Given its tax-preferential treatment, careful study is warranted to determine whether life insurance can play an important role in an overall retirement portfolio. This study develops hypothetical scenarios for different types of individuals with varying ages and distribution periods, while...

Numerous studies about sustainable withdrawal rates from retirement savings have been published, but they are overwhelmingly based on the same underlying data for US asset returns since 1926. From an international perspective, the United States enjoyed a particularly favorable climate for asset...

Sequence-of-returns risk amplifies the impacts of investment volatility when taking distributions from a volatile investment portfolio in retirement. There are four techniques for managing this sequence risk: reduce the spending rate, adjust spending to portfolio performance, reduce portfolio...

Recent asset pricing studies suggest that demand for stocks since 1980 has driven expected returns below their historical average. The current yield of risk-free assets in the U.S. is also well below historical bond yields. This decrease in bond yields, coupled with increases in longevity, has...