Susan describes a proposal for moderate income 65+ retirement that includes an incremental lifetime annuity of around $10k pa (over and above NZ super) combined with an insurance policy for long term care (which costs in the region of $50k pa). Her argument advocates a combination of private contribution form wealth – i.e. decumulation – on the order of $150k-$200k and public sector guarantees (risk bearing) onto deal with a combination of problems that plague purely private solutions: adverse selection , gender neutrality, and less than adequate , indeed “minimalist” , taxpayer funded long term care issues.
Please be tolerant of the mixed audio quality. The slides are great and most but not all of the audio – it’s the best we could do with a camcorder in this room!
Table of contents : RPRC Forum Nov 21 2014: Decumulating Retirement Savings: making the options work
- “Do we agree what the problem is?” – Susan St John’s introduction
- Opening comments from NZ’s Retirement Commissioner Diane Maxwell
- “The Rebirth of Lifetime Annuities in Australia” -Jeremy Cooper
- “Home Equity Release” – Andrew Ford
- “Shaping the Retirement Income Industry in New Zealand” – Ralph Stewart
- “A proposal for lifetime annuities with long term care insurance” – Susan St John