Monday, February 18, 2013

Guest Post: Ken Steiner on how Actuaries Think About Retirement Income


Developing A Retirement Spending Strategy--An Actuarial Approach

by 

Ken Steiner, Fellow, Society of Actuaries, Retired



Ken Steiner worked as a pension actuary at Watson Wyatt. He and Steve Vernon (who now writes at CBS MoneyWatch and is quite popular with a number of my blog readers) were colleagues there. Steve wrote very positively about Ken's website, How Much Can I Afford to Spend in Retirement, in Steve's excellent book, Money for Life. As you will see, actuaries are no fans of the 4% rule either, and it is a pleasure to allow Ken to introduce his approach, which is detailed more completely in the longer articles at the top of his webpage. Though the dynamic approach he describes makes it more difficult to budget future spending amounts, the reality is that those seeking to fund their retirements from a diversified portfolio of volatile assets must also expect to change their spending as they see how their portfolio does. In terms of research I've reviewed in the past, this approach has the most in common with the "mortality-adjusted constant probability of failure" approach.

Retirees have many different objectives in retirement.  Certainly not all of these objectives are financial in nature.  However, retirees generally have two potentially conflicting financial goals: (i) spend enough each year to maintain a certain standard of living throughout retirement and (ii) not spend so much that accumulated savings run out prior to death.  One possible solution to this puzzle is to invest all (or substantially all) accumulated savings not intended to be bequeathed in lifetime income insurance products (immediate annuities, deferred annuities and other similar life insurance products).   Frequently, annual spending may be increased using this approach as a result of the survivorship premium built into annuity pricing.  

100% investment in lifetime income products may be a good solution for some retirees but they can also limit a retiree's ability to spend accumulated savings on unforeseen expenses, such as purchase of a new car or significantly large medical expenses, and these products may not provide sufficient protection against inflation.  For these reasons (and many others), many retirees do not purchase lifetime income products or alternatively, invest only part of their accumulated savings in such products.  

My background is in the pension actuarial field.  I'm a retired pension actuary, not an investment expert or a qualified financial planner by any means.  I will leave the subject of investments (including investments in lifetime income insurance contracts) to other more qualified individuals, such as the author of this blog.  For the purpose of this article, however, I will focus on how to best solve the financial problem presented above by the two conflicting financial goals assuming that the retiree does not fully annuitize her accumulated savings.  I will also assume that maintenance of a person's standard of living is ideally achieved by developing a spending strategy that results in level real dollar spendable amounts from year to year from all sources (Social Security, immediate annuities, deferred annuities and withdrawals from accumulated savings, part-time work, etc.).

For many years, retirees and some financial planners have utilized the "4% Rule" to determine annual amounts that may be withdrawn from accumulated savings.  More recently, "safe" withdrawal rates other than the initial 4% rate have been developed using Monte Carlo techniques and different assumptions for future expected experience.  These safe withdrawal rate (SWR) approaches generally involve applying the developed percentage to accumulated savings in the first year of retirement and increasing the amount withdrawn in subsequent years by the increase in measured inflation over the previous year, irrespective of actual investment performance during the previous year.  Proponents of SWRs argue that they are simple to apply and subject to relatively low risk of failure (i.e., running out of money).  

I'm not a big fan of SWRs.  First of all, they aren't really all that simple.  Secondly, as proven by the author of this website, they aren't necessarily that safe.  Closer inspection of the assumptions used to develop SWRs shows that adjustments to the safe withdrawal percentage are anticipated to be made for different assumed longevity and different investment mixes.  Other experts indicate that the SWRs should be periodically adjusted for actual experience, but adjustment details are never very clear.  In addition to not reflecting actual experience as it emerges, SWRs make no adjustment for the possible existence in a retiree's investment mix of fixed dollar immediate or deferred annuities (footnote 1), do not reflect possible bequest motives and make no adjustment for deviations from the spending strategy.

Footnote 1:  A reasonable withdrawal strategy should be coordinated with other fixed income sources of retirement income.  All other things being equal, the larger the amount of immediate fixed income annuity in a retiree's investment portfolio, the smaller the initial withdrawal from accumulated savings, as relatively larger amounts of accumulated savings will be necessary in later years to effectively provide for indexing of the immediate fixed annuity.  In addition, the availability of large amounts of deferred annuity income will generally permit larger initial withdrawals from accumulated savings.  

