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Primary Article

Asset Allocation with Annuities for Retirement Income Management

Paul D. Kaplan
The Journal of Wealth Management Spring 2006, 8 (4) 27-40; DOI: https://doi.org/10.3905/jwm.2006.614434
Paul D. Kaplan
Vice President of Quantitative Research, Morningstar, Inc., Chicago, IL.
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Abstract

The author starts with a statement of the problem: at, in, or near retirement, investors need to make specific decisions about how they are going to use their savings to generate income during retirement and meet their estate goals when they die. If they withdraw too much each year for spending needs, they face the risk of running out of assets before they die. This is often called “longevity risk.” If they withdraw too little, they may not be able to meet their immediate expenses and support a certain lifestyle. Investors also need to decide how to invest their savings among asset classes and annuities. The author explores retirement income solutions in a simple setting to illustrate the trade-offs that retired investors face regarding how much income they can generate, how much short-term risk they are exposed to, how large an estate they can expect to leave, and how likely they are not to run out of assets before dying (the “success” probability).

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The Journal of Wealth Management
Vol. 8, Issue 4
Spring 2006
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Asset Allocation with Annuities for Retirement Income Management
Paul D. Kaplan
The Journal of Wealth Management Jan 2006, 8 (4) 27-40; DOI: 10.3905/jwm.2006.614434

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Asset Allocation with Annuities for Retirement Income Management
Paul D. Kaplan
The Journal of Wealth Management Jan 2006, 8 (4) 27-40; DOI: 10.3905/jwm.2006.614434
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