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Efficient Retirement Financial Strategies
Social Science Research Network
T o d a y ' s r e t i r e e s f a c e t h e d a u n t ing task of determining appropriate investment and spending strategies for their accumulated savings. Financial economists have addressed their problem using an expected utility framework. In contrast, many financial advisors rely instead on rules of thumb. We show that some of the popular rules are inconsistent with expected utility maximization, since they subject retirees to avoidable, non-market risk. We also highlight the importance ofdoi:10.2139/ssrn.1005652 fatcat:2cupwhlkuzfvnmbasku2oxkqgq