As a pension actuary, I spent years determining contribution requirements and accounting costs for defined benefit pension plans sponsored by my clients.  About ten years ago, I realized that the same process that we actuaries used for these purposes could be applied by individuals who "self-insure" their own retirement.  After I retired, I put together these ideas in a website, How Much Can I Afford to Spend in Retirement?

Visit my website for more detailed discussion of the actuarial process I recommend and how to use the calculation spreadsheets that reside there.  Also included are links to articles (many from the author of this blog) and other sites relevant to withdrawal strategies.  An abbreviated description of the actuarial process and calculation spreadsheet tool contained in the website follows.

The most important part of the withdrawal strategy presented in my website is not the somewhat unsophisticated Excel spreadsheet (Excluding Social Security 2.0) that can be used to determine a spendable amount payable from accumulated savings, but the relatively simple actuarial process to be followed each year to adjust for experience different than assumed, deviations from the spending budget and changes in assumptions.  It is this annual (or more frequent) adjustment process that is key to keeping a retiree's withdrawal strategy on track with her financial objectives.  

The spreadsheet requires input of accumulated savings, any immediate fixed life annuity income, any fixed deferred annuity income (and the period of deferral), the expected rate of return on accumulated savings, the retiree's expected remaining lifetime, desired amounts at death to be left to heirs, the expected annual inflation rate and the desired rate of increase in payments each year (which may or may not be the same as expected inflation).  Social Security and other inflation-indexed retirement income is excluded from the calculation (hence the name of the spreadsheet) and is added in by the retiree at the end of the process to determine a gross spending budget for the year.  Once these items are input in the spreadsheet, the program calculates the spendable amount payable for the year from all sources (excluding Social Security and other inflation-adjusted income) and the spendable amount payable from accumulated savings.  Two run-out tabs show the decumulation of  accumulated savings based on the input items.  One of the run-out tabs shows amounts in nominal dollars and the other tab shows real inflation-adjusted dollars.  If the input desired increase in annual payments is equal to input expected inflation, the total expected spendable amounts will be the same for all future years in the inflation adjusted run-out. 

The run-outs are based on exact realization of input deterministic assumptions and exact amounts withdrawn each year.  The one thing that we do know for sure about the future is that actual experience will not exactly follow assumed experience.  As Yogi Berra said, "It's tough to make predictions, especially about the future."  Therefore, it is critical to periodically revisit this process.
  
At the beginning of each year, I pull out my retirement budgeting file, which includes print-outs of the input page and run-out page from the calculation spreadsheet from my website that I ran the previous year, and pull together current data to determine how much accumulated savings I have left.  I re-run the spreadsheet based on current data and revised assumptions, if necessary, and decide whether and how to smooth the expected spendable amount based on last year's results to reflect current data and assumptions.   Bam--I have this year's spending budget.  I then print out the results for the current year and put it in my files to revisit next year.    The entire process takes maybe ten minutes once I have gathered all the financial data.  

Is the process perfect?  No.  Input of unrealistic assumptions into the spreadsheet will produce unrealistic results.  As suggested in my original paper, your assumptions are probably overly optimistic if running the calculation spreadsheet with no annuity amounts, no amounts to be left to heirs and no desired increases in withdrawals produces a higher annual spendable amount than the annual amount you could receive by using your accumulated savings to purchase a fixed immediate life annuity.  In addition, if you want to make sure that you don't run out of money before you die, you are going to have to be somewhat flexible with respect to your goal of maintaining constant real dollar retirement income from year to year.  Finally, no simple calculation spreadsheet is going to anticipate everyone's specific situation.  If you find a better calculation spreadsheet elsewhere that better meets your specific needs, you should use it.

I thank Dr. Pfau for giving me the opportunity to briefly present my thoughts on withdrawal strategies.  I close this guest blog with several quotes from a recent article in the January/February 2013 issue of Money magazine regarding developing a reasonable withdrawal strategy in retirement.

