The question how individuals should (optimally) annuitize their wealth remains of high relevance in light of longevity risk and volatile capital markets. In this article, we first present traditional and innovative products and strategies for the decumulation of wealth during retirement, based on a review of 72 selected academic articles in peer-reviewed journals. We further identify relevant factors that generally influence the conception of these products from the retirees’ perspectives, and derive implications for product developers, before concluding with avenues of future research. Our results indicate that innovative suggestions often comprise tontine-like structures, exploit actuarial and accounting smoothing in various ways, defer annuitization to higher ages, or combine it with long-term care options, for instance. Key areas of future research in this field include the consideration of both insurer and retiree perspectives in the analysis of products, using behavioral considerations when evaluating the retirees’ perspective, and taking into account the impact of costs or expenses. While recent articles increasingly consider these aspects, manifold opportunities for future research remain.

鉴于长寿风险和波动的资本市场，个人应如何（最佳）将其财富年化的问题仍然具有高度相关性。在本文中，我们首先基于对同行评审期刊上 72 篇精选学术文章的评论，提出了退休期间财富积累的传统和创新产品和策略。我们进一步从退休人员的角度确定了通常影响这些产品概念的相关因素，并得出对产品开发人员的影响，然后得出未来研究的途径。我们的研究结果表明，创新建议通常包括类似联合养老保险的结构，以各种方式利用精算和会计平滑，将年金领取推迟到更高的年龄，或将其与长期护理选择相结合。该领域未来研究的关键领域包括在产品分析中考虑保险公司和退休人员的观点，在评估退休人员的观点时考虑行为因素，以及考虑成本或费用的影响。虽然最近的文章越来越多地考虑这些方面，但未来研究仍然存在多种机会。