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By the way, the post below with the graphic is only showing a preview of the PDF file I uploaded.  You can see the whole slide and download the PDF file by double clicking on "PDF document" in the graphic's caption.

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By the way, the post below with the graphic is only showing a preview of the PDF file I uploaded.  You can see the whole slide and download the PDF file by double clicking on "PDF document" in the graphic's caption.

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The focus of Wade Pfau's academic research is on optimizing retirement income.  However, neither of the two books he has written have Optimizing Income as their title.  The graphic I showed in class was taken from the book also shown on the slide:  "How much can I Spend In Retirement" (p. 33)  But you can also find the same graphic in several of his other papers and blogs.  He has a website called "Retirement Researcher" https://retirementresearcher.com/ where you can find his blog, articles and research he's done.

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The focus of Wade Pfau's academic research is on optimizing retirement income.  However, neither of the two books he has written have Optimizing Income as their title.  The graphic I showed in class was taken from the book also shown on the slide:  "How much can I Spend In Retirement" (p. 33)  But you can also find the same graphic in several of his other papers and blogs.  He has a website called "Retirement Researcher" https://retirementresearcher.com/ where you can find his blog, articles and research he's done.

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Notice then searching for books by Wade Pfau I noticed 2 books but not the one on Optimizing Income? Also, as part of the search pages I came across one page with a number of his graphics didn't note the page but you can probably find it with a search on the authors name. Jack

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As requested by some of you.
We'll start off next class from this slide and would be the guiding road map for the rest of the course.
Thank you

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Retirement Income Optimization Plan Slide

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Please feel free to use this as communication back channel with me or with rest of the class for questions, comments or anything you may want to share in connection with the course.

I will use this as a test ground for wider adoption by OLLI.
Looking forward to hearing from you.

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A very interesting article in the Wall Street Journal Today.  Both Wade Pfau and Michael Kitces are quoted in it.  The comments from readers to the article are also very interesting, mostly showing popular biases and misinformation but also a few good insights.  Enjoy it.

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A very interesting article in the Wall Street Journal Today.  Both Wade Pfau and Michael Kitces are quoted in it.  The comments from readers to the article are also very interesting, mostly showing popular biases and misinformation but also a few good insights.  Enjoy it.

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For each year in which a bull market persists, workers become likelier to retire. But those who leave the workforce now-the ninth year of the longest U.S. bull market-are potentially setting themselves up for a tough stretch that could test their portfolio's long-term resilience.

Why? When the stock market becomes historically expensive, as some metrics suggest it is today, research shows it's often a harbinger of below-average future returns. This can be especially painful for retirees with long life expectancies because...

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Retiring Soon? Plan for Market Downturns

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For each year in which a bull market persists, workers become likelier to retire. But those who leave the workforce now-the ninth year of the longest U.S. bull market-are potentially setting themselves up for a tough stretch that could test their portfolio's long-term resilience. Why?

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No Simple Rule for Spending Your Assets - Kiplinger Retirement Report - "While no simple rule is ideal, retirees may incorporate an RMD approach into a broader plan for covering expenses.  A 2010 Vanguard Group paper, for example, found that combining an immediate inflation-adjusted annuity with an RMD approach produced stable cash flows that grew at a faster rate than those of other rules of thumb." 

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No Simple Rule for Spending Your Assets - Kiplinger Retirement Report - "While no simple rule is ideal, retirees may incorporate an RMD approach into a broader plan for covering expenses.  A 2010 Vanguard Group paper, for example, found that combining an immediate inflation-adjusted annuity with an RMD approach produced stable cash flows that grew at a faster rate than those of other rules of thumb." 

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The RMD approach is defined as using the RMD divisor over your entire Retirement Nest-Egg Balance to define your yearly withdrawal amount.  That along with the annuity results in a simple approach to guide yearly spending.

Also - For additional resources on retirement related issues, Morningstar is currently repeating (Dec 2017) a series of articles by Christine Benz.  Christine is over Personal Investment and has written a number of articles to help people with investment research.  For example two articles: "The Bucket Investor's Guide to Setting Asset Allocation for Retirement" and Morningstar's Top Picks for Retirement Portfolios."  These and more articles are highlighted on the web page Morningstar.com.

Hope this may be helpful, Jack