"Best move: "Recalculate your withdrawals every year to take into account your current account balances and the fact that your nest egg doesn't have to support you for as long." 

"With a decision this big, you don't want to blindly stick to the 4% rule or any other rigid system..."

"As a practical matter, though, recalculating your withdrawal rate this way can be quite complicated. So unless you're working with a financial planner capable of doing the number crunching for you, your best bet is to go to an online tool like T. Rowe Price's Retirement Income Calculator every year, plug in your most up-to-date information, and adjust your withdrawals up or down as necessary." 

I couldn't agree more with this advice from Money magazine. And the online tool "like" T. Rowe Price's that I recommend can be found on my website.  

38 comments:

  1. Replies

    1. Thanks. I was having some problems with it too earlier when preparing this, and again now it isn't working for me either. I think the problem is that sometimes the website isn't loading. The link is okay and should eventually work.

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  2. Bold sentence and quotes ... right on! This goes right to points I was making in prior guest post. Regardless of the method used to generate retirement income ... if the benefits paid outstrip the asset base, income will eventually end. It has to because there are insufficient assets to sustain it. Great post!

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    Replies
    1. Thanks Larry. indeed, I think there is an awful lot in common between Ken's actuarial approach and the approach you've been discussing in your Journal of Financial Planning articles. I just need to figure out a way to get incorporated into the efficient frontier material that I've been working on.

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    2. Yes Wade, I've look at his spreadsheets and the underlying concepts to revisit periodically to capture changes in facts are similar. The differences are 1) using expected returns vs monte carlo percentiles which leads to 2) percentage of failure rate of monte carlo simulations can be a early signal that current spending is high (or low) (JFP Nov 2011). If your current set of values begin to have ever increasing failure rates, that suggests an adjustment of spending. Data really started compressing at 30% POF and above which suggested that was a decent boundary. Having various POF "markers" allows a person to pre-calculate corresponding portfolio values ahead of time (declining values = poor market sequence). A retiree doesn't need to keep redoing their spreadsheet if they already have a pre-determined portfolio value in mind (or as I do with clients, a set of pre-determined values to trigger discussions). If portfolio value never reaches the pre-determined value(s), then stay on the golf course!

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  3. I thought I'd put here a really good reference on the many (and this author shows just how many) methods there currently are trying to come up with the elusive expected return:

    http://www.amazon.com/Expected-Returns-Investors-Harvesting-Rewards/dp/1119990726/ref=sr_1_1?s=books&ie=UTF8&qid=1361287605&sr=1-1&keywords=expected+returns

    A good read.

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    Replies
    1. Thanks Larry. I have that book, but haven't read it yet. It looks like a good one.

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  4. The QROPS program was launched on 6 April 2006 as a part of new legislation with the objective of simplifying pensions. Typically this occurs when a UK resident leaves the UK to permanently emigrate (or to retire abroad) having built up a pension fund within a scheme approved by HMRC or when a person born abroad who has built up benefits in a HMRC approved UK Pension Scheme decides to return to their home country with an expectation of retiring there.For More Please Visit: Qrops in USA

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  5. Hey mate the link that you have shared its not working will you please fix it soon I will be thankful to you.

    ReplyDelete
  6. thanks for sharing.

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  7. I found his spreadsheet interesting. But the most important conclusion was a cell that used "Numerator" divided by "Denominator". I could not figure out where the resulting ## for each came from. Changing the variable inputs changes both. It must reference a model somewhere.

    Essentially, if you cannot verify the calculation, he is asking us to simply 'trust me'. Call me xxxx but I want to verify first.

    ReplyDelete
    Replies
    1. Hi, I've alerted the author of the post about your comment. thank you. Trust, but verify.

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    2. Hello again.

      This is the reply from Ken Steiner, the spreadsheet's author:


      The spreadsheet uses a mathematic equation to solve the question of what is the stream of payments from accumulated savings that will cause total spendable amounts from all sources (accumulated savings, immediate fixed annuity and deferred fixed annuity) to increase each year by the input for desired annual rate of increase and will leave exactly the input desired accumulated savings at death. There is no need to have "faith" in the calculation. The Runout tab shows the results each year and the proof that the equation works is that total spendable amounts increase each year by the inputted desired rate of increase and the amount of accumulated savings expected to be left at the end of the input period of life is exactly equal to the inputted desired amount to be left to heirs.

