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Article

Adding Direction to the Consumption Rate in Retirement

Aaron Minney
The Journal of Retirement Summer 2017, 5 (1) 106-116; DOI: https://doi.org/10.3905/jor.2017.5.1.106
Aaron Minney
is head of retirement income research at Challenger in Sydney, New South Wales, Australia
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Abstract

Retirees can either spend down their money during retirement or leave it in their estate for the next generation. For those who want to sustain their living standard through retirement, there is a trade-off between how much, and how fast, they can spend, against how much they are likely to leave to their estate. By considering both the rate of consumption and the directional impact it has on wealth, we can explore this trade-off. The difference in sustainable consumption rates between full preservation of capital and full depletion of capital in retirement can be calculated to provide guidance for retirees on how their consumption rate might affect their likely estate balance. The author explains these concepts and includes a case study for an Australian retiree couple.

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The Journal of Retirement: 5 (1)
The Journal of Retirement
Vol. 5, Issue 1
Summer 2017
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Adding Direction to the Consumption Rate in Retirement
Aaron Minney
The Journal of Retirement Jul 2017, 5 (1) 106-116; DOI: 10.3905/jor.2017.5.1.106

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Adding Direction to the Consumption Rate in Retirement
Aaron Minney
The Journal of Retirement Jul 2017, 5 (1) 106-116; DOI: 10.3905/jor.2017.5.1.106
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  • Article
    • Abstract
    • BACKGROUND
    • CONSUMPTION VELOCITY: THE DIRECTION MATTERS AS WELL AS THE RATE
    • TWO CRITICAL PATHS AS GUIDELINES FOR THE SPENDING/ESTATE TRADE-OFF
    • CAPITAL PRESERVATION
    • MAXIMAL SPENDING WITH CAPITAL DEPLETION
    • CONSUMPTION CHOICES FOR THE RETIREE
    • SOCIAL SECURITY
    • CASE STUDY
    • RELEVANCE FOR ADVISORS, FUNDS, AND PLAN SPONSORS WORKING WITH RETIREES
    • CONCLUSION
    • APPENDIX 1
    • APPENDIX 2
    • ENDNOTES
    • REFERENCES
  • Info & Metrics
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  • PDF (Subscribers Only)

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More in this TOC Section

  • Editor’s Letter
  • BOOK REVIEW: Is There a Retirement Crisis? An Exploration of the Current Debate
  • Editor’s Letter
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