	269	159	0.0	0.0	NUM
fsr-3304	269	160	95.8	95.8	NUM
fsr-3304	269	161	88.2	88.2	NUM
fsr-3304	269	162	taxable	taxable	ADJ
fsr-3304	269	163	balance	balance	NOUN
fsr-3304	269	164	at	at	ADP
fsr-3304	269	165	age	age	NOUN
fsr-3304	269	166	95	95	NUM
fsr-3304	269	167	0.1	0.1	NUM
fsr-3304	269	168	0.0	0.0	NUM
fsr-3304	269	169	0.0	0.0	NUM
fsr-3304	269	170	0.1	0.1	NUM
fsr-3304	269	171	0.9	0.9	NUM
fsr-3304	269	172	c.	c.	NOUN
fsr-3304	269	173	situation	situation	NOUN
fsr-3304	269	174	:	:	PUNCT
fsr-3304	269	175	panel	panel	NOUN
fsr-3304	269	176	7b	7b	PROPN
fsr-3304	269	177	optimal	optimal	ADJ
fsr-3304	269	178	strategy	strategy	NOUN
fsr-3304	269	179	:	:	PUNCT
fsr-3304	269	180	withdrawal	withdrawal	NOUN
fsr-3304	269	181	7	7	NUM
fsr-3304	269	182	%	%	NOUN
fsr-3304	269	183	,	,	PUNCT
fsr-3304	269	184	annuity	annuity	NOUN
fsr-3304	269	185	initial	initial	ADJ
fsr-3304	269	186	15	15	NUM
fsr-3304	269	187	%	%	NOUN
fsr-3304	269	188	of	of	ADP
fsr-3304	269	189	wealth	wealth	NOUN
fsr-3304	269	190	,	,	PUNCT
fsr-3304	269	191	ending	end	VERB
fsr-3304	269	192	40	40	NUM
fsr-3304	269	193	%	%	NOUN
fsr-3304	269	194	by	by	ADP
fsr-3304	269	195	20	20	NUM
fsr-3304	269	196	years	year	NOUN
fsr-3304	269	197	,	,	PUNCT
fsr-3304	269	198	ace	ace	VERB
fsr-3304	269	199	38.3	38.3	NUM
fsr-3304	269	200	after	after	ADP
fsr-3304	269	201	-	-	PUNCT
fsr-3304	269	202	tax	tax	NOUN
fsr-3304	269	203	income	income	NOUN
fsr-3304	269	204	54.2	54.2	NUM
fsr-3304	269	205	40.1	40.1	NUM
fsr-3304	269	206	26.9	26.9	NUM
fsr-3304	269	207	40.4	40.4	NUM
fsr-3304	269	208	8.8	8.8	NUM
fsr-3304	269	209	tax	tax	NOUN
fsr-3304	269	210	-	-	PUNCT
fsr-3304	269	211	deferred	defer	VERB
fsr-3304	269	212	balance	balance	NOUN
fsr-3304	269	213	545.9	545.9	NUM
fsr-3304	269	214	285.9	285.9	NUM
fsr-3304	269	215	25.2	25.2	NUM
fsr-3304	269	216	290.1	290.1	NUM
fsr-3304	269	217	172.8	172.8	NUM
fsr-3304	269	218	taxable	taxable	ADJ
fsr-3304	269	219	balance	balance	NOUN
fsr-3304	269	220	at	at	ADP
fsr-3304	269	221	age	age	NOUN
fsr-3304	269	222	95	95	NUM
fsr-3304	269	223	40.7	40.7	NUM
fsr-3304	269	224	9.9	9.9	NUM
fsr-3304	269	225	0.0	0.0	NUM
fsr-3304	269	226	13.8	13.8	NUM
fsr-3304	269	227	14.0	14.0	NUM
fsr-3304	269	228	d.	d.	PROPN
fsr-3304	269	229	situation	situation	NOUN
fsr-3304	269	230	:	:	PUNCT
fsr-3304	269	231	panel	panel	NOUN
fsr-3304	269	232	7c	7c	PROPN
fsr-3304	269	233	optimal	optimal	ADJ
fsr-3304	269	234	strategy	strategy	NOUN
fsr-3304	269	235	:	:	PUNCT
fsr-3304	269	236	withdrawal	withdrawal	NOUN
fsr-3304	269	237	5	5	NUM
fsr-3304	269	238	%	%	NOUN
fsr-3304	269	239	,	,	PUNCT
fsr-3304	269	240	annuity	annuity	NOUN
fsr-3304	269	241	initial	initial	ADJ
fsr-3304	269	242	5	5	NUM
fsr-3304	269	243	%	%	NOUN
fsr-3304	269	244	of	of	ADP
fsr-3304	269	245	wealth	wealth	NOUN
fsr-3304	269	246	,	,	PUNCT
fsr-3304	269	247	ending	end	VERB
fsr-3304	269	248	20	20	NUM
fsr-3304	269	249	%	%	NOUN
fsr-3304	269	250	by	by	ADP
fsr-3304	269	251	30	30	NUM
fsr-3304	269	252	years	year	NOUN
fsr-3304	269	253	,	,	PUNCT
fsr-3304	269	254	ace	ace	VERB
fsr-3304	269	255	44.30	44.30	NUM
fsr-3304	269	256	after	after	ADP
fsr-3304	269	257	-	-	PUNCT
fsr-3304	269	258	tax	tax	NOUN
fsr-3304	269	259	income	income	NOUN
fsr-3304	269	260	70.3	70.3	NUM
fsr-3304	269	261	50.6	50.6	NUM
fsr-3304	269	262	33.7	33.7	NUM
fsr-3304	269	263	50.8	50.8	NUM
fsr-3304	269	264	11.4	11.4	NUM
fsr-3304	269	265	tax	tax	NOUN
fsr-3304	269	266	-	-	PUNCT
fsr-3304	269	267	deferred	defer	VERB
fsr-3304	269	268	balance	balance	NOUN
fsr-3304	269	269	1195.5	1195.5	NUM
fsr-3304	269	270	746.6	746.6	NUM
fsr-3304	269	271	250.7	250.7	NUM
fsr-3304	269	272	734.5	734.5	NUM
fsr-3304	269	273	296.8	296.8	NUM
fsr-3304	269	274	taxable	taxable	ADJ
fsr-3304	269	275	balance	balance	NOUN
fsr-3304	269	276	at	at	ADP
fsr-3304	269	277	age	age	NOUN
fsr-3304	269	278	95	95	NUM
fsr-3304	269	279	331.8	331.8	NUM
fsr-3304	269	280	138.0	138.0	NUM
fsr-3304	269	281	42.6	42.6	NUM
fsr-3304	269	282	154.9	154.9	NUM
fsr-3304	269	283	94.5	94.5	NUM
fsr-3304	269	284	source	source	NOUN
fsr-3304	269	285	:	:	PUNCT
fsr-3304	269	286	author	author	NOUN
fsr-3304	269	287	’s	’s	PART
fsr-3304	269	288	simulations	simulation	NOUN
fsr-3304	269	289	.	.	PUNCT
fsr-3304	270	1	higher	high	ADJ
fsr-3304	270	2	aces	ace	NOUN
fsr-3304	270	3	(	(	PUNCT
fsr-3304	270	4	average	average	ADJ
fsr-3304	270	5	certainty	certainty	NOUN
fsr-3304	270	6	equivalent	equivalent	ADJ
fsr-3304	270	7	consumption	consumption	NOUN
fsr-3304	270	8	)	)	PUNCT
fsr-3304	270	9	indicate	indicate	VERB
fsr-3304	270	10	better	well	ADJ
fsr-3304	270	11	outcomes	outcome	NOUN
fsr-3304	270	12	for	for	ADP
fsr-3304	270	13	households	household	NOUN
fsr-3304	270	14	,	,	PUNCT
fsr-3304	270	15	for	for	ADP
fsr-3304	270	16	a	a	DET
fsr-3304	270	17	given	give	VERB
fsr-3304	270	18	set	set	NOUN
fsr-3304	270	19	of	of	ADP
fsr-3304	270	20	preference	preference	NOUN
fsr-3304	270	21	parameters	parameter	NOUN
fsr-3304	270	22	.	.	PUNCT
fsr-3304	271	1	128	128	NUM
fsr-3304	271	2	m.j	m.j	PROPN
fsr-3304	271	3	.	.	PROPN
fsr-3304	271	4	warshawsky	warshawsky	PROPN
fsr-3304	271	5	/	/	SYM
fsr-3304	271	6	financial	financial	ADJ
fsr-3304	271	7	services	service	NOUN
fsr-3304	271	8	review	review	VERB
fsr-3304	271	9	26	26	NUM
fsr-3304	271	10	(	(	PUNCT
fsr-3304	271	11	2017	2017	NUM
fsr-3304	271	12	)	)	PUNCT
fsr-3304	272	1	113–141	113–141	NUM
fsr-3304	272	2	estate	estate	NOUN
fsr-3304	272	3	tax	tax	NOUN
fsr-3304	272	4	rate	rate	NOUN
fsr-3304	272	5	.	.	PUNCT
fsr-3304	273	1	in	in	ADP
fsr-3304	273	2	general	general	ADJ
fsr-3304	273	3	,	,	PUNCT
fsr-3304	273	4	because	because	SCONJ
fsr-3304	273	5	a	a	DET
fsr-3304	273	6	significant	significant	ADJ
fsr-3304	273	7	portion	portion	NOUN
fsr-3304	273	8	of	of	ADP
fsr-3304	273	9	retirement	retirement	NOUN
fsr-3304	273	10	resources	resource	NOUN
fsr-3304	273	11	are	be	AUX
fsr-3304	273	12	sent	send	VERB
fsr-3304	273	13	to	to	ADP
fsr-3304	273	14	the	the	DET
fsr-3304	273	15	government	government	NOUN
fsr-3304	273	16	,	,	PUNCT
fsr-3304	273	17	to	to	PART
fsr-3304	273	18	produce	produce	VERB
fsr-3304	273	19	income	income	NOUN
fsr-3304	273	20	levels	level	NOUN
fsr-3304	273	21	(	(	PUNCT
fsr-3304	273	22	and	and	CCONJ
fsr-3304	273	23	utility	utility	NOUN
fsr-3304	273	24	)	)	PUNCT
fsr-3304	273	25	roughly	roughly	ADV
fsr-3304	273	26	comparable	comparable	ADJ
fsr-3304	273	27	(	(	PUNCT
fsr-3304	273	28	but	but	CCONJ
fsr-3304	273	29	inevitably	inevitably	ADV
fsr-3304	273	30	a	a	DET
fsr-3304	273	31	bit	bit	NOUN
fsr-3304	273	32	lower	low	ADJ
fsr-3304	273	33	)	)	PUNCT
fsr-3304	273	34	to	to	ADP
fsr-3304	273	35	the	the	DET
fsr-3304	273	36	situation	situation	NOUN
fsr-3304	273	37	before	before	ADP
fsr-3304	273	38	the	the	DET
fsr-3304	273	39	consideration	consideration	NOUN
fsr-3304	273	40	of	of	ADP
fsr-3304	273	41	taxes	taxis	NOUN
fsr-3304	273	42	,	,	PUNCT
fsr-3304	273	43	higher	high	ADJ
fsr-3304	273	44	withdrawals	withdrawal	NOUN
fsr-3304	273	45	and	and	CCONJ
fsr-3304	273	46	greater	great	ADJ
fsr-3304	273	47	annuity	annuity	NOUN
fsr-3304	273	48	purchases	purchase	NOUN
fsr-3304	273	49	must	must	AUX
fsr-3304	273	50	be	be	AUX
fsr-3304	273	51	made	make	VERB
fsr-3304	273	52	.	.	PUNCT
fsr-3304	274	1	the	the	DET
fsr-3304	274	2	remaining	remain	VERB
fsr-3304	274	3	balances	balance	NOUN
fsr-3304	274	4	will	will	AUX
fsr-3304	274	5	be	be	AUX
fsr-3304	274	6	lower	low	ADJ
fsr-3304	274	7	.	.	PUNCT
fsr-3304	275	1	in	in	ADP
fsr-3304	275	2	addition	addition	NOUN
fsr-3304	275	3	,	,	PUNCT
fsr-3304	275	4	with	with	ADP
fsr-3304	275	5	the	the	DET
fsr-3304	275	6	addition	addition	NOUN
fsr-3304	275	7	of	of	ADP
fsr-3304	275	8	minimum	minimum	ADJ
fsr-3304	275	9	distribution	distribution	NOUN
fsr-3304	275	10	requirements	requirement	NOUN
fsr-3304	275	11	,	,	PUNCT
fsr-3304	275	12	for	for	ADP
fsr-3304	275	13	higher	high	ADJ
fsr-3304	275	14	wealth	wealth	NOUN
fsr-3304	275	15	levels	level	NOUN
fsr-3304	275	16	or	or	CCONJ
fsr-3304	275	17	favorable	favorable	ADJ
fsr-3304	275	18	investment	investment	NOUN
fsr-3304	275	19	outcomes	outcome	NOUN
fsr-3304	275	20	,	,	PUNCT
fsr-3304	275	21	some	some	DET
fsr-3304	275	22	tax	tax	NOUN
fsr-3304	275	23	-	-	PUNCT
fsr-3304	275	24	favored	favor	VERB
fsr-3304	275	25	retirement	retirement	NOUN
fsr-3304	275	26	assets	asset	NOUN
fsr-3304	275	27	will	will	AUX
fsr-3304	275	28	eventually	eventually	ADV
fsr-3304	275	29	be	be	AUX
fsr-3304	275	30	placed	place	VERB
fsr-3304	275	31	in	in	ADP
fsr-3304	275	32	taxable	taxable	ADJ
fsr-3304	275	33	investment	investment	NOUN
fsr-3304	275	34	accounts	account	NOUN
fsr-3304	275	35	,	,	PUNCT
fsr-3304	275	36	particularly	particularly	ADV
fsr-3304	275	37	at	at	ADP
fsr-3304	275	38	older	old	ADJ
fsr-3304	275	39	ages	age	NOUN
fsr-3304	275	40	.	.	PUNCT
fsr-3304	276	1	4.6	4.6	NUM
fsr-3304	276	2	.	.	PUNCT
fsr-3304	277	1	add	add	VERB
fsr-3304	277	2	pensions	pension	NOUN
fsr-3304	277	3	finally	finally	ADV
fsr-3304	277	4	,	,	PUNCT
fsr-3304	277	5	i	i	PRON
fsr-3304	277	6	add	add	VERB
fsr-3304	277	7	defined	define	VERB
fsr-3304	277	8	benefit	benefit	NOUN
fsr-3304	277	9	pensions	pension	NOUN
fsr-3304	277	10	to	to	ADP
fsr-3304	277	11	the	the	DET
fsr-3304	277	12	model	model	NOUN
fsr-3304	277	13	.	.	PUNCT
fsr-3304	278	1	the	the	DET
fsr-3304	278	2	pension	pension	NOUN
fsr-3304	278	3	benefits	benefit	NOUN
fsr-3304	278	4	can	can	AUX
fsr-3304	278	5	be	be	AUX
fsr-3304	278	6	either	either	CCONJ
fsr-3304	278	7	indexed	index	VERB
fsr-3304	278	8	to	to	ADP
fsr-3304	278	9	inflation	inflation	NOUN
fsr-3304	278	10	or	or	CCONJ
fsr-3304	278	11	not	not	PART
fsr-3304	278	12	,	,	PUNCT
fsr-3304	278	13	and	and	CCONJ
fsr-3304	278	14	can	can	AUX
fsr-3304	278	15	be	be	AUX
fsr-3304	278	16	either	either	CCONJ
fsr-3304	278	17	for	for	ADP
fsr-3304	278	18	the	the	DET
fsr-3304	278	19	individual	individual	NOUN
fsr-3304	278	20	alone	alone	ADJ
fsr-3304	278	21	or	or	CCONJ
fsr-3304	278	22	for	for	ADP
fsr-3304	278	23	both	both	DET
fsr-3304	278	24	members	member	NOUN
fsr-3304	278	25	of	of	ADP
fsr-3304	278	26	the	the	DET
fsr-3304	278	27	couple	couple	NOUN
fsr-3304	278	28	(	(	PUNCT
fsr-3304	278	29	assumed	assume	VERB
fsr-3304	278	30	as	as	ADP
fsr-3304	278	31	a	a	DET
fsr-3304	278	32	joint	joint	ADJ
fsr-3304	278	33	-	-	PUNCT
fsr-3304	278	34	and	and	CCONJ
fsr-3304	278	35	-	-	PUNCT
fsr-3304	278	36	two	two	NUM
fsr-3304	278	37	-	-	PUNCT
fsr-3304	278	38	thirds	third	NOUN
fsr-3304	278	39	-	-	PUNCT
fsr-3304	278	40	to	to	ADP
fsr-3304	278	41	-	-	PUNCT
fsr-3304	278	42	survivor	survivor	NOUN
fsr-3304	278	43	annuity	annuity	NOUN
fsr-3304	278	44	)	)	PUNCT
fsr-3304	278	45	.	.	PUNCT
fsr-3304	279	1	here	here	ADV
fsr-3304	279	2	i	i	PRON
fsr-3304	279	3	also	also	ADV
fsr-3304	279	4	only	only	ADV
fsr-3304	279	5	use	use	VERB
fsr-3304	279	6	a	a	DET
fsr-3304	279	7	refined	refined	ADJ
fsr-3304	279	8	search	search	NOUN
fsr-3304	279	9	grid	grid	NOUN
fsr-3304	279	10	to	to	PART
fsr-3304	279	11	find	find	VERB
fsr-3304	279	12	the	the	DET
fsr-3304	279	13	optimal	optimal	ADJ
fsr-3304	279	14	strategy	strategy	NOUN
fsr-3304	279	15	and	and	CCONJ
fsr-3304	279	16	limit	limit	VERB
fsr-3304	279	17	the	the	DET
fsr-3304	279	18	laddering	laddering	NOUN
fsr-3304	279	19	of	of	ADP
fsr-3304	279	20	annuities	annuity	NOUN
fsr-3304	279	21	up	up	ADP
fsr-3304	279	22	to	to	ADP
fsr-3304	279	23	age	age	NOUN
fsr-3304	279	24	90	90	NUM
fsr-3304	279	25	.	.	PUNCT
fsr-3304	280	1	with	with	ADP
fsr-3304	280	2	the	the	DET
fsr-3304	280	3	addition	addition	NOUN
fsr-3304	280	4	of	of	ADP
fsr-3304	280	5	pension	pension	NOUN
fsr-3304	280	6	income	income	NOUN
fsr-3304	280	7	but	but	CCONJ
fsr-3304	280	8	no	no	DET
fsr-3304	280	9	subtraction	subtraction	NOUN
fsr-3304	280	10	of	of	ADP
fsr-3304	280	11	other	other	ADJ
fsr-3304	280	12	retirement	retirement	NOUN
fsr-3304	280	13	resources	resource	NOUN
fsr-3304	280	14	,	,	PUNCT
fsr-3304	280	15	we	we	PRON
fsr-3304	280	16	naturally	naturally	ADV
fsr-3304	280	17	will	will	AUX
fsr-3304	280	18	expect	expect	VERB
fsr-3304	280	19	a	a	DET
fsr-3304	280	20	higher	high	ADJ
fsr-3304	280	21	ace	ace	NOUN
fsr-3304	280	22	,	,	PUNCT
fsr-3304	280	23	everything	everything	PRON
fsr-3304	280	24	else	else	ADV
fsr-3304	280	25	equal	equal	ADJ
fsr-3304	280	26	.	.	PUNCT
fsr-3304	281	1	because	because	SCONJ
fsr-3304	281	2	the	the	DET
fsr-3304	281	3	pension	pension	NOUN
fsr-3304	281	4	is	be	AUX
fsr-3304	281	5	paid	pay	VERB
fsr-3304	281	6	as	as	ADP
fsr-3304	281	7	a	a	DET
fsr-3304	281	8	life	life	NOUN
fsr-3304	281	9	annuity	annuity	NOUN
fsr-3304	281	10	,	,	PUNCT
fsr-3304	281	11	one	one	PRON
fsr-3304	281	12	would	would	AUX
fsr-3304	281	13	also	also	ADV
fsr-3304	281	14	expect	expect	VERB
fsr-3304	281	15	less	less	ADJ
fsr-3304	281	16	need	need	NOUN
fsr-3304	281	17	for	for	ADP
fsr-3304	281	18	purchasing	purchase	VERB
fsr-3304	281	19	immediate	immediate	ADJ
fsr-3304	281	20	life	life	NOUN
fsr-3304	281	21	annuities	annuity	NOUN
fsr-3304	281	22	as	as	ADV
fsr-3304	281	23	well	well	ADV
fsr-3304	281	24	as	as	ADP
fsr-3304	281	25	lower	low	ADJ
fsr-3304	281	26	withdrawals	withdrawal	NOUN
fsr-3304	281	27	.	.	PUNCT
fsr-3304	282	1	these	these	PRON
fsr-3304	282	2	are	be	AUX
fsr-3304	282	3	indeed	indeed	ADV
fsr-3304	282	4	the	the	DET
fsr-3304	282	5	model	model	NOUN
fsr-3304	282	6	outcomes	outcome	NOUN
fsr-3304	282	7	shown	show	VERB
fsr-3304	282	8	below	below	ADP
fsr-3304	282	9	in	in	ADP
fsr-3304	282	10	table	table	NOUN
fsr-3304	282	11	9	9	NUM
fsr-3304	282	12	when	when	SCONJ
fsr-3304	282	13	i	i	PRON
fsr-3304	282	14	add	add	VERB
fsr-3304	282	15	pensions	pension	NOUN
fsr-3304	282	16	(	(	PUNCT
fsr-3304	282	17	at	at	ADP
fsr-3304	282	18	the	the	DET
fsr-3304	282	19	same	same	ADJ
fsr-3304	282	20	level	level	NOUN
fsr-3304	282	21	as	as	ADP
fsr-3304	282	22	social	social	ADJ
fsr-3304	282	23	security	security	NOUN
fsr-3304	282	24	,	,	PUNCT
fsr-3304	282	25	but	but	CCONJ
fsr-3304	282	26	unindexed	unindexed	ADJ
fsr-3304	282	27	and	and	CCONJ
fsr-3304	282	28	split	split	VERB
fsr-3304	282	29	among	among	ADP
fsr-3304	282	30	both	both	DET
fsr-3304	282	31	members	member	NOUN
fsr-3304	282	32	of	of	ADP
fsr-3304	282	33	the	the	DET
fsr-3304	282	34	couple	couple	NOUN
fsr-3304	282	35	)	)	PUNCT
fsr-3304	282	36	,	,	PUNCT
fsr-3304	282	37	on	on	ADP
fsr-3304	282	38	top	top	NOUN
fsr-3304	282	39	of	of	ADP
fsr-3304	282	40	taxation	taxation	NOUN
fsr-3304	282	41	and	and	CCONJ
fsr-3304	282	42	minimum	minimum	ADJ
fsr-3304	282	43	distribution	distribution	NOUN
fsr-3304	282	44	requirements	requirement	NOUN
fsr-3304	282	45	,	,	PUNCT
fsr-3304	282	46	to	to	ADP
fsr-3304	282	47	cases	case	NOUN
fsr-3304	282	48	7c	7c	PROPN
fsr-3304	282	49	(	(	PUNCT
fsr-3304	282	50	8d	8d	NUM
fsr-3304	282	51	)	)	PUNCT
fsr-3304	282	52	and	and	CCONJ
fsr-3304	282	53	7d	7d	NUM
fsr-3304	282	54	.	.	PUNCT
fsr-3304	283	1	4.7	4.7	NUM
fsr-3304	283	2	.	.	PUNCT
fsr-3304	284	1	the	the	DET
fsr-3304	284	2	full	full	ADJ
fsr-3304	284	3	model	model	NOUN
fsr-3304	284	4	treatment	treatment	NOUN
fsr-3304	284	5	of	of	ADP
fsr-3304	284	6	three	three	NUM
fsr-3304	284	7	disparate	disparate	ADJ
fsr-3304	284	8	example	example	NOUN
fsr-3304	284	9	cases	case	NOUN
fsr-3304	284	10	here	here	ADV
fsr-3304	284	11	i	i	PRON
fsr-3304	284	12	show	show	VERB
fsr-3304	284	13	three	three	NUM
fsr-3304	284	14	example	example	NOUN
fsr-3304	284	15	cases	case	NOUN
fsr-3304	284	16	,	,	PUNCT
fsr-3304	284	17	with	with	ADP
fsr-3304	284	18	divergent	divergent	ADJ
fsr-3304	284	19	preferences	preference	NOUN
fsr-3304	284	20	and	and	CCONJ
fsr-3304	284	21	household	household	NOUN
fsr-3304	284	22	demographic	demographic	ADJ
fsr-3304	284	23	and	and	CCONJ
fsr-3304	284	24	economic	economic	ADJ
fsr-3304	284	25	situations	situation	NOUN
fsr-3304	284	26	,	,	PUNCT
fsr-3304	284	27	their	their	PRON
fsr-3304	284	28	optimal	optimal	ADJ
fsr-3304	284	29	strategies	strategy	NOUN
fsr-3304	284	30	determined	determine	VERB
fsr-3304	284	31	by	by	ADP
fsr-3304	284	32	the	the	DET
fsr-3304	284	33	full	full	ADJ
fsr-3304	284	34	model	model	NOUN
fsr-3304	284	35	,	,	PUNCT
fsr-3304	284	36	and	and	CCONJ
fsr-3304	284	37	the	the	DET
fsr-3304	284	38	range	range	NOUN
fsr-3304	284	39	table	table	NOUN
fsr-3304	284	40	9	9	NUM
fsr-3304	284	41	search	search	NOUN
fsr-3304	284	42	for	for	ADP
fsr-3304	284	43	optimal	optimal	ADJ
fsr-3304	284	44	strategies	strategy	NOUN
fsr-3304	284	45	among	among	ADP
fsr-3304	284	46	fixed	fix	VERB
fsr-3304	284	47	percentage	percentage	NOUN
fsr-3304	284	48	systematic	systematic	ADJ
fsr-3304	284	49	withdrawals	withdrawal	NOUN
fsr-3304	284	50	and	and	CCONJ
fsr-3304	284	51	laddered	ladder	VERB
fsr-3304	284	52	purchases	purchase	NOUN
fsr-3304	284	53	of	of	ADP
fsr-3304	284	54	nominal	nominal	ADJ
fsr-3304	284	55	immediate	immediate	ADJ
fsr-3304	284	56	life	life	NOUN
fsr-3304	284	57	annuities	annuity	NOUN
fsr-3304	284	58	—	—	PUNCT
fsr-3304	284	59	alternative	alternative	ADJ
fsr-3304	284	60	situations	situation	NOUN
fsr-3304	284	61	and	and	CCONJ
fsr-3304	284	62	preferences	preference	NOUN
fsr-3304	284	63	,	,	PUNCT
fsr-3304	284	64	with	with	ADP
fsr-3304	284	65	additional	additional	ADJ
fsr-3304	284	66	consideration	consideration	NOUN
fsr-3304	284	67	of	of	ADP
fsr-3304	284	68	taxes	taxis	NOUN
fsr-3304	284	69	and	and	CCONJ
fsr-3304	284	70	minimum	minimum	ADJ
fsr-3304	284	71	distribution	distribution	NOUN
fsr-3304	284	72	requirements	requirement	NOUN
fsr-3304	284	73	,	,	PUNCT
fsr-3304	284	74	and	and	CCONJ
fsr-3304	284	75	defined	define	VERB
fsr-3304	284	76	benefit	benefit	NOUN
fsr-3304	284	77	pensions	pension	NOUN
fsr-3304	284	78	added	add	VERB
fsr-3304	284	79	real	real	ADJ
fsr-3304	284	80	$	$	SYM
fsr-3304	284	81	000	000	NUM
fsr-3304	284	82	95th	95th	ADJ
fsr-3304	284	83	percentile	percentile	ADJ
fsr-3304	284	84	50th	50th	ADJ
fsr-3304	284	85	percentile	percentile	ADJ
fsr-3304	284	86	5th	5th	ADJ
fsr-3304	284	87	percentile	percentile	ADJ
fsr-3304	284	88	mean	mean	VERB
fsr-3304	284	89	standard	standard	ADJ
fsr-3304	284	90	deviation	deviation	NOUN
fsr-3304	284	91	a.	a.	NOUN
fsr-3304	284	92	situation	situation	NOUN
fsr-3304	284	93	:	:	PUNCT
fsr-3304	284	94	panel	panel	NOUN
fsr-3304	284	95	7c	7c	X
fsr-3304	284	96	(	(	PUNCT
fsr-3304	284	97	8d	8d	NUM
fsr-3304	284	98	)	)	PUNCT
fsr-3304	284	99	optimal	optimal	ADJ
fsr-3304	284	100	strategy	strategy	NOUN
fsr-3304	284	101	:	:	PUNCT
fsr-3304	284	102	withdrawal	withdrawal	NOUN
fsr-3304	284	103	4.5	4.5	NUM
fsr-3304	284	104	%	%	NOUN
fsr-3304	284	105	,	,	PUNCT
fsr-3304	284	106	annuity	annuity	NOUN
fsr-3304	284	107	initial	initial	ADJ
fsr-3304	284	108	0	0	NUM
fsr-3304	284	109	%	%	NOUN
fsr-3304	284	110	of	of	ADP
fsr-3304	284	111	wealth	wealth	NOUN
fsr-3304	284	112	,	,	PUNCT
fsr-3304	284	113	ending	end	VERB
fsr-3304	284	114	15	15	NUM
fsr-3304	284	115	%	%	NOUN
fsr-3304	284	116	by	by	ADP
fsr-3304	284	117	24	24	NUM
fsr-3304	284	118	years	year	NOUN
fsr-3304	284	119	,	,	PUNCT
fsr-3304	284	120	ace	ace	VERB
fsr-3304	284	121	49.0	49.0	NUM
fsr-3304	284	122	after	after	ADP
fsr-3304	284	123	-	-	PUNCT
fsr-3304	284	124	tax	tax	NOUN
fsr-3304	284	125	income	income	NOUN
fsr-3304	284	126	76.4	76.4	NUM
fsr-3304	284	127	56.8	56.8	NUM
fsr-3304	284	128	39.1	39.1	NUM
fsr-3304	284	129	56.8	56.8	NUM
fsr-3304	284	130	11.5	11.5	NUM
fsr-3304	284	131	tax	tax	NOUN
fsr-3304	284	132	-	-	PUNCT
fsr-3304	284	133	deferred	defer	VERB
fsr-3304	284	134	balance	balance	NOUN
fsr-3304	284	135	1301.8	1301.8	NUM
fsr-3304	284	136	813.4	813.4	NUM
fsr-3304	284	137	276.5	276.5	NUM
fsr-3304	284	138	798.5	798.5	NUM
fsr-3304	284	139	316.9	316.9	NUM
fsr-3304	284	140	taxable	taxable	ADJ
fsr-3304	284	141	balance	balance	NOUN
fsr-3304	284	142	at	at	ADP
fsr-3304	284	143	age	age	NOUN
fsr-3304	284	144	95	95	NUM
fsr-3304	284	145	527.1	527.1	NUM
fsr-3304	284	146	202.2	202.2	NUM
fsr-3304	284	147	67.7	67.7	NUM
fsr-3304	284	148	238.6	238.6	NUM
fsr-3304	284	149	149.9	149.9	NUM
fsr-3304	284	150	b.	b.	PROPN
fsr-3304	284	151	situation	situation	NOUN
fsr-3304	284	152	:	:	PUNCT
fsr-3304	284	153	panel	panel	NOUN
fsr-3304	284	154	7d	7d	NUM
fsr-3304	284	155	optimal	optimal	ADJ
fsr-3304	284	156	strategy	strategy	NOUN
fsr-3304	284	157	:	:	PUNCT
fsr-3304	284	158	withdrawal	withdrawal	NOUN
fsr-3304	284	159	4.0	4.0	NUM
fsr-3304	284	160	%	%	NOUN
fsr-3304	284	161	,	,	PUNCT
fsr-3304	284	162	annuity	annuity	NOUN
fsr-3304	284	163	initial	initial	ADJ
fsr-3304	284	164	0	0	NUM
fsr-3304	284	165	%	%	NOUN
fsr-3304	284	166	of	of	ADP
fsr-3304	284	167	wealth	wealth	NOUN
fsr-3304	284	168	,	,	PUNCT
fsr-3304	284	169	ending	end	VERB
fsr-3304	284	170	80	80	NUM
fsr-3304	284	171	%	%	NOUN
fsr-3304	284	172	by	by	ADP
fsr-3304	284	173	27	27	NUM
fsr-3304	284	174	years	year	NOUN
fsr-3304	284	175	,	,	PUNCT
fsr-3304	284	176	ace	ace	VERB
fsr-3304	284	177	21.9	21.9	NUM
fsr-3304	284	178	after	after	ADP
fsr-3304	284	179	-	-	PUNCT
fsr-3304	284	180	tax	tax	NOUN
fsr-3304	284	181	income	income	NOUN
fsr-3304	284	182	35.3	35.3	NUM
fsr-3304	284	183	29.9	29.9	NUM
fsr-3304	284	184	18.9	18.9	NUM
fsr-3304	284	185	28.4	28.4	NUM
fsr-3304	284	186	5.6	5.6	NUM
fsr-3304	284	187	tax	tax	NOUN
fsr-3304	284	188	-	-	PUNCT
fsr-3304	284	189	deferred	defer	VERB
fsr-3304	284	190	balance	balance	NOUN
fsr-3304	284	191	167.3	167.3	NUM
fsr-3304	284	192	73.6	73.6	NUM
fsr-3304	284	193	0.0	0.0	NUM
fsr-3304	284	194	75.7	75.7	NUM
fsr-3304	284	195	60.2	60.2	NUM
fsr-3304	284	196	taxable	taxable	ADJ
fsr-3304	284	197	balance	balance	NOUN
fsr-3304	284	198	at	at	ADP
fsr-3304	284	199	age	age	NOUN
fsr-3304	284	200	95	95	NUM
fsr-3304	284	201	31.6	31.6	NUM
fsr-3304	284	202	1.3	1.3	NUM
fsr-3304	284	203	0.0	0.0	NUM
fsr-3304	284	204	4.6	4.6	NUM
fsr-3304	284	205	9.6	9.6	NUM
fsr-3304	284	206	source	source	NOUN
fsr-3304	284	207	:	:	PUNCT
fsr-3304	284	208	author	author	NOUN
fsr-3304	284	209	’s	’s	PART
fsr-3304	284	210	simulations	simulation	NOUN
fsr-3304	284	211	.	.	PUNCT
fsr-3304	285	1	higher	high	ADJ
fsr-3304	285	2	aces	ace	NOUN
fsr-3304	285	3	(	(	PUNCT
fsr-3304	285	4	average	average	ADJ
fsr-3304	285	5	certainty	certainty	NOUN
fsr-3304	285	6	equivalent	equivalent	ADJ
fsr-3304	285	7	consumption	consumption	NOUN
fsr-3304	285	8	)	)	PUNCT
fsr-3304	285	9	indicate	indicate	VERB
fsr-3304	285	10	better	well	ADJ
fsr-3304	285	11	outcomes	outcome	NOUN
fsr-3304	285	12	for	for	ADP
fsr-3304	285	13	households	household	NOUN
fsr-3304	285	14	,	,	PUNCT
fsr-3304	285	15	for	for	ADP
fsr-3304	285	16	a	a	DET
fsr-3304	285	17	given	give	VERB
fsr-3304	285	18	set	set	NOUN
fsr-3304	285	19	of	of	ADP
fsr-3304	285	20	preference	preference	NOUN
fsr-3304	285	21	parameters	parameter	NOUN
fsr-3304	285	22	.	.	PUNCT
fsr-3304	286	1	129m.j	129m.j	X
fsr-3304	286	2	.	.	PUNCT
fsr-3304	286	3	warshawsky	warshawsky	PROPN
fsr-3304	286	4	/	/	SYM
fsr-3304	286	5	financial	financial	ADJ
fsr-3304	286	6	services	service	NOUN
fsr-3304	286	7	review	review	VERB
fsr-3304	286	8	26	26	NUM
fsr-3304	286	9	(	(	PUNCT
fsr-3304	286	10	2017	2017	NUM
fsr-3304	286	11	)	)	PUNCT
fsr-3304	286	12	113–141	113–141	NUM
fsr-3304	286	13	of	of	ADP
fsr-3304	286	14	possible	possible	ADJ
fsr-3304	286	15	outcomes	outcome	NOUN
fsr-3304	286	16	over	over	ADP
fsr-3304	286	17	the	the	DET
fsr-3304	286	18	households	household	NOUN
fsr-3304	286	19	’	'	PUNCT
fsr-3304	286	20	retirement	retirement	NOUN
fsr-3304	286	21	lifetimes	lifetime	NOUN
fsr-3304	286	22	.	.	PUNCT
fsr-3304	287	1	table	table	NOUN
fsr-3304	287	2	10	10	NUM
fsr-3304	287	3	gives	give	VERB
fsr-3304	287	4	the	the	DET
fsr-3304	287	5	full	full	ADJ
fsr-3304	287	6	specifications	specification	NOUN
fsr-3304	287	7	of	of	ADP
fsr-3304	287	8	the	the	DET
fsr-3304	287	9	cases	case	NOUN
fsr-3304	287	10	in	in	ADP
fsr-3304	287	11	terms	term	NOUN
fsr-3304	287	12	of	of	ADP
fsr-3304	287	13	preference	preference	NOUN
fsr-3304	287	14	parameters	parameter	NOUN
fsr-3304	287	15	,	,	PUNCT
fsr-3304	287	16	demographic	demographic	ADJ
fsr-3304	287	17	situation	situation	NOUN
fsr-3304	287	18	,	,	PUNCT
fsr-3304	287	19	wealth	wealth	NOUN
fsr-3304	287	20	,	,	PUNCT
fsr-3304	287	21	and	and	CCONJ
fsr-3304	287	22	so	so	ADV
fsr-3304	287	23	on	on	ADV
fsr-3304	287	24	for	for	ADP
fsr-3304	287	25	each	each	DET
fsr-3304	287	26	household	household	NOUN
fsr-3304	287	27	.	.	PUNCT
fsr-3304	288	1	now	now	ADV
fsr-3304	288	2	i	i	PRON
fsr-3304	288	3	show	show	VERB
fsr-3304	288	4	in	in	ADP
fsr-3304	288	5	table	table	NOUN
fsr-3304	288	6	11	11	NUM
fsr-3304	288	7	the	the	DET
fsr-3304	288	8	optimal	optimal	ADJ
fsr-3304	288	9	strategies	strategy	NOUN
fsr-3304	288	10	and	and	CCONJ
fsr-3304	288	11	range	range	NOUN
fsr-3304	288	12	of	of	ADP
