Skip to Content
  1. Podcasts
  2. The Long View

Moshe Milevsky: How to Lower Retirement Risk at a Turbulent Time

A pioneering researcher on the role of human capital in financial planning, the importance of biological age to retirement planning, the role of annuities and tontines in hedging longevity risk, and more.

The Long View cover art

Listen Now

Listen and subscribe to Morningstar’s The Long View from your mobile device.

Our guest on the podcast today is renowned retirement researcher Moshe Milevsky, who has conducted research on a broad range of topics, including pensions, annuities, investment strategies for people approaching retirement, and asset allocation over the human lifecycle. A prolific writer and researcher, Milevsky is also the author of several books, including Are You a Stock or a Bond?, The 7 Most Important Equations for Your Retirement, and The Calculus of Retirement Income. His recent books include King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past and The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672. He's served as a professor of finance at the Schulich School of Business at York University for the past 25 years. He received his bachelor's degree in physics at Yeshiva University, his master's degree in mathematics and statistics at York University, and his doctorate in finance at York University's Schulich School of Business.

Background

Moshe Milevsky's home page 

Milevsky's Twitter account @retirementquant

Milevsky's CV

Moshe Milevsky Books 

Are You a Stock or a Bond? 

The 7 Most Important Equations for Your Retirement 

The Calculus of Retirement Income

King William's Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past

The Day the King Defaulted: Financial Lessons from the Stop of the Exchequer in 1672

Human Capital

Roger Ibbotson bio 

"The U.S. Labor Market During and After the Great Recession: Continuities and Transformations," by Arne Kalleberg. The Russell Sage Foundation Journal of the Social Sciences, Vol. 3, No. 3, April 2017. 

"No Portfolio is an Island," by David Blanchett and Phillip Straehl, Financial Analysts Journal, Vol. 71, issue 3, May/June 2015. 

Longevity Risk

"Forget Your Real Age: Plan Your Retirement Around Your 'Biological Age'," by Lewis Braham, Barron's, Jan. 27, 2019.

"Retirement Spending and Biological Age," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury. Journal of Economic Dynamics & Control, September 2017.

"The Utility Value of Longevity Risk Pooling: Analytic Insights," by Huaxiong Huang and Moshe Milevsky, North American Actuarial Journal, Feb. 8, 2019.

The SECURE Act

Annuities and Tontines

"Valuation and Hedging of the Ruin-Contingent Life Annuity (Rcla)," by Huaxiong Huang, Moshe Milevsky, and T.S. Salisbury, Journal of Risk and Insurance, Vol. 81, No. 2, May 2014. 

"Pros and Cons of 2 Key Annuity Types," by Christine Benz and David Blanchett, Morningstar.com, Oct. 18, 2014.

"Could a Tontine Be Superior to Today's Lifetime Annuity Income Products?" by Michael Kitces, Nerd's Eye View, Feb. 3, 2016.

"Estimating the True Cost of Retirement," by David Blanchett, Morningstar Investment Management, Nov. 5, 2013.

Retirement System and Planning

Olivia Mitchell CV