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RILAs in the decumulation phase

Thorsten Moenig

Journal of Risk and Insurance2026https://doi.org/10.1111/jori.70039article
AJG 3ABDC A
Weight
0.50

Abstract

Registered Index‐Linked Annuities (RILAs) have quickly become one of the most popular retirement savings and investment vehicles in the United States. Researchers have analyzed their ability to help investors accumulate wealth—and have praised them for their relatively low cost and transparency—but have not yet considered whether RILAs can be a suitable component of retirement planning during the decumulation phase as well. This study aims to fill that gap by embedding RILAs in a lifecycle utility framework that models an investor's optimal decision‐making post‐retirement. In that context, I find that RILAs are essentially a like‐for‐like substitute for traditional mutual funds, in terms of both the total utility provided to the retiree and his optimal consumption and annuitization decisions.

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https://doi.org/https://doi.org/10.1111/jori.70039

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@article{thorsten2026,
  title        = {{RILAs in the decumulation phase}},
  author       = {Thorsten Moenig},
  journal      = {Journal of Risk and Insurance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/jori.70039},
}

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RILAs in the decumulation phase

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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