fsr-3304	288	13	outcomes	outcome	NOUN
fsr-3304	288	14	for	for	ADP
fsr-3304	288	15	the	the	DET
fsr-3304	288	16	three	three	NUM
fsr-3304	288	17	households	household	NOUN
fsr-3304	288	18	.	.	PUNCT
fsr-3304	289	1	the	the	DET
fsr-3304	289	2	first	first	ADJ
fsr-3304	289	3	household	household	NOUN
fsr-3304	289	4	has	have	VERB
fsr-3304	289	5	fairly	fairly	ADV
fsr-3304	289	6	moderate	moderate	ADJ
fsr-3304	289	7	retirement	retirement	NOUN
fsr-3304	289	8	means	mean	NOUN
fsr-3304	289	9	,	,	PUNCT
fsr-3304	289	10	but	but	CCONJ
fsr-3304	289	11	a	a	DET
fsr-3304	289	12	large	large	ADJ
fsr-3304	289	13	bequest	bequ	ADJ
fsr-3304	289	14	motive	motive	NOUN
fsr-3304	289	15	,	,	PUNCT
fsr-3304	289	16	and	and	CCONJ
fsr-3304	289	17	is	be	AUX
fsr-3304	289	18	somewhat	somewhat	ADV
fsr-3304	289	19	risk	risk	NOUN
fsr-3304	289	20	averse	averse	ADJ
fsr-3304	289	21	.	.	PUNCT
fsr-3304	290	1	their	their	PRON
fsr-3304	290	2	solution	solution	NOUN
fsr-3304	290	3	is	be	AUX
fsr-3304	290	4	a	a	DET
fsr-3304	290	5	quite	quite	ADV
fsr-3304	290	6	modest	modest	ADJ
fsr-3304	290	7	withdrawal	withdrawal	NOUN
fsr-3304	290	8	rate	rate	NOUN
fsr-3304	290	9	,	,	PUNCT
fsr-3304	290	10	and	and	CCONJ
fsr-3304	290	11	significant	significant	ADJ
fsr-3304	290	12	annuitization	annuitization	NOUN
fsr-3304	290	13	over	over	ADP
fsr-3304	290	14	time	time	NOUN
fsr-3304	290	15	,	,	PUNCT
fsr-3304	290	16	which	which	PRON
fsr-3304	290	17	produces	produce	VERB
fsr-3304	290	18	fairly	fairly	ADV
fsr-3304	290	19	steady	steady	ADJ
fsr-3304	290	20	income	income	NOUN
fsr-3304	290	21	and	and	CCONJ
fsr-3304	290	22	,	,	PUNCT
fsr-3304	290	23	relative	relative	ADJ
fsr-3304	290	24	to	to	ADP
fsr-3304	290	25	their	their	PRON
fsr-3304	290	26	means	mean	NOUN
fsr-3304	290	27	,	,	PUNCT
fsr-3304	290	28	significant	significant	ADJ
fsr-3304	290	29	asset	asset	NOUN
fsr-3304	290	30	holdings	holding	NOUN
fsr-3304	290	31	,	,	PUNCT
fsr-3304	290	32	both	both	CCONJ
fsr-3304	290	33	in	in	ADP
fsr-3304	290	34	the	the	DET
fsr-3304	290	35	tax	tax	NOUN
fsr-3304	290	36	-	-	PUNCT
fsr-3304	290	37	deferred	defer	VERB
fsr-3304	290	38	and	and	CCONJ
fsr-3304	290	39	taxable	taxable	ADJ
fsr-3304	290	40	table	table	NOUN
fsr-3304	290	41	10	10	NUM
fsr-3304	290	42	description	description	NOUN
fsr-3304	290	43	of	of	ADP
fsr-3304	290	44	three	three	NUM
fsr-3304	290	45	different	different	ADJ
fsr-3304	290	46	retired	retire	VERB
fsr-3304	290	47	households	household	NOUN
fsr-3304	290	48	household	household	NOUN
fsr-3304	290	49	age(s	age(s	PROPN
fsr-3304	290	50	)	)	PUNCT
fsr-3304	290	51	wealth	wealth	NOUN
fsr-3304	290	52	equity	equity	NOUN
fsr-3304	290	53	allocation	allocation	NOUN
fsr-3304	290	54	investment	investment	NOUN
fsr-3304	290	55	expense	expense	NOUN
fsr-3304	290	56	tax	tax	NOUN
fsr-3304	290	57	rate	rate	NOUN
fsr-3304	290	58	health	health	NOUN
fsr-3304	290	59	status	status	NOUN
fsr-3304	290	60	social	social	ADJ
fsr-3304	290	61	security	security	NOUN
fsr-3304	290	62	pension	pension	NOUN
fsr-3304	290	63	a	a	DET
fsr-3304	290	64	68	68	NUM
fsr-3304	290	65	,	,	PUNCT
fsr-3304	290	66	63	63	NUM
fsr-3304	290	67	$	$	SYM
fsr-3304	290	68	400k	400k	NUM
fsr-3304	290	69	70	70	NUM
fsr-3304	290	70	%	%	NOUN
fsr-3304	290	71	77bps	77bps	NOUN
fsr-3304	290	72	20	20	NUM
fsr-3304	290	73	%	%	NOUN
fsr-3304	290	74	good	good	ADJ
fsr-3304	290	75	$	$	SYM
fsr-3304	290	76	18k	18k	NUM
fsr-3304	290	77	$	$	SYM
fsr-3304	290	78	12k	12k	NUM
fsr-3304	290	79	both	both	PRON
fsr-3304	290	80	b	b	X
fsr-3304	290	81	70	70	NUM
fsr-3304	290	82	$	$	SYM
fsr-3304	290	83	1.5	1.5	NUM
fsr-3304	290	84	m	m	NUM
fsr-3304	290	85	75	75	NUM
fsr-3304	290	86	%	%	NOUN
fsr-3304	290	87	47bps	47bps	NOUN
fsr-3304	290	88	25	25	NUM
fsr-3304	290	89	%	%	NOUN
fsr-3304	290	90	poor	poor	ADJ
fsr-3304	290	91	$	$	SYM
fsr-3304	290	92	18k	18k	NUM
fsr-3304	290	93	$	$	SYM
fsr-3304	290	94	12k	12k	NUM
fsr-3304	290	95	c	c	PROPN
fsr-3304	290	96	66	66	NUM
fsr-3304	290	97	,	,	PUNCT
fsr-3304	290	98	64	64	NUM
fsr-3304	290	99	$	$	SYM
fsr-3304	290	100	250k	250k	NUM
fsr-3304	290	101	40	40	NUM
fsr-3304	290	102	%	%	NOUN
fsr-3304	290	103	33bps	33bps	NUM
fsr-3304	290	104	10	10	NUM
fsr-3304	290	105	%	%	NOUN
fsr-3304	290	106	good	good	ADJ
fsr-3304	290	107	$	$	SYM
fsr-3304	290	108	15k	15k	NUM
fsr-3304	290	109	$	$	SYM
fsr-3304	290	110	6k	6k	NOUN
fsr-3304	290	111	both	both	ADV
fsr-3304	290	112	,	,	PUNCT
fsr-3304	290	113	cola	cola	PROPN
fsr-3304	290	114	household	household	PROPN
fsr-3304	290	115	�	�	PROPN
fsr-3304	290	116	�	�	PROPN
fsr-3304	290	117	�	�	PROPN
fsr-3304	291	1	a	a	DET
fsr-3304	291	2	1.075	1.075	NUM
fsr-3304	291	3	30	30	NUM
fsr-3304	291	4	7.6	7.6	NUM
fsr-3304	291	5	b	b	SYM
fsr-3304	291	6	1.075	1.075	NUM
fsr-3304	291	7	30	30	NUM
fsr-3304	291	8	5.1	5.1	NUM
fsr-3304	291	9	c	c	NOUN
fsr-3304	291	10	1.15	1.15	NUM
fsr-3304	291	11	3	3	NUM
fsr-3304	291	12	10.4	10.4	NUM
fsr-3304	291	13	source	source	NOUN
fsr-3304	291	14	:	:	PUNCT
fsr-3304	291	15	author	author	NOUN
fsr-3304	291	16	.	.	PUNCT
fsr-3304	292	1	table	table	NOUN
fsr-3304	292	2	11	11	NUM
fsr-3304	292	3	search	search	NOUN
fsr-3304	292	4	for	for	ADP
fsr-3304	292	5	optimal	optimal	ADJ
fsr-3304	292	6	strategies	strategy	NOUN
fsr-3304	292	7	among	among	ADP
fsr-3304	292	8	fixed	fix	VERB
fsr-3304	292	9	percentage	percentage	NOUN
fsr-3304	292	10	systematic	systematic	ADJ
fsr-3304	292	11	withdrawals	withdrawal	NOUN
fsr-3304	292	12	and	and	CCONJ
fsr-3304	292	13	laddered	ladder	VERB
fsr-3304	292	14	purchases	purchase	NOUN
fsr-3304	292	15	of	of	ADP
fsr-3304	292	16	nominal	nominal	ADJ
fsr-3304	292	17	immediate	immediate	ADJ
fsr-3304	292	18	life	life	NOUN
fsr-3304	292	19	annuities	annuity	NOUN
fsr-3304	292	20	—	—	PUNCT
fsr-3304	292	21	three	three	NUM
fsr-3304	292	22	households	household	NOUN
fsr-3304	292	23	,	,	PUNCT
fsr-3304	292	24	full	full	ADJ
fsr-3304	292	25	model	model	NOUN
fsr-3304	292	26	real	real	ADJ
fsr-3304	292	27	$	$	SYM
fsr-3304	292	28	000	000	NUM
fsr-3304	292	29	95th	95th	ADJ
fsr-3304	292	30	percentile	percentile	ADJ
fsr-3304	292	31	50th	50th	ADJ
fsr-3304	292	32	percentile	percentile	ADJ
fsr-3304	292	33	5th	5th	ADJ
fsr-3304	292	34	percentile	percentile	ADJ
fsr-3304	292	35	mean	mean	VERB
fsr-3304	292	36	standard	standard	ADJ
fsr-3304	292	37	deviation	deviation	NOUN
fsr-3304	292	38	a.	a.	NOUN
fsr-3304	292	39	household	household	NOUN
fsr-3304	292	40	:	:	PUNCT
fsr-3304	292	41	10a	10a	NOUN
fsr-3304	292	42	optimal	optimal	ADJ
fsr-3304	292	43	strategy	strategy	NOUN
fsr-3304	292	44	:	:	PUNCT
fsr-3304	292	45	withdrawal	withdrawal	NOUN
fsr-3304	292	46	4	4	NUM
fsr-3304	292	47	%	%	NOUN
fsr-3304	292	48	,	,	PUNCT
fsr-3304	292	49	annuity	annuity	NOUN
fsr-3304	292	50	initial	initial	ADJ
fsr-3304	292	51	0	0	NUM
fsr-3304	292	52	%	%	NOUN
fsr-3304	292	53	of	of	ADP
fsr-3304	292	54	wealth	wealth	NOUN
fsr-3304	292	55	,	,	PUNCT
fsr-3304	292	56	ending	end	VERB
fsr-3304	292	57	35	35	NUM
fsr-3304	292	58	%	%	NOUN
fsr-3304	292	59	by	by	ADP
fsr-3304	292	60	21	21	NUM
fsr-3304	292	61	years	year	NOUN
fsr-3304	292	62	,	,	PUNCT
fsr-3304	292	63	ace	ace	VERB
fsr-3304	292	64	27.6	27.6	NUM
fsr-3304	292	65	after	after	ADP
fsr-3304	292	66	-	-	PUNCT
fsr-3304	292	67	tax	tax	NOUN
fsr-3304	292	68	income	income	NOUN
fsr-3304	292	69	48.3	48.3	NUM
fsr-3304	292	70	38.8	38.8	NUM
fsr-3304	292	71	26.1	26.1	NUM
fsr-3304	292	72	37.9	37.9	NUM
fsr-3304	292	73	7.2	7.2	NUM
fsr-3304	292	74	tax	tax	NOUN
fsr-3304	292	75	-	-	PUNCT
fsr-3304	292	76	deferred	defer	VERB
fsr-3304	292	77	balance	balance	NOUN
fsr-3304	292	78	505.5	505.5	NUM
fsr-3304	292	79	257.1	257.1	NUM
fsr-3304	292	80	20.4	20.4	NUM
fsr-3304	292	81	258.2	258.2	NUM
fsr-3304	292	82	157.7	157.7	NUM
fsr-3304	292	83	taxable	taxable	ADJ
fsr-3304	292	84	balance	balance	NOUN
fsr-3304	292	85	at	at	ADP
fsr-3304	292	86	age	age	NOUN
fsr-3304	292	87	95	95	NUM
fsr-3304	292	88	211.8	211.8	NUM
fsr-3304	292	89	64.3	64.3	NUM
fsr-3304	292	90	12.1	12.1	NUM
fsr-3304	292	91	103.1	103.1	NUM
fsr-3304	292	92	94.0	94.0	NUM
fsr-3304	292	93	b.	b.	PROPN
fsr-3304	292	94	household	household	NOUN
fsr-3304	292	95	:	:	PUNCT
fsr-3304	292	96	10b	10b	NOUN
fsr-3304	292	97	optimal	optimal	ADJ
fsr-3304	292	98	strategy	strategy	NOUN
fsr-3304	292	99	:	:	PUNCT
fsr-3304	292	100	withdrawal	withdrawal	NOUN
fsr-3304	292	101	6	6	NUM
fsr-3304	292	102	%	%	NOUN
fsr-3304	292	103	,	,	PUNCT
fsr-3304	292	104	no	no	DET
fsr-3304	292	105	annuity	annuity	NOUN
fsr-3304	292	106	,	,	PUNCT
fsr-3304	292	107	ace	ace	VERB
fsr-3304	292	108	43.4	43.4	NUM
fsr-3304	292	109	after	after	ADP
fsr-3304	292	110	-	-	PUNCT
fsr-3304	292	111	tax	tax	NOUN
fsr-3304	292	112	income	income	NOUN
fsr-3304	292	113	107.4	107.4	NUM
fsr-3304	292	114	82.7	82.7	NUM
fsr-3304	292	115	49.7	49.7	NUM
fsr-3304	292	116	80.3	80.3	NUM
fsr-3304	292	117	17.9	17.9	NUM
fsr-3304	292	118	tax	tax	NOUN
fsr-3304	292	119	-	-	PUNCT
fsr-3304	292	120	deferred	defer	VERB
fsr-3304	292	121	balance	balance	NOUN
fsr-3304	292	122	1927.5	1927.5	NUM
fsr-3304	292	123	1354.7	1354.7	NUM
fsr-3304	292	124	658.3	658.3	NUM
fsr-3304	292	125	1313.8	1313.8	NUM
fsr-3304	292	126	393.8	393.8	NUM
fsr-3304	292	127	taxable	taxable	ADJ
fsr-3304	292	128	balance	balance	NOUN
fsr-3304	292	129	at	at	ADP
fsr-3304	292	130	age	age	NOUN
fsr-3304	292	131	95	95	NUM
fsr-3304	292	132	250.0	250.0	NUM
fsr-3304	292	133	124.5	124.5	NUM
fsr-3304	292	134	na	na	PART
fsr-3304	292	135	154.2	154.2	NUM
fsr-3304	292	136	67.6	67.6	NUM
fsr-3304	292	137	c.	c.	NOUN
fsr-3304	292	138	household	household	NOUN
fsr-3304	292	139	:	:	PUNCT
fsr-3304	292	140	10c	10c	NOUN
fsr-3304	292	141	optimal	optimal	ADJ
fsr-3304	292	142	strategy	strategy	NOUN
fsr-3304	292	143	:	:	PUNCT
fsr-3304	292	144	withdrawal	withdrawal	NOUN
fsr-3304	292	145	4	4	NUM
fsr-3304	292	146	%	%	NOUN
fsr-3304	292	147	,	,	PUNCT
fsr-3304	292	148	annuity	annuity	NOUN
fsr-3304	292	149	initial	initial	ADJ
fsr-3304	292	150	0	0	NUM
fsr-3304	292	151	%	%	NOUN
fsr-3304	292	152	of	of	ADP
fsr-3304	292	153	wealth	wealth	NOUN
fsr-3304	292	154	,	,	PUNCT
fsr-3304	292	155	ending	end	VERB
fsr-3304	292	156	80	80	NUM
fsr-3304	292	157	%	%	NOUN
fsr-3304	292	158	by	by	ADP
fsr-3304	292	159	24	24	NUM
fsr-3304	292	160	years	year	NOUN
fsr-3304	292	161	,	,	PUNCT
fsr-3304	292	162	ace	ace	VERB
fsr-3304	292	163	27.4	27.4	NUM
fsr-3304	292	164	after	after	ADP
fsr-3304	292	165	-	-	PUNCT
fsr-3304	292	166	tax	tax	NOUN
fsr-3304	292	167	income	income	NOUN
fsr-3304	292	168	41.8	41.8	NUM
fsr-3304	292	169	34.6	34.6	NUM
fsr-3304	292	170	24.8	24.8	NUM
fsr-3304	292	171	33.7	33.7	NUM
fsr-3304	292	172	5.3	5.3	NUM
fsr-3304	292	173	tax	tax	NOUN
fsr-3304	292	174	-	-	PUNCT
fsr-3304	292	175	deferred	defer	VERB
fsr-3304	292	176	balance	balance	NOUN
fsr-3304	292	177	265.5	265.5	NUM
fsr-3304	292	178	119.7	119.7	NUM
fsr-3304	292	179	0.0	0.0	NUM
fsr-3304	292	180	122.5	122.5	NUM
fsr-3304	292	181	96.0	96.0	NUM
fsr-3304	292	182	taxable	taxable	ADJ
fsr-3304	292	183	balance	balance	NOUN
fsr-3304	292	184	at	at	ADP
fsr-3304	292	185	age	age	NOUN
fsr-3304	292	186	95	95	NUM
fsr-3304	292	187	43.8	43.8	NUM
fsr-3304	292	188	4.2	4.2	NUM
fsr-3304	292	189	0.1	0.1	NUM
fsr-3304	292	190	10.9	10.9	NUM
fsr-3304	292	191	19.7	19.7	NUM
fsr-3304	292	192	source	source	NOUN
fsr-3304	292	193	:	:	PUNCT
fsr-3304	292	194	author	author	NOUN
fsr-3304	292	195	’s	’s	PART
fsr-3304	292	196	simulations	simulation	NOUN
fsr-3304	292	197	.	.	PUNCT
fsr-3304	293	1	higher	high	ADJ
fsr-3304	293	2	aces	ace	NOUN
fsr-3304	293	3	(	(	PUNCT
fsr-3304	293	4	average	average	ADJ
fsr-3304	293	5	certainty	certainty	NOUN
fsr-3304	293	6	equivalent	equivalent	ADJ
fsr-3304	293	7	consumption	consumption	NOUN
fsr-3304	293	8	)	)	PUNCT
fsr-3304	293	9	indicate	indicate	VERB
fsr-3304	293	10	better	well	ADJ
fsr-3304	293	11	outcomes	outcome	NOUN
fsr-3304	293	12	for	for	ADP
fsr-3304	293	13	households	household	NOUN
fsr-3304	293	14	,	,	PUNCT
fsr-3304	293	15	for	for	ADP
fsr-3304	293	16	a	a	DET
fsr-3304	293	17	given	give	VERB
fsr-3304	293	18	set	set	NOUN
fsr-3304	293	19	of	of	ADP
fsr-3304	293	20	preference	preference	NOUN
fsr-3304	293	21	parameters	parameter	NOUN
fsr-3304	293	22	.	.	PUNCT
fsr-3304	294	1	130	130	NUM
fsr-3304	294	2	m.j	m.j	PROPN
fsr-3304	294	3	.	.	PROPN
fsr-3304	294	4	warshawsky	warshawsky	PROPN
fsr-3304	294	5	/	/	SYM
fsr-3304	294	6	financial	financial	ADJ
fsr-3304	294	7	services	service	NOUN
fsr-3304	294	8	review	review	VERB
fsr-3304	294	9	26	26	NUM
fsr-3304	294	10	(	(	PUNCT
fsr-3304	294	11	2017	2017	NUM
fsr-3304	294	12	)	)	PUNCT
fsr-3304	294	13	113–141	113–141	NUM
fsr-3304	294	14	accounts	account	NOUN
fsr-3304	294	15	.	.	PUNCT
fsr-3304	295	1	the	the	DET
fsr-3304	295	2	second	second	ADJ
fsr-3304	295	3	household	household	NOUN
fsr-3304	295	4	is	be	AUX
fsr-3304	295	5	composed	compose	VERB
fsr-3304	295	6	of	of	ADP
fsr-3304	295	7	an	an	DET
fsr-3304	295	8	older	old	ADJ
fsr-3304	295	9	sick	sick	ADJ
fsr-3304	295	10	person	person	NOUN
fsr-3304	295	11	with	with	ADP
fsr-3304	295	12	significant	significant	ADJ
fsr-3304	295	13	asset	asset	NOUN
fsr-3304	295	14	holdings	holding	NOUN
fsr-3304	295	15	.	.	PUNCT
fsr-3304	296	1	because	because	SCONJ
fsr-3304	296	2	of	of	ADP
fsr-3304	296	3	his	his	PRON
fsr-3304	296	4	large	large	ADJ
fsr-3304	296	5	bequest	bequest	NOUN
fsr-3304	296	6	motive	motive	NOUN
fsr-3304	296	7	and	and	CCONJ
fsr-3304	296	8	his	his	PRON
fsr-3304	296	9	poor	poor	ADJ
fsr-3304	296	10	health	health	NOUN
fsr-3304	296	11	,	,	PUNCT
fsr-3304	296	12	no	no	DET
fsr-3304	296	13	annuitization	annuitization	NOUN
fsr-3304	296	14	is	be	AUX
fsr-3304	296	15	optimal	optimal	ADJ
fsr-3304	296	16	while	while	SCONJ
fsr-3304	296	17	the	the	DET
fsr-3304	296	18	moderate	moderate	ADJ
fsr-3304	296	19	withdrawal	withdrawal	NOUN
fsr-3304	296	20	rate	rate	NOUN
fsr-3304	296	21	,	,	PUNCT
fsr-3304	296	22	combined	combine	VERB
fsr-3304	296	23	with	with	ADP
fsr-3304	296	24	social	social	ADJ
fsr-3304	296	25	security	security	NOUN
fsr-3304	296	26	and	and	CCONJ
fsr-3304	296	27	pensions	pension	NOUN
fsr-3304	296	28	,	,	PUNCT
fsr-3304	296	29	gives	give	VERB
fsr-3304	296	30	plenty	plenty	NOUN
fsr-3304	296	31	of	of	ADP
fsr-3304	296	32	income	income	NOUN
fsr-3304	296	33	and	and	CCONJ
fsr-3304	296	34	preserves	preserve	VERB
fsr-3304	296	35	most	most	ADJ
fsr-3304	296	36	of	of	ADP
fsr-3304	296	37	the	the	DET
fsr-3304	296	38	tax	tax	NOUN
fsr-3304	296	39	-	-	PUNCT
fsr-3304	296	40	deferred	defer	VERB
fsr-3304	296	41	and	and	CCONJ
fsr-3304	296	42	taxable	taxable	ADJ
fsr-3304	296	43	assets	asset	NOUN
fsr-3304	296	44	to	to	PART
fsr-3304	296	45	grow	grow	VERB
fsr-3304	296	46	and	and	CCONJ
fsr-3304	296	47	to	to	PART
fsr-3304	296	48	leave	leave	VERB
fsr-3304	296	49	as	as	ADP
fsr-3304	296	50	an	an	DET
fsr-3304	296	51	inheritance	inheritance	NOUN
fsr-3304	296	52	.	.	PUNCT
fsr-3304	297	1	the	the	DET
fsr-3304	297	2	third	third	ADJ
fsr-3304	297	3	household	household	NOUN
fsr-3304	297	4	has	have	VERB
fsr-3304	297	5	even	even	ADV
fsr-3304	297	6	more	more	ADV
fsr-3304	297	7	modest	modest	ADJ
fsr-3304	297	8	retirement	retirement	NOUN
fsr-3304	297	9	means	mean	NOUN
fsr-3304	297	10	than	than	ADP
fsr-3304	297	11	household	household	NOUN
fsr-3304	297	12	a	a	PRON
fsr-3304	297	13	,	,	PUNCT
fsr-3304	297	14	but	but	CCONJ
fsr-3304	297	15	is	be	AUX
fsr-3304	297	16	more	more	ADJ
fsr-3304	297	17	risk	risk	NOUN
fsr-3304	297	18	-	-	PUNCT
fsr-3304	297	19	averse	averse	ADJ
fsr-3304	297	20	,	,	PUNCT
fsr-3304	297	21	more	more	ADV
fsr-3304	297	22	desirous	desirous	ADJ
fsr-3304	297	23	of	of	ADP
fsr-3304	297	24	future	future	NOUN
fsr-3304	297	25	than	than	ADP
fsr-3304	297	26	current	current	ADJ
fsr-3304	297	27	spending	spending	NOUN
fsr-3304	297	28	,	,	PUNCT
fsr-3304	297	29	and	and	CCONJ
fsr-3304	297	30	much	much	ADV
fsr-3304	297	31	less	less	ADV
fsr-3304	297	32	interested	interested	ADJ
fsr-3304	297	33	in	in	ADP
fsr-3304	297	34	leaving	leave	VERB
fsr-3304	297	35	a	a	DET
fsr-3304	297	36	bequest	bequest	NOUN
fsr-3304	297	37	.	.	PUNCT
fsr-3304	298	1	therefore	therefore	ADV
fsr-3304	298	2	,	,	PUNCT
fsr-3304	298	3	the	the	DET
fsr-3304	298	4	optimal	optimal	ADJ
fsr-3304	298	5	strategy	strategy	NOUN
fsr-3304	298	6	for	for	ADP
fsr-3304	298	7	household	household	NOUN
fsr-3304	298	8	c	c	PROPN
fsr-3304	298	9	places	place	VERB
fsr-3304	298	10	a	a	DET
fsr-3304	298	11	much	much	ADV
fsr-3304	298	12	higher	high	ADJ
fsr-3304	298	13	allocation	allocation	NOUN
fsr-3304	298	14	to	to	ADP
fsr-3304	298	15	annuitization	annuitization	NOUN
fsr-3304	298	16	,	,	PUNCT
fsr-3304	298	17	laddered	ladder	VERB
fsr-3304	298	18	over	over	ADP
fsr-3304	298	19	an	an	DET
fsr-3304	298	20	extended	extended	ADJ
fsr-3304	298	21	period	period	NOUN
fsr-3304	298	22	,	,	PUNCT
fsr-3304	298	23	which	which	PRON
fsr-3304	298	24	in	in	ADP
fsr-3304	298	25	turn	turn	NOUN
fsr-3304	298	26	produces	produce	VERB
fsr-3304	298	27	a	a	DET
fsr-3304	298	28	less	less	ADV
fsr-3304	298	29	volatile	volatile	ADJ
fsr-3304	298	30	income	income	NOUN
fsr-3304	298	31	flow	flow	NOUN
fsr-3304	298	32	over	over	ADP
fsr-3304	298	33	the	the	DET
fsr-3304	298	34	household	household	NOUN
fsr-3304	298	35	’s	’s	PART
fsr-3304	298	36	retirement	retirement	NOUN
fsr-3304	298	37	lifetime	lifetime	NOUN
fsr-3304	298	38	.	.	PUNCT
fsr-3304	299	1	figs	fig	NOUN
fsr-3304	299	2	.	.	PUNCT
fsr-3304	300	1	1	1	NUM
fsr-3304	300	2	through	through	ADP
fsr-3304	300	3	4	4	NUM
fsr-3304	300	4	show	show	VERB
fsr-3304	300	5	some	some	PRON
fsr-3304	300	6	of	of	ADP
fsr-3304	300	7	the	the	DET
fsr-3304	300	8	outcomes	outcome	NOUN
fsr-3304	300	9	graphically	graphically	ADV
fsr-3304	300	10	for	for	ADP
fsr-3304	300	11	household	household	NOUN
fsr-3304	300	12	c	c	NOUN
fsr-3304	300	13	,	,	PUNCT
fsr-3304	300	14	using	use	VERB
fsr-3304	300	15	the	the	DET
fsr-3304	300	16	optimal	optimal	ADJ
fsr-3304	300	17	strategy	strategy	NOUN
fsr-3304	300	18	indicated	indicate	VERB
fsr-3304	300	19	above	above	ADV
fsr-3304	300	20	.	.	PUNCT
fsr-3304	301	1	fig	fig	NOUN
fsr-3304	301	2	.	.	PUNCT
fsr-3304	302	1	1	1	NUM
fsr-3304	302	2	shows	show	VERB
fsr-3304	302	3	the	the	DET
fsr-3304	302	4	mean	mean	NOUN
fsr-3304	302	5	of	of	ADP
fsr-3304	302	6	stochastic	stochastic	ADJ
fsr-3304	302	7	outcomes	outcome	NOUN
fsr-3304	302	8	under	under	ADP
fsr-3304	302	9	the	the	DET
fsr-3304	302	10	optimal	optimal	ADJ
fsr-3304	302	11	strategy	strategy	NOUN
fsr-3304	302	12	in	in	ADP
fsr-3304	302	13	terms	term	NOUN
fsr-3304	302	14	of	of	ADP
fsr-3304	302	15	pretax	pretax	ADJ
fsr-3304	302	16	income	income	NOUN
fsr-3304	302	17	,	,	PUNCT
fsr-3304	302	18	by	by	ADP
fsr-3304	302	19	source	source	NOUN
fsr-3304	302	20	and	and	CCONJ
fsr-3304	302	21	by	by	ADP
fsr-3304	302	22	age	age	NOUN
fsr-3304	302	23	.	.	PUNCT
fsr-3304	303	1	social	social	ADJ
fsr-3304	303	2	security	security	NOUN
fsr-3304	303	3	and	and	CCONJ
fsr-3304	303	4	,	,	PUNCT
fsr-3304	303	5	in	in	ADP
fsr-3304	303	6	this	this	DET
fsr-3304	303	7	case	case	NOUN
fsr-3304	303	8	,	,	PUNCT
fsr-3304	303	9	pensions	pension	NOUN
fsr-3304	303	10	are	be	AUX
fsr-3304	303	11	inflationindexed	inflationindexe	VERB
fsr-3304	303	12	,	,	PUNCT
fsr-3304	303	13	so	so	SCONJ
fsr-3304	303	14	the	the	DET
fsr-3304	303	15	income	income	NOUN
fsr-3304	303	16	flow	flow	NOUN
fsr-3304	303	17	from	from	ADP
fsr-3304	303	18	them	they	PRON
fsr-3304	303	19	is	be	AUX
fsr-3304	303	20	steady	steady	ADJ
fsr-3304	303	21	,	,	PUNCT
fsr-3304	303	22	although	although	SCONJ
fsr-3304	303	23	they	they	PRON
fsr-3304	303	24	do	do	AUX
fsr-3304	303	25	decline	decline	VERB
fsr-3304	303	26	,	,	PUNCT
fsr-3304	303	27	on	on	ADP
fsr-3304	303	28	average	average	ADJ
fsr-3304	303	29	,	,	PUNCT
fsr-3304	303	30	with	with	ADP
fsr-3304	303	31	age	age	NOUN
fsr-3304	303	32	,	,	PUNCT
fsr-3304	303	33	because	because	SCONJ
fsr-3304	303	34	of	of	ADP
fsr-3304	303	35	the	the	DET
fsr-3304	303	36	possibility	possibility	NOUN
fsr-3304	303	37	that	that	SCONJ
fsr-3304	303	38	one	one	NUM
fsr-3304	303	39	member	member	NOUN
fsr-3304	303	40	of	of	ADP
fsr-3304	303	41	the	the	DET
fsr-3304	303	42	couple	couple	NOUN
fsr-3304	303	43	dies	die	VERB
fsr-3304	303	44	.	.	PUNCT
fsr-3304	304	1	income	income	NOUN
fsr-3304	304	2	from	from	ADP
fsr-3304	304	3	the	the	DET
fsr-3304	304	4	series	series	NOUN
fsr-3304	304	5	of	of	ADP
fsr-3304	304	6	nominal	nominal	ADJ
fsr-3304	304	7	life	life	NOUN
fsr-3304	304	8	annuities	annuity	NOUN
fsr-3304	304	9	being	be	AUX
fsr-3304	304	10	purchased	purchase	VERB
fsr-3304	304	11	over	over	ADP
fsr-3304	304	12	time	time	NOUN
fsr-3304	304	13	grows	grow	VERB
fsr-3304	304	14	through	through	ADP
fsr-3304	304	15	age	age	NOUN
fsr-3304	304	16	90	90	NUM
fsr-3304	304	17	,	,	PUNCT
fsr-3304	304	18	reaching	reach	VERB
fsr-3304	304	19	about	about	ADP
fsr-3304	304	20	$	$	SYM
fsr-3304	304	21	12,000	12,000	NUM
fsr-3304	304	22	annual	annual	ADJ
fsr-3304	304	23	income	income	NOUN
fsr-3304	304	24	,	,	PUNCT
fsr-3304	304	25	in	in	ADP
fsr-3304	304	26	real	real	ADJ
fsr-3304	304	27	terms	term	NOUN
fsr-3304	304	28	,	,	PUNCT
fsr-3304	304	29	but	but	CCONJ
fsr-3304	304	30	then	then	ADV
fsr-3304	304	31	declines	decline	VERB
fsr-3304	304	32	because	because	SCONJ
fsr-3304	304	33	purchases	purchase	NOUN
fsr-3304	304	34	of	of	ADP
fsr-3304	304	35	the	the	DET
fsr-3304	304	36	fig	fig	NOUN
fsr-3304	304	37	.	.	PUNCT
fsr-3304	305	1	1	1	X
fsr-3304	305	2	.	.	X
fsr-3304	305	3	sources	source	NOUN
fsr-3304	305	4	of	of	ADP
fsr-3304	305	5	total	total	ADJ
fsr-3304	305	6	annual	annual	ADJ
fsr-3304	305	7	income	income	NOUN
fsr-3304	305	8	,	,	PUNCT
fsr-3304	305	9	mean	mean	VERB
fsr-3304	305	10	,	,	PUNCT
fsr-3304	305	11	by	by	ADP
fsr-3304	305	12	age	age	NOUN
fsr-3304	305	13	(	(	PUNCT
fsr-3304	305	14	$	$	SYM
fsr-3304	305	15	real	real	ADJ
fsr-3304	305	16	)	)	PUNCT
fsr-3304	305	17	.	.	PUNCT
fsr-3304	306	1	source	source	NOUN
fsr-3304	306	2	:	:	PUNCT
fsr-3304	306	3	author	author	NOUN
fsr-3304	306	4	’s	’s	PART
fsr-3304	306	5	simulations	simulation	NOUN
fsr-3304	306	6	,	,	PUNCT
fsr-3304	306	7	for	for	ADP
fsr-3304	306	8	household	household	NOUN
fsr-3304	306	9	c	c	NOUN
fsr-3304	306	10	in	in	ADP
fsr-3304	306	11	table	table	NOUN
fsr-3304	306	12	11	11	NUM
fsr-3304	306	13	.	.	PUNCT
fsr-3304	307	1	131m.j	131m.j	X
fsr-3304	307	2	.	.	PUNCT
fsr-3304	308	1	warshawsky	warshawsky	PROPN
fsr-3304	308	2	/	/	SYM
fsr-3304	308	3	financial	financial	ADJ
fsr-3304	308	4	services	service	NOUN
fsr-3304	308	5	review	review	VERB
fsr-3304	308	6	26	26	NUM
fsr-3304	308	7	(	(	PUNCT
fsr-3304	308	8	2017	2017	NUM
fsr-3304	308	9	)	)	PUNCT
fsr-3304	308	10	113–141	113–141	NUM
fsr-3304	308	11	immediate	immediate	ADJ
fsr-3304	308	12	life	life	NOUN
fsr-3304	308	13	annuities	annuity	NOUN
fsr-3304	308	14	stop	stop	VERB
fsr-3304	308	15	and	and	CCONJ
fsr-3304	308	16	owing	owe	VERB
fsr-3304	308	17	to	to	ADP
fsr-3304	308	18	the	the	DET
fsr-3304	308	19	force	force	NOUN
fsr-3304	308	20	of	of	ADP
fsr-3304	308	21	inflation	inflation	NOUN
fsr-3304	308	22	.	.	PUNCT
fsr-3304	309	1	even	even	ADV
fsr-3304	309	2	though	though	SCONJ
fsr-3304	309	3	this	this	DET
fsr-3304	309	4	household	household	NOUN
fsr-3304	309	5	prefers	prefer	VERB
fsr-3304	309	6	future	future	ADJ
fsr-3304	309	7	spending	spending	NOUN
fsr-3304	309	8	over	over	ADP
fsr-3304	309	9	current	current	ADJ
fsr-3304	309	10	spending	spending	NOUN
fsr-3304	309	11	,	,	PUNCT
fsr-3304	309	12	which	which	PRON
fsr-3304	309	13	keeps	keep	VERB
fsr-3304	309	14	optimal	optimal	ADJ
fsr-3304	309	15	income	income	NOUN
fsr-3304	309	16	high	high	ADJ
fsr-3304	309	17	and	and	CCONJ
fsr-3304	309	18	steady	steady	ADJ
fsr-3304	309	19	over	over	ADP
fsr-3304	309	20	time	time	NOUN
fsr-3304	309	21	,	,	PUNCT
fsr-3304	309	22	eventually	eventually	ADV
fsr-3304	309	23	income	income	NOUN
fsr-3304	309	24	will	will	AUX
fsr-3304	309	25	decline	decline	VERB
fsr-3304	309	26	with	with	ADP
fsr-3304	309	27	age	age	NOUN
fsr-3304	309	28	because	because	SCONJ
fsr-3304	309	29	the	the	DET
fsr-3304	309	30	large	large	ADJ
fsr-3304	309	31	force	force	NOUN
fsr-3304	309	32	of	of	ADP
fsr-3304	309	33	mortality	mortality	NOUN
fsr-3304	309	34	makes	make	VERB
fsr-3304	309	35	current	current	ADJ
fsr-3304	309	36	spending	spending	NOUN
fsr-3304	309	37	more	more	ADJ
fsr-3304	309	38	salient	salient	NOUN
fsr-3304	309	39	,	,	PUNCT
fsr-3304	309	40	and	and	CCONJ
fsr-3304	309	41	,	,	PUNCT
fsr-3304	309	42	for	for	ADP
fsr-3304	309	43	a	a	DET
fsr-3304	309	44	couple	couple	NOUN
fsr-3304	309	45	,	,	PUNCT
fsr-3304	309	46	one	one	NUM
fsr-3304	309	47	member	member	NOUN
fsr-3304	309	48	is	be	AUX
fsr-3304	309	49	likely	likely	ADJ
fsr-3304	309	50	to	to	PART
