The TIAA Institute has awarded Kent Smetters, Boettner Professor in the department of business economics and public policy at the Wharton School, and Felix Reichling of the Congressional Budget Office, with the 21st annual TIAA Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security.

The Samuelson Award recognizes outstanding research that can be used to improve Americans’ financial well-being through both public and private sectors. The researchers were awarded for their paper, “Optimal Annuitization with Stochastic Mortality and Correlated Medical Costs,” which examined how households should consider potential health events when planning for their lifelong financial well-being.

“I want to congratulate Felix Reichling and Kent Smetters on compiling an outstanding piece of research and data that will help Americans plan for retirement,” said Stephanie Bell-Rose, senior managing director and head of TIAA Institute. “This thorough analysis will be a useful tool for financial advisors and other stakeholders in helping their clients pick the best option for lifelong financial security. We believe that lifetime income products, like annuities, are essential for many individuals to achieve a financially secure retirement.”