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  8. Retirement is one of true of every one life and we have to make preparation to live a happy life after retirement.
    Retirement Planning

    ReplyDelete
  9. I like your post. You have made your point very well.

    ReplyDelete
  10. Blanc memuji semangat juang PSG

    Berita terbaru dan terkini bola Soccer dari Agen Bola Indo11 - Pelatih Paris Saint-Germain, Laurent Blanc memuji semangat juang timnya setelah bermain dengan 10 pemain melawan Olympique Marseille, Senin (7/10) dini hari WIB, dalam lanjutan Ligue 1 Prancis. PSG mampu menang dengan skor tipis 2-1.

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    Sumber http://indo11.com

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  11. Chiellini mengaku tidak puas dengan performa Juventus

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    Sumber http://indo11.com


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  12. Capello mengaku menolak melatih timnas Italia

    Berita terbaru dan terkini bola Soccer dari Agen Bola Indo11 - Fabio Capello mengaku sempat menolak tawaran melatih timnas Italia dan tetap memilih berkomitmen dengan tim yang ditangani saat ini, Rusia.

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    Sumber http://indo11.com

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  13. Ranieri delighted with Monaco development

    Agen bola terpercaya indo11.com reported,Monaco coach Claudio Ranieri was delighted after his team secured a valuable 1-1 draw at Paris Saint-Germain on Sunday.
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    Earning a point away from home against the champions left Ranieri thrilled and the Italian praised his players.
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    Monaco, who signed several big names in the off-season, are two points clear of PSG at the top of the league after six matches
    Sourcehttp:// indo11.com


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  14. Carvajal unhappy with Ramos red

    Agen Bola terpercaya Cityholidaybet.com reported - Dani Carvajal believes the referee's decision to send off Sergio Ramos in Real Madrid's 2-2 draw with Osasuna was "harsh and unfair".
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    source : http://cityholidaybet.com/

    ReplyDelete
  15. Garcia : Roma Datang Ke San Siro Untuk Menang!

    Berita terbaru dan terkini dari agen bola City Holiday - Rasa optimisme tinggi diusung pelatih AS Roma, Rudi Garcia, jelang lawatan timnya ke San Siro markas AC Milan, Selasa (17/12) dini hari WIB.
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    Sumber : http://cityholidaybet.com/

    ReplyDelete
  16. Ronaldo Belum Pastikan Hadiri Gala Ballon D'Or

    Berita terbaru dan terkini dari agen bola City Holiday - Cristiano Ronaldo mengakui masih belum memutuskan apakah dirinya akan menghadiri gala FIFA Ballon d’Or pada 13 Januari mendatang di Zurich, Swiss.
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    Sumber : http://cityholidaybet.com/

    ReplyDelete


  17. Chelsea mengalahkan Southampton 3-0

    Berita terbaru dan terkini bola Soccer dari Agen Bola, Indo11 - Chelsea menang telak 3-0 dalam kunjungannya ke Southampton. Ketiga gol dicetak oleh Fernando Torres, Willian, dan Oscar.

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    Sumber http://indo11.com

    ReplyDelete

  18. City mengalahkan Swansea 3-2

    Berita terbaru dan terkini bola Soccer dari Agen Bola Indo11 - Manchester City memulai tahun 2014 dengan kemenangan 3-2 ketika melawat ke markas Swansea City. The Citizens mencetak ketiga golnya melalui Fernandinho, Yaya Toure dan Aleksandar Kolarov sedangkan pencetak gol Swansea adalah Wilfried Bony dengan dua gol.
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    Sumber http://indo11.com

    ReplyDelete
  19. Arsenal mengalahkan Cardiff City 2-0

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    Sumber http://indo11.com