fsr-3304	309	51	have	have	AUX
fsr-3304	309	52	passed	pass	VERB
fsr-3304	309	53	away	away	ADP
fsr-3304	309	54	and	and	CCONJ
fsr-3304	309	55	spending	spend	VERB
fsr-3304	309	56	for	for	ADP
fsr-3304	309	57	him	he	PRON
fsr-3304	309	58	/	/	SYM
fsr-3304	309	59	her	she	PRON
fsr-3304	309	60	inevitably	inevitably	ADV
fsr-3304	309	61	drops	drop	VERB
fsr-3304	309	62	.	.	PUNCT
fsr-3304	310	1	withdrawals	withdrawal	NOUN
fsr-3304	310	2	from	from	ADP
fsr-3304	310	3	the	the	DET
fsr-3304	310	4	retirement	retirement	NOUN
fsr-3304	310	5	investment	investment	NOUN
fsr-3304	310	6	portfolio	portfolio	NOUN
fsr-3304	310	7	,	,	PUNCT
fsr-3304	310	8	although	although	SCONJ
fsr-3304	310	9	fixed	fix	VERB
fsr-3304	310	10	in	in	ADP
fsr-3304	310	11	percentage	percentage	NOUN
fsr-3304	310	12	terms	term	NOUN
fsr-3304	310	13	,	,	PUNCT
fsr-3304	310	14	decline	decline	VERB
fsr-3304	310	15	and	and	CCONJ
fsr-3304	310	16	eventually	eventually	ADV
fsr-3304	310	17	disappear	disappear	VERB
fsr-3304	310	18	as	as	SCONJ
fsr-3304	310	19	the	the	DET
fsr-3304	310	20	retirement	retirement	NOUN
fsr-3304	310	21	investments	investment	NOUN
fsr-3304	310	22	are	be	AUX
fsr-3304	310	23	withdrawn	withdraw	VERB
fsr-3304	310	24	and	and	CCONJ
fsr-3304	310	25	also	also	ADV
fsr-3304	310	26	transferred	transfer	VERB
fsr-3304	310	27	,	,	PUNCT
fsr-3304	310	28	because	because	SCONJ
fsr-3304	310	29	of	of	ADP
fsr-3304	310	30	the	the	DET
fsr-3304	310	31	minimum	minimum	ADJ
fsr-3304	310	32	distribution	distribution	NOUN
fsr-3304	310	33	requirements	requirement	NOUN
fsr-3304	310	34	,	,	PUNCT
fsr-3304	310	35	to	to	ADP
fsr-3304	310	36	a	a	DET
fsr-3304	310	37	taxable	taxable	ADJ
fsr-3304	310	38	portfolio	portfolio	NOUN
fsr-3304	310	39	,	,	PUNCT
fsr-3304	310	40	and	and	CCONJ
fsr-3304	310	41	life	life	NOUN
fsr-3304	310	42	annuities	annuity	NOUN
fsr-3304	310	43	are	be	AUX
fsr-3304	310	44	purchased	purchase	VERB
fsr-3304	310	45	.	.	PUNCT
fsr-3304	311	1	minimum	minimum	ADJ
fsr-3304	311	2	distributions	distribution	NOUN
fsr-3304	311	3	(	(	PUNCT
fsr-3304	311	4	shown	show	VERB
fsr-3304	311	5	in	in	ADP
fsr-3304	311	6	fig	fig	NOUN
fsr-3304	311	7	.	.	PUNCT
fsr-3304	312	1	2	2	NUM
fsr-3304	312	2	)	)	PUNCT
fsr-3304	312	3	will	will	AUX
fsr-3304	312	4	be	be	AUX
fsr-3304	312	5	made	make	VERB
fsr-3304	312	6	and	and	CCONJ
fsr-3304	312	7	transferred	transfer	VERB
fsr-3304	312	8	to	to	ADP
fsr-3304	312	9	a	a	DET
fsr-3304	312	10	taxable	taxable	ADJ
fsr-3304	312	11	portfolio	portfolio	NOUN
fsr-3304	312	12	(	(	PUNCT
fsr-3304	312	13	see	see	VERB
fsr-3304	312	14	fig	fig	NOUN
fsr-3304	312	15	.	.	PUNCT
fsr-3304	313	1	3	3	NUM
fsr-3304	313	2	)	)	PUNCT
fsr-3304	313	3	only	only	ADV
fsr-3304	313	4	if	if	SCONJ
fsr-3304	313	5	the	the	DET
fsr-3304	313	6	withdrawal	withdrawal	NOUN
fsr-3304	313	7	rate	rate	NOUN
fsr-3304	313	8	and	and	CCONJ
fsr-3304	313	9	annuity	annuity	NOUN
fsr-3304	313	10	purchases	purchase	NOUN
fsr-3304	313	11	are	be	AUX
fsr-3304	313	12	less	less	ADJ
fsr-3304	313	13	than	than	ADP
fsr-3304	313	14	the	the	DET
fsr-3304	313	15	minimum	minimum	NOUN
fsr-3304	313	16	legally	legally	ADV
fsr-3304	313	17	required	require	VERB
fsr-3304	313	18	(	(	PUNCT
fsr-3304	313	19	which	which	PRON
fsr-3304	313	20	initially	initially	ADV
fsr-3304	313	21	is	be	AUX
fsr-3304	313	22	less	less	ADJ
fsr-3304	313	23	than	than	ADP
fsr-3304	313	24	4	4	NUM
fsr-3304	313	25	%	%	NOUN
fsr-3304	313	26	at	at	ADP
fsr-3304	313	27	age	age	NOUN
fsr-3304	313	28	71	71	NUM
fsr-3304	313	29	but	but	CCONJ
fsr-3304	313	30	increases	increase	NOUN
fsr-3304	313	31	with	with	ADP
fsr-3304	313	32	age	age	NOUN
fsr-3304	313	33	)	)	PUNCT
fsr-3304	313	34	,	,	PUNCT
fsr-3304	313	35	and	and	CCONJ
fsr-3304	313	36	,	,	PUNCT
fsr-3304	313	37	obviously	obviously	ADV
fsr-3304	313	38	,	,	PUNCT
fsr-3304	313	39	if	if	SCONJ
fsr-3304	313	40	there	there	PRON
fsr-3304	313	41	is	be	VERB
fsr-3304	313	42	value	value	NOUN
fsr-3304	313	43	left	leave	VERB
fsr-3304	313	44	in	in	ADP
fsr-3304	313	45	the	the	DET
fsr-3304	313	46	retirement	retirement	NOUN
fsr-3304	313	47	investment	investment	NOUN
fsr-3304	313	48	portfolio	portfolio	NOUN
fsr-3304	313	49	,	,	PUNCT
fsr-3304	313	50	which	which	PRON
fsr-3304	313	51	in	in	ADP
fsr-3304	313	52	turn	turn	NOUN
fsr-3304	313	53	depends	depend	VERB
fsr-3304	313	54	on	on	ADP
fsr-3304	313	55	return	return	NOUN
fsr-3304	313	56	performance	performance	NOUN
fsr-3304	313	57	.	.	PUNCT
fsr-3304	314	1	here	here	ADV
fsr-3304	314	2	minimum	minimum	ADJ
fsr-3304	314	3	distributions	distribution	NOUN
fsr-3304	314	4	are	be	AUX
fsr-3304	314	5	made	make	VERB
fsr-3304	314	6	only	only	ADV
fsr-3304	314	7	in	in	ADP
fsr-3304	314	8	the	the	DET
fsr-3304	314	9	upper	upper	ADJ
fsr-3304	314	10	percentiles	percentile	NOUN
fsr-3304	314	11	and	and	CCONJ
fsr-3304	314	12	at	at	ADP
fsr-3304	314	13	upper	upper	ADJ
fsr-3304	314	14	ages	age	NOUN
fsr-3304	314	15	.	.	PUNCT
fsr-3304	315	1	finally	finally	ADV
fsr-3304	315	2	,	,	PUNCT
fsr-3304	315	3	fig	fig	NOUN
fsr-3304	315	4	.	.	PUNCT
fsr-3304	316	1	4	4	NUM
fsr-3304	316	2	illustrates	illustrate	VERB
fsr-3304	316	3	the	the	DET
fsr-3304	316	4	formula	formula	NOUN
fsr-3304	316	5	for	for	ADP
fsr-3304	316	6	asset	asset	NOUN
fsr-3304	316	7	allocation	allocation	NOUN
fsr-3304	316	8	given	give	VERB
fsr-3304	316	9	in	in	ADP
fsr-3304	316	10	footnote	footnote	NOUN
fsr-3304	316	11	5	5	NUM
fsr-3304	316	12	above	above	ADV
fsr-3304	316	13	,	,	PUNCT
fsr-3304	316	14	as	as	SCONJ
fsr-3304	316	15	applied	apply	VERB
fsr-3304	316	16	to	to	ADP
fsr-3304	316	17	the	the	DET
fsr-3304	316	18	optimal	optimal	ADJ
fsr-3304	316	19	strategy	strategy	NOUN
fsr-3304	316	20	for	for	ADP
fsr-3304	316	21	this	this	DET
fsr-3304	316	22	particular	particular	ADJ
fsr-3304	316	23	household	household	NOUN
fsr-3304	316	24	.	.	PUNCT
fsr-3304	317	1	here	here	ADV
fsr-3304	317	2	,	,	PUNCT
fsr-3304	317	3	because	because	SCONJ
fsr-3304	317	4	annuitization	annuitization	NOUN
fsr-3304	317	5	is	be	AUX
fsr-3304	317	6	quite	quite	ADV
fsr-3304	317	7	full	full	ADJ
fsr-3304	317	8	,	,	PUNCT
fsr-3304	317	9	so	so	ADV
fsr-3304	317	10	is	be	AUX
fsr-3304	317	11	the	the	DET
fsr-3304	317	12	allocation	allocation	NOUN
fsr-3304	317	13	to	to	ADP
fsr-3304	317	14	equity	equity	NOUN
fsr-3304	317	15	in	in	ADP
fsr-3304	317	16	the	the	DET
fsr-3304	317	17	remaining	remain	VERB
fsr-3304	317	18	investment	investment	NOUN
fsr-3304	317	19	portfolios	portfolio	NOUN
fsr-3304	317	20	(	(	PUNCT
fsr-3304	317	21	both	both	DET
fsr-3304	317	22	tax	tax	NOUN
fsr-3304	317	23	-	-	PUNCT
fsr-3304	317	24	deferred	defer	VERB
fsr-3304	317	25	and	and	CCONJ
fsr-3304	317	26	taxable	taxable	ADJ
fsr-3304	317	27	)	)	PUNCT
fsr-3304	317	28	.	.	PUNCT
fsr-3304	318	1	fig	fig	NOUN
fsr-3304	318	2	.	.	PUNCT
fsr-3304	319	1	2	2	X
fsr-3304	319	2	.	.	X
fsr-3304	319	3	stochastic	stochastic	ADJ
fsr-3304	319	4	range	range	NOUN
fsr-3304	319	5	of	of	ADP
fsr-3304	319	6	required	require	VERB
fsr-3304	319	7	minimum	minimum	NOUN
fsr-3304	319	8	distributions	distribution	NOUN
fsr-3304	319	9	,	,	PUNCT
fsr-3304	319	10	by	by	ADP
fsr-3304	319	11	age	age	NOUN
fsr-3304	319	12	(	(	PUNCT
fsr-3304	319	13	$	$	SYM
fsr-3304	319	14	real	real	ADJ
fsr-3304	319	15	)	)	PUNCT
fsr-3304	319	16	.	.	PUNCT
fsr-3304	320	1	source	source	NOUN
fsr-3304	320	2	:	:	PUNCT
fsr-3304	320	3	author	author	NOUN
fsr-3304	320	4	’s	’s	PART
fsr-3304	320	5	simulations	simulation	NOUN
fsr-3304	320	6	,	,	PUNCT
fsr-3304	320	7	for	for	ADP
fsr-3304	320	8	household	household	NOUN
fsr-3304	320	9	c	c	NOUN
fsr-3304	320	10	in	in	ADP
fsr-3304	320	11	table	table	NOUN
fsr-3304	320	12	11	11	NUM
fsr-3304	320	13	.	.	PUNCT
fsr-3304	321	1	132	132	NUM
fsr-3304	321	2	m.j	m.j	PROPN
fsr-3304	321	3	.	.	PROPN
fsr-3304	321	4	warshawsky	warshawsky	PROPN
fsr-3304	321	5	/	/	SYM
fsr-3304	321	6	financial	financial	ADJ
fsr-3304	321	7	services	service	NOUN
fsr-3304	321	8	review	review	VERB
fsr-3304	321	9	26	26	NUM
fsr-3304	321	10	(	(	PUNCT
fsr-3304	321	11	2017	2017	NUM
fsr-3304	321	12	)	)	PUNCT
fsr-3304	321	13	113–141	113–141	NUM
fsr-3304	321	14	4.8	4.8	NUM
fsr-3304	321	15	.	.	PUNCT
fsr-3304	322	1	different	different	ADJ
fsr-3304	322	2	views	view	NOUN
fsr-3304	322	3	on	on	ADP
fsr-3304	322	4	investment	investment	NOUN
fsr-3304	322	5	returns	return	NOUN
fsr-3304	322	6	and	and	CCONJ
fsr-3304	322	7	interest	interest	NOUN
fsr-3304	322	8	and	and	CCONJ
fsr-3304	322	9	inflation	inflation	NOUN
fsr-3304	322	10	rates	rate	NOUN
fsr-3304	322	11	thus	thus	ADV
fsr-3304	322	12	far	far	ADV
fsr-3304	322	13	,	,	PUNCT
fsr-3304	322	14	i	i	PRON
fsr-3304	322	15	have	have	AUX
fsr-3304	322	16	used	use	VERB
fsr-3304	322	17	a	a	DET
fsr-3304	322	18	model	model	NOUN
fsr-3304	322	19	(	(	PUNCT
fsr-3304	322	20	from	from	ADP
fsr-3304	322	21	campbell	campbell	PROPN
fsr-3304	322	22	and	and	CCONJ
fsr-3304	322	23	viceira	viceira	PROPN
fsr-3304	322	24	,	,	PUNCT
fsr-3304	322	25	2005	2005	NUM
fsr-3304	322	26	)	)	PUNCT
fsr-3304	322	27	of	of	ADP
fsr-3304	322	28	investment	investment	NOUN
fsr-3304	322	29	returns	return	NOUN
fsr-3304	322	30	and	and	CCONJ
fsr-3304	322	31	interest	interest	NOUN
fsr-3304	322	32	and	and	CCONJ
fsr-3304	322	33	inflation	inflation	NOUN
fsr-3304	322	34	rates	rate	NOUN
fsr-3304	322	35	estimated	estimate	VERB
fsr-3304	322	36	on	on	ADP
fsr-3304	322	37	quarterly	quarterly	ADJ
fsr-3304	322	38	data	datum	NOUN
fsr-3304	322	39	from	from	ADP
fsr-3304	322	40	1962	1962	NUM
fsr-3304	322	41	through	through	ADP
fsr-3304	322	42	2011	2011	NUM
fsr-3304	322	43	.	.	PUNCT
fsr-3304	323	1	this	this	PRON
fsr-3304	323	2	is	be	AUX
fsr-3304	323	3	a	a	DET
fsr-3304	323	4	reasonable	reasonable	ADJ
fsr-3304	323	5	approach	approach	NOUN
fsr-3304	323	6	for	for	ADP
fsr-3304	323	7	,	,	PUNCT
fsr-3304	323	8	essentially	essentially	ADV
fsr-3304	323	9	,	,	PUNCT
fsr-3304	323	10	forecasting	forecast	VERB
fsr-3304	323	11	the	the	DET
fsr-3304	323	12	range	range	NOUN
fsr-3304	323	13	of	of	ADP
fsr-3304	323	14	possible	possible	ADJ
fsr-3304	323	15	experience	experience	NOUN
fsr-3304	323	16	in	in	ADP
fsr-3304	323	17	the	the	DET
fsr-3304	323	18	future	future	NOUN
fsr-3304	323	19	.	.	PUNCT
fsr-3304	324	1	nevertheless	nevertheless	ADV
fsr-3304	324	2	,	,	PUNCT
fsr-3304	324	3	some	some	PRON
fsr-3304	324	4	might	might	AUX
fsr-3304	324	5	want	want	VERB
fsr-3304	324	6	to	to	PART
fsr-3304	324	7	put	put	VERB
fsr-3304	324	8	a	a	DET
fsr-3304	324	9	greater	great	ADJ
fsr-3304	324	10	emphasis	emphasis	NOUN
fsr-3304	324	11	on	on	ADP
fsr-3304	324	12	current	current	ADJ
fsr-3304	324	13	conditions	condition	NOUN
fsr-3304	324	14	(	(	PUNCT
fsr-3304	324	15	in	in	ADP
fsr-3304	324	16	2013	2013	NUM
fsr-3304	324	17	)	)	PUNCT
fsr-3304	324	18	,	,	PUNCT
fsr-3304	324	19	particularly	particularly	ADV
fsr-3304	324	20	as	as	SCONJ
fsr-3304	324	21	interest	interest	NOUN
fsr-3304	324	22	and	and	CCONJ
fsr-3304	324	23	inflation	inflation	NOUN
fsr-3304	324	24	rates	rate	NOUN
fsr-3304	324	25	have	have	AUX
fsr-3304	324	26	declined	decline	VERB
fsr-3304	324	27	so	so	ADV
fsr-3304	324	28	dramatically	dramatically	ADV
fsr-3304	324	29	recently	recently	ADV
fsr-3304	324	30	,	,	PUNCT
fsr-3304	324	31	as	as	SCONJ
fsr-3304	324	32	presumably	presumably	ADV
fsr-3304	324	33	have	have	VERB
fsr-3304	324	34	overall	overall	ADJ
fsr-3304	324	35	expected	expect	VERB
fsr-3304	324	36	investment	investment	NOUN
fsr-3304	324	37	returns	return	NOUN
fsr-3304	324	38	.	.	PUNCT
fsr-3304	325	1	it	it	PRON
fsr-3304	325	2	is	be	AUX
fsr-3304	325	3	possible	possible	ADJ
fsr-3304	325	4	to	to	PART
fsr-3304	325	5	have	have	VERB
fsr-3304	325	6	the	the	DET
fsr-3304	325	7	simulations	simulation	NOUN
fsr-3304	325	8	adjusted	adjust	VERB
fsr-3304	325	9	to	to	PART
fsr-3304	325	10	reflect	reflect	VERB
fsr-3304	325	11	this	this	DET
fsr-3304	325	12	presumed	presume	VERB
fsr-3304	325	13	different	different	ADJ
fsr-3304	325	14	environment	environment	NOUN
fsr-3304	325	15	,	,	PUNCT
fsr-3304	325	16	without	without	ADP
fsr-3304	325	17	,	,	PUNCT
fsr-3304	325	18	however	however	ADV
fsr-3304	325	19	,	,	PUNCT
fsr-3304	325	20	completely	completely	ADV
fsr-3304	325	21	discarding	discard	VERB
fsr-3304	325	22	the	the	DET
fsr-3304	325	23	longer	long	ADJ
fsr-3304	325	24	view	view	NOUN
fsr-3304	325	25	,	,	PUNCT
fsr-3304	325	26	based	base	VERB
fsr-3304	325	27	on	on	ADP
fsr-3304	325	28	more	more	ADV
fsr-3304	325	29	distant	distant	ADJ
fsr-3304	325	30	past	past	ADJ
fsr-3304	325	31	experience	experience	NOUN
fsr-3304	325	32	.	.	PUNCT
fsr-3304	326	1	going	go	VERB
fsr-3304	326	2	a	a	DET
fsr-3304	326	3	step	step	NOUN
fsr-3304	326	4	further	far	ADV
fsr-3304	326	5	,	,	PUNCT
fsr-3304	326	6	it	it	PRON
fsr-3304	326	7	is	be	AUX
fsr-3304	326	8	even	even	ADV
fsr-3304	326	9	possible	possible	ADJ
fsr-3304	326	10	to	to	PART
fsr-3304	326	11	fix	fix	VERB
fsr-3304	326	12	interest	interest	NOUN
fsr-3304	326	13	and	and	CCONJ
fsr-3304	326	14	inflation	inflation	NOUN
fsr-3304	326	15	rates	rate	NOUN
fsr-3304	326	16	for	for	ADP
fsr-3304	326	17	the	the	DET
fsr-3304	326	18	current	current	ADJ
fsr-3304	326	19	year	year	NOUN
fsr-3304	326	20	,	,	PUNCT
fsr-3304	326	21	allowing	allow	VERB
fsr-3304	326	22	a	a	DET
fsr-3304	326	23	smaller	small	ADJ
fsr-3304	326	24	dispersion	dispersion	NOUN
fsr-3304	326	25	in	in	ADP
fsr-3304	326	26	the	the	DET
fsr-3304	326	27	second	second	ADJ
fsr-3304	326	28	year	year	NOUN
fsr-3304	326	29	,	,	PUNCT
fsr-3304	326	30	slowly	slowly	ADV
fsr-3304	326	31	spreading	spread	VERB
fsr-3304	326	32	thereafter	thereafter	ADV
fsr-3304	326	33	;	;	PUNCT
fsr-3304	326	34	equity	equity	NOUN
fsr-3304	326	35	returns	return	NOUN
fsr-3304	326	36	would	would	AUX
fsr-3304	326	37	continue	continue	VERB
fsr-3304	326	38	to	to	PART
fsr-3304	326	39	be	be	AUX
fsr-3304	326	40	as	as	ADV
fsr-3304	326	41	random	random	ADJ
fsr-3304	326	42	as	as	SCONJ
fsr-3304	326	43	modeled	model	VERB
fsr-3304	326	44	earlier	early	ADV
fsr-3304	326	45	.	.	PUNCT
fsr-3304	327	1	this	this	DET
fsr-3304	327	2	latter	latter	ADJ
fsr-3304	327	3	approach	approach	NOUN
fsr-3304	327	4	may	may	AUX
fsr-3304	327	5	indeed	indeed	ADV
fsr-3304	327	6	be	be	AUX
fsr-3304	327	7	the	the	DET
fsr-3304	327	8	best	good	ADJ
fsr-3304	327	9	way	way	NOUN
fsr-3304	327	10	to	to	PART
fsr-3304	327	11	express	express	VERB
fsr-3304	327	12	uncertainty	uncertainty	NOUN
fsr-3304	327	13	for	for	ADP
fsr-3304	327	14	a	a	DET
fsr-3304	327	15	household	household	NOUN
fsr-3304	327	16	currently	currently	ADV
fsr-3304	327	17	retired	retire	VERB
fsr-3304	327	18	and	and	CCONJ
fsr-3304	327	19	planning	plan	VERB
fsr-3304	327	20	to	to	PART
fsr-3304	327	21	implement	implement	VERB
fsr-3304	327	22	the	the	DET
fsr-3304	327	23	produced	produce	VERB
fsr-3304	327	24	strategy	strategy	NOUN
fsr-3304	327	25	immediately	immediately	ADV
fsr-3304	327	26	.	.	PUNCT
fsr-3304	328	1	for	for	ADP
fsr-3304	328	2	households	household	NOUN
fsr-3304	328	3	that	that	PRON
fsr-3304	328	4	are	be	AUX
fsr-3304	328	5	not	not	PART
fsr-3304	328	6	yet	yet	ADV
fsr-3304	328	7	retired	retire	VERB
fsr-3304	328	8	,	,	PUNCT
fsr-3304	328	9	however	however	ADV
fsr-3304	328	10	,	,	PUNCT
fsr-3304	328	11	the	the	DET
fsr-3304	328	12	former	former	ADJ
fsr-3304	328	13	approach	approach	NOUN
fsr-3304	328	14	(	(	PUNCT
fsr-3304	328	15	whether	whether	SCONJ
fsr-3304	328	16	emphasizing	emphasize	VERB
fsr-3304	328	17	current	current	ADJ
fsr-3304	328	18	conditions	condition	NOUN
fsr-3304	328	19	or	or	CCONJ
fsr-3304	328	20	completely	completely	ADV
fsr-3304	328	21	historical	historical	ADJ
fsr-3304	328	22	)	)	PUNCT
fsr-3304	328	23	,	,	PUNCT
fsr-3304	328	24	reflecting	reflect	VERB
fsr-3304	328	25	a	a	DET
fsr-3304	328	26	wider	wide	ADJ
fsr-3304	328	27	range	range	NOUN
fsr-3304	328	28	of	of	ADP
fsr-3304	328	29	uncertainty	uncertainty	NOUN
fsr-3304	328	30	,	,	PUNCT
fsr-3304	328	31	is	be	AUX
fsr-3304	328	32	more	more	ADV
fsr-3304	328	33	appropriate	appropriate	ADJ
fsr-3304	328	34	.	.	PUNCT
fsr-3304	329	1	in	in	ADP
fsr-3304	329	2	table	table	NOUN
fsr-3304	329	3	12	12	NUM
fsr-3304	329	4	below	below	ADV
fsr-3304	329	5	,	,	PUNCT
fsr-3304	329	6	i	i	PRON
fsr-3304	329	7	give	give	VERB
fsr-3304	329	8	the	the	DET
fsr-3304	329	9	optimal	optimal	ADJ
fsr-3304	329	10	strategies	strategy	NOUN
fsr-3304	329	11	and	and	CCONJ
fsr-3304	329	12	range	range	NOUN
fsr-3304	329	13	of	of	ADP
fsr-3304	329	14	outcomes	outcome	NOUN
fsr-3304	329	15	for	for	ADP
fsr-3304	329	16	cases	case	NOUN
fsr-3304	329	17	10a	10a	NOUN
fsr-3304	329	18	and	and	CCONJ
fsr-3304	329	19	10c	10c	NOUN
fsr-3304	329	20	.	.	PUNCT
fsr-3304	330	1	the	the	DET
fsr-3304	330	2	first	first	ADJ
fsr-3304	330	3	simulation	simulation	NOUN
fsr-3304	330	4	,	,	PUNCT
fsr-3304	330	5	“	"	PUNCT
fsr-3304	330	6	current	current	ADJ
fsr-3304	330	7	conditions	condition	NOUN
fsr-3304	330	8	,	,	PUNCT
fsr-3304	330	9	”	"	PUNCT
fsr-3304	330	10	gives	give	VERB
fsr-3304	330	11	lower	low	ADJ
fsr-3304	330	12	expected	expect	VERB
fsr-3304	330	13	interest	interest	NOUN
fsr-3304	330	14	and	and	CCONJ
fsr-3304	330	15	inflation	inflation	NOUN
fsr-3304	330	16	rates	rate	NOUN
fsr-3304	330	17	and	and	CCONJ
fsr-3304	330	18	overall	overall	ADJ
fsr-3304	330	19	investment	investment	NOUN
fsr-3304	330	20	returns	return	NOUN
fsr-3304	330	21	than	than	ADP
fsr-3304	330	22	the	the	DET
fsr-3304	330	23	completely	completely	ADV
fsr-3304	330	24	historical	historical	ADJ
fsr-3304	330	25	approach	approach	NOUN
fsr-3304	330	26	;	;	PUNCT
fsr-3304	330	27	indeed	indeed	ADV
fsr-3304	330	28	the	the	DET
fsr-3304	330	29	real	real	ADJ
fsr-3304	330	30	fig	fig	NOUN
fsr-3304	330	31	.	.	PUNCT
fsr-3304	331	1	3	3	X
fsr-3304	331	2	.	.	X
fsr-3304	331	3	stochastic	stochastic	ADJ
fsr-3304	331	4	range	range	NOUN
fsr-3304	331	5	of	of	ADP
fsr-3304	331	6	after	after	ADP
fsr-3304	331	7	-	-	PUNCT
fsr-3304	331	8	tax	tax	NOUN
fsr-3304	331	9	investment	investment	NOUN
fsr-3304	331	10	portfolio	portfolio	NOUN
fsr-3304	331	11	values	value	NOUN
fsr-3304	331	12	,	,	PUNCT
fsr-3304	331	13	by	by	ADP
fsr-3304	331	14	age	age	NOUN
fsr-3304	331	15	(	(	PUNCT
fsr-3304	331	16	$	$	SYM
fsr-3304	331	17	real	real	ADJ
fsr-3304	331	18	)	)	PUNCT
fsr-3304	331	19	.	.	PUNCT
fsr-3304	332	1	source	source	NOUN
fsr-3304	332	2	:	:	PUNCT
fsr-3304	332	3	author	author	NOUN
fsr-3304	332	4	’s	’s	PART
fsr-3304	332	5	simulations	simulation	NOUN
fsr-3304	332	6	,	,	PUNCT
fsr-3304	332	7	for	for	ADP
fsr-3304	332	8	household	household	NOUN
fsr-3304	332	9	c	c	NOUN
fsr-3304	332	10	in	in	ADP
fsr-3304	332	11	table	table	NOUN
fsr-3304	332	12	11	11	NUM
fsr-3304	332	13	.	.	PUNCT
fsr-3304	333	1	133m.j	133m.j	X
fsr-3304	333	2	.	.	PUNCT
fsr-3304	333	3	warshawsky	warshawsky	ADJ
fsr-3304	333	4	/	/	SYM
fsr-3304	333	5	financial	financial	ADJ
fsr-3304	333	6	services	service	NOUN
fsr-3304	333	7	review	review	VERB
fsr-3304	333	8	26	26	NUM
fsr-3304	333	9	(	(	PUNCT
fsr-3304	333	10	2017	2017	NUM
fsr-3304	333	11	)	)	PUNCT
fsr-3304	333	12	113–141	113–141	NUM
fsr-3304	333	13	interest	interest	NOUN
fsr-3304	333	14	rate	rate	NOUN
fsr-3304	333	15	is	be	AUX
fsr-3304	333	16	reduced	reduce	VERB
fsr-3304	333	17	more	more	ADJ
fsr-3304	333	18	than	than	ADP
fsr-3304	333	19	100	100	NUM
fsr-3304	333	20	basis	basis	NOUN
fsr-3304	333	21	points	point	NOUN
fsr-3304	333	22	here	here	ADV
fsr-3304	333	23	.	.	PUNCT
fsr-3304	334	1	this	this	PRON
fsr-3304	334	2	may	may	AUX
fsr-3304	334	3	reduce	reduce	VERB
fsr-3304	334	4	the	the	DET
fsr-3304	334	5	attractiveness	attractiveness	NOUN
fsr-3304	334	6	of	of	ADP
fsr-3304	334	7	annuitization	annuitization	NOUN
fsr-3304	334	8	somewhat	somewhat	ADV
fsr-3304	334	9	,	,	PUNCT
fsr-3304	334	10	as	as	SCONJ
fsr-3304	334	11	it	it	PRON
fsr-3304	334	12	certainly	certainly	ADV
fsr-3304	334	13	will	will	AUX
fsr-3304	334	14	reduce	reduce	VERB
fsr-3304	334	15	the	the	DET
fsr-3304	334	16	ace	ace	NOUN
fsr-3304	334	17	.	.	PUNCT
fsr-3304	335	1	the	the	DET
fsr-3304	335	2	second	second	ADJ
fsr-3304	335	3	simulation	simulation	NOUN
fsr-3304	335	4	,	,	PUNCT
fsr-3304	335	5	“	"	PUNCT
fsr-3304	335	6	current	current	ADJ
fsr-3304	335	7	conditions	condition	NOUN
fsr-3304	335	8	with	with	ADP
fsr-3304	335	9	fixed	fix	VERB
fsr-3304	335	10	initial	initial	ADJ
fsr-3304	335	11	interest	interest	NOUN
fsr-3304	335	12	rates	rate	NOUN
fsr-3304	335	13	,	,	PUNCT
fsr-3304	335	14	”	"	PUNCT
fsr-3304	335	15	uses	use	NOUN
fsr-3304	335	16	,	,	PUNCT
fsr-3304	335	17	somewhat	somewhat	ADV
fsr-3304	335	18	arbitrarily	arbitrarily	ADV
fsr-3304	335	19	,	,	PUNCT
fsr-3304	335	20	the	the	DET
fsr-3304	335	21	average	average	ADJ
fsr-3304	335	22	interest	interest	NOUN
fsr-3304	335	23	rate	rate	NOUN
fsr-3304	335	24	from	from	ADP
fsr-3304	335	25	the	the	DET
fsr-3304	335	26	simulation	simulation	NOUN
fsr-3304	335	27	as	as	ADP
fsr-3304	335	28	the	the	DET
fsr-3304	335	29	fixed	fix	VERB
fsr-3304	335	30	initial	initial	ADJ
fsr-3304	335	31	rate	rate	NOUN
fsr-3304	335	32	.	.	PUNCT
fsr-3304	336	1	it	it	PRON
fsr-3304	336	2	should	should	AUX
fsr-3304	336	3	be	be	AUX
fsr-3304	336	4	noted	note	VERB
fsr-3304	336	5	that	that	SCONJ
fsr-3304	336	6	a	a	DET
fsr-3304	336	7	fixed	fix	VERB
fsr-3304	336	8	initial	initial	ADJ
fsr-3304	336	9	interest	interest	NOUN
fsr-3304	336	10	rate	rate	NOUN
fsr-3304	336	11	reduces	reduce	VERB
fsr-3304	336	12	considerably	considerably	ADV
fsr-3304	336	13	the	the	DET
fsr-3304	336	14	uncertainty	uncertainty	NOUN
fsr-3304	336	15	around	around	ADP
fsr-3304	336	16	purchasing	purchase	VERB
fsr-3304	336	17	a	a	DET
fsr-3304	336	18	life	life	NOUN
fsr-3304	336	19	annuity	annuity	NOUN
fsr-3304	336	20	in	in	ADP
fsr-3304	336	21	the	the	DET
fsr-3304	336	22	first	first	ADJ
fsr-3304	336	23	couple	couple	NOUN
fsr-3304	336	24	of	of	ADP
fsr-3304	336	25	years	year	NOUN
fsr-3304	336	26	of	of	ADP
fsr-3304	336	27	the	the	DET
fsr-3304	336	28	plan	plan	NOUN
fsr-3304	336	29	horizon	horizon	NOUN
fsr-3304	336	30	;	;	PUNCT
fsr-3304	336	31	this	this	PRON
fsr-3304	336	32	should	should	AUX
fsr-3304	336	33	have	have	VERB
fsr-3304	336	34	the	the	DET
fsr-3304	336	35	effect	effect	NOUN
fsr-3304	336	36	of	of	ADP
fsr-3304	336	37	increasing	increase	VERB
fsr-3304	336	38	the	the	DET
fsr-3304	336	39	attractiveness	attractiveness	NOUN
fsr-3304	336	40	of	of	ADP
fsr-3304	336	41	initial	initial	ADJ
fsr-3304	336	42	annuitization	annuitization	NOUN
fsr-3304	336	43	,	,	PUNCT
fsr-3304	336	44	compared	compare	VERB
fsr-3304	336	45	with	with	ADP
fsr-3304	336	46	either	either	CCONJ
fsr-3304	336	47	historical	historical	ADJ
fsr-3304	336	48	approach	approach	NOUN
fsr-3304	336	49	.	.	PUNCT
fsr-3304	337	1	the	the	DET
fsr-3304	337	2	expected	expect	VERB
fsr-3304	337	3	changes	change	NOUN
fsr-3304	337	4	occurred	occur	VERB
fsr-3304	337	5	.	.	PUNCT
fsr-3304	338	1	of	of	ADP
fsr-3304	338	2	further	further	ADJ
fsr-3304	338	3	note	note	NOUN
fsr-3304	338	4	,	,	PUNCT
fsr-3304	338	5	given	give	VERB
fsr-3304	338	6	the	the	DET
fsr-3304	338	7	poorer	poor	ADJ
fsr-3304	338	8	investment	investment	NOUN
fsr-3304	338	9	environment	environment	NOUN
fsr-3304	338	10	,	,	PUNCT
fsr-3304	338	11	the	the	DET
fsr-3304	338	12	model	model	NOUN
fsr-3304	338	13	favors	favor	VERB
fsr-3304	338	14	income	income	NOUN
fsr-3304	338	15	over	over	ADP
fsr-3304	338	16	assets	asset	NOUN
fsr-3304	338	17	,	,	PUNCT
fsr-3304	338	18	everything	everything	PRON
fsr-3304	338	19	else	else	ADV
fsr-3304	338	20	being	be	AUX
fsr-3304	338	21	equal	equal	ADJ
fsr-3304	338	22	.	.	PUNCT
fsr-3304	339	1	5	5	X
fsr-3304	339	2	.	.	PUNCT
fsr-3304	339	3	policy	policy	NOUN
fsr-3304	339	4	discussion	discussion	NOUN
fsr-3304	339	5	and	and	CCONJ
fsr-3304	339	6	conclusions	conclusion	NOUN
fsr-3304	339	7	this	this	DET
fsr-3304	339	8	analysis	analysis	NOUN
fsr-3304	339	9	is	be	AUX
fsr-3304	339	10	based	base	VERB
fsr-3304	339	11	on	on	ADP
fsr-3304	339	12	a	a	DET
fsr-3304	339	13	model	model	NOUN
fsr-3304	339	14	of	of	ADP
fsr-3304	339	15	rational	rational	ADJ
fsr-3304	339	16	decision	decision	NOUN
fsr-3304	339	17	-	-	PUNCT
fsr-3304	339	18	making	making	NOUN
fsr-3304	339	19	by	by	ADP
fsr-3304	339	20	retired	retire	VERB
fsr-3304	339	21	individuals	individual	NOUN
fsr-3304	339	22	and	and	CCONJ
fsr-3304	339	23	couples	couple	NOUN
fsr-3304	339	24	,	,	PUNCT
fsr-3304	339	25	using	use	VERB
fsr-3304	339	26	currently	currently	ADV
fsr-3304	339	27	available	available	ADJ
fsr-3304	339	28	investment	investment	NOUN
fsr-3304	339	29	and	and	CCONJ
fsr-3304	339	30	insurance	insurance	NOUN
fsr-3304	339	31	products	product	NOUN
fsr-3304	339	32	.	.	PUNCT
fsr-3304	340	1	yet	yet	ADV
fsr-3304	340	2	people	people	NOUN
fsr-3304	340	3	are	be	AUX
