| Summary: | 碩士 === 國立高雄第一科技大學 === 風險管理與保險所 === 94 === Abstract
This thesis applies a dynamic retirement allocation model to study the investor’s
optimal behavior, which maximizes expected individual utility with investment returns
and mortality uncertain. Data under the restrictions on the regulations of Labor Pension
Act are used to simulate the interactions among consumption, portfolio selection, life
insurance, and annuity choices. The simulation results indicate that optimal behavior is
affected by income replacement and bequest. The existence of the bequest motive and
the pension annuity affects investor’s demand for annuity and the bequest motive does
the most. For current pension fund policies in Taiwan, the pension scheme provide
retiree about 20% income replacements and it sustains only 30% consumption at
retirement. Hence, investors need other personal financial plans including savings,
investing, and insurance and a tactful personal financial planning is indeed important for
investors before retirement.
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