Finke, Michael; Pfau, Wade Donald; Williams, Duncan - Volkswirtschaftliche Fakultät, … - 2011
Shortfall risk retirement income analyses offer little insight into how much risk is optimal, and how risk tolerance … affects retirement income decisions. This study models retirement income risk in a manner consistent with risk tolerance in … attitudes. We find that the 4 percent retirement withdrawal rate strategy may only be appropriate for risk averse clients with …