fsr-3304	340	4	not	not	PART
fsr-3304	340	5	likely	likely	ADJ
fsr-3304	340	6	to	to	PART
fsr-3304	340	7	use	use	VERB
fsr-3304	340	8	such	such	ADJ
fsr-3304	340	9	strategies	strategy	NOUN
fsr-3304	340	10	without	without	ADP
fsr-3304	340	11	a	a	DET
fsr-3304	340	12	more	more	ADV
fsr-3304	340	13	formalized	formalize	VERB
fsr-3304	340	14	structure	structure	NOUN
fsr-3304	340	15	from	from	ADP
fsr-3304	340	16	which	which	PRON
fsr-3304	340	17	to	to	PART
fsr-3304	340	18	obtain	obtain	VERB
fsr-3304	340	19	them	they	PRON
fsr-3304	340	20	.	.	PUNCT
fsr-3304	341	1	at	at	ADP
fsr-3304	341	2	the	the	DET
fsr-3304	341	3	least	least	ADJ
fsr-3304	341	4	,	,	PUNCT
fsr-3304	341	5	plan	plan	NOUN
fsr-3304	341	6	sponsors	sponsor	NOUN
fsr-3304	341	7	,	,	PUNCT
fsr-3304	341	8	plan	plan	VERB
fsr-3304	341	9	record	record	NOUN
fsr-3304	341	10	keepers	keeper	NOUN
fsr-3304	341	11	,	,	PUNCT
fsr-3304	341	12	or	or	CCONJ
fsr-3304	341	13	financial	financial	ADJ
fsr-3304	341	14	providers	provider	NOUN
fsr-3304	341	15	or	or	CCONJ
fsr-3304	341	16	advisors	advisor	NOUN
fsr-3304	341	17	must	must	AUX
fsr-3304	341	18	make	make	VERB
fsr-3304	341	19	them	they	PRON
fsr-3304	341	20	available	available	ADJ
fsr-3304	341	21	to	to	ADP
fsr-3304	341	22	participants	participant	NOUN
fsr-3304	341	23	.	.	PUNCT
fsr-3304	342	1	fig	fig	NOUN
fsr-3304	342	2	.	.	PUNCT
fsr-3304	343	1	4	4	X
fsr-3304	343	2	.	.	X
fsr-3304	343	3	optimal	optimal	ADJ
fsr-3304	343	4	equity	equity	NOUN
fsr-3304	343	5	allocations	allocation	NOUN
fsr-3304	343	6	of	of	ADP
fsr-3304	343	7	investment	investment	NOUN
fsr-3304	343	8	portfolios	portfolio	NOUN
fsr-3304	343	9	,	,	PUNCT
fsr-3304	343	10	by	by	ADP
fsr-3304	343	11	age	age	NOUN
fsr-3304	343	12	,	,	PUNCT
fsr-3304	343	13	percent	percent	NOUN
fsr-3304	343	14	.	.	PUNCT
fsr-3304	344	1	source	source	NOUN
fsr-3304	344	2	:	:	PUNCT
fsr-3304	344	3	author	author	NOUN
fsr-3304	344	4	’s	’s	PART
fsr-3304	344	5	simulations	simulation	NOUN
fsr-3304	344	6	,	,	PUNCT
fsr-3304	344	7	for	for	ADP
fsr-3304	344	8	household	household	NOUN
fsr-3304	344	9	c	c	NOUN
fsr-3304	344	10	in	in	ADP
fsr-3304	344	11	table	table	NOUN
fsr-3304	344	12	11	11	NUM
fsr-3304	344	13	.	.	PUNCT
fsr-3304	345	1	134	134	NUM
fsr-3304	345	2	m.j	m.j	PROPN
fsr-3304	345	3	.	.	PROPN
fsr-3304	345	4	warshawsky	warshawsky	PROPN
fsr-3304	345	5	/	/	SYM
fsr-3304	345	6	financial	financial	ADJ
fsr-3304	345	7	services	service	NOUN
fsr-3304	345	8	review	review	VERB
fsr-3304	345	9	26	26	NUM
fsr-3304	345	10	(	(	PUNCT
fsr-3304	345	11	2017	2017	NUM
fsr-3304	345	12	)	)	PUNCT
fsr-3304	345	13	113–141	113–141	NUM
fsr-3304	345	14	to	to	PART
fsr-3304	345	15	encourage	encourage	VERB
fsr-3304	345	16	the	the	DET
fsr-3304	345	17	use	use	NOUN
fsr-3304	345	18	of	of	ADP
fsr-3304	345	19	life	life	NOUN
fsr-3304	345	20	annuities	annuity	NOUN
fsr-3304	345	21	,	,	PUNCT
fsr-3304	345	22	as	as	SCONJ
fsr-3304	345	23	strongly	strongly	ADV
fsr-3304	345	24	recommended	recommend	VERB
fsr-3304	345	25	by	by	ADP
fsr-3304	345	26	theoretical	theoretical	ADJ
fsr-3304	345	27	and	and	CCONJ
fsr-3304	345	28	simulation	simulation	NOUN
fsr-3304	345	29	models	model	NOUN
fsr-3304	345	30	,	,	PUNCT
fsr-3304	345	31	efforts	effort	NOUN
fsr-3304	345	32	must	must	AUX
fsr-3304	345	33	go	go	VERB
fsr-3304	345	34	beyond	beyond	ADP
fsr-3304	345	35	designing	design	VERB
fsr-3304	345	36	the	the	DET
fsr-3304	345	37	best	good	ADJ
fsr-3304	345	38	strategy	strategy	NOUN
fsr-3304	345	39	.	.	PUNCT
fsr-3304	346	1	as	as	ADP
fsr-3304	346	2	brown	brown	PROPN
fsr-3304	346	3	et	et	PROPN
fsr-3304	346	4	al	al	PROPN
fsr-3304	346	5	.	.	PROPN
fsr-3304	347	1	(	(	PUNCT
fsr-3304	347	2	2008	2008	NUM
fsr-3304	347	3	)	)	PUNCT
fsr-3304	347	4	show	show	NOUN
fsr-3304	347	5	,	,	PUNCT
fsr-3304	347	6	it	it	PRON
fsr-3304	347	7	is	be	AUX
fsr-3304	347	8	critical	critical	ADJ
fsr-3304	347	9	to	to	PART
fsr-3304	347	10	frame	frame	VERB
fsr-3304	347	11	the	the	DET
fsr-3304	347	12	issue	issue	NOUN
fsr-3304	347	13	so	so	SCONJ
fsr-3304	347	14	that	that	SCONJ
fsr-3304	347	15	plan	plan	NOUN
fsr-3304	347	16	participants	participant	NOUN
fsr-3304	347	17	understand	understand	VERB
fsr-3304	347	18	that	that	SCONJ
fsr-3304	347	19	their	their	PRON
fsr-3304	347	20	account	account	NOUN
fsr-3304	347	21	balances	balance	NOUN
fsr-3304	347	22	—	—	PUNCT
fsr-3304	347	23	although	although	SCONJ
fsr-3304	347	24	seemingly	seemingly	ADV
fsr-3304	347	25	a	a	DET
fsr-3304	347	26	large	large	ADJ
fsr-3304	347	27	amount	amount	NOUN
fsr-3304	347	28	of	of	ADP
fsr-3304	347	29	money	money	NOUN
fsr-3304	347	30	in	in	ADP
fsr-3304	347	31	an	an	DET
fsr-3304	347	32	investment	investment	NOUN
fsr-3304	347	33	frame	frame	NOUN
fsr-3304	347	34	—	—	PUNCT
fsr-3304	347	35	may	may	AUX
fsr-3304	347	36	seem	seem	VERB
fsr-3304	347	37	less	less	ADV
fsr-3304	347	38	adequate	adequate	ADJ
fsr-3304	347	39	in	in	ADP
fsr-3304	347	40	a	a	DET
fsr-3304	347	41	consumption	consumption	NOUN
fsr-3304	347	42	frame	frame	NOUN
fsr-3304	347	43	as	as	ADP
fsr-3304	347	44	a	a	DET
fsr-3304	347	45	lifetime	lifetime	NOUN
fsr-3304	347	46	annual	annual	ADJ
fsr-3304	347	47	income	income	NOUN
fsr-3304	347	48	flow	flow	NOUN
fsr-3304	347	49	.	.	PUNCT
fsr-3304	348	1	indeed	indeed	ADV
fsr-3304	348	2	,	,	PUNCT
fsr-3304	348	3	based	base	VERB
fsr-3304	348	4	on	on	ADP
fsr-3304	348	5	a	a	DET
fsr-3304	348	6	survey	survey	NOUN
fsr-3304	348	7	of	of	ADP
fsr-3304	348	8	people	people	NOUN
fsr-3304	348	9	ages	age	VERB
fsr-3304	348	10	50	50	NUM
fsr-3304	348	11	and	and	CCONJ
fsr-3304	348	12	older	old	ADJ
fsr-3304	348	13	,	,	PUNCT
fsr-3304	348	14	brown	brown	PROPN
fsr-3304	348	15	et	et	PROPN
fsr-3304	348	16	al	al	PROPN
fsr-3304	348	17	.	.	PROPN
fsr-3304	348	18	find	find	VERB
fsr-3304	348	19	that	that	SCONJ
fsr-3304	348	20	when	when	SCONJ
fsr-3304	348	21	the	the	DET
fsr-3304	348	22	alternatives	alternative	NOUN
fsr-3304	348	23	are	be	AUX
fsr-3304	348	24	presented	present	VERB
fsr-3304	348	25	in	in	ADP
fsr-3304	348	26	a	a	DET
fsr-3304	348	27	consumption	consumption	NOUN
fsr-3304	348	28	rather	rather	ADV
fsr-3304	348	29	than	than	ADP
fsr-3304	348	30	investment	investment	NOUN
fsr-3304	348	31	frame	frame	NOUN
fsr-3304	348	32	,	,	PUNCT
fsr-3304	348	33	the	the	DET
fsr-3304	348	34	vast	vast	ADJ
fsr-3304	348	35	majority	majority	NOUN
fsr-3304	348	36	prefer	prefer	VERB
fsr-3304	348	37	an	an	DET
fsr-3304	348	38	annuity	annuity	NOUN
fsr-3304	348	39	.	.	PUNCT
fsr-3304	349	1	indeed	indeed	ADV
fsr-3304	349	2	james	james	PROPN
fsr-3304	349	3	,	,	PUNCT
fsr-3304	349	4	martinez	martinez	PROPN
fsr-3304	349	5	and	and	CCONJ
fsr-3304	349	6	iglesias	iglesias	PROPN
fsr-3304	349	7	(	(	PUNCT
fsr-3304	349	8	2006	2006	NUM
fsr-3304	349	9	)	)	PUNCT
fsr-3304	349	10	make	make	VERB
fsr-3304	349	11	a	a	DET
fsr-3304	349	12	related	related	ADJ
fsr-3304	349	13	convincing	convincing	ADJ
fsr-3304	349	14	argument	argument	NOUN
fsr-3304	349	15	that	that	SCONJ
fsr-3304	349	16	the	the	DET
fsr-3304	349	17	high	high	ADJ
fsr-3304	349	18	annuitization	annuitization	NOUN
fsr-3304	349	19	rate	rate	NOUN
fsr-3304	349	20	(	(	PUNCT
fsr-3304	349	21	more	more	ADJ
fsr-3304	349	22	than	than	ADP
fsr-3304	349	23	two	two	NUM
fsr-3304	349	24	-	-	PUNCT
fsr-3304	349	25	thirds	third	NOUN
fsr-3304	349	26	)	)	PUNCT
fsr-3304	349	27	in	in	ADP
fsr-3304	349	28	the	the	DET
fsr-3304	349	29	chilean	chilean	ADJ
fsr-3304	349	30	individual	individual	PROPN
fsr-3304	349	31	account	account	PROPN
fsr-3304	349	32	retirement	retirement	NOUN
fsr-3304	349	33	system	system	NOUN
fsr-3304	349	34	is	be	AUX
fsr-3304	349	35	because	because	SCONJ
fsr-3304	349	36	of	of	ADP
fsr-3304	349	37	its	its	PRON
fsr-3304	349	38	regulatory	regulatory	ADJ
fsr-3304	349	39	structure	structure	NOUN
fsr-3304	349	40	.	.	PUNCT
fsr-3304	350	1	they	they	PRON
fsr-3304	350	2	ascribe	ascribe	VERB
fsr-3304	350	3	the	the	DET
fsr-3304	350	4	high	high	ADJ
fsr-3304	350	5	annuitization	annuitization	NOUN
fsr-3304	350	6	rate	rate	NOUN
fsr-3304	350	7	to	to	ADP
fsr-3304	350	8	a	a	DET
fsr-3304	350	9	limited	limited	ADJ
fsr-3304	350	10	range	range	NOUN
fsr-3304	350	11	of	of	ADP
fsr-3304	350	12	payout	payout	ADJ
fsr-3304	350	13	options	option	NOUN
fsr-3304	350	14	(	(	PUNCT
fsr-3304	350	15	effectively	effectively	ADV
fsr-3304	350	16	only	only	ADV
fsr-3304	350	17	life	life	NOUN
fsr-3304	350	18	annuities	annuity	NOUN
fsr-3304	350	19	or	or	CCONJ
fsr-3304	350	20	systematic	systematic	ADJ
fsr-3304	350	21	withdrawals	withdrawal	NOUN
fsr-3304	350	22	)	)	PUNCT
fsr-3304	350	23	,	,	PUNCT
fsr-3304	350	24	and	and	CCONJ
fsr-3304	350	25	to	to	ADP
fsr-3304	350	26	the	the	DET
fsr-3304	350	27	absence	absence	NOUN
fsr-3304	350	28	of	of	ADP
fsr-3304	350	29	a	a	DET
fsr-3304	350	30	public	public	ADJ
fsr-3304	350	31	defined	define	VERB
fsr-3304	350	32	benefit	benefit	NOUN
fsr-3304	350	33	plan	plan	NOUN
fsr-3304	350	34	except	except	SCONJ
fsr-3304	350	35	for	for	ADP
fsr-3304	350	36	a	a	DET
fsr-3304	350	37	minimum	minimum	ADJ
fsr-3304	350	38	pension	pension	NOUN
fsr-3304	350	39	guarantee	guarantee	NOUN
fsr-3304	350	40	.	.	PUNCT
fsr-3304	351	1	given	give	VERB
fsr-3304	351	2	these	these	DET
fsr-3304	351	3	results	result	NOUN
fsr-3304	351	4	,	,	PUNCT
fsr-3304	351	5	proposed	propose	VERB
fsr-3304	351	6	regulations	regulation	NOUN
fsr-3304	351	7	by	by	ADP
fsr-3304	351	8	the	the	DET
fsr-3304	351	9	obama	obama	PROPN
fsr-3304	351	10	administration	administration	NOUN
fsr-3304	351	11	,	,	PUNCT
fsr-3304	351	12	also	also	ADV
fsr-3304	351	13	reflected	reflect	VERB
fsr-3304	351	14	in	in	ADP
fsr-3304	351	15	proposed	propose	VERB
fsr-3304	351	16	bipartisan	bipartisan	ADJ
fsr-3304	351	17	legislation	legislation	NOUN
fsr-3304	351	18	,	,	PUNCT
fsr-3304	351	19	could	could	AUX
fsr-3304	351	20	have	have	AUX
fsr-3304	351	21	significantly	significantly	ADV
fsr-3304	351	22	changed	change	VERB
fsr-3304	351	23	retiree	retiree	NOUN
fsr-3304	351	24	behavior	behavior	NOUN
fsr-3304	351	25	.	.	PUNCT
fsr-3304	352	1	the	the	DET
fsr-3304	352	2	department	department	PROPN
fsr-3304	352	3	of	of	ADP
fsr-3304	352	4	labor	labor	NOUN
fsr-3304	352	5	proposed	propose	VERB
fsr-3304	352	6	guidelines	guideline	NOUN
fsr-3304	352	7	in	in	ADP
fsr-3304	352	8	2013	2013	NUM
fsr-3304	352	9	to	to	PART
fsr-3304	352	10	require	require	VERB
fsr-3304	352	11	defined	define	VERB
fsr-3304	352	12	contribution	contribution	NOUN
fsr-3304	352	13	plan	plan	NOUN
fsr-3304	352	14	table	table	NOUN
fsr-3304	352	15	12	12	NUM
fsr-3304	352	16	search	search	NOUN
fsr-3304	352	17	for	for	ADP
fsr-3304	352	18	optimal	optimal	ADJ
fsr-3304	352	19	strategies	strategy	NOUN
fsr-3304	352	20	among	among	ADP
fsr-3304	352	21	fixed	fix	VERB
fsr-3304	352	22	percentage	percentage	NOUN
fsr-3304	352	23	systematic	systematic	ADJ
fsr-3304	352	24	withdrawals	withdrawal	NOUN
fsr-3304	352	25	and	and	CCONJ
fsr-3304	352	26	laddered	ladder	VERB
fsr-3304	352	27	purchases	purchase	NOUN
fsr-3304	352	28	of	of	ADP
fsr-3304	352	29	nominal	nominal	ADJ
fsr-3304	352	30	immediate	immediate	ADJ
fsr-3304	352	31	life	life	NOUN
fsr-3304	352	32	annuities	annuity	NOUN
fsr-3304	352	33	—	—	PUNCT
fsr-3304	352	34	two	two	NUM
fsr-3304	352	35	households	household	NOUN
fsr-3304	352	36	,	,	PUNCT
fsr-3304	352	37	full	full	ADJ
fsr-3304	352	38	model	model	NOUN
fsr-3304	352	39	,	,	PUNCT
fsr-3304	352	40	alternative	alternative	ADJ
fsr-3304	352	41	investment	investment	NOUN
fsr-3304	352	42	views	view	VERB
fsr-3304	352	43	real	real	ADJ
fsr-3304	352	44	$	$	SYM
fsr-3304	352	45	000	000	NUM
fsr-3304	352	46	95th	95th	ADJ
fsr-3304	352	47	percentile	percentile	ADJ
fsr-3304	352	48	50th	50th	ADJ
fsr-3304	352	49	percentile	percentile	ADJ
fsr-3304	352	50	5th	5th	ADJ
fsr-3304	352	51	percentile	percentile	ADJ
fsr-3304	352	52	mean	mean	VERB
fsr-3304	352	53	standard	standard	ADJ
fsr-3304	352	54	deviation	deviation	NOUN
fsr-3304	352	55	a.	a.	NOUN
fsr-3304	352	56	household	household	NOUN
fsr-3304	352	57	:	:	PUNCT
fsr-3304	352	58	10a	10a	NOUN
fsr-3304	352	59	,	,	PUNCT
fsr-3304	352	60	current	current	ADJ
fsr-3304	352	61	conditions	condition	NOUN
fsr-3304	352	62	optimal	optimal	ADJ
fsr-3304	352	63	strategy	strategy	NOUN
fsr-3304	352	64	:	:	PUNCT
fsr-3304	352	65	withdrawal	withdrawal	NOUN
fsr-3304	352	66	4.5	4.5	NUM
fsr-3304	352	67	%	%	NOUN
fsr-3304	352	68	,	,	PUNCT
fsr-3304	352	69	annuity	annuity	NOUN
fsr-3304	352	70	initial	initial	ADJ
fsr-3304	352	71	0	0	NUM
fsr-3304	352	72	%	%	NOUN
fsr-3304	352	73	of	of	ADP
fsr-3304	352	74	wealth	wealth	NOUN
fsr-3304	352	75	,	,	PUNCT
fsr-3304	352	76	ending	end	VERB
fsr-3304	352	77	35	35	NUM
fsr-3304	352	78	%	%	NOUN
fsr-3304	352	79	by	by	ADP
fsr-3304	352	80	21	21	NUM
fsr-3304	352	81	years	year	NOUN
fsr-3304	352	82	,	,	PUNCT
fsr-3304	352	83	ace	ace	VERB
fsr-3304	352	84	26.0	26.0	NUM
fsr-3304	352	85	after	after	ADP
fsr-3304	352	86	-	-	PUNCT
fsr-3304	352	87	tax	tax	NOUN
fsr-3304	352	88	income	income	NOUN
fsr-3304	352	89	47.8	47.8	NUM
fsr-3304	352	90	39.9	39.9	NUM
fsr-3304	352	91	25.1	25.1	NUM
fsr-3304	352	92	38.9	38.9	NUM
fsr-3304	352	93	6.8	6.8	NUM
fsr-3304	352	94	tax	tax	NOUN
fsr-3304	352	95	-	-	PUNCT
fsr-3304	352	96	deferred	defer	VERB
fsr-3304	352	97	balance	balance	NOUN
fsr-3304	352	98	428.2	428.2	NUM
fsr-3304	352	99	193.3	193.3	NUM
fsr-3304	352	100	1.6	1.6	NUM
fsr-3304	352	101	205.4	205.4	NUM
fsr-3304	352	102	143.1	143.1	NUM
fsr-3304	352	103	taxable	taxable	ADJ
fsr-3304	352	104	balance	balance	NOUN
fsr-3304	352	105	at	at	ADP
fsr-3304	352	106	age	age	NOUN
fsr-3304	352	107	95	95	NUM
fsr-3304	352	108	90.0	90.0	NUM
fsr-3304	352	109	23.1	23.1	NUM
fsr-3304	352	110	3.7	3.7	NUM
fsr-3304	352	111	32.1	32.1	NUM
fsr-3304	352	112	30.4	30.4	NUM
fsr-3304	352	113	b.	b.	PROPN
fsr-3304	352	114	household	household	NOUN
fsr-3304	352	115	:	:	PUNCT
fsr-3304	352	116	10a	10a	NUM
fsr-3304	352	117	,	,	PUNCT
fsr-3304	352	118	current	current	ADJ
fsr-3304	352	119	conditions	condition	NOUN
fsr-3304	352	120	with	with	ADP
fsr-3304	352	121	fixed	fix	VERB
fsr-3304	352	122	initial	initial	ADJ
fsr-3304	352	123	interest	interest	NOUN
fsr-3304	352	124	rate	rate	NOUN
fsr-3304	352	125	optimal	optimal	ADJ
fsr-3304	352	126	strategy	strategy	NOUN
fsr-3304	352	127	:	:	PUNCT
fsr-3304	352	128	withdrawal	withdrawal	NOUN
fsr-3304	352	129	3	3	NUM
fsr-3304	352	130	%	%	NOUN
fsr-3304	352	131	,	,	PUNCT
fsr-3304	352	132	annuity	annuity	NOUN
fsr-3304	352	133	initial	initial	ADJ
fsr-3304	352	134	21.5	21.5	NUM
fsr-3304	352	135	%	%	NOUN
fsr-3304	352	136	of	of	ADP
fsr-3304	352	137	wealth	wealth	NOUN
fsr-3304	352	138	,	,	PUNCT
fsr-3304	352	139	ending	end	VERB
fsr-3304	352	140	52.5	52.5	NUM
fsr-3304	352	141	%	%	NOUN
fsr-3304	352	142	by	by	ADP
fsr-3304	352	143	21	21	NUM
fsr-3304	352	144	years	year	NOUN
fsr-3304	352	145	,	,	PUNCT
fsr-3304	352	146	ace	ace	VERB
fsr-3304	352	147	26.0	26.0	NUM
fsr-3304	352	148	after	after	ADP
fsr-3304	352	149	-	-	PUNCT
fsr-3304	352	150	tax	tax	NOUN
fsr-3304	352	151	income	income	NOUN
fsr-3304	352	152	45.6	45.6	NUM
fsr-3304	352	153	37.2	37.2	NUM
fsr-3304	352	154	24.5	24.5	NUM
fsr-3304	352	155	35.9	35.9	NUM
fsr-3304	352	156	7.2	7.2	NUM
fsr-3304	352	157	tax	tax	NOUN
fsr-3304	352	158	-	-	PUNCT
fsr-3304	352	159	deferred	defer	VERB
fsr-3304	352	160	balance	balance	NOUN
fsr-3304	352	161	380.0	380.0	NUM
fsr-3304	352	162	151.7	151.7	NUM
fsr-3304	352	163	0	0	NUM
fsr-3304	352	164	168.0	168.0	NUM
fsr-3304	352	165	130.0	130.0	NUM
fsr-3304	352	166	taxable	taxable	ADJ
fsr-3304	352	167	balance	balance	NOUN
fsr-3304	352	168	at	at	ADP
fsr-3304	352	169	age	age	NOUN
fsr-3304	352	170	95	95	NUM
fsr-3304	352	171	205.7	205.7	NUM
fsr-3304	352	172	54.3	54.3	NUM
fsr-3304	352	173	12.3	12.3	NUM
fsr-3304	352	174	74.2	74.2	NUM
fsr-3304	352	175	66.8	66.8	NUM
fsr-3304	352	176	c.	c.	NOUN
fsr-3304	352	177	household	household	NOUN
fsr-3304	352	178	:	:	PUNCT
fsr-3304	352	179	10c	10c	NOUN
fsr-3304	352	180	,	,	PUNCT
fsr-3304	352	181	current	current	ADJ
fsr-3304	352	182	conditions	condition	NOUN
fsr-3304	352	183	optimal	optimal	ADJ
fsr-3304	352	184	strategy	strategy	NOUN
fsr-3304	352	185	:	:	PUNCT
fsr-3304	352	186	withdrawal	withdrawal	NOUN
fsr-3304	352	187	4	4	NUM
fsr-3304	352	188	%	%	NOUN
fsr-3304	352	189	,	,	PUNCT
fsr-3304	352	190	annuity	annuity	NOUN
fsr-3304	352	191	initial	initial	ADJ
fsr-3304	352	192	0	0	NUM
fsr-3304	352	193	%	%	NOUN
fsr-3304	352	194	of	of	ADP
fsr-3304	352	195	wealth	wealth	NOUN
fsr-3304	352	196	,	,	PUNCT
fsr-3304	352	197	ending	end	VERB
fsr-3304	352	198	67.5	67.5	NUM
fsr-3304	352	199	%	%	NOUN
fsr-3304	352	200	by	by	ADP
fsr-3304	352	201	24	24	NUM
fsr-3304	352	202	years	year	NOUN
fsr-3304	352	203	,	,	PUNCT
fsr-3304	352	204	ace	ace	VERB
fsr-3304	352	205	25.2	25.2	NUM
fsr-3304	352	206	after	after	ADP
fsr-3304	352	207	-	-	PUNCT
fsr-3304	352	208	tax	tax	NOUN
fsr-3304	352	209	income	income	NOUN
fsr-3304	352	210	37.7	37.7	NUM
fsr-3304	352	211	32.5	32.5	NUM
fsr-3304	352	212	22.6	22.6	NUM
fsr-3304	352	213	31.0	31.0	NUM
fsr-3304	352	214	5.0	5.0	NUM
fsr-3304	352	215	tax	tax	NOUN
fsr-3304	352	216	-	-	PUNCT
fsr-3304	352	217	deferred	defer	VERB
fsr-3304	352	218	balance	balance	NOUN
fsr-3304	352	219	250.0	250.0	NUM
fsr-3304	352	220	84.1	84.1	NUM
fsr-3304	352	221	0.0	0.0	NUM
fsr-3304	352	222	100.6	100.6	NUM
fsr-3304	352	223	90.4	90.4	NUM
fsr-3304	352	224	taxable	taxable	ADJ
fsr-3304	352	225	balance	balance	NOUN
fsr-3304	352	226	at	at	ADP
fsr-3304	352	227	age	age	NOUN
fsr-3304	352	228	95	95	NUM
fsr-3304	352	229	20.7	20.7	NUM
fsr-3304	352	230	3.3	3.3	NUM
fsr-3304	352	231	0.2	0.2	NUM
fsr-3304	352	232	5.7	5.7	NUM
fsr-3304	352	233	8.2	8.2	NUM
fsr-3304	352	234	d.	d.	PROPN
fsr-3304	352	235	household	household	NOUN
fsr-3304	352	236	:	:	PUNCT
fsr-3304	352	237	10c	10c	NOUN
fsr-3304	352	238	,	,	PUNCT
fsr-3304	352	239	current	current	ADJ
fsr-3304	352	240	conditions	condition	NOUN
fsr-3304	352	241	with	with	ADP
fsr-3304	352	242	fixed	fix	VERB
fsr-3304	352	243	initial	initial	ADJ
fsr-3304	352	244	interest	interest	NOUN
fsr-3304	352	245	rate	rate	NOUN
fsr-3304	352	246	optimal	optimal	ADJ
fsr-3304	352	247	strategy	strategy	NOUN
fsr-3304	352	248	:	:	PUNCT
fsr-3304	352	249	withdrawal	withdrawal	NOUN
fsr-3304	352	250	3.5	3.5	NUM
fsr-3304	352	251	%	%	NOUN
fsr-3304	352	252	,	,	PUNCT
fsr-3304	352	253	annuity	annuity	NOUN
fsr-3304	352	254	initial	initial	ADJ
fsr-3304	352	255	31.5	31.5	NUM
fsr-3304	352	256	%	%	NOUN
fsr-3304	352	257	of	of	ADP
fsr-3304	352	258	wealth	wealth	NOUN
fsr-3304	352	259	,	,	PUNCT
fsr-3304	352	260	ending	end	VERB
fsr-3304	352	261	80	80	NUM
fsr-3304	352	262	%	%	NOUN
fsr-3304	352	263	by	by	ADP
fsr-3304	352	264	24	24	NUM
fsr-3304	352	265	years	year	NOUN
fsr-3304	352	266	,	,	PUNCT
fsr-3304	352	267	ace	ace	VERB
fsr-3304	352	268	25.4	25.4	NUM
fsr-3304	352	269	after	after	ADP
fsr-3304	352	270	-	-	PUNCT
fsr-3304	352	271	tax	tax	NOUN
fsr-3304	352	272	income	income	NOUN
fsr-3304	352	273	38.0	38.0	NUM
fsr-3304	352	274	33.9	33.9	NUM
fsr-3304	352	275	22.9	22.9	NUM
fsr-3304	352	276	31.6	31.6	NUM
fsr-3304	352	277	5.4	5.4	NUM
fsr-3304	352	278	tax	tax	NOUN
fsr-3304	352	279	-	-	PUNCT
fsr-3304	352	280	deferred	defer	VERB
fsr-3304	352	281	balance	balance	NOUN
fsr-3304	352	282	175.9	175.9	NUM
fsr-3304	352	283	64.4	64.4	NUM
fsr-3304	352	284	0.0	0.0	NUM
fsr-3304	352	285	73.5	73.5	NUM
fsr-3304	352	286	64.2	64.2	NUM
fsr-3304	352	287	taxable	taxable	ADJ
fsr-3304	352	288	balance	balance	NOUN
fsr-3304	352	289	at	at	ADP
fsr-3304	352	290	age	age	NOUN
fsr-3304	352	291	95	95	NUM
fsr-3304	352	292	34.3	34.3	NUM
fsr-3304	352	293	6.7	6.7	NUM
fsr-3304	352	294	1.4	1.4	NUM
fsr-3304	352	295	10.9	10.9	NUM
fsr-3304	352	296	13.1	13.1	NUM
fsr-3304	352	297	source	source	NOUN
fsr-3304	352	298	:	:	PUNCT
fsr-3304	352	299	author	author	NOUN
fsr-3304	352	300	’s	’s	PART
fsr-3304	352	301	simulations	simulation	NOUN
fsr-3304	352	302	.	.	PUNCT
fsr-3304	353	1	higher	high	ADJ
fsr-3304	353	2	aces	ace	NOUN
fsr-3304	353	3	(	(	PUNCT
fsr-3304	353	4	average	average	ADJ
fsr-3304	353	5	certainty	certainty	NOUN
fsr-3304	353	6	equivalent	equivalent	ADJ
fsr-3304	353	7	consumption	consumption	NOUN
fsr-3304	353	8	)	)	PUNCT
fsr-3304	353	9	indicate	indicate	VERB
fsr-3304	353	10	better	well	ADJ
fsr-3304	353	11	outcomes	outcome	NOUN
fsr-3304	353	12	for	for	ADP
fsr-3304	353	13	households	household	NOUN
fsr-3304	353	14	,	,	PUNCT
fsr-3304	353	15	for	for	ADP
fsr-3304	353	16	a	a	DET
fsr-3304	353	17	given	give	VERB
fsr-3304	353	18	set	set	NOUN
fsr-3304	353	19	of	of	ADP
fsr-3304	353	20	preference	preference	NOUN
fsr-3304	353	21	parameters	parameter	NOUN
fsr-3304	353	22	.	.	PUNCT
fsr-3304	354	1	135m.j	135m.j	X
fsr-3304	354	2	.	.	PUNCT
fsr-3304	354	3	warshawsky	warshawsky	ADJ
fsr-3304	354	4	/	/	SYM
fsr-3304	354	5	financial	financial	ADJ
fsr-3304	354	6	services	service	NOUN
fsr-3304	354	7	review	review	VERB
fsr-3304	354	8	26	26	NUM
fsr-3304	354	9	(	(	PUNCT
fsr-3304	354	10	2017	2017	NUM
fsr-3304	354	11	)	)	PUNCT
fsr-3304	354	12	113–141	113–141	NUM
fsr-3304	354	13	sponsors	sponsor	NOUN
fsr-3304	354	14	to	to	PART
fsr-3304	354	15	give	give	VERB
fsr-3304	354	16	participants	participant	NOUN
fsr-3304	354	17	annual	annual	ADJ
fsr-3304	354	18	income	income	NOUN
fsr-3304	354	19	illustrations	illustration	NOUN
fsr-3304	354	20	.	.	PUNCT
fsr-3304	355	1	these	these	PRON
fsr-3304	355	2	are	be	AUX
fsr-3304	355	3	attempts	attempt	NOUN
fsr-3304	355	4	to	to	PART
fsr-3304	355	5	achieve	achieve	VERB
fsr-3304	355	6	more	more	ADV
fsr-3304	355	7	realistic	realistic	ADJ
fsr-3304	355	8	framing	framing	NOUN
fsr-3304	355	9	and	and	CCONJ
fsr-3304	355	10	to	to	PART
fsr-3304	355	11	provide	provide	VERB
fsr-3304	355	12	some	some	DET
fsr-3304	355	13	incentives	incentive	NOUN
fsr-3304	355	14	for	for	ADP
fsr-3304	355	15	partial	partial	ADJ
fsr-3304	355	16	annuitization	annuitization	NOUN
fsr-3304	355	17	.	.	PUNCT
fsr-3304	356	1	given	give	VERB
fsr-3304	356	2	strongly	strongly	ADV
fsr-3304	356	3	ingrained	ingrain	VERB
fsr-3304	356	4	behavior	behavior	NOUN
fsr-3304	356	5	and	and	CCONJ
fsr-3304	356	6	market	market	NOUN
fsr-3304	356	7	conditions	condition	NOUN
fsr-3304	356	8	in	in	ADP
fsr-3304	356	9	the	the	DET
fsr-3304	356	10	u.s	u.s	PROPN
fsr-3304	356	11	.	.	PROPN
fsr-3304	356	12	leaning	lean	VERB
fsr-3304	356	13	in	in	ADP
fsr-3304	356	14	the	the	DET
fsr-3304	356	15	opposite	opposite	ADJ
fsr-3304	356	16	direction	direction	NOUN
fsr-3304	356	17	,	,	PUNCT
fsr-3304	356	18	the	the	DET
fsr-3304	356	19	government	government	NOUN
fsr-3304	356	20	might	might	AUX
fsr-3304	356	21	have	have	VERB
fsr-3304	356	22	to	to	PART
fsr-3304	356	23	take	take	VERB
fsr-3304	356	24	an	an	DET
fsr-3304	356	25	active	active	ADJ
fsr-3304	356	26	role	role	NOUN
fsr-3304	356	27	to	to	ADP
fsr-3304	356	28	even	even	ADV
fsr-3304	356	29	the	the	DET
fsr-3304	356	30	playing	play	VERB
fsr-3304	356	31	field	field	NOUN
fsr-3304	356	32	with	with	ADP
fsr-3304	356	33	pure	pure	ADJ
fsr-3304	356	34	asset	asset	NOUN
fsr-3304	356	35	strategies	strategy	NOUN
fsr-3304	356	36	.	.	PUNCT
fsr-3304	357	1	certainly	certainly	ADV
fsr-3304	357	2	the	the	DET
fsr-3304	357	3	private	private	ADJ
fsr-3304	357	4	sector	sector	NOUN
fsr-3304	357	5	,	,	PUNCT
fsr-3304	357	6	especially	especially	ADV
fsr-3304	357	7	including	include	VERB
fsr-3304	357	8	life	life	NOUN
fsr-3304	357	9	insurers	insurer	NOUN
fsr-3304	357	10	,	,	PUNCT
fsr-3304	357	11	financial	financial	ADJ
fsr-3304	357	12	companies	company	NOUN
fsr-3304	357	13	,	,	PUNCT
fsr-3304	357	14	and	and	CCONJ
fsr-3304	357	15	plan	plan	NOUN
fsr-3304	357	16	sponsors	sponsor	NOUN
fsr-3304	357	17	,	,	PUNCT
fsr-3304	357	18	need	need	VERB
fsr-3304	357	19	to	to	PART
fsr-3304	357	20	be	be	AUX
fsr-3304	357	21	more	more	ADV
fsr-3304	357	22	aggressive	aggressive	ADJ
fsr-3304	357	23	and	and	CCONJ
fsr-3304	357	24	creative	creative	ADJ
fsr-3304	357	25	in	in	ADP
fsr-3304	357	26	their	their	PRON
fsr-3304	357	27	product	product	NOUN
fsr-3304	357	28	design	design	NOUN
fsr-3304	357	29	and	and	CCONJ
fsr-3304	357	30	marketing	marketing	NOUN
fsr-3304	357	31	activities	activity	NOUN
fsr-3304	357	32	in	in	ADP
fsr-3304	357	33	the	the	DET
fsr-3304	357	34	retirement	retirement	NOUN
fsr-3304	357	35	field	field	NOUN
fsr-3304	357	36	,	,	PUNCT
fsr-3304	357	37	to	to	PART
fsr-3304	357	38	emphasize	emphasize	VERB
fsr-3304	357	39	the	the	DET
fsr-3304	357	40	need	need	NOUN
fsr-3304	357	41	for	for	ADP
fsr-3304	357	42	lifetime	lifetime	NOUN
fsr-3304	357	43	retirement	retirement	NOUN
fsr-3304	357	44	income	income	NOUN
fsr-3304	357	45	.	.	PUNCT
fsr-3304	358	1	based	base	VERB
