Defined terms for the annuity market and lifetime income landscape.
Liquidity is the structural property of a claim that specifies what rights the participant retains over the underlying capital, with four possible values: full, partial, conditional, or none. Why it matters Lifetime income arrangements differ substantially in how much access to the underlying capital the participant retains. The liquidity property names this difference structurally. Because liquidity is independent of the other three properties, two arrangements with similar risk-
