TY - JOUR T1 - Adaptive Retirement Planning, Sustainable Withdrawals, and Deferred Annuities JF - The Journal of Retirement SP - 96 LP - 119 DO - 10.3905/jor.2022.1.118 VL - 10 IS - 3 AU - Anran Chen AU - Steven Haberman AU - Stephen Thomas Y1 - 2023/01/31 UR - https://pm-research.com/content/10/3/96.abstract N2 - 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 individuals want to maximize median PWR, they should allocate almost 100% in stocks. If they want 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. ER -