fsr-3304	358	2	on	on	ADP
fsr-3304	358	3	surveys	survey	NOUN
fsr-3304	358	4	of	of	ADP
fsr-3304	358	5	hypothetical	hypothetical	ADJ
fsr-3304	358	6	choices	choice	NOUN
fsr-3304	358	7	,	,	PUNCT
fsr-3304	358	8	beshears	beshear	NOUN
fsr-3304	358	9	et	et	PROPN
fsr-3304	358	10	al	al	PROPN
fsr-3304	358	11	.	.	PUNCT
fsr-3304	359	1	(	(	PUNCT
fsr-3304	359	2	2014	2014	NUM
fsr-3304	359	3	)	)	PUNCT
fsr-3304	359	4	find	find	VERB
fsr-3304	359	5	that	that	SCONJ
fsr-3304	359	6	allowing	allow	VERB
fsr-3304	359	7	individuals	individual	NOUN
fsr-3304	359	8	to	to	PART
fsr-3304	359	9	annuitize	annuitize	VERB
fsr-3304	359	10	a	a	DET
fsr-3304	359	11	fraction	fraction	NOUN
fsr-3304	359	12	of	of	ADP
fsr-3304	359	13	their	their	PRON
fsr-3304	359	14	wealth	wealth	NOUN
fsr-3304	359	15	increases	increase	VERB
fsr-3304	359	16	annuitization	annuitization	NOUN
fsr-3304	359	17	relative	relative	ADJ
fsr-3304	359	18	to	to	ADP
fsr-3304	359	19	an	an	DET
fsr-3304	359	20	“	"	PUNCT
fsr-3304	359	21	all	all	PRON
fsr-3304	359	22	or	or	CCONJ
fsr-3304	359	23	nothing	nothing	PRON
fsr-3304	359	24	”	"	PUNCT
fsr-3304	359	25	decision	decision	NOUN
fsr-3304	359	26	.	.	PUNCT
fsr-3304	360	1	the	the	DET
fsr-3304	360	2	empirical	empirical	ADJ
fsr-3304	360	3	simulation	simulation	NOUN
fsr-3304	360	4	analysis	analysis	NOUN
fsr-3304	360	5	here	here	ADV
fsr-3304	360	6	indicates	indicate	VERB
fsr-3304	360	7	that	that	SCONJ
fsr-3304	360	8	some	some	DET
fsr-3304	360	9	life	life	NOUN
fsr-3304	360	10	annuities	annuity	NOUN
fsr-3304	360	11	should	should	AUX
fsr-3304	360	12	indeed	indeed	ADV
fsr-3304	360	13	be	be	AUX
fsr-3304	360	14	part	part	NOUN
fsr-3304	360	15	of	of	ADP
fsr-3304	360	16	the	the	DET
fsr-3304	360	17	portfolios	portfolio	NOUN
fsr-3304	360	18	for	for	ADP
fsr-3304	360	19	many	many	ADJ
fsr-3304	360	20	retirees	retiree	NOUN
fsr-3304	360	21	.	.	PUNCT
fsr-3304	361	1	life	life	NOUN
fsr-3304	361	2	annuities	annuity	NOUN
fsr-3304	361	3	work	work	VERB
fsr-3304	361	4	to	to	PART
fsr-3304	361	5	establish	establish	VERB
fsr-3304	361	6	minimum	minimum	ADJ
fsr-3304	361	7	necessary	necessary	ADJ
fsr-3304	361	8	consumption	consumption	NOUN
fsr-3304	361	9	and	and	CCONJ
fsr-3304	361	10	a	a	DET
fsr-3304	361	11	certain	certain	ADJ
fsr-3304	361	12	level	level	NOUN
fsr-3304	361	13	of	of	ADP
fsr-3304	361	14	hedging	hedge	VERB
fsr-3304	361	15	against	against	ADP
fsr-3304	361	16	longevity	longevity	NOUN
fsr-3304	361	17	risk	risk	NOUN
fsr-3304	361	18	.	.	PUNCT
fsr-3304	362	1	while	while	SCONJ
fsr-3304	362	2	this	this	DET
fsr-3304	362	3	insurance	insurance	NOUN
fsr-3304	362	4	is	be	AUX
fsr-3304	362	5	being	be	AUX
fsr-3304	362	6	lost	lose	VERB
fsr-3304	362	7	with	with	ADP
fsr-3304	362	8	the	the	DET
fsr-3304	362	9	decline	decline	NOUN
fsr-3304	362	10	of	of	ADP
fsr-3304	362	11	defined	define	VERB
fsr-3304	362	12	benefit	benefit	NOUN
fsr-3304	362	13	pension	pension	NOUN
fsr-3304	362	14	plans	plan	NOUN
fsr-3304	362	15	,	,	PUNCT
fsr-3304	362	16	it	it	PRON
fsr-3304	362	17	can	can	AUX
fsr-3304	362	18	be	be	AUX
fsr-3304	362	19	restored	restore	VERB
fsr-3304	362	20	.	.	PUNCT
fsr-3304	363	1	some	some	PRON
fsr-3304	363	2	have	have	AUX
fsr-3304	363	3	proposed	propose	VERB
fsr-3304	363	4	advanced	advanced	ADJ
fsr-3304	363	5	life	life	NOUN
fsr-3304	363	6	delayed	delay	VERB
fsr-3304	363	7	annuities	annuity	NOUN
fsr-3304	363	8	as	as	ADP
fsr-3304	363	9	providing	provide	VERB
fsr-3304	363	10	the	the	DET
fsr-3304	363	11	essence	essence	NOUN
fsr-3304	363	12	of	of	ADP
fsr-3304	363	13	insurance	insurance	NOUN
fsr-3304	363	14	at	at	ADP
fsr-3304	363	15	lower	low	ADJ
fsr-3304	363	16	premiums	premium	NOUN
fsr-3304	363	17	.	.	PUNCT
fsr-3304	364	1	maintaining	maintain	VERB
fsr-3304	364	2	a	a	DET
fsr-3304	364	3	sustainable	sustainable	ADJ
fsr-3304	364	4	income	income	NOUN
fsr-3304	364	5	flow	flow	NOUN
fsr-3304	364	6	before	before	SCONJ
fsr-3304	364	7	alda	alda	ADJ
fsr-3304	364	8	payments	payment	NOUN
fsr-3304	364	9	begin	begin	VERB
fsr-3304	364	10	,	,	PUNCT
fsr-3304	364	11	however	however	ADV
fsr-3304	364	12	,	,	PUNCT
fsr-3304	364	13	is	be	AUX
fsr-3304	364	14	no	no	DET
fsr-3304	364	15	easy	easy	ADJ
fsr-3304	364	16	task	task	NOUN
fsr-3304	364	17	,	,	PUNCT
fsr-3304	364	18	and	and	CCONJ
fsr-3304	364	19	the	the	DET
fsr-3304	364	20	alda	alda	NOUN
fsr-3304	364	21	has	have	VERB
fsr-3304	364	22	higher	high	ADJ
fsr-3304	364	23	loads	load	NOUN
fsr-3304	364	24	.	.	PUNCT
fsr-3304	365	1	welfare	welfare	NOUN
fsr-3304	365	2	measures	measure	NOUN
fsr-3304	365	3	using	use	VERB
fsr-3304	365	4	alda	alda	ADJ
fsr-3304	365	5	strategies	strategy	NOUN
fsr-3304	365	6	are	be	AUX
fsr-3304	365	7	lower	low	ADJ
fsr-3304	365	8	.	.	PUNCT
fsr-3304	366	1	a	a	DET
fsr-3304	366	2	cheaper	cheap	ADJ
fsr-3304	366	3	,	,	PUNCT
fsr-3304	366	4	less	less	ADV
fsr-3304	366	5	risky	risky	ADJ
fsr-3304	366	6	and	and	CCONJ
fsr-3304	366	7	more	more	ADV
fsr-3304	366	8	transparent	transparent	ADJ
fsr-3304	366	9	strategy	strategy	NOUN
fsr-3304	366	10	is	be	AUX
fsr-3304	366	11	the	the	DET
fsr-3304	366	12	combination	combination	NOUN
fsr-3304	366	13	of	of	ADP
fsr-3304	366	14	systematic	systematic	ADJ
fsr-3304	366	15	withdrawals	withdrawal	NOUN
fsr-3304	366	16	(	(	PUNCT
fsr-3304	366	17	fixed	fix	VERB
fsr-3304	366	18	percentage	percentage	NOUN
fsr-3304	366	19	)	)	PUNCT
fsr-3304	366	20	with	with	ADP
fsr-3304	366	21	laddered	ladder	VERB
fsr-3304	366	22	purchases	purchase	NOUN
fsr-3304	366	23	of	of	ADP
fsr-3304	366	24	nominal	nominal	ADJ
fsr-3304	366	25	immediate	immediate	ADJ
fsr-3304	366	26	life	life	NOUN
fsr-3304	366	27	annuities	annuity	NOUN
fsr-3304	366	28	.	.	PUNCT
fsr-3304	367	1	this	this	DET
fsr-3304	367	2	strategy	strategy	NOUN
fsr-3304	367	3	is	be	AUX
fsr-3304	367	4	supported	support	VERB
fsr-3304	367	5	by	by	ADP
fsr-3304	367	6	the	the	DET
fsr-3304	367	7	analytical	analytical	ADJ
fsr-3304	367	8	work	work	NOUN
fsr-3304	367	9	shown	show	VERB
fsr-3304	367	10	here	here	ADV
fsr-3304	367	11	and	and	CCONJ
fsr-3304	367	12	in	in	ADP
fsr-3304	367	13	the	the	DET
fsr-3304	367	14	literature	literature	NOUN
fsr-3304	367	15	,	,	PUNCT
fsr-3304	367	16	and	and	CCONJ
fsr-3304	367	17	is	be	AUX
fsr-3304	367	18	robust	robust	ADJ
fsr-3304	367	19	across	across	ADP
fsr-3304	367	20	the	the	DET
fsr-3304	367	21	spectrum	spectrum	NOUN
fsr-3304	367	22	of	of	ADP
fsr-3304	367	23	household	household	NOUN
fsr-3304	367	24	preferences	preference	NOUN
fsr-3304	367	25	and	and	CCONJ
fsr-3304	367	26	situations	situation	NOUN
fsr-3304	367	27	.	.	PUNCT
fsr-3304	368	1	notes	note	VERB
fsr-3304	368	2	1	1	NUM
fsr-3304	368	3	ameriks	ameriks	PROPN
fsr-3304	368	4	,	,	PUNCT
fsr-3304	368	5	veres	vere	NOUN
fsr-3304	368	6	,	,	PUNCT
fsr-3304	368	7	and	and	CCONJ
fsr-3304	368	8	warshawsky	warshawsky	NOUN
fsr-3304	368	9	(	(	PUNCT
fsr-3304	368	10	2001	2001	NUM
fsr-3304	368	11	)	)	PUNCT
fsr-3304	368	12	also	also	ADV
fsr-3304	368	13	use	use	VERB
fsr-3304	368	14	a	a	DET
fsr-3304	368	15	shortfall	shortfall	NOUN
fsr-3304	368	16	framework	framework	NOUN
fsr-3304	368	17	,	,	PUNCT
fsr-3304	368	18	but	but	CCONJ
fsr-3304	368	19	with	with	ADP
fsr-3304	368	20	historical	historical	ADJ
fsr-3304	368	21	,	,	PUNCT
fsr-3304	368	22	not	not	PART
fsr-3304	368	23	stochastic	stochastic	ADJ
fsr-3304	368	24	,	,	PUNCT
fsr-3304	368	25	simulated	simulated	ADJ
fsr-3304	368	26	data	datum	NOUN
fsr-3304	368	27	.	.	PUNCT
fsr-3304	369	1	2	2	NUM
fsr-3304	369	2	these	these	PRON
fsr-3304	369	3	are	be	AUX
fsr-3304	369	4	unpublished	unpublished	ADJ
fsr-3304	369	5	results	result	NOUN
fsr-3304	369	6	,	,	PUNCT
fsr-3304	369	7	which	which	PRON
fsr-3304	369	8	have	have	AUX
fsr-3304	369	9	been	be	AUX
fsr-3304	369	10	kindly	kindly	ADV
fsr-3304	369	11	provided	provide	VERB
fsr-3304	369	12	by	by	ADP
fsr-3304	369	13	dmm	dmm	PROPN
fsr-3304	369	14	,	,	PUNCT
fsr-3304	369	15	based	base	VERB
fsr-3304	369	16	on	on	ADP
fsr-3304	369	17	united	united	PROPN
fsr-3304	369	18	states	states	PROPN
fsr-3304	369	19	financial	financial	ADJ
fsr-3304	369	20	and	and	CCONJ
fsr-3304	369	21	mortality	mortality	NOUN
fsr-3304	369	22	data	datum	NOUN
fsr-3304	369	23	over	over	ADP
fsr-3304	369	24	the	the	DET
fsr-3304	369	25	1967–2002	1967–2002	NUM
fsr-3304	369	26	period	period	NOUN
fsr-3304	369	27	for	for	ADP
fsr-3304	369	28	a	a	DET
fsr-3304	369	29	65	65	NUM
fsr-3304	369	30	-	-	PUNCT
fsr-3304	369	31	year	year	NOUN
fsr-3304	369	32	-	-	PUNCT
fsr-3304	369	33	old	old	ADJ
fsr-3304	369	34	single	single	ADJ
fsr-3304	369	35	man	man	NOUN
fsr-3304	369	36	.	.	PUNCT
fsr-3304	370	1	3	3	NUM
fsr-3304	370	2	the	the	DET
fsr-3304	370	3	obama	obama	PROPN
fsr-3304	370	4	administration	administration	NOUN
fsr-3304	370	5	enacted	enact	VERB
fsr-3304	370	6	a	a	DET
fsr-3304	370	7	special	special	ADJ
fsr-3304	370	8	dispensation	dispensation	NOUN
fsr-3304	370	9	,	,	PUNCT
fsr-3304	370	10	effective	effective	ADJ
fsr-3304	370	11	in	in	ADP
fsr-3304	370	12	2014	2014	NUM
fsr-3304	370	13	,	,	PUNCT
fsr-3304	370	14	from	from	ADP
fsr-3304	370	15	the	the	DET
fsr-3304	370	16	retirement	retirement	NOUN
fsr-3304	370	17	account	account	NOUN
fsr-3304	370	18	minimum	minimum	ADJ
fsr-3304	370	19	distribution	distribution	NOUN
fsr-3304	370	20	requirements	requirement	NOUN
fsr-3304	370	21	for	for	ADP
fsr-3304	370	22	longevity	longevity	NOUN
fsr-3304	370	23	insurance	insurance	NOUN
fsr-3304	370	24	with	with	ADP
fsr-3304	370	25	deferred	defer	VERB
fsr-3304	370	26	payment	payment	NOUN
fsr-3304	370	27	up	up	ADP
fsr-3304	370	28	to	to	ADP
fsr-3304	370	29	age	age	NOUN
fsr-3304	370	30	85	85	NUM
fsr-3304	370	31	;	;	PUNCT
fsr-3304	370	32	the	the	DET
fsr-3304	370	33	dispensation	dispensation	NOUN
fsr-3304	370	34	removes	remove	VERB
fsr-3304	370	35	the	the	DET
fsr-3304	370	36	premium	premium	NOUN
fsr-3304	370	37	for	for	ADP
fsr-3304	370	38	longevity	longevity	NOUN
fsr-3304	370	39	insurance	insurance	NOUN
fsr-3304	370	40	from	from	ADP
fsr-3304	370	41	the	the	DET
fsr-3304	370	42	calculation	calculation	NOUN
fsr-3304	370	43	base	base	NOUN
fsr-3304	370	44	used	use	VERB
fsr-3304	370	45	in	in	ADP
fsr-3304	370	46	determining	determine	VERB
fsr-3304	370	47	required	require	VERB
fsr-3304	370	48	distributions	distribution	NOUN
fsr-3304	370	49	subject	subject	ADJ
fsr-3304	370	50	to	to	ADP
fsr-3304	370	51	income	income	NOUN
fsr-3304	370	52	tax	tax	NOUN
fsr-3304	370	53	;	;	PUNCT
fsr-3304	370	54	the	the	DET
fsr-3304	370	55	delayed	delay	VERB
fsr-3304	370	56	payments	payment	NOUN
fsr-3304	370	57	,	,	PUNCT
fsr-3304	370	58	however	however	ADV
fsr-3304	370	59	,	,	PUNCT
fsr-3304	370	60	are	be	AUX
fsr-3304	370	61	taxed	tax	VERB
fsr-3304	370	62	when	when	SCONJ
fsr-3304	370	63	paid	pay	VERB
fsr-3304	370	64	.	.	PUNCT
fsr-3304	371	1	reportedly	reportedly	ADV
fsr-3304	371	2	,	,	PUNCT
fsr-3304	371	3	some	some	DET
fsr-3304	371	4	individuals	individual	NOUN
fsr-3304	371	5	in	in	ADP
fsr-3304	371	6	high	high	ADJ
fsr-3304	371	7	tax	tax	NOUN
fsr-3304	371	8	brackets	bracket	NOUN
fsr-3304	371	9	are	be	AUX
fsr-3304	371	10	using	use	VERB
fsr-3304	371	11	this	this	DET
fsr-3304	371	12	dispensation	dispensation	NOUN
fsr-3304	371	13	to	to	PART
fsr-3304	371	14	reduce	reduce	VERB
fsr-3304	371	15	their	their	PRON
fsr-3304	371	16	tax	tax	NOUN
fsr-3304	371	17	bill	bill	NOUN
fsr-3304	371	18	rather	rather	ADV
fsr-3304	371	19	than	than	ADP
fsr-3304	371	20	to	to	PART
fsr-3304	371	21	manage	manage	VERB
fsr-3304	371	22	risks	risk	NOUN
fsr-3304	371	23	.	.	PUNCT
fsr-3304	372	1	4	4	NUM
fsr-3304	372	2	to	to	PART
fsr-3304	372	3	be	be	AUX
fsr-3304	372	4	consistent	consistent	ADJ
fsr-3304	372	5	with	with	ADP
fsr-3304	372	6	our	our	PRON
fsr-3304	372	7	functional	functional	ADJ
fsr-3304	372	8	form	form	NOUN
fsr-3304	372	9	,	,	PUNCT
fsr-3304	372	10	we	we	PRON
fsr-3304	372	11	have	have	AUX
fsr-3304	372	12	rearranged	rearrange	VERB
fsr-3304	372	13	the	the	DET
fsr-3304	372	14	specifications	specification	NOUN
fsr-3304	372	15	of	of	ADP
fsr-3304	372	16	de	de	X
fsr-3304	372	17	nardi	nardi	PROPN
fsr-3304	372	18	et	et	PROPN
fsr-3304	372	19	al	al	PROPN
fsr-3304	372	20	.	.	PROPN
fsr-3304	373	1	(	(	PUNCT
fsr-3304	373	2	2010	2010	NUM
fsr-3304	373	3	)	)	PUNCT
fsr-3304	373	4	and	and	CCONJ
fsr-3304	373	5	lockwood	lockwood	PROPN
fsr-3304	373	6	(	(	PUNCT
fsr-3304	373	7	2012	2012	NUM
fsr-3304	373	8	)	)	PUNCT
fsr-3304	374	1	and	and	CCONJ
fsr-3304	374	2	recalculated	recalculate	VERB
fsr-3304	374	3	the	the	DET
fsr-3304	374	4	parameter	parameter	NOUN
fsr-3304	374	5	values	value	NOUN
fsr-3304	374	6	.	.	PUNCT
fsr-3304	375	1	ameriks	ameriks	INTJ
fsr-3304	375	2	et	et	PROPN
fsr-3304	375	3	al	al	PROPN
fsr-3304	375	4	.	.	PROPN
fsr-3304	376	1	(	(	PUNCT
fsr-3304	376	2	2011	2011	NUM
fsr-3304	376	3	)	)	PUNCT
fsr-3304	376	4	find	find	VERB
fsr-3304	376	5	their	their	PRON
fsr-3304	376	6	benchmark	benchmark	NOUN
fsr-3304	376	7	estimates	estimate	NOUN
fsr-3304	376	8	of	of	ADP
fsr-3304	376	9	�	�	PROPN
fsr-3304	376	10	�	�	PROPN
fsr-3304	376	11	7.28	7.28	NUM
fsr-3304	376	12	and	and	CCONJ
fsr-3304	376	13	�	�	PROPN
fsr-3304	376	14	�	�	PROPN
fsr-3304	376	15	47.6	47.6	NUM
fsr-3304	376	16	.	.	PUNCT
fsr-3304	377	1	these	these	DET
fsr-3304	377	2	parameters	parameter	NOUN
fsr-3304	377	3	would	would	AUX
fsr-3304	377	4	lead	lead	VERB
fsr-3304	377	5	to	to	ADP
fsr-3304	377	6	little	little	ADJ
fsr-3304	377	7	consumption	consumption	NOUN
fsr-3304	377	8	and	and	CCONJ
fsr-3304	377	9	substantial	substantial	ADJ
fsr-3304	377	10	bequest	bequest	NOUN
fsr-3304	377	11	for	for	ADP
fsr-3304	377	12	households	household	NOUN
fsr-3304	377	13	in	in	ADP
fsr-3304	377	14	136	136	NUM
fsr-3304	377	15	m.j	m.j	PROPN
fsr-3304	377	16	.	.	PROPN
fsr-3304	377	17	warshawsky	warshawsky	PROPN
fsr-3304	377	18	/	/	SYM
fsr-3304	377	19	financial	financial	ADJ
fsr-3304	377	20	services	service	NOUN
fsr-3304	377	21	review	review	VERB
fsr-3304	377	22	26	26	NUM
fsr-3304	377	23	(	(	PUNCT
fsr-3304	377	24	2017	2017	NUM
fsr-3304	377	25	)	)	PUNCT
fsr-3304	377	26	113–141	113–141	NUM
fsr-3304	377	27	our	our	PRON
fsr-3304	377	28	model	model	NOUN
fsr-3304	377	29	because	because	SCONJ
fsr-3304	377	30	the	the	DET
fsr-3304	377	31	consumption	consumption	NOUN
fsr-3304	377	32	threshold	threshold	VERB
fsr-3304	377	33	$	$	SYM
fsr-3304	377	34	7,280	7,280	NUM
fsr-3304	377	35	is	be	AUX
fsr-3304	377	36	easily	easily	ADV
fsr-3304	377	37	exceeded	exceed	VERB
fsr-3304	377	38	(	(	PUNCT
fsr-3304	377	39	$	$	SYM
fsr-3304	377	40	13,800	13,800	NUM
fsr-3304	377	41	from	from	ADP
fsr-3304	377	42	social	social	ADJ
fsr-3304	377	43	security	security	NOUN
fsr-3304	377	44	alone	alone	ADJ
fsr-3304	377	45	for	for	ADP
fsr-3304	377	46	a	a	DET
fsr-3304	377	47	single	single	ADJ
fsr-3304	377	48	retiree	retiree	NOUN
fsr-3304	377	49	,	,	PUNCT
fsr-3304	377	50	see	see	VERB
fsr-3304	377	51	assumptions	assumption	NOUN
fsr-3304	377	52	below	below	ADV
fsr-3304	377	53	)	)	PUNCT
fsr-3304	377	54	and	and	CCONJ
fsr-3304	377	55	the	the	DET
fsr-3304	377	56	bequest	bequest	NOUN
fsr-3304	377	57	motive	motive	NOUN
fsr-3304	377	58	is	be	AUX
fsr-3304	377	59	particularly	particularly	ADV
fsr-3304	377	60	strong	strong	ADJ
fsr-3304	377	61	.	.	PUNCT
fsr-3304	378	1	nevertheless	nevertheless	ADV
fsr-3304	378	2	,	,	PUNCT
fsr-3304	378	3	we	we	PRON
fsr-3304	378	4	do	do	AUX
fsr-3304	378	5	consider	consider	VERB
fsr-3304	378	6	the	the	DET
fsr-3304	378	7	effect	effect	NOUN
fsr-3304	378	8	of	of	ADP
fsr-3304	378	9	larger	large	ADJ
fsr-3304	378	10	bequest	bequ	ADJ
fsr-3304	378	11	motive	motive	ADJ
fsr-3304	378	12	parameters	parameter	NOUN
fsr-3304	378	13	than	than	ADP
fsr-3304	378	14	denardi	denardi	ADV
fsr-3304	378	15	’s	’s	ADV
fsr-3304	378	16	but	but	CCONJ
fsr-3304	378	17	maintain	maintain	VERB
fsr-3304	378	18	the	the	DET
fsr-3304	378	19	consumption	consumption	NOUN
fsr-3304	378	20	threshold	threshold	NOUN
fsr-3304	378	21	,	,	PUNCT
fsr-3304	378	22	so	so	SCONJ
fsr-3304	378	23	that	that	SCONJ
fsr-3304	378	24	lower	low	ADJ
fsr-3304	378	25	-	-	PUNCT
fsr-3304	378	26	income	income	NOUN
fsr-3304	378	27	retired	retire	VERB
fsr-3304	378	28	households	household	NOUN
fsr-3304	378	29	will	will	AUX
fsr-3304	378	30	likely	likely	ADV
fsr-3304	378	31	depend	depend	VERB
fsr-3304	378	32	more	more	ADV
fsr-3304	378	33	on	on	ADP
fsr-3304	378	34	life	life	NOUN
fsr-3304	378	35	annuities	annuity	NOUN
fsr-3304	378	36	,	,	PUNCT
fsr-3304	378	37	ceteris	ceteris	NOUN
fsr-3304	378	38	paribus	paribus	NOUN
fsr-3304	378	39	.	.	PUNCT
fsr-3304	379	1	5	5	NUM
fsr-3304	379	2	let	let	VERB
fsr-3304	379	3	e	e	PRON
fsr-3304	379	4	denote	denote	VERB
fsr-3304	379	5	the	the	DET
fsr-3304	379	6	equity	equity	NOUN
fsr-3304	379	7	share	share	NOUN
fsr-3304	379	8	in	in	ADP
fsr-3304	379	9	the	the	DET
fsr-3304	379	10	remaining	remain	VERB
fsr-3304	379	11	non	non	ADJ
fsr-3304	379	12	-	-	ADJ
fsr-3304	379	13	annuitized	annuitized	ADJ
fsr-3304	379	14	wealth	wealth	NOUN
fsr-3304	379	15	and	and	CCONJ
fsr-3304	379	16	a	a	DET
fsr-3304	379	17	denote	denote	NOUN
fsr-3304	379	18	the	the	DET
fsr-3304	379	19	degree	degree	NOUN
fsr-3304	379	20	of	of	ADP
fsr-3304	379	21	annuitization	annuitization	NOUN
fsr-3304	379	22	(	(	PUNCT
fsr-3304	379	23	i.e.	i.e.	X
fsr-3304	379	24	,	,	PUNCT
fsr-3304	379	25	a	a	DET
fsr-3304	379	26	�	�	PROPN
fsr-3304	379	27	aw	aw	PROPN
fsr-3304	379	28	/	/	SYM
fsr-3304	379	29	w	w	PROPN
fsr-3304	379	30	,	,	PUNCT
fsr-3304	379	31	annuitized	annuitize	VERB
fsr-3304	379	32	wealth	wealth	NOUN
fsr-3304	379	33	divided	divide	VERB
fsr-3304	379	34	by	by	ADP
fsr-3304	379	35	total	total	ADJ
fsr-3304	379	36	wealth	wealth	NOUN
fsr-3304	379	37	)	)	PUNCT
fsr-3304	379	38	.	.	PUNCT
fsr-3304	380	1	for	for	ADP
fsr-3304	380	2	the	the	DET
fsr-3304	380	3	desired	desire	VERB
fsr-3304	380	4	50–50	50–50	NUM
fsr-3304	380	5	risk	risk	NOUN
fsr-3304	380	6	exposure	exposure	NOUN
fsr-3304	380	7	,	,	PUNCT
fsr-3304	380	8	e*(w	e*(w	NOUN
fsr-3304	380	9	-	-	PUNCT
fsr-3304	380	10	aw)/w	aw)/w	PROPN
fsr-3304	380	11	�	�	PROPN
fsr-3304	380	12	0.5	0.5	NUM
fsr-3304	380	13	.	.	PUNCT
fsr-3304	381	1	rearranging	rearrange	VERB
fsr-3304	381	2	the	the	DET
fsr-3304	381	3	equations	equation	NOUN
fsr-3304	381	4	gives	give	VERB
fsr-3304	381	5	e	e	PROPN
fsr-3304	381	6	�	�	PROPN
fsr-3304	381	7	0.5/(1	0.5/(1	NUM
fsr-3304	381	8	-	-	PUNCT
fsr-3304	381	9	a	a	NOUN
fsr-3304	381	10	)	)	PUNCT
fsr-3304	381	11	.	.	PUNCT
fsr-3304	382	1	6	6	NUM
fsr-3304	382	2	using	use	VERB
fsr-3304	382	3	some	some	DET
fsr-3304	382	4	six	six	NUM
fsr-3304	382	5	months	month	NOUN
fsr-3304	382	6	of	of	ADP
fsr-3304	382	7	pricing	pricing	NOUN
fsr-3304	382	8	data	datum	NOUN
fsr-3304	382	9	from	from	ADP
fsr-3304	382	10	august	august	PROPN
fsr-3304	382	11	2011	2011	NUM
fsr-3304	382	12	through	through	ADP
fsr-3304	382	13	april	april	PROPN
fsr-3304	382	14	2012	2012	NUM
fsr-3304	382	15	provided	provide	VERB
fsr-3304	382	16	to	to	ADP
fsr-3304	382	17	me	i	PRON
fsr-3304	382	18	by	by	ADP
fsr-3304	382	19	a	a	DET
fsr-3304	382	20	large	large	ADJ
fsr-3304	382	21	,	,	PUNCT
fsr-3304	382	22	highly	highly	ADV
fsr-3304	382	23	rated	rate	VERB
fsr-3304	382	24	,	,	PUNCT
fsr-3304	382	25	united	united	PROPN
fsr-3304	382	26	states	states	PROPN
fsr-3304	382	27	insurance	insurance	NOUN
fsr-3304	382	28	company	company	NOUN
fsr-3304	382	29	and	and	CCONJ
fsr-3304	382	30	our	our	PRON
fsr-3304	382	31	own	own	ADJ
fsr-3304	382	32	computations	computation	NOUN
fsr-3304	382	33	of	of	ADP
fsr-3304	382	34	fair	fair	ADJ
fsr-3304	382	35	value	value	NOUN
fsr-3304	382	36	using	use	VERB
fsr-3304	382	37	government	government	NOUN
fsr-3304	382	38	bond	bond	NOUN
fsr-3304	382	39	yields	yield	NOUN
fsr-3304	382	40	and	and	CCONJ
fsr-3304	382	41	general	general	ADJ
fsr-3304	382	42	population	population	NOUN
fsr-3304	382	43	mortality	mortality	NOUN
fsr-3304	382	44	,	,	PUNCT
fsr-3304	382	45	we	we	PRON
fsr-3304	382	46	calculated	calculate	VERB
fsr-3304	382	47	that	that	SCONJ
fsr-3304	382	48	the	the	DET
fsr-3304	382	49	load	load	NOUN
fsr-3304	382	50	differential	differential	NOUN
fsr-3304	382	51	between	between	ADP
fsr-3304	382	52	a	a	DET
fsr-3304	382	53	nominal	nominal	ADJ
fsr-3304	382	54	alda	alda	NOUN
fsr-3304	382	55	commencing	commence	VERB
fsr-3304	382	56	payment	payment	NOUN
fsr-3304	382	57	at	at	ADP
fsr-3304	382	58	age	age	NOUN
fsr-3304	382	59	85	85	NUM
fsr-3304	382	60	and	and	CCONJ
fsr-3304	382	61	a	a	DET
fsr-3304	382	62	single	single	ADJ
fsr-3304	382	63	-	-	PUNCT
fsr-3304	382	64	premium	premium	NOUN
fsr-3304	382	65	immediate	immediate	ADJ
fsr-3304	382	66	straight	straight	ADJ
fsr-3304	382	67	fixedpayout	fixedpayout	NOUN
fsr-3304	382	68	life	life	NOUN
fsr-3304	382	69	annuity	annuity	NOUN
fsr-3304	382	70	,	,	PUNCT
fsr-3304	382	71	both	both	PRON
fsr-3304	382	72	issued	issue	VERB
fsr-3304	382	73	at	at	ADP
fsr-3304	382	74	age	age	NOUN
fsr-3304	382	75	65	65	NUM
fsr-3304	382	76	,	,	PUNCT
fsr-3304	382	77	indeed	indeed	ADV
fsr-3304	382	78	averaged	average	VERB
fsr-3304	382	79	about	about	ADV
fsr-3304	382	80	five	five	NUM
fsr-3304	382	81	percentage	percentage	NOUN
fsr-3304	382	82	points	point	NOUN
fsr-3304	382	83	.	.	PUNCT
fsr-3304	383	1	7	7	NUM
fsr-3304	383	2	there	there	PRON
fsr-3304	383	3	is	be	VERB
fsr-3304	383	4	some	some	DET
fsr-3304	383	5	rigidity	rigidity	NOUN
fsr-3304	383	6	in	in	ADP
fsr-3304	383	7	these	these	DET
fsr-3304	383	8	withdrawal	withdrawal	NOUN
fsr-3304	383	9	options	option	NOUN
fsr-3304	383	10	.	.	PUNCT
fsr-3304	384	1	the	the	DET
fsr-3304	384	2	fixed	fix	VERB
fsr-3304	384	3	dollar	dollar	NOUN
fsr-3304	384	4	strategy	strategy	NOUN
fsr-3304	384	5	does	do	AUX
fsr-3304	384	6	not	not	PART
fsr-3304	384	7	respond	respond	VERB
fsr-3304	384	8	to	to	ADP
fsr-3304	384	9	realizations	realization	NOUN
fsr-3304	384	10	of	of	ADP
fsr-3304	384	11	asset	asset	NOUN
fsr-3304	384	12	returns	return	NOUN
fsr-3304	384	13	and	and	CCONJ
fsr-3304	384	14	the	the	DET
fsr-3304	384	15	fixed	fix	VERB
fsr-3304	384	16	percentage	percentage	NOUN
fsr-3304	384	17	option	option	NOUN
fsr-3304	384	18	does	do	AUX
fsr-3304	384	19	not	not	PART
fsr-3304	384	20	speed	speed	VERB
fsr-3304	384	21	up	up	ADP
fsr-3304	384	22	distribution	distribution	NOUN
fsr-3304	384	23	toward	toward	ADP
fsr-3304	384	24	the	the	DET
fsr-3304	384	25	end	end	NOUN
fsr-3304	384	26	of	of	ADP
fsr-3304	384	27	life	life	NOUN
fsr-3304	384	28	,	,	PUNCT
fsr-3304	384	29	as	as	SCONJ
fsr-3304	384	30	might	might	AUX
fsr-3304	384	31	be	be	AUX
fsr-3304	384	32	desired	desire	VERB
fsr-3304	384	33	to	to	PART
fsr-3304	384	34	avoid	avoid	VERB
fsr-3304	384	35	leaving	leave	VERB
fsr-3304	384	36	too	too	ADV
fsr-3304	384	37	large	large	ADJ
fsr-3304	384	38	a	a	DET
fsr-3304	384	39	bequest	bequest	NOUN
fsr-3304	384	40	.	.	PUNCT
fsr-3304	385	1	rather	rather	ADV
fsr-3304	385	2	,	,	PUNCT
fsr-3304	385	3	they	they	PRON
fsr-3304	385	4	are	be	AUX
fsr-3304	385	5	easy	easy	ADJ
fsr-3304	385	6	to	to	PART
fsr-3304	385	7	implement	implement	VERB
fsr-3304	385	8	in	in	ADP
fsr-3304	385	9	old	old	ADJ
fsr-3304	385	10	age	age	NOUN
fsr-3304	385	11	,	,	PUNCT
fsr-3304	385	12	easy	easy	ADJ
fsr-3304	385	13	to	to	PART
fsr-3304	385	14	explain	explain	VERB
fsr-3304	385	15	,	,	PUNCT
fsr-3304	385	16	and	and	CCONJ
fsr-3304	385	17	require	require	VERB
fsr-3304	385	18	minimal	minimal	ADJ
fsr-3304	385	19	governance	governance	NOUN
fsr-3304	385	20	from	from	ADP
fsr-3304	385	21	product	product	NOUN
fsr-3304	385	22	issuers	issuer	NOUN
fsr-3304	385	23	.	.	PUNCT
fsr-3304	386	1	households	household	NOUN
fsr-3304	386	2	could	could	AUX
fsr-3304	386	3	re	re	VERB
fsr-3304	386	4	-	-	VERB
fsr-3304	386	5	optimize	optimize	VERB
fsr-3304	386	6	their	their	PRON
fsr-3304	386	7	portfolios	portfolio	NOUN
fsr-3304	386	8	any	any	DET
fsr-3304	386	9	time	time	NOUN
fsr-3304	386	10	,	,	PUNCT
fsr-3304	386	11	perhaps	perhaps	ADV
fsr-3304	386	12	with	with	ADP
fsr-3304	386	13	the	the	DET
fsr-3304	386	14	help	help	NOUN
fsr-3304	386	15	of	of	ADP
fsr-3304	386	16	financial	financial	ADJ
fsr-3304	386	17	advisors	advisor	NOUN
fsr-3304	386	18	,	,	PUNCT
fsr-3304	386	19	but	but	CCONJ
fsr-3304	386	20	to	to	PART
fsr-3304	386	21	avoid	avoid	VERB
fsr-3304	386	22	a	a	DET
fsr-3304	386	23	lot	lot	NOUN
fsr-3304	386	24	of	of	ADP
fsr-3304	386	25	extra	extra	ADJ
fsr-3304	386	26	costs	cost	NOUN
fsr-3304	386	27	and	and	CCONJ
fsr-3304	386	28	governance	governance	NOUN
fsr-3304	386	29	requirements	requirement	NOUN
fsr-3304	386	30	,	,	PUNCT
fsr-3304	386	31	the	the	DET
fsr-3304	386	32	rerunning	rerunning	NOUN
fsr-3304	386	33	of	of	ADP
fsr-3304	386	34	the	the	DET
fsr-3304	386	35	algorithm	algorithm	NOUN
fsr-3304	386	36	should	should	AUX
