Making Retirement Income Last a Lifetime

Financial Analysts Journal
January/February 2012 | Vol. 68 | No. 1 | 11 pages
Source: CFA Institute
Stephen C. Sexauer Michael W. Peskin Daniel Cassidy, CFA

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To enable investors to spend down the assets in their defined contribution accounts more easily, the authors propose a decumulation benchmark comprising a laddered portfolio of TIPS for the first 20 years (consuming 88 percent of available capital) and a deferred life annuity purchased with the remaining 12 percent. This portfolio can be used directly by the investor (akin to indexing) or as a benchmark for evaluating the performance of a more aggressive strategy.

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