    ReplyDelete
  20. Milan close on Nainggolan
    Agen Bola terpercaya indo11.com reported,AC Milan are on the verge of completing a deal to sign Belgian midfielder Radja Nainggolan from Cagliari.
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    Milan will give their best to try and save this season, but the problem is they are already 17 points behind third-placed Napoli.as reported by Indo Eleven.
    The Rossoneri play host to Atalanta on 6th January and are priced at 4/9 to end a poor run of results.
    Sourcehttp:// indo11.com




    ReplyDelete

  21. PSV sign Montenegrin wonderkid
    Agen Bola terpercaya indo11.com reported,PSV Eindhoven are set to complete the signing of Zeta forward Aleksandar Boljevic, the Montenegrin club announced on their official website.
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    Sourcehttp:// indo11.com

    ReplyDelete
  22. Queiroz: Ronaldo was destined for greatness
    Agen Bola terpercaya indo11.com reported,Former Portugal manager Carlos Queiroz believes Cristiano Ronaldo was destined to become the “Michael Jordan of football” from a young age.
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    Sourcehttp:// indo11.com

    ReplyDelete

  23. Ekspresi syok Sir Alex Ferguson melihat laga United melawan Fulham

    Berita terbaru dan terkini Bola Soccer dari Agen Bola Indo11 - Manchester United kembali tergelincir, kali ini mereka harus menerima ditahan imbang tim juru kunci, Fulham di depan publik Old Trafford - dan juga di depan mantan manajer Sir Alex Ferguson.

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    Sumber http://indo11.com

    ReplyDelete
  24. Hasil imbang pertama derby AS Roma vs Lazio sejak 1996

    Berita terbaru dan terkini Bola Soccer dari Agen Bola Indo11 - Hasil imbang tanpa gol dalam laga Lazio kontra AS Roma di giornata 23 Serie A 2013/14, Minggu (09/2), merupakan sesuatu yang jarang terjadi.

    Agen Bola Indo11 Terpercaya - Hasil ini adalah pertama kali sejak 1996 skor 0-0 tercipta dalam Derby della Capitale dengan Lazio bertindak sebagai tuan rumah. Sejak itu hingga sebelum laga kemarin malam, Lazio tercatat meraih delapan kemenangan kandang, sedangkan Roma berjaya empat kali dan tiga laga berkesudahan imbang 3-3, 2-2 serta 1-1.

    Rekor pertemuan total di Serie A dengan Lazio sebagai tuan rumah adalah masing-masing 23 kemenangan untuk dua rival sekota ini dan 25 bentrokan berakhir seri. Bagi Roma sendiri, ini merupakan kali ketiga mereka gagal mencetak gol dalam pertandingan Serie A 2013/14 setelah kalah 0-3 melawan Juventus dan imbang 0-0 kontra Cagliari bulan November silam.
    Sumber http://indo11.com

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  25. Kemungkinan Tiago akan absen dalam lawatan ke San Siro

    Berita terbaru dan terkini Bola Soccer dari Agen Bola Indo11 - Atletico Madrid sepertinya tak bisa membawa kekuatan penuh saat bertandang ke markas AC Milan di babak 16 besar Liga Champions 2013/14 leg pertama. Sebab, Tiago baru saja ikut menyusul masuk dalam daftar pemain Atletico yang cedera.

    Agen Bola Indo11 Terpercaya - Tiago mengalami cedera ligamen lutut kala Atletico takluk 0-2 di kandang Almeria, Minggu (09/2). Perkiraan awal, gelandang 32 tahun Portugal itu harus absen melawan Milan di San Siro 19 Februari mendatang.

    Musim ini, Tiago sudah mencetak dua gol dan satu assist dalam 15 penampilan di La Liga serta melakoni tiga pertandingan di Liga Champions.

