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Estimating the value of with William Reichenstein This paper expands and extends the insights proposed in the Fraser, Jennings and King paper. A crucial innovation is exploring the value of expected cash flows [rather than the value of cash flows through life expectancy]. The valuation technique developed allows ready calculation of the value of social security benefits for any level of expected social security benefits [rather than just high-earners]. Finally, the paper relies on after-tax valuation to demonstrate the impact on portfolios. Published in Journal of Wealth Management, Winter 2001. |
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