Cover of Can a continuously-liquidating tontine (or mutual inheritance fund) succeed where immediate annuities have floundered?

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Can a continuously-liquidating tontine (or mutual inheritance fund) succeed where immediate annuities have floundered?

by Julio Rotemberg

A new instrument (the Mutual Inheritance Fund or MIF) is proposed whose purpose is to help people carry their savings forward from the moment they retire into their old age. Like annuities, this instrument requires an up-front payment before people receive any benefits while also protecting people from the risk that they will live a long time. The funds that individuals contribute to a MIF are invested in a mutual fund. The proceeds from the fund's underlying assets are reinvested until the contributor dies or he turns an age specified in advance. If a contributor dies before this...

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