fsr-3304	386	37	be	be	AUX
fsr-3304	386	38	done	do	VERB
fsr-3304	386	39	sparingly	sparingly	ADV
fsr-3304	386	40	,	,	PUNCT
fsr-3304	386	41	perhaps	perhaps	ADV
fsr-3304	386	42	only	only	ADV
fsr-3304	386	43	at	at	ADP
fsr-3304	386	44	major	major	ADJ
fsr-3304	386	45	life	life	NOUN
fsr-3304	386	46	events	event	NOUN
fsr-3304	386	47	such	such	ADJ
fsr-3304	386	48	as	as	ADP
fsr-3304	386	49	the	the	DET
fsr-3304	386	50	death	death	NOUN
fsr-3304	386	51	of	of	ADP
fsr-3304	386	52	a	a	DET
fsr-3304	386	53	spouse	spouse	NOUN
fsr-3304	386	54	.	.	PUNCT
fsr-3304	387	1	sun	sun	PROPN
fsr-3304	387	2	and	and	CCONJ
fsr-3304	387	3	webb	webb	PROPN
fsr-3304	387	4	(	(	PUNCT
fsr-3304	387	5	2012	2012	NUM
fsr-3304	387	6	)	)	PUNCT
fsr-3304	387	7	show	show	VERB
fsr-3304	387	8	that	that	SCONJ
fsr-3304	387	9	households	household	NOUN
fsr-3304	387	10	could	could	AUX
fsr-3304	387	11	spend	spend	VERB
fsr-3304	387	12	according	accord	VERB
fsr-3304	387	13	to	to	ADP
fsr-3304	387	14	the	the	DET
fsr-3304	387	15	irs	irs	PROPN
fsr-3304	387	16	table	table	NOUN
fsr-3304	387	17	for	for	ADP
fsr-3304	387	18	required	require	VERB
fsr-3304	387	19	minimum	minimum	NOUN
fsr-3304	387	20	distributions	distribution	NOUN
fsr-3304	387	21	(	(	PUNCT
fsr-3304	387	22	rmd	rmd	PROPN
fsr-3304	387	23	)	)	PUNCT
fsr-3304	387	24	,	,	PUNCT
fsr-3304	387	25	plus	plus	CCONJ
fsr-3304	387	26	interest	interest	NOUN
fsr-3304	387	27	and	and	CCONJ
fsr-3304	387	28	dividends	dividend	NOUN
fsr-3304	387	29	,	,	PUNCT
fsr-3304	387	30	and	and	CCONJ
fsr-3304	387	31	get	get	VERB
fsr-3304	387	32	better	well	ADJ
fsr-3304	387	33	utility	utility	NOUN
fsr-3304	387	34	than	than	ADP
fsr-3304	387	35	from	from	ADP
fsr-3304	387	36	alternatives	alternative	NOUN
fsr-3304	387	37	in	in	ADP
fsr-3304	387	38	the	the	DET
fsr-3304	387	39	class	class	NOUN
fsr-3304	387	40	of	of	ADP
fsr-3304	387	41	systematic	systematic	ADJ
fsr-3304	387	42	withdrawals	withdrawal	NOUN
fsr-3304	387	43	.	.	PUNCT
fsr-3304	388	1	collins	collins	PROPN
fsr-3304	388	2	and	and	CCONJ
fsr-3304	388	3	lam	lam	PROPN
fsr-3304	388	4	(	(	PUNCT
fsr-3304	388	5	2011	2011	NUM
fsr-3304	388	6	)	)	PUNCT
fsr-3304	388	7	use	use	VERB
fsr-3304	388	8	a	a	DET
fsr-3304	388	9	case	case	NOUN
fsr-3304	388	10	study	study	NOUN
fsr-3304	388	11	approach	approach	NOUN
fsr-3304	388	12	to	to	PART
fsr-3304	388	13	discuss	discuss	VERB
fsr-3304	388	14	how	how	SCONJ
fsr-3304	388	15	financial	financial	ADJ
fsr-3304	388	16	advisors	advisor	NOUN
fsr-3304	388	17	can	can	AUX
fsr-3304	388	18	utilize	utilize	VERB
fsr-3304	388	19	a	a	DET
fsr-3304	388	20	credible	credible	ADJ
fsr-3304	388	21	simulation	simulation	NOUN
fsr-3304	388	22	model	model	NOUN
fsr-3304	388	23	to	to	PART
fsr-3304	388	24	help	help	VERB
fsr-3304	388	25	investors	investor	NOUN
fsr-3304	388	26	make	make	VERB
fsr-3304	388	27	informed	informed	ADJ
fsr-3304	388	28	retirement	retirement	NOUN
fsr-3304	388	29	planning	planning	NOUN
fsr-3304	388	30	decisions	decision	NOUN
fsr-3304	388	31	.	.	PUNCT
fsr-3304	389	1	8	8	NUM
fsr-3304	389	2	the	the	DET
fsr-3304	389	3	degree	degree	NOUN
fsr-3304	389	4	of	of	ADP
fsr-3304	389	5	annuitization	annuitization	NOUN
fsr-3304	389	6	at	at	ADP
fsr-3304	389	7	any	any	DET
fsr-3304	389	8	age	age	NOUN
fsr-3304	389	9	is	be	AUX
fsr-3304	389	10	expressed	express	VERB
fsr-3304	389	11	as	as	ADP
fsr-3304	389	12	a	a	DET
fsr-3304	389	13	percentage	percentage	NOUN
fsr-3304	389	14	of	of	ADP
fsr-3304	389	15	the	the	DET
fsr-3304	389	16	accumulated	accumulate	VERB
fsr-3304	389	17	value	value	NOUN
fsr-3304	389	18	of	of	ADP
fsr-3304	389	19	initial	initial	ADJ
fsr-3304	389	20	wealth	wealth	NOUN
fsr-3304	389	21	,	,	PUNCT
fsr-3304	389	22	which	which	PRON
fsr-3304	389	23	reflects	reflect	VERB
fsr-3304	389	24	the	the	DET
fsr-3304	389	25	increased	increase	VERB
fsr-3304	389	26	with	with	ADP
fsr-3304	389	27	interest	interest	NOUN
fsr-3304	389	28	(	(	PUNCT
fsr-3304	389	29	at	at	ADP
fsr-3304	389	30	the	the	DET
fsr-3304	389	31	average	average	ADJ
fsr-3304	389	32	rate	rate	NOUN
fsr-3304	389	33	)	)	PUNCT
fsr-3304	389	34	.	.	PUNCT
fsr-3304	390	1	one	one	PRON
fsr-3304	390	2	could	could	AUX
fsr-3304	390	3	have	have	AUX
fsr-3304	390	4	alternatively	alternatively	ADV
fsr-3304	390	5	expressed	express	VERB
fsr-3304	390	6	it	it	PRON
fsr-3304	390	7	as	as	ADP
fsr-3304	390	8	a	a	DET
fsr-3304	390	9	percentage	percentage	NOUN
fsr-3304	390	10	of	of	ADP
fsr-3304	390	11	the	the	DET
fsr-3304	390	12	account	account	NOUN
fsr-3304	390	13	balance	balance	NOUN
fsr-3304	390	14	,	,	PUNCT
fsr-3304	390	15	but	but	CCONJ
fsr-3304	390	16	this	this	PRON
fsr-3304	390	17	would	would	AUX
fsr-3304	390	18	have	have	AUX
fsr-3304	390	19	been	be	AUX
fsr-3304	390	20	misleading	misleading	ADJ
fsr-3304	390	21	.	.	PUNCT
fsr-3304	391	1	an	an	DET
fsr-3304	391	2	extreme	extreme	ADJ
fsr-3304	391	3	example	example	NOUN
fsr-3304	391	4	:	:	PUNCT
fsr-3304	391	5	100	100	NUM
fsr-3304	391	6	%	%	NOUN
fsr-3304	391	7	annuitization	annuitization	NOUN
fsr-3304	391	8	of	of	ADP
fsr-3304	391	9	the	the	DET
fsr-3304	391	10	remaining	remain	VERB
fsr-3304	391	11	$	$	SYM
fsr-3304	391	12	1	1	NUM
fsr-3304	391	13	balance	balance	NOUN
fsr-3304	391	14	appears	appear	VERB
fsr-3304	391	15	as	as	ADP
fsr-3304	391	16	a	a	DET
fsr-3304	391	17	strong	strong	ADJ
fsr-3304	391	18	preference	preference	NOUN
fsr-3304	391	19	for	for	ADP
fsr-3304	391	20	the	the	DET
fsr-3304	391	21	life	life	NOUN
fsr-3304	391	22	annuity	annuity	NOUN
fsr-3304	391	23	but	but	CCONJ
fsr-3304	391	24	may	may	AUX
fsr-3304	391	25	be	be	AUX
fsr-3304	391	26	trivial	trivial	ADJ
fsr-3304	391	27	if	if	SCONJ
fsr-3304	391	28	$	$	SYM
fsr-3304	391	29	99	99	NUM
fsr-3304	391	30	has	have	AUX
fsr-3304	391	31	been	be	AUX
fsr-3304	391	32	withdrawn	withdraw	VERB
fsr-3304	391	33	over	over	ADP
fsr-3304	391	34	prior	prior	ADJ
fsr-3304	391	35	years	year	NOUN
fsr-3304	391	36	.	.	PUNCT
fsr-3304	392	1	9	9	NUM
fsr-3304	392	2	while	while	SCONJ
fsr-3304	392	3	the	the	DET
fsr-3304	392	4	strategy	strategy	NOUN
fsr-3304	392	5	of	of	ADP
fsr-3304	392	6	fixed	fix	VERB
fsr-3304	392	7	dollar	dollar	NOUN
fsr-3304	392	8	withdrawals	withdrawal	NOUN
fsr-3304	392	9	and	and	CCONJ
fsr-3304	392	10	a	a	DET
fsr-3304	392	11	real	real	ADJ
fsr-3304	392	12	annuity	annuity	NOUN
fsr-3304	392	13	gives	give	VERB
fsr-3304	392	14	completely	completely	ADV
fsr-3304	392	15	steady	steady	ADJ
fsr-3304	392	16	real	real	ADJ
fsr-3304	392	17	income	income	NOUN
fsr-3304	392	18	—	—	PUNCT
fsr-3304	392	19	a	a	DET
fsr-3304	392	20	goal	goal	NOUN
fsr-3304	392	21	perhaps	perhaps	ADV
fsr-3304	392	22	desired	desire	VERB
fsr-3304	392	23	by	by	ADP
fsr-3304	392	24	the	the	DET
fsr-3304	392	25	highly	highly	ADV
fsr-3304	392	26	risk	risk	NOUN
fsr-3304	392	27	averse	averse	ADJ
fsr-3304	392	28	,	,	PUNCT
fsr-3304	392	29	the	the	DET
fsr-3304	392	30	combination	combination	NOUN
fsr-3304	392	31	of	of	ADP
fsr-3304	392	32	fixed	fix	VERB
fsr-3304	392	33	percentage	percentage	NOUN
fsr-3304	392	34	and	and	CCONJ
fsr-3304	392	35	a	a	DET
fsr-3304	392	36	real	real	ADJ
fsr-3304	392	37	annuity	annuity	NOUN
fsr-3304	392	38	is	be	AUX
fsr-3304	392	39	not	not	PART
fsr-3304	392	40	examined	examine	VERB
fsr-3304	392	41	here	here	ADV
fsr-3304	392	42	because	because	SCONJ
fsr-3304	392	43	the	the	DET
fsr-3304	392	44	nominal	nominal	ADJ
fsr-3304	392	45	annuity	annuity	NOUN
fsr-3304	392	46	has	have	VERB
fsr-3304	392	47	a	a	DET
fsr-3304	392	48	lower	low	ADJ
fsr-3304	392	49	load	load	NOUN
fsr-3304	392	50	than	than	ADP
fsr-3304	392	51	the	the	DET
fsr-3304	392	52	real	real	ADJ
fsr-3304	392	53	annuity	annuity	NOUN
fsr-3304	392	54	and	and	CCONJ
fsr-3304	392	55	the	the	DET
fsr-3304	392	56	increase	increase	NOUN
fsr-3304	392	57	in	in	ADP
fsr-3304	392	58	income	income	NOUN
fsr-3304	392	59	to	to	PART
fsr-3304	392	60	cover	cover	VERB
fsr-3304	392	61	inflation	inflation	NOUN
fsr-3304	392	62	can	can	AUX
fsr-3304	392	63	be	be	AUX
fsr-3304	392	64	accommodated	accommodate	VERB
fsr-3304	392	65	through	through	ADP
fsr-3304	392	66	the	the	DET
fsr-3304	392	67	laddering	ladder	VERB
fsr-3304	392	68	purchase	purchase	NOUN
fsr-3304	392	69	of	of	ADP
fsr-3304	392	70	smaller	small	ADJ
fsr-3304	392	71	amounts	amount	NOUN
fsr-3304	392	72	of	of	ADP
fsr-3304	392	73	immediate	immediate	ADJ
fsr-3304	392	74	annuities	annuity	NOUN
fsr-3304	392	75	over	over	ADP
fsr-3304	392	76	time	time	NOUN
fsr-3304	392	77	.	.	PUNCT
fsr-3304	393	1	137m.j	137m.j	X
fsr-3304	393	2	.	.	PUNCT
fsr-3304	393	3	warshawsky	warshawsky	ADJ
fsr-3304	393	4	/	/	SYM
fsr-3304	393	5	financial	financial	ADJ
fsr-3304	393	6	services	service	NOUN
fsr-3304	393	7	review	review	VERB
fsr-3304	393	8	26	26	NUM
fsr-3304	393	9	(	(	PUNCT
fsr-3304	393	10	2017	2017	NUM
fsr-3304	393	11	)	)	PUNCT
fsr-3304	393	12	113–141	113–141	NUM
fsr-3304	393	13	appendix	appendix	X
fsr-3304	393	14	appendix	appendix	VERB
fsr-3304	393	15	a	a	DET
fsr-3304	393	16	:	:	PUNCT
fsr-3304	393	17	simulations	simulation	NOUN
fsr-3304	393	18	of	of	ADP
fsr-3304	393	19	rates	rate	NOUN
fsr-3304	393	20	and	and	CCONJ
fsr-3304	393	21	returns	return	VERB
fsr-3304	393	22	asset	asset	NOUN
fsr-3304	393	23	returns	return	NOUN
fsr-3304	393	24	are	be	AUX
fsr-3304	393	25	simulated	simulate	VERB
fsr-3304	393	26	as	as	ADP
fsr-3304	393	27	a	a	DET
fsr-3304	393	28	vector	vector	NOUN
fsr-3304	393	29	autoregressive	autoregressive	ADJ
fsr-3304	393	30	process	process	NOUN
fsr-3304	393	31	(	(	PUNCT
fsr-3304	393	32	var	var	NOUN
fsr-3304	393	33	)	)	PUNCT
fsr-3304	393	34	.	.	PUNCT
fsr-3304	394	1	the	the	DET
fsr-3304	394	2	var	var	NOUN
fsr-3304	394	3	coefficients	coefficient	NOUN
fsr-3304	394	4	and	and	CCONJ
fsr-3304	394	5	variance	variance	NOUN
fsr-3304	394	6	matrix	matrix	NOUN
fsr-3304	394	7	are	be	AUX
fsr-3304	394	8	first	first	ADV
fsr-3304	394	9	empirically	empirically	ADV
fsr-3304	394	10	estimated	estimate	VERB
fsr-3304	394	11	and	and	CCONJ
fsr-3304	394	12	then	then	ADV
fsr-3304	394	13	embedded	embed	VERB
fsr-3304	394	14	in	in	ADP
fsr-3304	394	15	the	the	DET
fsr-3304	394	16	simulations	simulation	NOUN
fsr-3304	394	17	with	with	ADP
fsr-3304	394	18	stochastic	stochastic	ADJ
fsr-3304	394	19	shocks	shock	NOUN
fsr-3304	394	20	.	.	PUNCT
fsr-3304	395	1	technically	technically	ADV
fsr-3304	395	2	,	,	PUNCT
fsr-3304	395	3	let	let	VERB
fsr-3304	395	4	v	v	PART
fsr-3304	395	5	be	be	AUX
fsr-3304	395	6	a	a	DET
fsr-3304	395	7	vector	vector	NOUN
fsr-3304	395	8	containing	contain	VERB
fsr-3304	395	9	the	the	DET
fsr-3304	395	10	variables	variable	NOUN
fsr-3304	395	11	.	.	PUNCT
fsr-3304	396	1	the	the	DET
fsr-3304	396	2	vector	vector	NOUN
fsr-3304	396	3	evolves	evolve	VERB
fsr-3304	396	4	in	in	ADP
fsr-3304	396	5	an	an	DET
fsr-3304	396	6	autoregressive	autoregressive	ADJ
fsr-3304	396	7	pattern	pattern	NOUN
fsr-3304	396	8	:	:	PUNCT
fsr-3304	396	9	vt	vt	PROPN
fsr-3304	396	10	�	�	PROPN
fsr-3304	396	11	�	�	PROPN
fsr-3304	396	12	0	0	PROPN
fsr-3304	396	13	�	�	PROPN
fsr-3304	396	14	�	�	PROPN
fsr-3304	396	15	k	k	PROPN
fsr-3304	396	16	�	�	PROPN
fsr-3304	396	17	1	1	NUM
fsr-3304	396	18	k	k	PROPN
fsr-3304	396	19	�	�	PROPN
fsr-3304	396	20	kvt	kvt	PROPN
fsr-3304	396	21	�	�	PROPN
fsr-3304	396	22	k	k	PROPN
fsr-3304	396	23	�	�	PROPN
fsr-3304	396	24	�	�	PROPN
fsr-3304	396	25	t	t	PROPN
fsr-3304	396	26	where	where	SCONJ
fsr-3304	396	27	�	�	PROPN
fsr-3304	396	28	�	�	PROPN
fsr-3304	396	29	(	(	PUNCT
fsr-3304	396	30	0	0	NUM
fsr-3304	396	31	,	,	PUNCT
fsr-3304	396	32	�	�	PROPN
fsr-3304	396	33	)	)	PUNCT
fsr-3304	396	34	denotes	denote	VERB
fsr-3304	396	35	a	a	DET
fsr-3304	396	36	vector	vector	NOUN
fsr-3304	396	37	of	of	ADP
fsr-3304	396	38	serially	serially	ADV
fsr-3304	396	39	uncorrelated	uncorrelated	ADJ
fsr-3304	396	40	normal	normal	ADJ
fsr-3304	396	41	errors	error	NOUN
fsr-3304	396	42	with	with	ADP
fsr-3304	396	43	e	e	PROPN
fsr-3304	396	44	�	�	PROPN
fsr-3304	396	45	t	t	PROPN
fsr-3304	396	46	�	�	PROPN
fsr-3304	396	47	s	s	PART
fsr-3304	396	48	�	�	PROPN
fsr-3304	396	49	0	0	NUM
fsr-3304	396	50	,	,	PUNCT
fsr-3304	396	51	t	t	PROPN
fsr-3304	396	52	�	�	PROPN
fsr-3304	396	53	s.	s.	PROPN
fsr-3304	396	54	the	the	DET
fsr-3304	396	55	contemporaneous	contemporaneous	ADJ
fsr-3304	396	56	correlations	correlation	NOUN
fsr-3304	396	57	of	of	ADP
fsr-3304	396	58	shocks	shock	NOUN
fsr-3304	396	59	are	be	AUX
fsr-3304	396	60	incorporated	incorporate	VERB
fsr-3304	396	61	via	via	ADP
fsr-3304	396	62	the	the	DET
fsr-3304	396	63	variance	variance	NOUN
fsr-3304	396	64	-	-	PUNCT
fsr-3304	396	65	covariance	covariance	NOUN
fsr-3304	396	66	matrix	matrix	NOUN
fsr-3304	396	67	�	�	NOUN
fsr-3304	396	68	and	and	CCONJ
fsr-3304	396	69	serial	serial	ADJ
fsr-3304	396	70	correlations	correlation	NOUN
fsr-3304	396	71	of	of	ADP
fsr-3304	396	72	the	the	DET
fsr-3304	396	73	variables	variable	NOUN
fsr-3304	396	74	via	via	ADP
fsr-3304	396	75	the	the	DET
fsr-3304	396	76	coefficients	coefficient	NOUN
fsr-3304	396	77	�	�	PROPN
fsr-3304	396	78	.	.	PUNCT
fsr-3304	397	1	the	the	DET
fsr-3304	397	2	econometric	econometric	ADJ
fsr-3304	397	3	regression	regression	NOUN
fsr-3304	397	4	on	on	ADP
fsr-3304	397	5	historical	historical	ADJ
fsr-3304	397	6	data	datum	NOUN
fsr-3304	397	7	yields	yield	NOUN
fsr-3304	397	8	estimates	estimate	NOUN
fsr-3304	397	9	of	of	ADP
fsr-3304	397	10	the	the	DET
fsr-3304	397	11	coefficients	coefficient	NOUN
fsr-3304	397	12	,	,	PUNCT
fsr-3304	397	13	�	�	PROPN
fsr-3304	397	14	̂	̂	NOUN
fsr-3304	397	15	�	�	NOUN
fsr-3304	397	16	s	s	PART
fsr-3304	397	17	and	and	CCONJ
fsr-3304	397	18	the	the	DET
fsr-3304	397	19	variancecovariance	variancecovariance	NOUN
fsr-3304	397	20	matrix	matrix	NOUN
fsr-3304	397	21	�	�	NOUN
fsr-3304	397	22	̂.	̂.	VERB
fsr-3304	397	23	the	the	DET
fsr-3304	397	24	simulations	simulation	NOUN
fsr-3304	397	25	follow	follow	VERB
fsr-3304	397	26	several	several	ADJ
fsr-3304	397	27	steps	step	NOUN
fsr-3304	397	28	:	:	PUNCT
fsr-3304	397	29	first	first	ADV
fsr-3304	397	30	,	,	PUNCT
fsr-3304	397	31	a	a	DET
fsr-3304	397	32	cholesky	cholesky	ADJ
fsr-3304	397	33	factorization	factorization	NOUN
fsr-3304	397	34	table	table	NOUN
fsr-3304	397	35	a-1	a-1	PROPN
fsr-3304	397	36	search	search	VERB
fsr-3304	397	37	for	for	ADP
fsr-3304	397	38	optimal	optimal	ADJ
fsr-3304	397	39	strategies	strategy	NOUN
fsr-3304	397	40	among	among	ADP
fsr-3304	397	41	systematic	systematic	ADJ
fsr-3304	397	42	withdrawals	withdrawal	NOUN
fsr-3304	397	43	—	—	PUNCT
fsr-3304	397	44	singles	single	NOUN
fsr-3304	397	45	real	real	ADJ
fsr-3304	397	46	$	$	SYM
fsr-3304	397	47	000	000	NUM
fsr-3304	397	48	95th	95th	ADJ
fsr-3304	397	49	percentile	percentile	ADJ
fsr-3304	397	50	50th	50th	ADJ
fsr-3304	397	51	percentile	percentile	ADJ
fsr-3304	397	52	5th	5th	ADJ
fsr-3304	397	53	percentile	percentile	ADJ
fsr-3304	397	54	mean	mean	VERB
fsr-3304	397	55	standard	standard	ADJ
fsr-3304	397	56	deviation	deviation	NOUN
fsr-3304	397	57	a.	a.	NOUN
fsr-3304	397	58	options	option	NOUN
fsr-3304	397	59	:	:	PUNCT
fsr-3304	397	60	fixed	fix	VERB
fsr-3304	397	61	dollars	dollar	NOUN
fsr-3304	397	62	,	,	PUNCT
fsr-3304	397	63	inflation	inflation	NOUN
fsr-3304	397	64	adjusted	adjust	VERB
fsr-3304	397	65	optimal	optimal	ADJ
fsr-3304	397	66	strategy	strategy	NOUN
fsr-3304	397	67	:	:	PUNCT
fsr-3304	397	68	withdrawal	withdrawal	NOUN
fsr-3304	397	69	$	$	SYM
fsr-3304	397	70	15	15	NUM
fsr-3304	397	71	,	,	PUNCT
fsr-3304	397	72	ace	ace	VERB
fsr-3304	397	73	25.1	25.1	NUM
fsr-3304	397	74	income	income	NOUN
fsr-3304	397	75	28.8	28.8	NUM
fsr-3304	397	76	28.8	28.8	NUM
fsr-3304	397	77	13.8	13.8	NUM
fsr-3304	397	78	27.0	27.0	NUM
fsr-3304	397	79	4.8	4.8	NUM
fsr-3304	397	80	balance	balance	NOUN
fsr-3304	397	81	315.5	315.5	NUM
fsr-3304	397	82	174.2	174.2	NUM
fsr-3304	397	83	0.0	0.0	NUM
fsr-3304	397	84	163.0	163.0	NUM
fsr-3304	397	85	106.3	106.3	NUM
fsr-3304	397	86	b.	b.	NOUN
fsr-3304	397	87	options	option	NOUN
fsr-3304	397	88	:	:	PUNCT
fsr-3304	397	89	fixed	fix	VERB
fsr-3304	397	90	percentage	percentage	NOUN
fsr-3304	397	91	of	of	ADP
fsr-3304	397	92	balance	balance	NOUN
fsr-3304	397	93	,	,	PUNCT
fsr-3304	397	94	nominal	nominal	ADJ
fsr-3304	397	95	optimal	optimal	ADJ
fsr-3304	397	96	strategy	strategy	NOUN
fsr-3304	397	97	:	:	PUNCT
fsr-3304	397	98	withdrawal	withdrawal	NOUN
fsr-3304	397	99	9	9	NUM
fsr-3304	397	100	%	%	NOUN
fsr-3304	397	101	,	,	PUNCT
fsr-3304	397	102	ace	ace	VERB
fsr-3304	397	103	25.7	25.7	NUM
fsr-3304	397	104	income	income	NOUN
fsr-3304	397	105	36.7	36.7	NUM
fsr-3304	397	106	26.7	26.7	NUM
fsr-3304	397	107	17.6	17.6	NUM
fsr-3304	397	108	27.2	27.2	NUM
fsr-3304	397	109	6.4	6.4	NUM
fsr-3304	397	110	balance	balance	NOUN
fsr-3304	397	111	254.1	254.1	NUM
fsr-3304	397	112	140.3	140.3	NUM
fsr-3304	397	113	41.0	41.0	NUM
fsr-3304	397	114	146.3	146.3	NUM
fsr-3304	397	115	71.4	71.4	NUM
fsr-3304	397	116	source	source	NOUN
fsr-3304	397	117	:	:	PUNCT
fsr-3304	397	118	author	author	NOUN
fsr-3304	397	119	’s	’s	PART
fsr-3304	397	120	simulations	simulation	NOUN
fsr-3304	397	121	.	.	PUNCT
fsr-3304	398	1	higher	high	ADJ
fsr-3304	398	2	aces	ace	NOUN
fsr-3304	398	3	(	(	PUNCT
fsr-3304	398	4	average	average	ADJ
fsr-3304	398	5	certainty	certainty	NOUN
fsr-3304	398	6	equivalent	equivalent	ADJ
fsr-3304	398	7	consumption	consumption	NOUN
fsr-3304	398	8	)	)	PUNCT
fsr-3304	398	9	indicate	indicate	VERB
fsr-3304	398	10	better	well	ADJ
fsr-3304	398	11	outcomes	outcome	NOUN
fsr-3304	398	12	for	for	ADP
fsr-3304	398	13	households	household	NOUN
fsr-3304	398	14	,	,	PUNCT
fsr-3304	398	15	for	for	ADP
fsr-3304	398	16	a	a	DET
fsr-3304	398	17	given	give	VERB
fsr-3304	398	18	set	set	NOUN
fsr-3304	398	19	of	of	ADP
fsr-3304	398	20	preference	preference	NOUN
fsr-3304	398	21	parameters	parameter	NOUN
fsr-3304	398	22	.	.	PUNCT
fsr-3304	399	1	table	table	NOUN
fsr-3304	399	2	a-2	a-2	PROPN
fsr-3304	399	3	search	search	NOUN
fsr-3304	399	4	for	for	ADP
fsr-3304	399	5	optimal	optimal	ADJ
fsr-3304	399	6	strategies	strategy	NOUN
fsr-3304	399	7	among	among	ADP
fsr-3304	399	8	systematic	systematic	ADJ
fsr-3304	399	9	withdrawals	withdrawal	NOUN
fsr-3304	399	10	—	—	PUNCT
fsr-3304	399	11	couples	couple	NOUN
fsr-3304	399	12	real	real	ADJ
fsr-3304	399	13	$	$	SYM
fsr-3304	399	14	000	000	NUM
fsr-3304	399	15	95th	95th	ADJ
fsr-3304	399	16	percentile	percentile	ADJ
fsr-3304	399	17	50th	50th	ADJ
fsr-3304	399	18	percentile	percentile	ADJ
fsr-3304	399	19	5th	5th	ADJ
fsr-3304	399	20	percentile	percentile	ADJ
fsr-3304	399	21	mean	mean	VERB
fsr-3304	399	22	standard	standard	ADJ
fsr-3304	399	23	deviation	deviation	NOUN
fsr-3304	399	24	a.	a.	NOUN
fsr-3304	399	25	options	option	NOUN
fsr-3304	399	26	:	:	PUNCT
fsr-3304	399	27	fixed	fix	VERB
fsr-3304	399	28	dollars	dollar	NOUN
fsr-3304	399	29	,	,	PUNCT
fsr-3304	399	30	inflation	inflation	NOUN
fsr-3304	399	31	adjusted	adjust	VERB
fsr-3304	399	32	optimal	optimal	ADJ
fsr-3304	399	33	strategy	strategy	NOUN
fsr-3304	399	34	:	:	PUNCT
fsr-3304	399	35	withdrawal	withdrawal	NOUN
fsr-3304	399	36	$	$	SYM
fsr-3304	399	37	15	15	NUM
fsr-3304	399	38	,	,	PUNCT
fsr-3304	399	39	ace	ace	VERB
fsr-3304	399	40	23.2	23.2	NUM
fsr-3304	399	41	income	income	NOUN
fsr-3304	399	42	35.7	35.7	NUM
fsr-3304	399	43	35.7	35.7	NUM
fsr-3304	399	44	13.8	13.8	NUM
fsr-3304	399	45	30.4	30.4	NUM
fsr-3304	399	46	7.2	7.2	NUM
fsr-3304	399	47	balance	balance	NOUN
fsr-3304	399	48	314.0	314.0	NUM
fsr-3304	399	49	158.3	158.3	NUM
fsr-3304	399	50	0.0	0.0	NUM
fsr-3304	399	51	151.7	151.7	NUM
fsr-3304	399	52	109.4	109.4	NUM
fsr-3304	399	53	b.	b.	NOUN
fsr-3304	399	54	options	option	NOUN
fsr-3304	399	55	:	:	PUNCT
fsr-3304	399	56	fixed	fix	VERB
fsr-3304	399	57	percentage	percentage	NOUN
fsr-3304	399	58	of	of	ADP
fsr-3304	399	59	balance	balance	NOUN
fsr-3304	399	60	,	,	PUNCT
fsr-3304	399	61	nominal	nominal	ADJ
fsr-3304	399	62	optimal	optimal	ADJ
fsr-3304	399	63	strategy	strategy	NOUN
fsr-3304	399	64	:	:	PUNCT
fsr-3304	399	65	withdrawal	withdrawal	NOUN
fsr-3304	399	66	9	9	NUM
fsr-3304	399	67	%	%	NOUN
fsr-3304	399	68	,	,	PUNCT
fsr-3304	399	69	ace	ace	VERB
fsr-3304	399	70	23.9	23.9	NUM
fsr-3304	399	71	income	income	NOUN
fsr-3304	399	72	43.1	43.1	NUM
fsr-3304	399	73	30.0	30.0	NUM
fsr-3304	399	74	17.5	17.5	NUM
fsr-3304	399	75	30.2	30.2	NUM
fsr-3304	399	76	8.5	8.5	NUM
fsr-3304	399	77	balance	balance	NOUN
fsr-3304	399	78	250.3	250.3	NUM
fsr-3304	399	79	126.8	126.8	NUM
fsr-3304	399	80	37.0	37.0	NUM
fsr-3304	399	81	136.8	136.8	NUM
fsr-3304	399	82	71.6	71.6	NUM
fsr-3304	399	83	source	source	NOUN
fsr-3304	399	84	:	:	PUNCT
fsr-3304	399	85	author	author	NOUN
fsr-3304	399	86	’s	’s	PART
fsr-3304	399	87	simulations	simulation	NOUN
fsr-3304	399	88	.	.	PUNCT
fsr-3304	400	1	higher	high	ADJ
fsr-3304	400	2	aces	ace	NOUN
fsr-3304	400	3	(	(	PUNCT
fsr-3304	400	4	average	average	ADJ
fsr-3304	400	5	certainty	certainty	NOUN
fsr-3304	400	6	equivalent	equivalent	ADJ
fsr-3304	400	7	consumption	consumption	NOUN
fsr-3304	400	8	)	)	PUNCT
fsr-3304	400	9	indicate	indicate	VERB
fsr-3304	400	10	better	well	ADJ
fsr-3304	400	11	outcomes	outcome	NOUN
fsr-3304	400	12	for	for	ADP
fsr-3304	400	13	households	household	NOUN
fsr-3304	400	14	,	,	PUNCT
fsr-3304	400	15	for	for	ADP
fsr-3304	400	16	a	a	DET
fsr-3304	400	17	given	give	VERB
fsr-3304	400	18	set	set	NOUN
fsr-3304	400	19	of	of	ADP
fsr-3304	400	20	preference	preference	NOUN
fsr-3304	400	21	parameters	parameter	NOUN
fsr-3304	400	22	.	.	PUNCT
fsr-3304	401	1	138	138	NUM
fsr-3304	401	2	m.j	m.j	PROPN
fsr-3304	401	3	.	.	PROPN
fsr-3304	401	4	warshawsky	warshawsky	PROPN
fsr-3304	401	5	/	/	SYM
fsr-3304	401	6	financial	financial	ADJ
fsr-3304	401	7	services	service	NOUN
fsr-3304	401	8	review	review	VERB
fsr-3304	401	9	26	26	NUM
fsr-3304	401	10	(	(	PUNCT
fsr-3304	401	11	2017	2017	NUM
fsr-3304	401	12	)	)	PUNCT
fsr-3304	401	13	113–141	113–141	NUM
fsr-3304	401	14	decomposes	decompose	VERB
fsr-3304	401	15	the	the	DET
fsr-3304	401	16	variance	variance	NOUN
fsr-3304	401	17	-	-	PUNCT
fsr-3304	401	18	covariance	covariance	NOUN
fsr-3304	401	19	matrix	matrix	NOUN
fsr-3304	401	20	to	to	ADP
fsr-3304	401	21	a	a	DET
fsr-3304	401	22	triangle	triangle	NOUN
fsr-3304	401	23	matrix	matrix	NOUN
fsr-3304	401	24	.	.	PUNCT
fsr-3304	402	1	that	that	PRON
fsr-3304	402	2	is	is	ADV
fsr-3304	402	3	,	,	PUNCT
fsr-3304	402	4	the	the	DET
fsr-3304	402	5	factorization	factorization	NOUN
fsr-3304	402	6	finds	find	VERB
fsr-3304	402	7	a	a	DET
fsr-3304	402	8	triangle	triangle	NOUN
fsr-3304	402	9	matrix	matrix	NOUN
fsr-3304	402	10	w	w	NOUN
fsr-3304	402	11	so	so	SCONJ
fsr-3304	402	12	that	that	SCONJ
fsr-3304	402	13	w	w	PROPN
fsr-3304	402	14	�	�	PROPN
fsr-3304	402	15	w	w	PROPN
fsr-3304	402	16	�	�	PROPN
fsr-3304	402	17	�	�	PROPN
fsr-3304	402	18	̂.	̂.	PROPN
fsr-3304	402	19	second	second	NOUN
fsr-3304	402	20	,	,	PUNCT
fsr-3304	402	21	a	a	DET
fsr-3304	402	22	vector	vector	NOUN
fsr-3304	402	23	of	of	ADP
fsr-3304	402	24	random	random	ADJ
fsr-3304	402	25	values	value	NOUN
fsr-3304	402	26	are	be	AUX
fsr-3304	402	27	generated	generate	VERB
fsr-3304	402	28	according	accord	VERB
fsr-3304	402	29	to	to	PART
fsr-3304	402	30	iid	iid	VERB
fsr-3304	402	31	n(0	n(0	PROPN
fsr-3304	402	32	,	,	PUNCT
fsr-3304	402	33	1	1	NUM
fsr-3304	402	34	)	)	PUNCT
fsr-3304	402	35	.	.	PUNCT
fsr-3304	403	1	multiplying	multiply	VERB
fsr-3304	403	2	this	this	DET
fsr-3304	403	3	vector	vector	NOUN
fsr-3304	403	4	by	by	ADP
fsr-3304	403	5	the	the	DET
fsr-3304	403	6	cholesky	cholesky	ADJ
fsr-3304	403	7	factor	factor	NOUN
fsr-3304	403	8	matrix	matrix	NOUN
fsr-3304	403	9	generates	generate	VERB
fsr-3304	403	10	correlated	correlate	VERB
fsr-3304	403	11	shocks	shock	NOUN
fsr-3304	403	12	to	to	ADP
fsr-3304	403	13	rates	rate	NOUN
fsr-3304	403	14	and	and	CCONJ
fsr-3304	403	15	returns	return	NOUN
fsr-3304	403	16	.	.	PUNCT
fsr-3304	404	1	third	third	ADJ
fsr-3304	404	2	,	,	PUNCT
fsr-3304	404	3	multiplying	multiply	VERB
fsr-3304	404	4	the	the	DET
fsr-3304	404	5	var	var	NOUN
fsr-3304	404	6	coefficients	coefficient	NOUN
fsr-3304	404	7	by	by	ADP
fsr-3304	404	8	previous	previous	ADJ
fsr-3304	404	9	period	period	NOUN
fsr-3304	404	10	returns	return	NOUN
fsr-3304	404	11	,	,	PUNCT
fsr-3304	404	12	plus	plus	CCONJ
fsr-3304	404	13	the	the	DET
fsr-3304	404	14	shocks	shock	NOUN
fsr-3304	404	15	,	,	PUNCT
fsr-3304	404	16	gives	give	VERB
fsr-3304	404	17	current	current	ADJ
fsr-3304	404	18	period	period	NOUN
fsr-3304	404	19	returns	return	NOUN
fsr-3304	404	20	.	.	PUNCT
fsr-3304	405	1	the	the	DET
fsr-3304	405	2	procedure	procedure	NOUN
fsr-3304	405	3	is	be	AUX
fsr-3304	405	4	repeated	repeat	VERB
fsr-3304	405	5	forward	forward	ADV
