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The Journal of Wealth Management

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Article

The Impact of the 2008 Financial Crisis on Withdrawals of Retirement Wealth

Bala Arshanapalli, William Nelson and Micah Pollak
The Journal of Wealth Management Spring 2015, 17 (4) 57-66; DOI: https://doi.org/10.3905/jwm.2015.17.4.057
Bala Arshanapalli
is the Gallagher-Mills Chair and a professor of finance at Indiana University Northwest in Gary, IN.
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  • For correspondence: barshana@iun.edu
William Nelson
is an associate dean and professor of finance at Indiana University Northwest in Gary, IN.
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  • For correspondence: wnelson@iun.edu
Micah Pollak
is an assistant professor of economics at Indiana University Northwest in Gary, IN.
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  • For correspondence: mpollak@iun.edu
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Abstract

During the financial crisis of 2007–2009, the market value of retirement assets held in stock fell by 32%. The objective of this study is to show how a severe financial crisis affects the withdrawal patterns of retirees. Specifically, the authors examine how withdrawal patterns change when an unexpected major investment shock at various years into retirement is induced artificially. The results show that equally weighted portfolio of stocks and bonds performs better than a portfolio of 100% stock, or a portfolio of 100% bonds by providing a more stable withdrawal pattern.

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The Journal of Wealth Management: 17 (4)
The Journal of Wealth Management
Vol. 17, Issue 4
Spring 2015
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The Impact of the 2008 Financial Crisis on Withdrawals of Retirement Wealth
Bala Arshanapalli, William Nelson, Micah Pollak
The Journal of Wealth Management Jan 2015, 17 (4) 57-66; DOI: 10.3905/jwm.2015.17.4.057

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The Impact of the 2008 Financial Crisis on Withdrawals of Retirement Wealth
Bala Arshanapalli, William Nelson, Micah Pollak
The Journal of Wealth Management Jan 2015, 17 (4) 57-66; DOI: 10.3905/jwm.2015.17.4.057
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  • Article
    • Abstract
    • SIMULATION WITH REVISIONS
    • DETERMINING THE OPTIMAL WITHDRAWAL RULES
    • RESPONDING TO FINANCIAL SHOCKS
    • REDUCING WITHDRAWALS MORE SLOWLY
    • CONCLUSIONS
    • REFERENCES
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