    Selain Tiago, bek kiri Filipe Luis serta striker David Villa juga cedera dan sedang berpacu melawan waktu agar bisa fit tepat waktu untuk lawatan ke Italia.
    Sumber http://indo11.com

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  26. Marchisio Abaikan Celotehan Mourinho soal Kiprah Juve

    Berita terbaru dan terkini dari agen bola Usai tersingkir dari Liga Champions, Juve kini mengarungi Liga Europa yang saat ini memasuki babak perempatfinal.
    Agen bolacity holiday Terpercaya – Dari delapan tim yang tersisa, Bianconeri digadang-gadang jadi favorit kuat juara karena level tim-tim lain dinilai masih ada di bawahnya.
    Itulah yang kemudian membuat Mourinho, manajer Chelsea yang dulu juga pernah menangani Inter Milan, lantas melontarkan penilaian miring seandainya Juve mampu jadi kampiun di ajang tersebut.
    Penilaian itu kini direspons oleh gelandang Juve Claudio Marchisio.
    "Sejujurnya saya tak terlalu tertarik dengan apa yang ia katakan. Kami mengawali di Liga Champions untuk berusaha memperbaiki hasil tahun lalu, gagal melakukannya, dan kini kami ingin melaju terus di Liga Europa," tegas Marchisio di Football Italia.
    "Bukan cuma karena finalnya di Turin tapi karena kami juga selalu ingin terus melaju sampai akhir, itu senantiasa menjadi target kami di seluruh kompetisi. Yang lain bisa mengatakan apa yang mereka mau," serunya.

    Sumber http://cityholidaybet.com/

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  27. Klopp Tak Janji Bisa Balikkan Keadaan di Leg Kedua

    Berita terbaru dan terkini dari agen bola -Setelah kalah 0-3 dari Real Madrid, Borussia Dortmund punya tugas berat untuk membalikkan keadaan. Akan tetapi Juergen Klopp tidak berani berjanji bisa melakukannya.
    Agen bolacity holiday Terpercaya - Klopp menyebut timnya akan berusaha sebaik mungkin di leg kedua pekan depan. Namun, dia tidak mau bicara soal membalikkan keadaan dulu.
    "Saya tidak akan membuat janji apa pun untuk leg kedua."
    "Tapi, kami ingin bermain dengan atraktif dan memenangi pertandingan jika. Dan jika pada akhirnya kami menang, kita lihat saja berapa selisihnya," tutup Klopp.

    Sumber http://cityholidaybet.com/

    ReplyDelete
  28. "Kami Menang dengan Segudang Kualitas"

    http://www.football-images.net/2014-05-27/5c5b7fa3cd2c95391a8de673a65462da.jpg
    Berita terbaru dan terkini bola Soccer dari Agen Bola Indo11 - Gelandang Real Madrid, Luca Modric menegaskan bahwa timnya bisa keluar menjadi kampiun di final Liga Champions musim ini, lantaran memiliki banyak pemain yang berkualitas.

    “Kami membuat sejarah malam ini dan saya sangat senang. Di sisi lain kami menjadi pemenang dengan memiliki banyak kualitas dan kami tidak pernah menyangka, pertandingan telah usai,” ujar Modric.

    Lebih lanjut pemain 28 tahun ini juga memuji performa Sergio Ramos yang menjadi penyelamat tim dengan golnya di menit akhir pertandingan, hingga ke dua tim harus memainkan babak tambahan sehingga membuat tim lawan kelelahan.

    ReplyDelete
  29. Di Maria: Kami Seperti Bertanding di Kandang

    http://www.football-images.net/2014-05-27/1c8c4961500585a46e0e7833d6f4fbc5.jpg
    Berita terbaru dan terkini bola Soccer dari Agen Bola Indo11 - La Decima, inilah gelar ke-10 Liga Champions yang diwujudkan Real Madrid musim ini setelah mengalahkan rival sekota, Atletico Madrid, dengan skor 4-1. Keberhasilan Los Galacticos dirayakan di Stadion Do Sport Lisbon, dini hari tadi.

    Hasil ini juga membuat gelandang El Real, Angel di Maria, amat bangga sekaligus menghapus kekecewaan mereka yang gagal menjadi juara dalam turnamen domestik, La Liga. Kemenangan ini juga membuat pemain asal Argentina mewujudkan mimpinya sejak kecil untuk meraih titel Liga Champions.

    “Saya benar-benar merasa berlaga di kandang sendiri saat di Lisbon. Saya melakukan hal-hal besar di stadion ini, yang memungkinkan saya untuk bermain untuk Real Madrid, jadi itu adalah kenikmatan untuk bermain di sini. Apa yang membuat saya lebih bahagia adalah bahwa kita telah memenangkan Liga Champions,” ujarnya.

