Last year, Tony Stenning explained on Blackrock Blog why it makes sense to introduce retirement plans for babies. In this post, I will discuss this interesting idea from an actuarial perspective. First I will provide some social background on the current global pension situation. Next, I will perform an analysis giving insight into the benefits and expenses of lifetime retirement savings. Finally, I will reserve the last part of this post for readers interested in the R code I used to perform the calculations and visualizations.
Actuarial data science is about actuaries and data scientists working together to turn data into valuable business logic. It’s as simple as that. Or is it? Well, it has been a while since I first had the opportunity to team up with this fascinating creature called a data scientist. I felt impressed and confused at the same time. Why?