Dr. Paul Kaplan

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479 appearances 1 recordings 1 series first heard Jul 2026 last heard 9 Jul

Dr. Paul Kaplan’s voice in public audio — every appearance, attributed to the second.

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The Rational Reminder Podcast · A Financial Plan For Your Entire Life | #417 (Dr. Paul Kaplan) · 9 Jul 2026 podcast

If you annuitize, you get a stream of income that will continue with so long as you live, versus let's suppose if you don't annuitize, if you just keep everything in conventional assets, you could run out of money.

So annuities help you sort of stretch that over your life.

They also will give you a higher rate of return than conventional assets.

And Professor Malewski calls these mortality credits.

It's how much more of a return you get by using an annuity than not using an annuity.

And then life insurance is important if you want to set the size of your request over the time of life.

Because if you don't use life insurance or annuities and you accumulate wealth, and let's suppose during your accumulation phase you die, you may not be leaving to your heirs as much as you would have liked.

So life insurance does help you smooth that out.

In chapter five of the book in particular,

It goes into a lot of detail on how to use life insurance and annuities.

And the basic takeaway from that is use life insurance when your financial assets are lower than level of bequest.

Fill in the gap with term life.

Once you've accumulated enough in financial assets, you don't need life insurance anymore.

Now you can start using annuities to extend your consumption out.

Yeah, well, that is a problem with annuities, which is, yeah, if they're nominal only, they are subject to inflation risk.

I mean, I think there are some annuities which have some kind of inflation protection in them.

It does raise an important practical problem if you can't guarantee their value in real dollars.

The government is giving you this annuity, so you don't have to go out and buy it.

Well, one way they affect it is in the consumption rule.

In the model presented in the book, it's presented mathematically exactly this is how you should vary your consumption in the face of changing asset returns.

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