fsr-3304	405	6	until	until	ADP
fsr-3304	405	7	the	the	DET
fsr-3304	405	8	end	end	NOUN
fsr-3304	405	9	-	-	PUNCT
fsr-3304	405	10	of	of	ADP
fsr-3304	405	11	-	-	PUNCT
fsr-3304	405	12	time	time	NOUN
fsr-3304	405	13	horizon	horizon	NOUN
fsr-3304	405	14	under	under	ADP
fsr-3304	405	15	consideration	consideration	NOUN
fsr-3304	405	16	.	.	PUNCT
fsr-3304	406	1	following	follow	VERB
fsr-3304	406	2	the	the	DET
fsr-3304	406	3	specification	specification	NOUN
fsr-3304	406	4	in	in	ADP
fsr-3304	406	5	campbell	campbell	PROPN
fsr-3304	406	6	and	and	CCONJ
fsr-3304	406	7	viceira	viceira	PROPN
fsr-3304	406	8	(	(	PUNCT
fsr-3304	406	9	2005	2005	NUM
fsr-3304	406	10	)	)	PUNCT
fsr-3304	406	11	,	,	PUNCT
fsr-3304	406	12	asset	asset	NOUN
fsr-3304	406	13	classes	class	NOUN
fsr-3304	406	14	include	include	VERB
fsr-3304	406	15	money	money	NOUN
fsr-3304	406	16	market	market	NOUN
fsr-3304	406	17	(	(	PUNCT
fsr-3304	406	18	90	90	NUM
fsr-3304	406	19	-	-	PUNCT
fsr-3304	406	20	day	day	NOUN
fsr-3304	406	21	t	t	PROPN
fsr-3304	406	22	-	-	PUNCT
fsr-3304	406	23	bills	bill	NOUN
fsr-3304	406	24	)	)	PUNCT
fsr-3304	406	25	,	,	PUNCT
fsr-3304	406	26	stocks	stock	NOUN
fsr-3304	406	27	(	(	PUNCT
fsr-3304	406	28	proxied	proxie	VERB
fsr-3304	406	29	by	by	ADP
fsr-3304	406	30	the	the	DET
fsr-3304	406	31	s&p	s&p	PROPN
fsr-3304	406	32	500	500	NUM
fsr-3304	406	33	total	total	NOUN
fsr-3304	406	34	return	return	NOUN
fsr-3304	406	35	index	index	NOUN
fsr-3304	406	36	)	)	PUNCT
fsr-3304	406	37	,	,	PUNCT
fsr-3304	406	38	and	and	CCONJ
fsr-3304	406	39	bonds	bond	NOUN
fsr-3304	406	40	(	(	PUNCT
fsr-3304	406	41	proxied	proxie	VERB
fsr-3304	406	42	by	by	ADP
fsr-3304	406	43	the	the	DET
fsr-3304	406	44	10	10	NUM
fsr-3304	406	45	-	-	PUNCT
fsr-3304	406	46	year	year	NOUN
fsr-3304	406	47	u.s	u.s	PROPN
fsr-3304	406	48	.	.	PROPN
fsr-3304	406	49	government	government	NOUN
fsr-3304	406	50	bond	bond	NOUN
fsr-3304	406	51	total	total	ADJ
fsr-3304	406	52	return	return	NOUN
fsr-3304	406	53	index	index	NOUN
fsr-3304	406	54	)	)	PUNCT
fsr-3304	406	55	.	.	PUNCT
fsr-3304	407	1	these	these	DET
fsr-3304	407	2	rates	rate	NOUN
fsr-3304	407	3	and	and	CCONJ
fsr-3304	407	4	returns	return	NOUN
fsr-3304	407	5	in	in	ADP
fsr-3304	407	6	the	the	DET
fsr-3304	407	7	var	var	NOUN
fsr-3304	407	8	estimation	estimation	NOUN
fsr-3304	407	9	are	be	AUX
fsr-3304	407	10	expressed	express	VERB
fsr-3304	407	11	in	in	ADP
fsr-3304	407	12	logarithm	logarithm	NOUN
fsr-3304	407	13	real	real	ADJ
fsr-3304	407	14	terms	term	NOUN
fsr-3304	407	15	(	(	PUNCT
fsr-3304	407	16	after	after	ADP
fsr-3304	407	17	adjusting	adjust	VERB
fsr-3304	407	18	for	for	ADP
fsr-3304	407	19	inflation	inflation	NOUN
fsr-3304	407	20	measured	measure	VERB
fsr-3304	407	21	by	by	ADP
fsr-3304	407	22	the	the	DET
fsr-3304	407	23	change	change	NOUN
fsr-3304	407	24	in	in	ADP
fsr-3304	407	25	the	the	DET
fsr-3304	407	26	cpi	cpi	PROPN
fsr-3304	407	27	-	-	PUNCT
fsr-3304	407	28	u	u	NOUN
fsr-3304	407	29	index	index	NOUN
fsr-3304	407	30	)	)	PUNCT
fsr-3304	407	31	,	,	PUNCT
fsr-3304	407	32	using	use	VERB
fsr-3304	407	33	quarterly	quarterly	ADJ
fsr-3304	407	34	data	datum	NOUN
fsr-3304	407	35	.	.	PUNCT
fsr-3304	408	1	additionally	additionally	ADV
fsr-3304	408	2	,	,	PUNCT
fsr-3304	408	3	three	three	NUM
fsr-3304	408	4	forecasting	forecasting	NOUN
fsr-3304	408	5	variables	variable	NOUN
fsr-3304	408	6	(	(	PUNCT
fsr-3304	408	7	state	state	NOUN
fsr-3304	408	8	variables	variable	NOUN
fsr-3304	408	9	)	)	PUNCT
fsr-3304	408	10	,	,	PUNCT
fsr-3304	408	11	which	which	PRON
fsr-3304	408	12	help	help	VERB
fsr-3304	408	13	form	form	VERB
fsr-3304	408	14	expectations	expectation	NOUN
fsr-3304	408	15	of	of	ADP
fsr-3304	408	16	future	future	ADJ
fsr-3304	408	17	rates	rate	NOUN
fsr-3304	408	18	and	and	CCONJ
fsr-3304	408	19	returns	return	NOUN
fsr-3304	408	20	,	,	PUNCT
fsr-3304	408	21	include	include	VERB
fsr-3304	408	22	short	short	ADJ
fsr-3304	408	23	-	-	PUNCT
fsr-3304	408	24	term	term	NOUN
fsr-3304	408	25	nominal	nominal	ADJ
fsr-3304	408	26	interest	interest	NOUN
fsr-3304	408	27	rate	rate	NOUN
fsr-3304	408	28	(	(	PUNCT
fsr-3304	408	29	nominal	nominal	ADJ
fsr-3304	408	30	t	t	PROPN
fsr-3304	408	31	-	-	PUNCT
fsr-3304	408	32	bills	bill	NOUN
fsr-3304	408	33	)	)	PUNCT
fsr-3304	408	34	,	,	PUNCT
fsr-3304	408	35	equity	equity	NOUN
fsr-3304	408	36	dividend	dividend	NOUN
fsr-3304	408	37	yield	yield	NOUN
fsr-3304	408	38	,	,	PUNCT
fsr-3304	408	39	and	and	CCONJ
fsr-3304	408	40	the	the	DET
fsr-3304	408	41	slope	slope	NOUN
fsr-3304	408	42	of	of	ADP
fsr-3304	408	43	the	the	DET
fsr-3304	408	44	yield	yield	NOUN
fsr-3304	408	45	curve	curve	NOUN
fsr-3304	408	46	(	(	PUNCT
fsr-3304	408	47	yield	yield	NOUN
fsr-3304	408	48	spread	spread	VERB
fsr-3304	408	49	as	as	ADP
fsr-3304	408	50	the	the	DET
fsr-3304	408	51	difference	difference	NOUN
fsr-3304	408	52	between	between	ADP
fsr-3304	408	53	u.s	u.s	PROPN
fsr-3304	408	54	.	.	PROPN
fsr-3304	408	55	10	10	NUM
fsr-3304	408	56	-	-	PUNCT
fsr-3304	408	57	year	year	NOUN
fsr-3304	408	58	t	t	NOUN
fsr-3304	408	59	-	-	PUNCT
fsr-3304	408	60	note	note	NOUN
fsr-3304	408	61	zero	zero	NUM
fsr-3304	408	62	-	-	PUNCT
fsr-3304	408	63	coupon	coupon	NOUN
fsr-3304	408	64	yield	yield	NOUN
fsr-3304	408	65	and	and	CCONJ
fsr-3304	408	66	the	the	DET
fsr-3304	408	67	yield	yield	NOUN
fsr-3304	408	68	on	on	ADP
fsr-3304	408	69	90	90	NUM
fsr-3304	408	70	-	-	PUNCT
fsr-3304	408	71	day	day	NOUN
fsr-3304	408	72	t	t	PROPN
fsr-3304	408	73	-	-	PUNCT
fsr-3304	408	74	bills	bill	NOUN
fsr-3304	408	75	)	)	PUNCT
fsr-3304	408	76	.	.	PUNCT
fsr-3304	409	1	the	the	DET
fsr-3304	409	2	entire	entire	ADJ
fsr-3304	409	3	system	system	NOUN
fsr-3304	409	4	is	be	AUX
fsr-3304	409	5	estimated	estimate	VERB
fsr-3304	409	6	on	on	ADP
fsr-3304	409	7	1962–2011	1962–2011	NUM
fsr-3304	409	8	quarterly	quarterly	ADJ
fsr-3304	409	9	data	datum	NOUN
fsr-3304	409	10	.	.	PUNCT
fsr-3304	410	1	bankruptcy	bankruptcy	NOUN
fsr-3304	410	2	of	of	ADP
fsr-3304	410	3	insurance	insurance	NOUN
fsr-3304	410	4	companies	company	NOUN
fsr-3304	410	5	may	may	AUX
fsr-3304	410	6	occur	occur	VERB
fsr-3304	410	7	.	.	PUNCT
fsr-3304	411	1	it	it	PRON
fsr-3304	411	2	is	be	AUX
fsr-3304	411	3	assumed	assume	VERB
fsr-3304	411	4	that	that	SCONJ
fsr-3304	411	5	an	an	DET
fsr-3304	411	6	insurance	insurance	NOUN
fsr-3304	411	7	provider	provider	NOUN
fsr-3304	411	8	fails	fail	VERB
fsr-3304	411	9	with	with	ADP
fsr-3304	411	10	a	a	DET
fsr-3304	411	11	probability	probability	NOUN
fsr-3304	411	12	of	of	ADP
fsr-3304	411	13	0.15	0.15	NUM
fsr-3304	411	14	%	%	NOUN
fsr-3304	411	15	per	per	ADP
fsr-3304	411	16	annum	annum	X
fsr-3304	411	17	(	(	PUNCT
fsr-3304	411	18	uniform	uniform	ADJ
fsr-3304	411	19	distribution	distribution	NOUN
fsr-3304	411	20	)	)	PUNCT
fsr-3304	411	21	,	,	PUNCT
fsr-3304	411	22	based	base	VERB
fsr-3304	411	23	on	on	ADP
fsr-3304	411	24	moody	moody	PROPN
fsr-3304	411	25	’s	’s	PART
fsr-3304	411	26	global	global	ADJ
fsr-3304	411	27	analysis	analysis	NOUN
fsr-3304	411	28	of	of	ADP
fsr-3304	411	29	default	default	NOUN
fsr-3304	411	30	probability	probability	NOUN
fsr-3304	411	31	for	for	ADP
fsr-3304	411	32	corporate	corporate	ADJ
fsr-3304	411	33	bonds	bond	NOUN
fsr-3304	411	34	rated	rate	VERB
fsr-3304	411	35	a	a	PRON
fsr-3304	411	36	for	for	ADP
fsr-3304	411	37	1970–2005	1970–2005	NUM
fsr-3304	411	38	.	.	PUNCT
fsr-3304	412	1	the	the	DET
fsr-3304	412	2	size	size	NOUN
fsr-3304	412	3	of	of	ADP
fsr-3304	412	4	the	the	DET
fsr-3304	412	5	loss	loss	NOUN
fsr-3304	412	6	of	of	ADP
fsr-3304	412	7	insurance	insurance	NOUN
fsr-3304	412	8	contract	contract	NOUN
fsr-3304	412	9	value	value	NOUN
fsr-3304	412	10	is	be	AUX
fsr-3304	412	11	simulated	simulate	VERB
fsr-3304	412	12	,	,	PUNCT
fsr-3304	412	13	within	within	ADP
fsr-3304	412	14	the	the	DET
fsr-3304	412	15	empirical	empirical	ADJ
fsr-3304	412	16	range	range	NOUN
fsr-3304	412	17	of	of	ADP
fsr-3304	412	18	economic	economic	ADJ
fsr-3304	412	19	contractions	contraction	NOUN
fsr-3304	412	20	estimated	estimate	VERB
fsr-3304	412	21	by	by	ADP
fsr-3304	412	22	barro	barro	PROPN
fsr-3304	412	23	(	(	PUNCT
fsr-3304	412	24	2006	2006	NUM
fsr-3304	412	25	)	)	PUNCT
fsr-3304	412	26	.	.	PUNCT
fsr-3304	413	1	appendix	appendix	PROPN
fsr-3304	413	2	b	b	NOUN
fsr-3304	413	3	:	:	PUNCT
fsr-3304	413	4	results	result	NOUN
fsr-3304	413	5	for	for	ADP
fsr-3304	413	6	additional	additional	ADJ
fsr-3304	413	7	scenarios	scenario	NOUN
fsr-3304	413	8	table	table	NOUN
fsr-3304	413	9	a-1	a-1	PROPN
fsr-3304	413	10	shows	show	VERB
fsr-3304	413	11	the	the	DET
fsr-3304	413	12	optimal	optimal	ADJ
fsr-3304	413	13	results	result	NOUN
fsr-3304	413	14	for	for	ADP
fsr-3304	413	15	single	single	ADJ
fsr-3304	413	16	retirees	retiree	NOUN
fsr-3304	413	17	considering	consider	VERB
fsr-3304	413	18	systematic	systematic	ADJ
fsr-3304	413	19	withdrawals	withdrawal	NOUN
fsr-3304	413	20	alone	alone	ADV
fsr-3304	413	21	.	.	PUNCT
fsr-3304	414	1	for	for	ADP
fsr-3304	414	2	the	the	DET
fsr-3304	414	3	optimal	optimal	ADJ
fsr-3304	414	4	fixed	fix	VERB
fsr-3304	414	5	-	-	PUNCT
fsr-3304	414	6	dollar	dollar	NOUN
fsr-3304	414	7	inflation	inflation	NOUN
fsr-3304	414	8	-	-	PUNCT
fsr-3304	414	9	indexed	index	VERB
fsr-3304	414	10	withdrawals	withdrawal	NOUN
fsr-3304	414	11	,	,	PUNCT
fsr-3304	414	12	the	the	DET
fsr-3304	414	13	median	median	ADJ
fsr-3304	414	14	level	level	NOUN
fsr-3304	414	15	of	of	ADP
fsr-3304	414	16	real	real	ADJ
fsr-3304	414	17	consumption	consumption	NOUN
fsr-3304	414	18	is	be	AUX
fsr-3304	414	19	$	$	SYM
fsr-3304	414	20	28,800	28,800	NUM
fsr-3304	414	21	,	,	PUNCT
fsr-3304	414	22	including	include	VERB
fsr-3304	414	23	$	$	SYM
fsr-3304	414	24	13,800	13,800	NUM
fsr-3304	414	25	from	from	ADP
fsr-3304	414	26	social	social	ADJ
fsr-3304	414	27	security	security	NOUN
fsr-3304	414	28	.	.	PUNCT
fsr-3304	415	1	the	the	DET
fsr-3304	415	2	median	median	ADJ
fsr-3304	415	3	real	real	ADJ
fsr-3304	415	4	balance	balance	NOUN
fsr-3304	415	5	is	be	AUX
fsr-3304	415	6	$	$	SYM
fsr-3304	415	7	174,200	174,200	NUM
fsr-3304	415	8	among	among	ADP
fsr-3304	415	9	survivors	survivor	NOUN
fsr-3304	415	10	.	.	PUNCT
fsr-3304	416	1	table	table	PROPN
fsr-3304	416	2	a-2	a-2	PROPN
fsr-3304	416	3	shows	show	VERB
fsr-3304	416	4	the	the	DET
fsr-3304	416	5	optimal	optimal	ADJ
fsr-3304	416	6	results	result	NOUN
fsr-3304	416	7	for	for	ADP
fsr-3304	416	8	married	married	ADJ
fsr-3304	416	9	retirees	retiree	NOUN
fsr-3304	416	10	who	who	PRON
fsr-3304	416	11	are	be	AUX
fsr-3304	416	12	considering	consider	VERB
fsr-3304	416	13	systematic	systematic	ADJ
fsr-3304	416	14	withdrawals	withdrawal	NOUN
fsr-3304	416	15	alone	alone	ADV
fsr-3304	416	16	,	,	PUNCT
fsr-3304	416	17	either	either	CCONJ
fsr-3304	416	18	fixed	fix	VERB
fsr-3304	416	19	real	real	ADJ
fsr-3304	416	20	dollars	dollar	NOUN
fsr-3304	416	21	or	or	CCONJ
fsr-3304	416	22	a	a	DET
fsr-3304	416	23	fixed	fixed	ADJ
fsr-3304	416	24	percentage	percentage	NOUN
fsr-3304	416	25	of	of	ADP
fsr-3304	416	26	balances	balance	NOUN
fsr-3304	416	27	.	.	PUNCT
fsr-3304	417	1	acknowledgments	acknowledgment	NOUN
fsr-3304	417	2	i	i	PRON
fsr-3304	417	3	thank	thank	VERB
fsr-3304	417	4	professors	professor	NOUN
fsr-3304	417	5	jing	je	VERB
fsr-3304	417	6	ai	ai	VERB
fsr-3304	417	7	,	,	PUNCT
fsr-3304	417	8	raimond	raimond	VERB
fsr-3304	417	9	maurer	maurer	NOUN
fsr-3304	417	10	,	,	PUNCT
fsr-3304	417	11	and	and	CCONJ
fsr-3304	417	12	anthony	anthony	PROPN
fsr-3304	417	13	webb	webb	PROPN
fsr-3304	417	14	for	for	ADP
fsr-3304	417	15	helpful	helpful	ADJ
fsr-3304	417	16	comments	comment	NOUN
fsr-3304	417	17	and	and	CCONJ
fsr-3304	417	18	access	access	NOUN
fsr-3304	417	19	to	to	ADP
fsr-3304	417	20	unpublished	unpublished	ADJ
fsr-3304	417	21	empirical	empirical	ADJ
fsr-3304	417	22	findings	finding	NOUN
fsr-3304	417	23	,	,	PUNCT
fsr-3304	417	24	the	the	DET
fsr-3304	417	25	three	three	NUM
fsr-3304	417	26	anonymous	anonymous	ADJ
fsr-3304	417	27	reviewers	reviewer	NOUN
fsr-3304	417	28	for	for	ADP
fsr-3304	417	29	this	this	DET
fsr-3304	417	30	journal	journal	NOUN
fsr-3304	417	31	,	,	PUNCT
fsr-3304	417	32	and	and	CCONJ
fsr-3304	417	33	,	,	PUNCT
fsr-3304	417	34	especially	especially	ADV
fsr-3304	417	35	,	,	PUNCT
fsr-3304	417	36	gaobo	gaobo	ADJ
fsr-3304	417	37	pang	pang	NOUN
fsr-3304	417	38	,	,	PUNCT
fsr-3304	417	39	for	for	ADP
fsr-3304	417	40	his	his	PRON
fsr-3304	417	41	considerable	considerable	ADJ
fsr-3304	417	42	assistance	assistance	NOUN
fsr-3304	417	43	and	and	CCONJ
fsr-3304	417	44	advice	advice	NOUN
fsr-3304	417	45	on	on	ADP
fsr-3304	417	46	this	this	DET
fsr-3304	417	47	article	article	NOUN
fsr-3304	417	48	.	.	PUNCT
fsr-3304	418	1	references	reference	NOUN
fsr-3304	418	2	ameriks	ameriks	PROPN
fsr-3304	418	3	,	,	PUNCT
fsr-3304	418	4	j.	j.	PROPN
fsr-3304	418	5	,	,	PUNCT
fsr-3304	418	6	caplin	caplin	PROPN
fsr-3304	418	7	,	,	PUNCT
fsr-3304	418	8	a.	a.	NOUN
fsr-3304	418	9	,	,	PUNCT
fsr-3304	418	10	laufer	laufer	NOUN
fsr-3304	418	11	,	,	PUNCT
fsr-3304	418	12	s.	s.	PROPN
fsr-3304	418	13	,	,	PUNCT
fsr-3304	418	14	&	&	CCONJ
fsr-3304	418	15	van	van	PROPN
fsr-3304	418	16	nieuwerburgh	nieuwerburgh	PROPN
fsr-3304	418	17	,	,	PUNCT
fsr-3304	418	18	s.	s.	PROPN
fsr-3304	418	19	(	(	PUNCT
fsr-3304	418	20	2011	2011	NUM
fsr-3304	418	21	)	)	PUNCT
fsr-3304	418	22	.	.	PUNCT
fsr-3304	419	1	the	the	DET
fsr-3304	419	2	joy	joy	NOUN
fsr-3304	419	3	of	of	ADP
fsr-3304	419	4	giving	give	VERB
fsr-3304	419	5	or	or	CCONJ
fsr-3304	419	6	assisted	assist	VERB
fsr-3304	419	7	living	living	NOUN
fsr-3304	419	8	?	?	PUNCT
fsr-3304	420	1	using	use	VERB
fsr-3304	420	2	strategic	strategic	ADJ
fsr-3304	420	3	surveys	survey	NOUN
fsr-3304	420	4	to	to	PART
fsr-3304	420	5	separate	separate	VERB
fsr-3304	420	6	public	public	ADJ
fsr-3304	420	7	care	care	NOUN
fsr-3304	420	8	aversion	aversion	NOUN
fsr-3304	420	9	from	from	ADP
fsr-3304	420	10	bequest	bequest	NOUN
fsr-3304	420	11	motives	motive	NOUN
fsr-3304	420	12	.	.	PUNCT
fsr-3304	421	1	journal	journal	NOUN
fsr-3304	421	2	of	of	ADP
fsr-3304	421	3	finance	finance	NOUN
fsr-3304	421	4	,	,	PUNCT
fsr-3304	421	5	66	66	NUM
fsr-3304	421	6	,	,	PUNCT
fsr-3304	421	7	519–561	519–561	NUM
fsr-3304	421	8	.	.	PUNCT
fsr-3304	422	1	139m.j	139m.j	NUM
fsr-3304	422	2	.	.	PUNCT
fsr-3304	423	1	warshawsky	warshawsky	PROPN
fsr-3304	423	2	/	/	SYM
fsr-3304	423	3	financial	financial	ADJ
fsr-3304	423	4	services	service	NOUN
fsr-3304	423	5	review	review	VERB
fsr-3304	423	6	26	26	NUM
fsr-3304	423	7	(	(	PUNCT
fsr-3304	423	8	2017	2017	NUM
fsr-3304	423	9	)	)	PUNCT
fsr-3304	423	10	113–141	113–141	NUM
fsr-3304	423	11	ameriks	amerik	NOUN
fsr-3304	423	12	,	,	PUNCT
fsr-3304	423	13	j.	j.	PROPN
fsr-3304	423	14	,	,	PUNCT
fsr-3304	423	15	veres	veres	PROPN
fsr-3304	423	16	,	,	PUNCT
fsr-3304	423	17	r.	r.	PROPN
fsr-3304	423	18	,	,	PUNCT
fsr-3304	423	19	&	&	CCONJ
fsr-3304	423	20	warshawsky	warshawsky	PROPN
fsr-3304	423	21	,	,	PUNCT
fsr-3304	423	22	m.	m.	NOUN
fsr-3304	423	23	j.	j.	PROPN
fsr-3304	423	24	(	(	PUNCT
fsr-3304	423	25	2001	2001	NUM
fsr-3304	423	26	)	)	PUNCT
fsr-3304	423	27	.	.	PUNCT
fsr-3304	424	1	making	make	VERB
fsr-3304	424	2	retirement	retirement	NOUN
fsr-3304	424	3	income	income	NOUN
fsr-3304	424	4	last	last	ADJ
fsr-3304	424	5	a	a	DET
fsr-3304	424	6	lifetime	lifetime	NOUN
fsr-3304	424	7	.	.	PUNCT
fsr-3304	425	1	journal	journal	PROPN
fsr-3304	425	2	of	of	ADP
fsr-3304	425	3	financial	financial	ADJ
fsr-3304	425	4	planning	planning	NOUN
fsr-3304	425	5	,	,	PUNCT
fsr-3304	425	6	14	14	NUM
fsr-3304	425	7	,	,	PUNCT
fsr-3304	425	8	60–76	60–76	PROPN
fsr-3304	425	9	.	.	PUNCT
fsr-3304	426	1	barro	barro	PROPN
fsr-3304	426	2	,	,	PUNCT
fsr-3304	426	3	r.	r.	PROPN
fsr-3304	426	4	(	(	PUNCT
fsr-3304	426	5	2006	2006	NUM
fsr-3304	426	6	)	)	PUNCT
fsr-3304	426	7	.	.	PUNCT
fsr-3304	427	1	rare	rare	ADJ
fsr-3304	427	2	disasters	disaster	NOUN
fsr-3304	427	3	and	and	CCONJ
fsr-3304	427	4	asset	asset	NOUN
fsr-3304	427	5	markets	market	NOUN
fsr-3304	427	6	in	in	ADP
fsr-3304	427	7	the	the	DET
fsr-3304	427	8	twentieth	twentieth	ADJ
fsr-3304	427	9	century	century	NOUN
fsr-3304	427	10	.	.	PUNCT
fsr-3304	428	1	quarterly	quarterly	ADJ
fsr-3304	428	2	journal	journal	NOUN
fsr-3304	428	3	of	of	ADP
fsr-3304	428	4	economics	economic	NOUN
fsr-3304	428	5	,	,	PUNCT
fsr-3304	428	6	121	121	NUM
fsr-3304	428	7	,	,	PUNCT
fsr-3304	428	8	823–866	823–866	NUM
fsr-3304	428	9	.	.	PUNCT
fsr-3304	428	10	bengen	bengen	PROPN
fsr-3304	428	11	,	,	PUNCT
fsr-3304	428	12	w.	w.	PROPN
fsr-3304	428	13	p.	p.	PROPN
fsr-3304	428	14	(	(	PUNCT
fsr-3304	428	15	1994	1994	NUM
fsr-3304	428	16	)	)	PUNCT
fsr-3304	428	17	.	.	PUNCT
fsr-3304	429	1	determining	determine	VERB
fsr-3304	429	2	withdrawal	withdrawal	NOUN
fsr-3304	429	3	rates	rate	NOUN
fsr-3304	429	4	using	use	VERB
fsr-3304	429	5	historical	historical	ADJ
fsr-3304	429	6	data	datum	NOUN
fsr-3304	429	7	.	.	PUNCT
fsr-3304	430	1	journal	journal	PROPN
fsr-3304	430	2	of	of	ADP
fsr-3304	430	3	financial	financial	ADJ
fsr-3304	430	4	planning	planning	NOUN
fsr-3304	430	5	,	,	PUNCT
fsr-3304	430	6	7	7	NUM
fsr-3304	430	7	,	,	PUNCT
fsr-3304	430	8	171–180	171–180	NUM
fsr-3304	430	9	.	.	PUNCT
fsr-3304	431	1	beshears	beshear	NOUN
fsr-3304	431	2	,	,	PUNCT
fsr-3304	431	3	j.	j.	PROPN
fsr-3304	431	4	,	,	PUNCT
fsr-3304	431	5	choi	choi	PROPN
fsr-3304	431	6	,	,	PUNCT
fsr-3304	431	7	j.	j.	PROPN
fsr-3304	431	8	j.	j.	PROPN
fsr-3304	431	9	,	,	PUNCT
fsr-3304	431	10	laibson	laibson	PROPN
fsr-3304	431	11	,	,	PUNCT
fsr-3304	431	12	d.	d.	PROPN
fsr-3304	431	13	,	,	PUNCT
fsr-3304	431	14	madrian	madrian	PROPN
fsr-3304	431	15	,	,	PUNCT
fsr-3304	431	16	b.	b.	PROPN
fsr-3304	431	17	c.	c.	PROPN
fsr-3304	431	18	,	,	PUNCT
fsr-3304	431	19	&	&	CCONJ
fsr-3304	431	20	zeldes	zeldes	PROPN
fsr-3304	431	21	,	,	PUNCT
fsr-3304	431	22	s.	s.	PROPN
fsr-3304	431	23	p.	p.	PROPN
fsr-3304	431	24	(	(	PUNCT
fsr-3304	431	25	2014	2014	NUM
fsr-3304	431	26	)	)	PUNCT
fsr-3304	431	27	.	.	PUNCT
fsr-3304	432	1	what	what	PRON
fsr-3304	432	2	makes	make	VERB
fsr-3304	432	3	annuitization	annuitization	NOUN
fsr-3304	432	4	more	more	ADV
fsr-3304	432	5	appealing	appealing	ADJ
fsr-3304	432	6	?	?	PUNCT
fsr-3304	433	1	journal	journal	NOUN
fsr-3304	433	2	of	of	ADP
fsr-3304	433	3	public	public	ADJ
fsr-3304	433	4	economics	economic	NOUN
fsr-3304	433	5	,	,	PUNCT
fsr-3304	433	6	116	116	NUM
fsr-3304	433	7	,	,	PUNCT
fsr-3304	433	8	2–16	2–16	NOUN
fsr-3304	433	9	.	.	PUNCT
fsr-3304	434	1	brown	brown	PROPN
fsr-3304	434	2	,	,	PUNCT
fsr-3304	434	3	j.	j.	PROPN
fsr-3304	434	4	r.	r.	PROPN
fsr-3304	434	5	,	,	PUNCT
fsr-3304	434	6	kling	kling	PROPN
fsr-3304	434	7	,	,	PUNCT
fsr-3304	434	8	j.	j.	PROPN
fsr-3304	434	9	,	,	PUNCT
fsr-3304	434	10	mullainathan	mullainathan	PROPN
fsr-3304	434	11	,	,	PUNCT
fsr-3304	434	12	s.	s.	PROPN
fsr-3304	434	13	,	,	PUNCT
fsr-3304	434	14	&	&	CCONJ
fsr-3304	434	15	wrobel	wrobel	PROPN
fsr-3304	434	16	,	,	PUNCT
fsr-3304	434	17	m.	m.	NOUN
fsr-3304	434	18	(	(	PUNCT
fsr-3304	434	19	2008	2008	NUM
fsr-3304	434	20	)	)	PUNCT
fsr-3304	434	21	.	.	PUNCT
fsr-3304	435	1	why	why	SCONJ
fsr-3304	435	2	do	do	AUX
fsr-3304	435	3	n’t	not	PART
fsr-3304	435	4	people	people	NOUN
fsr-3304	435	5	insure	insure	VERB
fsr-3304	435	6	late	late	ADJ
fsr-3304	435	7	life	life	NOUN
fsr-3304	435	8	consumption	consumption	NOUN
fsr-3304	435	9	?	?	PUNCT
fsr-3304	436	1	a	a	DET
fsr-3304	436	2	framing	frame	VERB
fsr-3304	436	3	explanation	explanation	NOUN
fsr-3304	436	4	of	of	ADP
fsr-3304	436	5	the	the	DET
fsr-3304	436	6	under	under	NOUN
fsr-3304	436	7	-	-	PUNCT
fsr-3304	436	8	annuitization	annuitization	NOUN
fsr-3304	436	9	puzzle	puzzle	NOUN
fsr-3304	436	10	.	.	PUNCT
fsr-3304	437	1	american	american	PROPN
fsr-3304	437	2	economic	economic	PROPN
fsr-3304	437	3	review	review	PROPN
fsr-3304	437	4	,	,	PUNCT
fsr-3304	437	5	98	98	NUM
fsr-3304	437	6	,	,	PUNCT
fsr-3304	437	7	304–309	304–309	NUM
fsr-3304	437	8	.	.	PUNCT
fsr-3304	437	9	brown	brown	PROPN
fsr-3304	437	10	,	,	PUNCT
fsr-3304	437	11	j.	j.	PROPN
fsr-3304	437	12	r.	r.	PROPN
fsr-3304	437	13	,	,	PUNCT
fsr-3304	437	14	&	&	CCONJ
fsr-3304	437	15	warshawsky	warshawsky	PROPN
fsr-3304	437	16	,	,	PUNCT
fsr-3304	437	17	m.	m.	NOUN
fsr-3304	437	18	j.	j.	PROPN
fsr-3304	437	19	(	(	PUNCT
fsr-3304	437	20	2004	2004	NUM
fsr-3304	437	21	)	)	PUNCT
fsr-3304	437	22	.	.	PUNCT
fsr-3304	438	1	longevity	longevity	NOUN
fsr-3304	438	2	-	-	PUNCT
fsr-3304	438	3	insured	insure	VERB
fsr-3304	438	4	retirement	retirement	NOUN
fsr-3304	438	5	distributions	distribution	NOUN
fsr-3304	438	6	from	from	ADP
fsr-3304	438	7	pension	pension	NOUN
fsr-3304	438	8	plans	plan	NOUN
fsr-3304	438	9	:	:	PUNCT
fsr-3304	438	10	market	market	NOUN
fsr-3304	438	11	and	and	CCONJ
fsr-3304	438	12	regulatory	regulatory	ADJ
fsr-3304	438	13	issues	issue	NOUN
fsr-3304	438	14	.	.	PUNCT
fsr-3304	439	1	in	in	ADP
fsr-3304	439	2	g.	g.	PROPN
fsr-3304	439	3	william	william	PROPN
fsr-3304	439	4	,	,	PUNCT
fsr-3304	439	5	j.	j.	PROPN
fsr-3304	439	6	shoven	shoven	PROPN
fsr-3304	439	7	,	,	PUNCT
fsr-3304	439	8	&	&	CCONJ
fsr-3304	439	9	m.	m.	PROPN
fsr-3304	439	10	j.	j.	PROPN
fsr-3304	439	11	warshawsky	warshawsky	PROPN
fsr-3304	439	12	(	(	PUNCT
fsr-3304	439	13	ed	ed	NOUN
fsr-3304	439	14	.	.	PUNCT
fsr-3304	439	15	)	)	PUNCT
fsr-3304	439	16	,	,	PUNCT
fsr-3304	439	17	private	private	ADJ
fsr-3304	439	18	pensions	pension	NOUN
fsr-3304	439	19	and	and	CCONJ
fsr-3304	439	20	public	public	ADJ
fsr-3304	439	21	policies	policy	NOUN
fsr-3304	439	22	(	(	PUNCT
fsr-3304	439	23	pp	pp	ADJ
fsr-3304	439	24	.	.	PUNCT
fsr-3304	439	25	332–381	332–381	NUM
fsr-3304	439	26	)	)	PUNCT
fsr-3304	439	27	.	.	PUNCT
fsr-3304	440	1	washington	washington	PROPN
fsr-3304	440	2	,	,	PUNCT
fsr-3304	440	3	dc	dc	PROPN
fsr-3304	440	4	:	:	PUNCT
fsr-3304	440	5	brookings	brookings	PROPN
fsr-3304	440	6	institution	institution	NOUN
fsr-3304	440	7	press	press	NOUN
fsr-3304	440	8	.	.	PUNCT
fsr-3304	441	1	campbell	campbell	PROPN
fsr-3304	441	2	,	,	PUNCT
fsr-3304	441	3	j.	j.	PROPN
fsr-3304	441	4	,	,	PUNCT
fsr-3304	441	5	&	&	CCONJ
fsr-3304	441	6	viceira	viceira	PROPN
fsr-3304	441	7	,	,	PUNCT
fsr-3304	441	8	l.	l.	PROPN
fsr-3304	441	9	(	(	PUNCT
fsr-3304	441	10	2005	2005	NUM
fsr-3304	441	11	)	)	PUNCT
fsr-3304	441	12	.	.	PUNCT
fsr-3304	442	1	the	the	DET
fsr-3304	442	2	term	term	NOUN
fsr-3304	442	3	structure	structure	NOUN
fsr-3304	442	4	of	of	ADP
fsr-3304	442	5	the	the	DET
fsr-3304	442	6	risk	risk	NOUN
fsr-3304	442	7	-	-	PUNCT
fsr-3304	442	8	return	return	NOUN
fsr-3304	442	9	trade	trade	NOUN
fsr-3304	442	10	-	-	PUNCT
fsr-3304	442	11	off	off	NOUN
fsr-3304	442	12	.	.	PUNCT
fsr-3304	443	1	financial	financial	ADJ
fsr-3304	443	2	analysts	analyst	NOUN
fsr-3304	443	3	journal	journal	NOUN
fsr-3304	443	4	,	,	PUNCT
fsr-3304	443	5	61	61	NUM
fsr-3304	443	6	,	,	PUNCT
fsr-3304	443	7	34–44	34–44	NUM
fsr-3304	443	8	.	.	PUNCT
fsr-3304	444	1	collins	collins	PROPN
fsr-3304	444	2	,	,	PUNCT
fsr-3304	444	3	p.	p.	PROPN
fsr-3304	444	4	,	,	PUNCT
fsr-3304	444	5	&	&	CCONJ
fsr-3304	444	6	lam	lam	PROPN
fsr-3304	444	7	,	,	PUNCT
fsr-3304	444	8	h.	h.	PROPN
fsr-3304	444	9	d.	d.	PROPN
fsr-3304	444	10	(	(	PUNCT
fsr-3304	444	11	2011	2011	NUM
fsr-3304	444	12	)	)	PUNCT
fsr-3304	444	13	.	.	PUNCT
fsr-3304	445	1	asset	asset	NOUN
fsr-3304	445	2	allocation	allocation	NOUN
fsr-3304	445	3	,	,	PUNCT
fsr-3304	445	4	human	human	ADJ
fsr-3304	445	5	capital	capital	NOUN
fsr-3304	445	6	,	,	PUNCT
fsr-3304	445	7	and	and	CCONJ
fsr-3304	445	8	the	the	DET
fsr-3304	445	9	demand	demand	NOUN
fsr-3304	445	10	to	to	PART
fsr-3304	445	11	hold	hold	VERB
fsr-3304	445	12	life	life	NOUN
fsr-3304	445	13	insurance	insurance	NOUN
fsr-3304	445	14	in	in	ADP
fsr-3304	445	15	retirement	retirement	NOUN
fsr-3304	445	16	.	.	PUNCT
fsr-3304	446	1	financial	financial	ADJ
fsr-3304	446	2	services	service	NOUN
fsr-3304	446	3	review	review	PROPN
fsr-3304	446	4	,	,	PUNCT
fsr-3304	446	5	20	20	NUM
fsr-3304	446	6	,	,	PUNCT
fsr-3304	446	7	303–325	303–325	NUM
fsr-3304	446	8	.	.	PUNCT
fsr-3304	447	1	de	de	X
fsr-3304	447	2	nardi	nardi	PROPN
fsr-3304	447	3	,	,	PUNCT
fsr-3304	447	4	m.	m.	NOUN
fsr-3304	447	5	,	,	PUNCT
fsr-3304	447	6	french	french	PROPN
fsr-3304	447	7	,	,	PUNCT
fsr-3304	447	8	e.	e.	PROPN
fsr-3304	447	9	b.	b.	PROPN
fsr-3304	447	10	,	,	PUNCT
fsr-3304	447	11	&	&	CCONJ
fsr-3304	447	12	jones	jones	PROPN
fsr-3304	447	13	,	,	PUNCT
fsr-3304	447	14	j.	j.	PROPN
fsr-3304	447	15	b.	b.	PROPN
fsr-3304	447	16	(	(	PUNCT
fsr-3304	447	17	2010	2010	NUM
fsr-3304	447	18	)	)	PUNCT
fsr-3304	447	19	.	.	PUNCT
fsr-3304	448	1	why	why	SCONJ
fsr-3304	448	2	do	do	AUX
