Investors arguably spend the most time and effort selecting “good” investment funds/managers—the
so-called alpha decision—as well as on the asset-allocation, or beta, decision. …

The safety of a 4% initial withdrawal strategy depends on asset return assumptions. Using
historical averages to guide simulations for failure rates for retirees spending an inflation-…

Contributions years, should be safe. In no past case has it caused a portfolio to be exhausted
before 33 years.” He goes on to analyze the probability of five different equity portfolios (0 …

Socially Responsible Investing (SRI), also known as sustainable, socially conscious, or ethical
investing, describes an investment strategy that seeks to maximize both financial return …

… Little research (see Garrison, Sera, and Cribbs 2010 for a recent exception) has explored
the dynamic effect of changing the portfolio allocation within the simulation, as has been …

• This paper advances the “secondgeneration approach” to the sustainable withdrawal rate
question. The study evaluates the ongoing sustainability of the withdrawal rate that is …

Retirement income research and financial planning tools generally assume that retiree
expenditures, or consumption, increase annually by inflation during retirement. This assumption …

… For example, Blanchett and Kaplan (2013), using the concept of “gamma,” found that a
retiree can expect to generate 22.6 percent more in certainty-equivalent income in …

The authors analyze the effect equity values and age have on the risk aversion of participants
in US-defined contribution plans using a unique dataset with daily responses to a risk …

The authors incorporated nonfinancial assets—industry-specific human capital, region-specific
housing wealth, and pensions—into a traditional portfolio optimization and found that the …