2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/209969We assume that an agent's rate of consumption is {\it ratcheted}; that is, it forms a non-decreasing process. Given the rate of consumption, we act as financial advisers and find the optimal investment strategy for the agent who wishes to minimize his probability of ruin.Key Words: Self-annuitization, optimal investment, stochastic optimal control, probability of ruin, ratcheting of consumptionRisk ManagementOptimization and Controltext