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  30. Rudy Gay Gantikan Durant di Tim Basket Amerika

    [img]http://www.football-images.net/2014-08-12/1999cc12fb7cfc48dd2dbc5b85807299.jpg[/img]
    [url=http://indo11.com/][B]Agen Bola[/B][/url] Terpercaya indo11.com melaporkan, Menjelang Kejuaraan Dunia Bola Basket di Spanyol, tim basket Amerika Serikat mengumumkan jika mereka telah memasukkan nama small forward Sacramento Kings, Rudy Gay, ke dalam daftar tim.

    Masuknya nama Gay ke dalam skuad AS, menyusul mundurnya MVP NBA 2014 Kevin Durant, karena alasan kelelahan mental dan fisik.

    "Kami sama-sama merasa dia akan menjadi tambahan yang berharga, karena skill luar biasa dan fakta bahwa dia begitu akrab dengan bola basket AS dan program tim nasional kami," ungkap direktur tim basket AS, Jerry Colangelo.

    "Rudy telah menjadi anggota integral dari bola basket AS sejak 2005 dan merupakan kontributor yang luar biasa untuk tim juara dunia kami 2010. Dia memiliki banyak ekuitas di tim nasional bola basket Amerika Serikat," imbuhnya. Sementara itu, Gay sangat senang bisa kembali lagi menjadi bagian dari tim basket AS.

    ReplyDelete
  31. Wenger Minta Arsenal Lebih Konsisten

    http://www.football-images.net/2014-08-12/445d7a77b8501cdb3c46123e9b1cf5b4.jpg
    Agen Bola Terpercaya indo11.com melaporkan, Pelatih Arsenal, Arsene Wenger berharap musim depan tim asuhannya mampu tampil lebih konsisten agar target juara Premier League dapat diwujudkan.

    Menurut Wenger, pengalaman dua musim sebelumnya akan dijadikan The Gunners sebagai pengalaman. Dalam dua musim terakhir, menurut Wenger, Arsenal tak pernah tampil konsisten, baik saat melawan tim di enam besar maupun tim di luar enam besar.

    "Sangat penting bagi kami untuk tak kalah (melawan pesaing utama). Kami tahu tahun lalu kami sangat konsisten melawan tim di luar enam besar dan tak konsisten saat melawan tim enam besar," ujarnya.

    "Tahun sebelumnya justru terbalik, kami konsisten melawan tim enam besar dan tak konsisten saat bertemu tim di luar itu. Jadi mari berharap kami sekarang lebih konsisten untuk keduanya," tandasnya.

    ReplyDelete
  32. Algieri Tahu Cara Bertarung Pac Man

    http://www.football-images.net/2014-08-12/fcf45732622c2e0a813a4826da7870b8.jpg
    Agen Bola Terpercaya indo11.com melaporkan, Juara dunia tinju kelas welter junior versi WBO, Chris Algieri mengklaim jika dirinya sudah hafal dengan gaya dari Manny Pacquiao yang akan dihadapinya pada bulan November mendatang.

    Petinju berusia 30 tahun itu akan menantang Pac Man di Venetian Casino & Resort, Macau, China, 22 November mendatang. Sabuk juara welter WBO yang berada di genggaman Pacquiao akan dipertaruhkan dalam laga tersebut.

    Kini persiapan sudah dilakukan oleh Algieri untuk menghadapi ikon tinju Filipina itu. Namun dirinya mengaku tak perlu mempelajari gaya bermain Pac Man sebab sudah hapal gaya bermain petinju juara di delapan divisi itu sebab sangat diidolakannya.

    "Pelatih saya Tim Lane terus mengulas banyak rekaman sekarang. Saya tidak menonton banyak rekaman, sebab saya sudah melihat Manny selama bertahun-tahun, aku penggemar Manny" kata Algieri.

    "Aku tahu bagaimana dia bertarung, aku sering melihat itu sebelumnya. Saya tidak perlu banyak belajar sebab saya akan memberikan hal itu pada tim,'' sambungnya.

    ReplyDelete