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Personal Life-Cycle Financial Planning Decision Model

This paper derives the optimal consumption and portfolio choice pattern over the life-cycle for households facing uninsurable labor income risk, ruin risk, stochastic capital markets, and uncertain lifetime. Our model posits a dynamic utility maximized with CRRA and Epstein-Zin preferences that has access to liquid stocks, bonds, and illiquid life annuities. The empirical results of this research indicate that the annuity insurance commodity can hedge longevity risk. The investor would purchase the annuity insurance commodity, enhancing her own level of utility.