%0 Journal Article %A Javier Estrada %T Maximum Withdrawal Rates: An Empirical and Global Perspective %D 2018 %R 10.3905/jor.2018.2018.1.035 %J The Journal of Retirement %P 57-71 %V 5 %N 3 %X Standard analysis of retirement strategies involves evaluating their failure rate. One of the shortcomings of this approach is that a strategy may have a low failure rate and at the same time leave a large unintended bequest. Maximum withdrawal rates, by definition, exhaust a portfolio by the end of the retirement period, thus leaving no bequest; they can be used both to assess the likelihood of sustaining any chosen level of inflation-adjusted withdrawals, and more generally to evaluate retirement strategies. This article provides a comprehensive historical perspective on maximum withdrawal rates in 21 countries over 115 years with 11 asset allocations ranging from 100% stocks to 100% bonds.TOPICS: Retirement, global, portfolio construction %U https://jor.pm-research.com/content/iijretire/5/3/57.full.pdf