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A Portfolio Approach to Retirement Income Security

Wade Pfau, Joe Tomlinson and Steve Vernon
The Journal of Retirement Fall 2016, 4 (2) 11-22; DOI: https://doi.org/10.3905/jor.2016.4.2.011
Wade Pfau
is a professor of retirement income at The American College in Bryn Mawr, PA.
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  • For correspondence: wade.pfau@theamericancollege.edu
Joe Tomlinson
is a managing member at Tomlinson Financial Planning in Greenville, ME.
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  • For correspondence: joetmail@aol.com
Steve Vernon
is a consulting research scholar at the Stanford University Center on Longevity in Stanford, CA.
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  • For correspondence: svernon@stanford.edu
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Abstract

Workers with defined contribution retirement plans face a daunting array of choices as they enter retirement. They need to decide how to allocate their savings among asset classes and how much to withdraw from savings to support retirement. They also need to make choices about when to claim Social Security and whether or not to purchase annuities (and what type to purchase) to provide guaranteed lifetime income in addition to Social Security.

In this article, we report on a recent collaboration between the Stanford Center on Longevity (SCL) and the Society of Actuaries (SOA) aimed at analyzing the various alternatives and finding optimal combinations of asset and product allocations, and strategies for withdrawing funds from savings. An important objective in this work has been finding solutions that are sufficiently straightforward to be implemented by retiring workers in employer-sponsored retirement plans or by utilizing low-cost advice options. Solutions that require substantial adviser involvement may be too expensive for typical middle-income workers. While the report focuses on solutions for defined contribution retirement plans, its framework can also be applied to out-of-plan solutions.

TOPICS: Social security, pension funds, legal/regulatory/public policy

  • © 2016 Pageant Media Ltd
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The Journal of Retirement: 4 (2)
The Journal of Retirement
Vol. 4, Issue 2
Fall 2016
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A Portfolio Approach to Retirement Income Security
Wade Pfau, Joe Tomlinson, Steve Vernon
The Journal of Retirement Oct 2016, 4 (2) 11-22; DOI: 10.3905/jor.2016.4.2.011

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A Portfolio Approach to Retirement Income Security
Wade Pfau, Joe Tomlinson, Steve Vernon
The Journal of Retirement Oct 2016, 4 (2) 11-22; DOI: 10.3905/jor.2016.4.2.011
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  • Article
    • Abstract
    • BACKGROUND
    • CLASSIC INVESTMENT PORTFOLIO THEORY REVISITED
    • PRIOR RESEARCH
    • TYPICAL RETIREMENT INCOME GOALS
    • PROS AND CONS OF COMMON RIGs
    • METHODOLOGY
    • DEFINING THE EFFICIENT FRONTIERS
    • DISPLAYING THE EFFICIENT FRONTIERS
    • OTHER PHASES OF THE RESEARCH
    • LIMITATIONS OF THE RESEARCH
    • CONCLUSION
    • ENDNOTES
    • REFERENCES
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