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Retirement Income Research: What Can We
Learn from Economics?

Irlam Gordon and Tomlinson Joseph
The Journal of Retirement Spring 2014, 1 (4) 118-128; DOI: https://doi.org/10.3905/jor.2014.1.4.118
Irlam Gordon
is director of the Gordon R. Irlam Charitable Foundation in Los Altos, CA.
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  • For correspondence: gordoni@gordoni.com
Tomlinson Joseph
is an actuary and financial planner and managing director at Tomlinson Financial Planning, LLC in Greenville, ME.
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  • For correspondence: joetmail@aol.com
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Abstract

Research on retirement income planning has, for many years, followed two separate tracks. Financial planning practitioners have developed guidelines for withdrawals from savings and asset allocation by testing and fine-tuning various rules of thumb. Economists have applied a different approach, based on life-cycle finance, aimed at maximizing the utility of lifetime consumption, using dynamic programming techniques to optimize retirement withdrawals and asset allocations. This article seeks to use a non-mathematical explanation to help financial planners and others who are not familiar with the economics approach to develop a conceptual understanding of how life-cycle finance and dynamic programming can be applied to retirement income planning. It also compares the performance of optimized recommendations produced by dynamic programming with various rule-of-thumb strategies that have been popular in the planning literature. It attempts to demonstrate the power that the economics approach can bring to improving retirement income planning and argues that more communication between economists and practitioners can help open up new approaches to research and improved practical applications.

TOPICS: Retirement, wealth management

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The Journal of Retirement: 1 (4)
The Journal of Retirement
Vol. 1, Issue 4
Spring 2014
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Retirement Income Research: What Can We
Learn from Economics?
Irlam Gordon, Tomlinson Joseph
The Journal of Retirement Apr 2014, 1 (4) 118-128; DOI: 10.3905/jor.2014.1.4.118

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Retirement Income Research: What Can We
Learn from Economics?
Irlam Gordon, Tomlinson Joseph
The Journal of Retirement Apr 2014, 1 (4) 118-128; DOI: 10.3905/jor.2014.1.4.118
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  • Article
    • Abstract
    • RETIREMENT DECISIONS AND UTILITY
    • OPTIMIZING THE RETIREMENT PLAN
    • BUILDING THE RETIREMENT MAP
    • FOLLOWING THE RETIREMENT MAP
    • THE HIGH RISK AVERSION CASE
    • THE LOW RISK AVERSION CASE
    • TESTING FINANCIAL PLANNING STRATEGIES
    • DISCUSSION OF RESULTS
    • SAMUELSON AND MERTON
    • PRACTICAL PLANNING CONSIDERATIONS
    • RESEARCH CONSIDERATIONS
    • ENDNOTES
    • REFERENCES
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