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  • Book
  • Open Access
  • © 2022

How to Build a Modern Tontine

Algorithms, Scripts and Tips

  • Proposes the modern tontine as a solution to retirement planning and decumulation

  • Employs a cookbook-style format to encourage active learning

  • Includes R code for easy reproducibility

  • This book is open access, which means that you have free and unlimited access

Part of the book series: Future of Business and Finance (FBF)

Buying options

Softcover Book USD 49.99
Price excludes VAT (USA)
Hardcover Book USD 59.99
Price excludes VAT (USA)

Table of contents (11 chapters)

  1. Front Matter

    Pages i-xxi
  2. Why Tontines? Why Now?

    • Moshe Arye Milevsky
    Pages 1-13Open Access
  3. Financial and Actuarial Background

    • Moshe Arye Milevsky
    Pages 15-25Open Access
  4. Building a Tontine Simulation in R

    • Moshe Arye Milevsky
    Pages 27-48Open Access
  5. Statistical Risk Management

    • Moshe Arye Milevsky
    Pages 49-60Open Access
  6. Death Benefits, Refunds and Covenants

    • Moshe Arye Milevsky
    Pages 61-79Open Access
  7. Goodbye LogNormal Distribution

    • Moshe Arye Milevsky
    Pages 81-100Open Access
  8. Squeezing the Most from Mortality

    • Moshe Arye Milevsky
    Pages 101-117Open Access
  9. Managing a Competitive Tontine Business

    • Moshe Arye Milevsky
    Pages 119-127Open Access
  10. Solutions and Advanced Hints

    • Moshe Arye Milevsky
    Pages 129-152Open Access
  11. Concluding Remarks: Tontine Thinking

    • Moshe Milevsky
    Pages 153-156Open Access
  12. Correction to: Concluding Remarks: Tontine Thinking

    • Moshe Milevsky
    Pages C1-C1Open Access

About this book

This open access book introduces the modern tontine and its applications in retirement and decumulation. Personal financial management in the later stages of life presents unique challenges, and renowned retirement planning expert Dr. Milevsky proposes the modern tontine as a solution. With the goal of guiding professionals and retirees in more efficient decumulation, the book demonstrates how to build a modern tontine. It is technically oriented, employing a cookbook format, featuring R code, and examining retirement planning through a statistical lens. This how-to guide, which is a sequel to his 2020 book “Retirement Income Recipes in R”, will be invaluable for retirement planning professionals and advisors, as well as for PhD scholars in retirement planning, quantitative finance, and related fields.

This book is open access.


  • Open Access
  • tontine
  • risk management
  • retirement
  • decumulation
  • insurance
  • Business Analytics
  • Mathematical Finance
  • Statistical Finance

Authors and Affiliations

  • Toronto, Canada

    Moshe Arye Milevsky

About the author

Moshe Arye Milevsky is a tenured professor of finance at the Schulich School of Business and a member of the Graduate Faculty in Mathematics and Statistics at York University in Toronto, Canada, where he teaches courses on wealth management, insurance and retirement planning. He has written over sixty-five peer-reviewed articles, and this is his 17th published book. His prior work on tontines, King William’s Tontine: Why the Retirement Annuity of the Future Should Resemble Its Past, was awarded the Kulp-Wright Book Award from the American Risk and Insurance Association. He is also the author of Retirement Income Recipes in R: From Ruin Probabilities to Intelligent Drawdowns (Springer 2020), which provides recipe-like guidance to retirement income practitioners in R programming.

Professor Milevsky is an associate editor of Insurance: Mathematics & Economics, as well as The Journal of Pension Economics & Finance. He is also a fellow of the Fields Institute for Research in Mathematical Sciences, where he was previously a member of the board of directors and active in their scientific and commercial activities.

In addition to his scholarly work Professor Milevsky is a well-known industry consultant, keynote speaker and fin-tech entrepreneur, with a number of U.S. patents. He was named by Investment Advisor Magazine as one of the 35 most influential people in the U.S. financial advisory business during the last 35 years and received a lifetime achievement award from the Retirement Income Industry Association. He recently joined forces with Guardian Capital Group (Canada) to help implement many of the ideas contained in this book.

Bibliographic Information

Buying options

Softcover Book USD 49.99
Price excludes VAT (USA)
Hardcover Book USD 59.99
Price excludes VAT (USA)