RT Journal Article SR Electronic T1 Adaptive Retirement Planning, Sustainable Withdrawals, and Deferred Annuities JF The Journal of Retirement FD Institutional Investor Journals SP jor.2022.1.118 DO 10.3905/jor.2022.1.118 A1 Anran Chen A1 Steven Haberman A1 Stephen Thomas YR 2022 UL https://pm-research.com/content/early/2022/10/06/jor.2022.1.118.abstract AB In this article, we integrate investment decisions in the post-retirement period with the inclusion of a deferred annuity (DA) to provide a lifetime decumulation solution. We use the perfect withdrawal rate (PWR) as a tool to make recommendations on withdrawal rates and asset allocations. We illustrate how cheap it is to use a DA to deal with longevity risk. Moreover, if an individual wants to maximize median PWR, they should allocate almost 100% in stocks. If an individual wants to maximize minimum PWR, they should allocate 40%–60% in stocks. A substantial stocks component should therefore be maintained throughout the retirement period as a new “normal” asset allocation.