fsr-3304	448	3	the	the	DET
fsr-3304	448	4	elderly	elderly	ADJ
fsr-3304	448	5	save	save	VERB
fsr-3304	448	6	?	?	PUNCT
fsr-3304	449	1	the	the	DET
fsr-3304	449	2	role	role	NOUN
fsr-3304	449	3	of	of	ADP
fsr-3304	449	4	medical	medical	ADJ
fsr-3304	449	5	expenses	expense	NOUN
fsr-3304	449	6	.	.	PUNCT
fsr-3304	450	1	journal	journal	NOUN
fsr-3304	450	2	of	of	ADP
fsr-3304	450	3	political	political	ADJ
fsr-3304	450	4	economy	economy	NOUN
fsr-3304	450	5	,	,	PUNCT
fsr-3304	450	6	118	118	NUM
fsr-3304	450	7	,	,	PUNCT
fsr-3304	450	8	37–75	37–75	NUM
fsr-3304	450	9	.	.	PUNCT
fsr-3304	451	1	dus	dus	PROPN
fsr-3304	451	2	,	,	PUNCT
fsr-3304	451	3	i.	i.	PROPN
fsr-3304	451	4	,	,	PUNCT
fsr-3304	451	5	maurer	maurer	PROPN
fsr-3304	451	6	,	,	PUNCT
fsr-3304	451	7	r.	r.	PROPN
fsr-3304	451	8	,	,	PUNCT
fsr-3304	451	9	&	&	CCONJ
fsr-3304	451	10	mitchell	mitchell	PROPN
fsr-3304	451	11	,	,	PUNCT
fsr-3304	451	12	o.	o.	PROPN
fsr-3304	451	13	s.	s.	PROPN
fsr-3304	451	14	(	(	PUNCT
fsr-3304	451	15	2005	2005	NUM
fsr-3304	451	16	)	)	PUNCT
fsr-3304	451	17	.	.	PUNCT
fsr-3304	452	1	betting	bet	VERB
fsr-3304	452	2	on	on	ADP
fsr-3304	452	3	death	death	NOUN
fsr-3304	452	4	and	and	CCONJ
fsr-3304	452	5	capital	capital	NOUN
fsr-3304	452	6	markets	market	NOUN
fsr-3304	452	7	in	in	ADP
fsr-3304	452	8	retirement	retirement	NOUN
fsr-3304	452	9	:	:	PUNCT
fsr-3304	452	10	a	a	DET
fsr-3304	452	11	shortfall	shortfall	NOUN
fsr-3304	452	12	risk	risk	NOUN
fsr-3304	452	13	analysis	analysis	NOUN
fsr-3304	452	14	of	of	ADP
fsr-3304	452	15	life	life	NOUN
fsr-3304	452	16	annuities	annuity	NOUN
fsr-3304	452	17	versus	versus	ADP
fsr-3304	452	18	phased	phase	VERB
fsr-3304	452	19	withdrawal	withdrawal	NOUN
fsr-3304	452	20	plans	plan	NOUN
fsr-3304	452	21	.	.	PUNCT
fsr-3304	453	1	financial	financial	ADJ
fsr-3304	453	2	services	service	NOUN
fsr-3304	453	3	review	review	PROPN
fsr-3304	453	4	,	,	PUNCT
fsr-3304	453	5	14	14	NUM
fsr-3304	453	6	,	,	PUNCT
fsr-3304	453	7	169–196	169–196	NUM
fsr-3304	453	8	.	.	PUNCT
fsr-3304	454	1	dushi	dushi	PROPN
fsr-3304	454	2	,	,	PUNCT
fsr-3304	454	3	i.	i.	PROPN
fsr-3304	454	4	,	,	PUNCT
fsr-3304	454	5	&	&	CCONJ
fsr-3304	454	6	webb	webb	PROPN
fsr-3304	454	7	,	,	PUNCT
fsr-3304	454	8	a.	a.	NOUN
fsr-3304	454	9	(	(	PUNCT
fsr-3304	454	10	2004	2004	NUM
fsr-3304	454	11	)	)	PUNCT
fsr-3304	454	12	.	.	PUNCT
fsr-3304	455	1	household	household	NOUN
fsr-3304	455	2	annuitization	annuitization	NOUN
fsr-3304	455	3	decisions	decision	NOUN
fsr-3304	455	4	:	:	PUNCT
fsr-3304	455	5	simulations	simulation	NOUN
fsr-3304	455	6	and	and	CCONJ
fsr-3304	455	7	empirical	empirical	ADJ
fsr-3304	455	8	analyses	analysis	NOUN
fsr-3304	455	9	.	.	PUNCT
fsr-3304	456	1	journal	journal	NOUN
fsr-3304	456	2	of	of	ADP
fsr-3304	456	3	pension	pension	NOUN
fsr-3304	456	4	economics	economic	NOUN
fsr-3304	456	5	and	and	CCONJ
fsr-3304	456	6	finance	finance	NOUN
fsr-3304	456	7	,	,	PUNCT
fsr-3304	456	8	3	3	NUM
fsr-3304	456	9	,	,	PUNCT
fsr-3304	456	10	109–143	109–143	NUM
fsr-3304	456	11	.	.	PUNCT
fsr-3304	457	1	finkelstein	finkelstein	PROPN
fsr-3304	457	2	,	,	PUNCT
fsr-3304	457	3	a.	a.	PROPN
fsr-3304	457	4	,	,	PUNCT
fsr-3304	457	5	&	&	CCONJ
fsr-3304	457	6	poterba	poterba	PROPN
fsr-3304	457	7	,	,	PUNCT
fsr-3304	457	8	j.	j.	PROPN
fsr-3304	457	9	(	(	PUNCT
fsr-3304	457	10	2004	2004	NUM
fsr-3304	457	11	)	)	PUNCT
fsr-3304	457	12	.	.	PUNCT
fsr-3304	458	1	adverse	adverse	ADJ
fsr-3304	458	2	selection	selection	NOUN
fsr-3304	458	3	in	in	ADP
fsr-3304	458	4	insurance	insurance	NOUN
fsr-3304	458	5	markets	market	NOUN
fsr-3304	458	6	:	:	PUNCT
fsr-3304	458	7	policyholder	policyholder	NOUN
fsr-3304	458	8	evidence	evidence	NOUN
fsr-3304	458	9	from	from	ADP
fsr-3304	458	10	the	the	DET
fsr-3304	458	11	u.k	u.k	PROPN
fsr-3304	458	12	.	.	PROPN
fsr-3304	458	13	annuity	annuity	NOUN
fsr-3304	458	14	market	market	NOUN
fsr-3304	458	15	.	.	PUNCT
fsr-3304	459	1	journal	journal	NOUN
fsr-3304	459	2	of	of	ADP
fsr-3304	459	3	political	political	ADJ
fsr-3304	459	4	economy	economy	NOUN
fsr-3304	459	5	,	,	PUNCT
fsr-3304	459	6	112	112	NUM
fsr-3304	459	7	,	,	PUNCT
fsr-3304	459	8	183–208	183–208	NUM
fsr-3304	459	9	.	.	PUNCT
fsr-3304	460	1	gong	gong	PROPN
fsr-3304	460	2	,	,	PUNCT
fsr-3304	460	3	g.	g.	PROPN
fsr-3304	460	4	,	,	PUNCT
fsr-3304	460	5	&	&	CCONJ
fsr-3304	460	6	webb	webb	PROPN
fsr-3304	460	7	,	,	PUNCT
fsr-3304	460	8	a.	a.	NOUN
fsr-3304	460	9	(	(	PUNCT
fsr-3304	460	10	2010	2010	NUM
fsr-3304	460	11	)	)	PUNCT
fsr-3304	460	12	.	.	PUNCT
fsr-3304	461	1	evaluating	evaluate	VERB
fsr-3304	461	2	the	the	DET
fsr-3304	461	3	advanced	advanced	ADJ
fsr-3304	461	4	life	life	NOUN
fsr-3304	461	5	deferred	defer	VERB
fsr-3304	461	6	annuity	annuity	NOUN
fsr-3304	461	7	:	:	PUNCT
fsr-3304	461	8	an	an	DET
fsr-3304	461	9	annuity	annuity	NOUN
fsr-3304	461	10	people	people	NOUN
fsr-3304	461	11	might	might	AUX
fsr-3304	461	12	actually	actually	ADV
fsr-3304	461	13	buy	buy	VERB
fsr-3304	461	14	.	.	PUNCT
fsr-3304	462	1	insurance	insurance	NOUN
fsr-3304	462	2	:	:	PUNCT
fsr-3304	462	3	mathematics	mathematic	NOUN
fsr-3304	462	4	and	and	CCONJ
fsr-3304	462	5	economics	economic	NOUN
fsr-3304	462	6	,	,	PUNCT
fsr-3304	462	7	46	46	NUM
fsr-3304	462	8	,	,	PUNCT
fsr-3304	462	9	210–221	210–221	NUM
fsr-3304	462	10	.	.	PUNCT
fsr-3304	463	1	haensly	haensly	ADV
fsr-3304	463	2	,	,	PUNCT
fsr-3304	463	3	p.	p.	PROPN
fsr-3304	463	4	j.	j.	PROPN
fsr-3304	463	5	,	,	PUNCT
fsr-3304	463	6	&	&	CCONJ
fsr-3304	463	7	pai	pai	PROPN
fsr-3304	463	8	,	,	PUNCT
fsr-3304	463	9	k.	k.	PROPN
fsr-3304	464	1	p.	p.	PROPN
fsr-3304	464	2	(	(	PUNCT
fsr-3304	464	3	2015	2015	NUM
fsr-3304	464	4	)	)	PUNCT
fsr-3304	464	5	.	.	PUNCT
fsr-3304	465	1	a	a	DET
fsr-3304	465	2	new	new	ADJ
fsr-3304	465	3	strategy	strategy	NOUN
fsr-3304	465	4	to	to	PART
fsr-3304	465	5	guarantee	guarantee	VERB
fsr-3304	465	6	retirement	retirement	NOUN
fsr-3304	465	7	income	income	NOUN
fsr-3304	465	8	using	use	VERB
fsr-3304	465	9	tips	tip	NOUN
fsr-3304	465	10	and	and	CCONJ
fsr-3304	465	11	longevity	longevity	NOUN
fsr-3304	465	12	insurance	insurance	NOUN
fsr-3304	465	13	:	:	PUNCT
fsr-3304	465	14	a	a	DET
fsr-3304	465	15	second	second	ADJ
fsr-3304	465	16	look	look	NOUN
fsr-3304	465	17	.	.	PUNCT
fsr-3304	466	1	financial	financial	ADJ
fsr-3304	466	2	services	service	NOUN
fsr-3304	466	3	research	research	NOUN
fsr-3304	466	4	,	,	PUNCT
fsr-3304	466	5	24	24	NUM
fsr-3304	466	6	,	,	PUNCT
fsr-3304	466	7	359–386	359–386	NUM
fsr-3304	466	8	.	.	PUNCT
fsr-3304	467	1	horneff	horneff	PROPN
fsr-3304	467	2	,	,	PUNCT
fsr-3304	467	3	w.	w.	PROPN
fsr-3304	467	4	,	,	PUNCT
fsr-3304	467	5	maurer	maurer	PROPN
fsr-3304	467	6	,	,	PUNCT
fsr-3304	467	7	r.	r.	PROPN
fsr-3304	467	8	,	,	PUNCT
fsr-3304	467	9	mitchell	mitchell	PROPN
fsr-3304	467	10	,	,	PUNCT
fsr-3304	467	11	o.s	o.s	PROPN
fsr-3304	467	12	.	.	PROPN
fsr-3304	467	13	,	,	PUNCT
fsr-3304	467	14	&	&	CCONJ
fsr-3304	467	15	dus	dus	PROPN
fsr-3304	467	16	,	,	PUNCT
fsr-3304	467	17	i.	i.	PROPN
fsr-3304	467	18	(	(	PUNCT
fsr-3304	467	19	2008	2008	NUM
fsr-3304	467	20	)	)	PUNCT
fsr-3304	467	21	.	.	PUNCT
fsr-3304	468	1	following	follow	VERB
fsr-3304	468	2	the	the	DET
fsr-3304	468	3	rules	rule	NOUN
fsr-3304	468	4	:	:	PUNCT
fsr-3304	468	5	integrating	integrate	VERB
fsr-3304	468	6	asset	asset	NOUN
fsr-3304	468	7	allocation	allocation	NOUN
fsr-3304	468	8	and	and	CCONJ
fsr-3304	468	9	annuitization	annuitization	NOUN
fsr-3304	468	10	in	in	ADP
fsr-3304	468	11	retirement	retirement	NOUN
fsr-3304	468	12	portfolios	portfolio	NOUN
fsr-3304	468	13	.	.	PUNCT
fsr-3304	469	1	insurance	insurance	NOUN
fsr-3304	469	2	:	:	PUNCT
fsr-3304	469	3	mathematics	mathematic	NOUN
fsr-3304	469	4	and	and	CCONJ
fsr-3304	469	5	economics	economic	NOUN
fsr-3304	469	6	,	,	PUNCT
fsr-3304	469	7	42	42	NUM
fsr-3304	469	8	,	,	PUNCT
fsr-3304	469	9	396–408	396–408	NUM
fsr-3304	469	10	.	.	PUNCT
fsr-3304	470	1	inkmann	inkmann	PROPN
fsr-3304	470	2	,	,	PUNCT
fsr-3304	470	3	j.	j.	PROPN
fsr-3304	470	4	,	,	PUNCT
fsr-3304	470	5	michaelides	michaelide	NOUN
fsr-3304	470	6	,	,	PUNCT
fsr-3304	470	7	a.	a.	NOUN
fsr-3304	470	8	,	,	PUNCT
fsr-3304	470	9	&	&	CCONJ
fsr-3304	470	10	lopes	lopes	PROPN
fsr-3304	470	11	,	,	PUNCT
fsr-3304	470	12	p.	p.	NOUN
fsr-3304	470	13	(	(	PUNCT
fsr-3304	470	14	2011	2011	NUM
fsr-3304	470	15	)	)	PUNCT
fsr-3304	470	16	.	.	PUNCT
fsr-3304	471	1	how	how	SCONJ
fsr-3304	471	2	deep	deep	ADJ
fsr-3304	471	3	is	be	AUX
fsr-3304	471	4	the	the	DET
fsr-3304	471	5	annuity	annuity	NOUN
fsr-3304	471	6	market	market	NOUN
fsr-3304	471	7	participation	participation	NOUN
fsr-3304	471	8	puzzle	puzzle	NOUN
fsr-3304	471	9	?	?	PUNCT
fsr-3304	472	1	review	review	NOUN
fsr-3304	472	2	of	of	ADP
fsr-3304	472	3	financial	financial	ADJ
fsr-3304	472	4	studies	study	NOUN
fsr-3304	472	5	,	,	PUNCT
fsr-3304	472	6	24	24	NUM
fsr-3304	472	7	,	,	PUNCT
fsr-3304	472	8	279–319	279–319	NUM
fsr-3304	472	9	.	.	PUNCT
fsr-3304	473	1	james	james	PROPN
fsr-3304	473	2	,	,	PUNCT
fsr-3304	473	3	e.	e.	PROPN
fsr-3304	473	4	,	,	PUNCT
fsr-3304	473	5	martinez	martinez	PROPN
fsr-3304	473	6	,	,	PUNCT
fsr-3304	473	7	g.	g.	PROPN
fsr-3304	473	8	,	,	PUNCT
fsr-3304	473	9	&	&	CCONJ
fsr-3304	473	10	iglesias	iglesias	PROPN
fsr-3304	473	11	,	,	PUNCT
fsr-3304	473	12	a.	a.	NOUN
fsr-3304	473	13	(	(	PUNCT
fsr-3304	473	14	2006	2006	NUM
fsr-3304	473	15	)	)	PUNCT
fsr-3304	473	16	.	.	PUNCT
fsr-3304	474	1	the	the	DET
fsr-3304	474	2	payout	payout	ADJ
fsr-3304	474	3	stage	stage	NOUN
fsr-3304	474	4	in	in	ADP
fsr-3304	474	5	chile	chile	PROPN
fsr-3304	474	6	:	:	PUNCT
fsr-3304	474	7	who	who	PRON
fsr-3304	474	8	annuitizes	annuitize	VERB
fsr-3304	474	9	and	and	CCONJ
fsr-3304	474	10	why	why	SCONJ
fsr-3304	474	11	?	?	PUNCT
fsr-3304	475	1	journal	journal	NOUN
fsr-3304	475	2	of	of	ADP
fsr-3304	475	3	pension	pension	NOUN
fsr-3304	475	4	economics	economic	NOUN
fsr-3304	475	5	and	and	CCONJ
fsr-3304	475	6	finance	finance	NOUN
fsr-3304	475	7	,	,	PUNCT
fsr-3304	475	8	5	5	NUM
fsr-3304	475	9	,	,	PUNCT
fsr-3304	475	10	121–154	121–154	NUM
fsr-3304	475	11	.	.	PUNCT
fsr-3304	476	1	kimball	kimball	PROPN
fsr-3304	476	2	,	,	PUNCT
fsr-3304	476	3	m.	m.	NOUN
fsr-3304	476	4	,	,	PUNCT
fsr-3304	476	5	sahm	sahm	PROPN
fsr-3304	476	6	,	,	PUNCT
fsr-3304	476	7	c.	c.	PROPN
fsr-3304	476	8	,	,	PUNCT
fsr-3304	476	9	&	&	CCONJ
fsr-3304	476	10	shapiro	shapiro	PROPN
fsr-3304	476	11	,	,	PUNCT
fsr-3304	476	12	m.	m.	NOUN
fsr-3304	476	13	(	(	PUNCT
fsr-3304	476	14	2008	2008	NUM
fsr-3304	476	15	)	)	PUNCT
fsr-3304	476	16	.	.	PUNCT
fsr-3304	477	1	imputing	impute	VERB
fsr-3304	477	2	risk	risk	NOUN
fsr-3304	477	3	tolerance	tolerance	NOUN
fsr-3304	477	4	from	from	ADP
fsr-3304	477	5	survey	survey	NOUN
fsr-3304	477	6	responses	response	NOUN
fsr-3304	477	7	.	.	PUNCT
fsr-3304	478	1	journal	journal	NOUN
fsr-3304	478	2	of	of	ADP
fsr-3304	478	3	the	the	DET
fsr-3304	478	4	american	american	PROPN
fsr-3304	478	5	statistical	statistical	PROPN
fsr-3304	478	6	association	association	NOUN
fsr-3304	478	7	,	,	PUNCT
fsr-3304	478	8	103	103	NUM
fsr-3304	478	9	,	,	PUNCT
fsr-3304	478	10	1028–1038	1028–1038	NUM
fsr-3304	478	11	.	.	PUNCT
fsr-3304	479	1	lockwood	lockwood	PROPN
fsr-3304	479	2	,	,	PUNCT
fsr-3304	479	3	l.	l.	PROPN
fsr-3304	479	4	m.	m.	PROPN
fsr-3304	479	5	(	(	PUNCT
fsr-3304	479	6	2012	2012	NUM
fsr-3304	479	7	)	)	PUNCT
fsr-3304	479	8	.	.	PUNCT
fsr-3304	480	1	incidental	incidental	ADJ
fsr-3304	480	2	bequests	bequest	NOUN
fsr-3304	480	3	:	:	PUNCT
fsr-3304	480	4	bequest	bequest	NOUN
fsr-3304	480	5	motives	motive	NOUN
fsr-3304	480	6	and	and	CCONJ
fsr-3304	480	7	the	the	DET
fsr-3304	480	8	choice	choice	NOUN
fsr-3304	480	9	to	to	PART
fsr-3304	480	10	self	self	NOUN
fsr-3304	480	11	-	-	PUNCT
fsr-3304	480	12	insure	insure	VERB
fsr-3304	480	13	late	late	ADJ
fsr-3304	480	14	-	-	PUNCT
fsr-3304	480	15	life	life	NOUN
fsr-3304	480	16	risks	risk	NOUN
fsr-3304	480	17	.	.	PUNCT
fsr-3304	481	1	working	work	VERB
fsr-3304	481	2	paper	paper	NOUN
fsr-3304	481	3	,	,	PUNCT
fsr-3304	481	4	department	department	NOUN
fsr-3304	481	5	of	of	ADP
fsr-3304	481	6	economics	economic	NOUN
fsr-3304	481	7	,	,	PUNCT
fsr-3304	481	8	northwestern	northwestern	ADJ
fsr-3304	481	9	university	university	NOUN
fsr-3304	481	10	.	.	PUNCT
fsr-3304	482	1	milevsky	milevsky	PROPN
fsr-3304	482	2	,	,	PUNCT
fsr-3304	482	3	m.	m.	NOUN
fsr-3304	482	4	a.	a.	NOUN
fsr-3304	482	5	(	(	PUNCT
fsr-3304	482	6	2005	2005	NUM
fsr-3304	482	7	)	)	PUNCT
fsr-3304	482	8	.	.	PUNCT
fsr-3304	483	1	real	real	ADJ
fsr-3304	483	2	longevity	longevity	NOUN
fsr-3304	483	3	insurance	insurance	NOUN
fsr-3304	483	4	with	with	ADP
fsr-3304	483	5	a	a	DET
fsr-3304	483	6	deductible	deductible	ADJ
fsr-3304	483	7	:	:	PUNCT
fsr-3304	483	8	introduction	introduction	NOUN
fsr-3304	483	9	to	to	ADP
fsr-3304	483	10	advanced	advanced	ADJ
fsr-3304	483	11	-	-	PUNCT
fsr-3304	483	12	life	life	NOUN
fsr-3304	483	13	delayed	delay	VERB
fsr-3304	483	14	annuities	annuity	NOUN
fsr-3304	483	15	(	(	PUNCT
fsr-3304	483	16	alda	alda	NOUN
fsr-3304	483	17	)	)	PUNCT
fsr-3304	483	18	.	.	PUNCT
fsr-3304	484	1	north	north	PROPN
fsr-3304	484	2	american	american	ADJ
fsr-3304	484	3	actuarial	actuarial	ADJ
fsr-3304	484	4	journal	journal	NOUN
fsr-3304	484	5	,	,	PUNCT
fsr-3304	484	6	9	9	NUM
fsr-3304	484	7	,	,	PUNCT
fsr-3304	484	8	109–122	109–122	NUM
fsr-3304	484	9	.	.	PUNCT
fsr-3304	485	1	mitchell	mitchell	PROPN
fsr-3304	485	2	,	,	PUNCT
fsr-3304	485	3	o.	o.	PROPN
fsr-3304	485	4	s.	s.	PROPN
fsr-3304	485	5	,	,	PUNCT
fsr-3304	485	6	poterba	poterba	PROPN
fsr-3304	485	7	,	,	PUNCT
fsr-3304	485	8	j.	j.	PROPN
fsr-3304	485	9	,	,	PUNCT
fsr-3304	485	10	warshawsky	warshawsky	PROPN
fsr-3304	485	11	,	,	PUNCT
fsr-3304	485	12	m.	m.	NOUN
fsr-3304	485	13	j.	j.	PROPN
fsr-3304	485	14	,	,	PUNCT
fsr-3304	485	15	&	&	CCONJ
fsr-3304	485	16	brown	brown	PROPN
fsr-3304	485	17	,	,	PUNCT
fsr-3304	485	18	j.	j.	PROPN
fsr-3304	485	19	r.	r.	PROPN
fsr-3304	485	20	(	(	PUNCT
fsr-3304	485	21	1999	1999	NUM
fsr-3304	485	22	)	)	PUNCT
fsr-3304	485	23	.	.	PUNCT
fsr-3304	486	1	new	new	ADJ
fsr-3304	486	2	evidence	evidence	NOUN
fsr-3304	486	3	on	on	ADP
fsr-3304	486	4	the	the	DET
fsr-3304	486	5	money	money	NOUN
fsr-3304	486	6	’s	’s	PART
fsr-3304	486	7	worth	worth	NOUN
fsr-3304	486	8	of	of	ADP
fsr-3304	486	9	individual	individual	ADJ
fsr-3304	486	10	annuities	annuity	NOUN
fsr-3304	486	11	.	.	PUNCT
fsr-3304	487	1	american	american	PROPN
fsr-3304	487	2	economic	economic	PROPN
fsr-3304	487	3	review	review	PROPN
fsr-3304	487	4	,	,	PUNCT
fsr-3304	487	5	89	89	NUM
fsr-3304	487	6	,	,	PUNCT
fsr-3304	487	7	1299–1318	1299–1318	NUM
fsr-3304	487	8	.	.	PUNCT
fsr-3304	488	1	pang	pang	NOUN
fsr-3304	488	2	,	,	PUNCT
fsr-3304	488	3	g.	g.	PROPN
fsr-3304	488	4	,	,	PUNCT
fsr-3304	488	5	&	&	CCONJ
fsr-3304	488	6	warshawsky	warshawsky	PROPN
fsr-3304	488	7	,	,	PUNCT
fsr-3304	488	8	m.	m.	NOUN
fsr-3304	488	9	j.	j.	PROPN
fsr-3304	488	10	(	(	PUNCT
fsr-3304	488	11	2009	2009	NUM
fsr-3304	488	12	)	)	PUNCT
fsr-3304	488	13	.	.	PUNCT
fsr-3304	489	1	comparing	compare	VERB
fsr-3304	489	2	strategies	strategy	NOUN
fsr-3304	489	3	for	for	ADP
fsr-3304	489	4	retirement	retirement	NOUN
fsr-3304	489	5	wealth	wealth	NOUN
fsr-3304	489	6	management	management	NOUN
fsr-3304	489	7	:	:	PUNCT
fsr-3304	489	8	mutual	mutual	ADJ
fsr-3304	489	9	funds	fund	NOUN
fsr-3304	489	10	and	and	CCONJ
fsr-3304	489	11	annuities	annuity	NOUN
fsr-3304	489	12	.	.	PUNCT
fsr-3304	490	1	journal	journal	NOUN
fsr-3304	490	2	of	of	ADP
fsr-3304	490	3	financial	financial	ADJ
fsr-3304	490	4	planning	planning	NOUN
fsr-3304	490	5	,	,	PUNCT
fsr-3304	490	6	22	22	NUM
fsr-3304	490	7	,	,	PUNCT
fsr-3304	490	8	36–47	36–47	NUM
fsr-3304	490	9	.	.	X
fsr-3304	491	1	pang	pang	NOUN
fsr-3304	491	2	,	,	PUNCT
fsr-3304	491	3	g.	g.	PROPN
fsr-3304	491	4	,	,	PUNCT
fsr-3304	491	5	&	&	CCONJ
fsr-3304	491	6	warshawsky	warshawsky	PROPN
fsr-3304	491	7	,	,	PUNCT
fsr-3304	491	8	m.	m.	NOUN
fsr-3304	491	9	j.	j.	PROPN
fsr-3304	491	10	(	(	PUNCT
fsr-3304	491	11	2010	2010	NUM
fsr-3304	491	12	)	)	PUNCT
fsr-3304	491	13	.	.	PUNCT
fsr-3304	492	1	optimizing	optimize	VERB
fsr-3304	492	2	the	the	DET
fsr-3304	492	3	equity	equity	NOUN
fsr-3304	492	4	-	-	PUNCT
fsr-3304	492	5	bond	bond	NOUN
fsr-3304	492	6	-	-	PUNCT
fsr-3304	492	7	annuity	annuity	NOUN
fsr-3304	492	8	portfolio	portfolio	NOUN
fsr-3304	492	9	in	in	ADP
fsr-3304	492	10	retirement	retirement	NOUN
fsr-3304	492	11	:	:	PUNCT
fsr-3304	492	12	the	the	DET
fsr-3304	492	13	impact	impact	NOUN
fsr-3304	492	14	of	of	ADP
fsr-3304	492	15	uncertain	uncertain	ADJ
fsr-3304	492	16	health	health	NOUN
fsr-3304	492	17	expenses	expense	NOUN
fsr-3304	492	18	.	.	PUNCT
fsr-3304	493	1	insurance	insurance	NOUN
fsr-3304	493	2	:	:	PUNCT
fsr-3304	493	3	mathematics	mathematic	NOUN
fsr-3304	493	4	and	and	CCONJ
fsr-3304	493	5	economics	economic	NOUN
fsr-3304	493	6	,	,	PUNCT
fsr-3304	493	7	46	46	NUM
fsr-3304	493	8	,	,	PUNCT
fsr-3304	493	9	198–209	198–209	NUM
fsr-3304	493	10	.	.	PUNCT
fsr-3304	494	1	scott	scott	PROPN
fsr-3304	494	2	,	,	PUNCT
fsr-3304	494	3	j.	j.	PROPN
fsr-3304	494	4	s.	s.	PROPN
fsr-3304	494	5	(	(	PUNCT
fsr-3304	494	6	2008	2008	NUM
fsr-3304	494	7	)	)	PUNCT
fsr-3304	494	8	.	.	PUNCT
fsr-3304	495	1	the	the	DET
fsr-3304	495	2	longevity	longevity	NOUN
fsr-3304	495	3	annuity	annuity	NOUN
fsr-3304	495	4	:	:	PUNCT
fsr-3304	495	5	an	an	DET
fsr-3304	495	6	annuity	annuity	NOUN
fsr-3304	495	7	for	for	ADP
fsr-3304	495	8	everyone	everyone	PRON
fsr-3304	495	9	.	.	PUNCT
fsr-3304	496	1	financial	financial	ADJ
fsr-3304	496	2	analysts	analyst	NOUN
fsr-3304	496	3	journal	journal	NOUN
fsr-3304	496	4	,	,	PUNCT
fsr-3304	496	5	64	64	NUM
fsr-3304	496	6	,	,	PUNCT
fsr-3304	496	7	40–48	40–48	NUM
fsr-3304	496	8	.	.	PUNCT
fsr-3304	497	1	scott	scott	PROPN
fsr-3304	497	2	,	,	PUNCT
fsr-3304	497	3	j.	j.	PROPN
fsr-3304	497	4	s.	s.	PROPN
fsr-3304	497	5	,	,	PUNCT
fsr-3304	497	6	sharpe	sharpe	PROPN
fsr-3304	497	7	,	,	PUNCT
fsr-3304	497	8	w.	w.	PROPN
fsr-3304	497	9	,	,	PUNCT
fsr-3304	497	10	&	&	CCONJ
fsr-3304	497	11	watson	watson	PROPN
fsr-3304	497	12	,	,	PUNCT
fsr-3304	497	13	j.	j.	PROPN
fsr-3304	497	14	g.	g.	PROPN
fsr-3304	497	15	(	(	PUNCT
fsr-3304	497	16	2009	2009	NUM
fsr-3304	497	17	)	)	PUNCT
fsr-3304	497	18	.	.	PUNCT
fsr-3304	498	1	the	the	DET
fsr-3304	498	2	4	4	NUM
fsr-3304	498	3	%	%	NOUN
fsr-3304	498	4	rule	rule	NOUN
fsr-3304	498	5	—	—	PUNCT
fsr-3304	498	6	at	at	ADP
fsr-3304	498	7	what	what	DET
fsr-3304	498	8	price	price	NOUN
fsr-3304	498	9	?	?	PUNCT
fsr-3304	499	1	journal	journal	NOUN
fsr-3304	499	2	of	of	ADP
fsr-3304	499	3	investment	investment	NOUN
fsr-3304	499	4	management	management	NOUN
fsr-3304	499	5	,	,	PUNCT
fsr-3304	499	6	7	7	NUM
fsr-3304	499	7	,	,	PUNCT
fsr-3304	499	8	31–48	31–48	NUM
fsr-3304	499	9	.	.	PUNCT
fsr-3304	500	1	140	140	NUM
fsr-3304	500	2	m.j	m.j	PROPN
fsr-3304	500	3	.	.	PROPN
fsr-3304	500	4	warshawsky	warshawsky	PROPN
fsr-3304	500	5	/	/	SYM
fsr-3304	500	6	financial	financial	ADJ
fsr-3304	500	7	services	service	NOUN
fsr-3304	500	8	review	review	VERB
fsr-3304	500	9	26	26	NUM
fsr-3304	500	10	(	(	PUNCT
fsr-3304	500	11	2017	2017	NUM
fsr-3304	500	12	)	)	PUNCT
fsr-3304	500	13	113–141	113–141	NUM
fsr-3304	500	14	sexauer	sexauer	NOUN
fsr-3304	500	15	,	,	PUNCT
fsr-3304	500	16	s.	s.	PROPN
fsr-3304	500	17	c.	c.	PROPN
fsr-3304	500	18	,	,	PUNCT
fsr-3304	500	19	peskin	peskin	PROPN
fsr-3304	500	20	,	,	PUNCT
fsr-3304	500	21	m.	m.	PROPN
fsr-3304	500	22	w.	w.	PROPN
fsr-3304	500	23	,	,	PUNCT
fsr-3304	500	24	&	&	CCONJ
fsr-3304	500	25	cassidy	cassidy	PROPN
fsr-3304	500	26	,	,	PUNCT
fsr-3304	500	27	d.	d.	PROPN
fsr-3304	500	28	(	(	PUNCT
fsr-3304	500	29	2012	2012	NUM
fsr-3304	500	30	)	)	PUNCT
fsr-3304	500	31	.	.	PUNCT
fsr-3304	501	1	making	make	VERB
fsr-3304	501	2	retirement	retirement	NOUN
fsr-3304	501	3	income	income	NOUN
fsr-3304	501	4	last	last	ADJ
fsr-3304	501	5	a	a	DET
fsr-3304	501	6	lifetime	lifetime	NOUN
fsr-3304	501	7	.	.	PUNCT
fsr-3304	502	1	financial	financial	ADJ
fsr-3304	502	2	analysts	analyst	NOUN
fsr-3304	502	3	journal	journal	NOUN
fsr-3304	502	4	,	,	PUNCT
fsr-3304	502	5	68	68	NUM
fsr-3304	502	6	,	,	PUNCT
fsr-3304	502	7	74–84	74–84	PROPN
fsr-3304	502	8	.	.	PUNCT
fsr-3304	503	1	strauss	strauss	PROPN
fsr-3304	503	2	,	,	PUNCT
fsr-3304	503	3	d.	d.	PROPN
fsr-3304	503	4	j.	j.	PROPN
fsr-3304	503	5	,	,	PUNCT
fsr-3304	503	6	vachon	vachon	PROPN
fsr-3304	503	7	,	,	PUNCT
fsr-3304	503	8	p.	p.	PROPN
fsr-3304	503	9	j.	j.	PROPN
fsr-3304	503	10	,	,	PUNCT
fsr-3304	503	11	&	&	CCONJ
fsr-3304	503	12	shavelle	shavelle	PROPN
fsr-3304	503	13	,	,	PUNCT
fsr-3304	503	14	r.	r.	PROPN
fsr-3304	503	15	m.	m.	PROPN
fsr-3304	503	16	(	(	PUNCT
fsr-3304	503	17	2005	2005	NUM
fsr-3304	503	18	)	)	PUNCT
fsr-3304	503	19	.	.	PUNCT
fsr-3304	504	1	estimation	estimation	NOUN
fsr-3304	504	2	of	of	ADP
fsr-3304	504	3	future	future	ADJ
fsr-3304	504	4	mortality	mortality	NOUN
fsr-3304	504	5	rates	rate	NOUN
fsr-3304	504	6	and	and	CCONJ
fsr-3304	504	7	life	life	NOUN
fsr-3304	504	8	expectancy	expectancy	NOUN
fsr-3304	504	9	in	in	ADP
fsr-3304	504	10	chronic	chronic	ADJ
fsr-3304	504	11	medical	medical	ADJ
fsr-3304	504	12	conditions	condition	NOUN
fsr-3304	504	13	.	.	PUNCT
fsr-3304	505	1	journal	journal	NOUN
fsr-3304	505	2	of	of	ADP
fsr-3304	505	3	insurance	insurance	NOUN
fsr-3304	505	4	medicine	medicine	NOUN
fsr-3304	505	5	,	,	PUNCT
fsr-3304	505	6	37	37	NUM
fsr-3304	505	7	,	,	PUNCT
fsr-3304	505	8	20–34	20–34	NUM
fsr-3304	505	9	.	.	PUNCT
fsr-3304	506	1	sun	sun	PROPN
fsr-3304	506	2	,	,	PUNCT
fsr-3304	506	3	w.	w.	PROPN
fsr-3304	506	4	,	,	PUNCT
fsr-3304	506	5	&	&	CCONJ
fsr-3304	506	6	webb	webb	PROPN
fsr-3304	506	7	,	,	PUNCT
fsr-3304	506	8	a.	a.	NOUN
fsr-3304	506	9	(	(	PUNCT
fsr-3304	506	10	2012	2012	NUM
fsr-3304	506	11	)	)	PUNCT
fsr-3304	506	12	.	.	PUNCT
fsr-3304	507	1	should	should	AUX
fsr-3304	507	2	households	household	VERB
fsr-3304	507	3	base	base	PROPN
fsr-3304	507	4	asset	asset	NOUN
fsr-3304	507	5	decumulation	decumulation	NOUN
fsr-3304	507	6	strategies	strategy	NOUN
fsr-3304	507	7	on	on	ADP
fsr-3304	507	8	required	require	VERB
fsr-3304	507	9	minimum	minimum	ADJ
fsr-3304	507	10	distribution	distribution	NOUN
fsr-3304	507	11	tables	table	NOUN
fsr-3304	507	12	?	?	PUNCT
fsr-3304	508	1	working	work	VERB
fsr-3304	508	2	paper	paper	NOUN
fsr-3304	508	3	,	,	PUNCT
fsr-3304	508	4	center	center	NOUN
fsr-3304	508	5	for	for	ADP
fsr-3304	508	6	retirement	retirement	NOUN
fsr-3304	508	7	research	research	NOUN
fsr-3304	508	8	,	,	PUNCT
fsr-3304	508	9	boston	boston	PROPN
fsr-3304	508	10	college	college	PROPN
fsr-3304	508	11	.	.	PUNCT
fsr-3304	509	1	warshawsky	warshawsky	PROPN
fsr-3304	509	2	,	,	PUNCT
fsr-3304	509	3	m.	m.	NOUN
fsr-3304	509	4	j.	j.	PROPN
fsr-3304	509	5	(	(	PUNCT
fsr-3304	509	6	2012	2012	NUM
fsr-3304	509	7	)	)	PUNCT
fsr-3304	509	8	.	.	PUNCT
fsr-3304	510	1	retirement	retirement	NOUN
fsr-3304	510	2	income	income	NOUN
fsr-3304	510	3	:	:	PUNCT
fsr-3304	510	4	risks	risk	NOUN
fsr-3304	510	5	and	and	CCONJ
fsr-3304	510	6	strategies	strategy	NOUN
fsr-3304	510	7	,	,	PUNCT
fsr-3304	510	8	cambridge	cambridge	PROPN
fsr-3304	510	9	,	,	PUNCT
fsr-3304	510	10	ma	ma	PROPN
fsr-3304	510	11	:	:	PUNCT
fsr-3304	510	12	mit	mit	PROPN
fsr-3304	510	13	press	press	NOUN
fsr-3304	510	14	.	.	PUNCT
fsr-3304	511	1	warshawsky	warshawsky	PROPN
fsr-3304	511	2	,	,	PUNCT
fsr-3304	511	3	m.	m.	NOUN
fsr-3304	511	4	j.	j.	PROPN
fsr-3304	511	5	(	(	PUNCT
fsr-3304	511	6	2016	2016	NUM
fsr-3304	511	7	)	)	PUNCT
fsr-3304	511	8	.	.	PUNCT
fsr-3304	512	1	new	new	ADJ
fsr-3304	512	2	approaches	approach	NOUN
fsr-3304	512	3	to	to	ADP
fsr-3304	512	4	retirement	retirement	NOUN
fsr-3304	512	5	income	income	NOUN
fsr-3304	512	6	:	:	PUNCT
fsr-3304	512	7	an	an	DET
fsr-3304	512	8	evaluation	evaluation	NOUN
fsr-3304	512	9	of	of	ADP
fsr-3304	512	10	combination	combination	NOUN
fsr-3304	512	11	laddered	ladder	VERB
fsr-3304	512	12	strategies	strategy	NOUN
fsr-3304	512	13	.	.	PUNCT
fsr-3304	513	1	journal	journal	NOUN
fsr-3304	513	2	of	of	ADP
fsr-3304	513	3	financial	financial	ADJ
fsr-3304	513	4	planning	planning	NOUN
fsr-3304	513	5	,	,	PUNCT
fsr-3304	513	6	29	29	NUM
fsr-3304	513	7	,	,	PUNCT
fsr-3304	513	8	52–61	52–61	NUM
fsr-3304	513	9	.	.	PUNCT
fsr-3304	514	1	141m.j	141m.j	NUM
fsr-3304	514	2	.	.	PUNCT
fsr-3304	515	1	warshawsky	warshawsky	PROPN
fsr-3304	515	2	/	/	SYM
fsr-3304	515	3	financial	financial	ADJ
fsr-3304	515	4	services	service	NOUN
fsr-3304	515	5	review	review	VERB
fsr-3304	515	6	26	26	NUM
fsr-3304	515	7	(	(	PUNCT
fsr-3304	515	8	2017	2017	NUM
fsr-3304	515	9	)	)	PUNCT
fsr-3304	515	10	113–141	113–141	NUM