Monday, February 18, 2013

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

Developing A Retirement Spending Strategy--An Actuarial Approach


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.  


  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.

  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!

    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.

    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!

  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:

    A good read.

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

  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

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

  6. thanks for sharing.

  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.

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


    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.

  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

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

  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.

    Agen Bola Indo11 Terpercaya - Dalam pertandingan itu, PSG kehilangan Thiago Motta di babak pertama. Marseille pun unggul 1-0 duluan sebelum disamakan oleh Maxwell. Di babak kedua, Zlatan Ibrahimovic mencetak gol kemenangan lewat titik putih memanfaatkan pelanggaran Ayew kepada Marquinhos. Hasil ini membawa PSG menyamai perolehan poin AS Monaco di puncak klasemen.

    “Semangat juang menjadi elemen paling penting dalam laga ini. Ada solidaritas kuat dan kualitas dari pemain. Dalam situasi seperti ini, Anda membutuhkan pemain bagus dan mental yang bagus,” ujar Blanc.

    “Kami selalu punya optimisme meski kami dihukum penalti dan juga menerima kartu merah. Setelah turun minum, kami senang bisa menyamakan skor, tetapi kami ingin memenangkan pertandingan ini,” tutupnya.

  11. Chiellini mengaku tidak puas dengan performa Juventus

    Berita terbaru dan terkini bola Soccer dari Agen Bola Indo11 - Juventus akhirnya bisa menang 3-2 saat menjamu AC Milan dinihari tadi walaupun sempat tertinggal lebih dahulu. Performa tersebut diakui Giorgio Chiellini bukanlah penampilan terbaik.

    "Kami menang, tapi kami tidak bisa menikmatinya karena kami sudah kecolongan di menit-menit akhir dan mengambil risiko AC Milan meraih hasil imbang. Jika kami kecolongan lewat gol sundulan Zapata, maka kami pasti tidak bisa tidur selama seminggu. Ini jelas bukan performa baik dari Juventus." nilai Chiellini.

    Agen Bola Indo11 Terpercaya - Chiellini juga menilai bahwa Juventus harus meningkatkan segala hal soal penampilan. Ia mengaku AC Milan bisa bangkit lagi walaupun telah kehilangan satu pemain.

  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.

    Agen Bola Indo11 Terpercaya - Eks pelatih timnas Inggris ini dinominasikan sebagai pengganti kuat Cesare Prandelli setelah Piala Dunia 2014 berakhir. Namun, Capello ingin menghormati kontraknya bersama Rusia yang masih akan berlanjut hingga Piala Dunia 2018.

    “Apakah saya bisa duduk di bangku cadangan Azzurri? Kami telah membicarakan hal ini, tetapi saya mengatakan tidak. Saya sangat berkonsentrasi dengan pekerjaan saya di Rusia hingga 2018,” ungkap Capello.


  13. Ranieri delighted with Monaco development

    Agen bola terpercaya reported,Monaco coach Claudio Ranieri was delighted after his team secured a valuable 1-1 draw at Paris Saint-Germain on Sunday.
    Radamel Falcao cancelled out Zlatan Ibrahimovic’s fifth-minute opener at Parc des Princes to keep Ranieri’s side top of Ligue 1 early in the campaign.
    Earning a point away from home against the champions left Ranieri thrilled and the Italian praised his players.
    “Today was a good game and a good result for Monaco. I think that Paris played well and put on a good show for the fans, as Monaco did,” Ranieri said.
    “We tried to win this game until the very last moment. I am very happy with the result away from home.
    “I think we had two results in mind – to win or to draw, so I am very happy with my players’ performance against such a great side.”
    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

  14. Carvajal unhappy with Ramos red

    Agen Bola terpercaya 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".
    The Real Madrid captain was given his marching orders for a second bookable offence after he appeared to catch Roberto Torres in the face with his elbow, leaving his side a man down as well as two goals behind.
    Los Blancos rallied and managed to salvage a draw, but full-back Carvajal is convinced that the referee’s decision was the wrong one and ultimately cost Carlo Ancelotti’s men victory.
    “I thought the sending off was harsh and unfair as it changed the game,” explained the former Bayer Leverkusen defender after the game.
    “Because we are Real Madrid and we are ambitious, the result is not enough. Especially because of how we started the game and the chances we had to make it 0-1.
    “Then the harsh and unfair sending off of Ramos changed the game. It was obvious that the first yellow wasn’t even a foul. The referee made a mistake like we all make mistakes,” as reported by City Holiday.
    Real Madrid are now five points behind leaders Barcelona in La Liga and will be without their captain when they visit Valencia next weekend.
    source :

  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.
    Berita yang diringkas agen bola City Holiday, Maklum, setelah "hanya" meraih hasil imbang dalam empat laga berurutan di Serie A, I Giallorossi mampu kembali ke jalur kemenangan pasca menundukkan Fiorentina lewat skor tipis 2-1, pekan lalu.
    Meski tergolong sulit jika menilik sejarah tim lawan, kemenangan tetap jadi harga mati mantan pelatih LOSC Lille tersebut.
    "Kami tahu mengalahkan tim sekelas AC Milan dikandangnya adalah hal yang sulit. Tapi kami akan pergi dengan cara yang biasa kami lakukan, yakni untuk menang! Sulit, tapi itulah ambisi kami!" jelas Garcia.
    "Tak ada yang akan diubah, pemain pilihan saya dalam laga kali ini adalah mereka yang sedang dalam kondisi terbaik. Biarlah semua terjadi dan kita akan lihat saja hasilnya," tandasnya penuh rasa optimis.
    Sumber :

  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.
    Berita yang diringkas agen bola City Holiday, Penyerang andalan Real Madrid itu menjadi salah satu dari tiga kandidat penghargaan individual itu bersama Lionel Messi dan Franck Ribery.
    Namun kehadiran Ronaldo dalam malam penghargaan itu diragukan apalagi ia juga sempat bersitegang dengan Sepp Blatter akibat ejekan sang presiden FIFA terhadap dirinya beberapa waktu lalu.
    “Masih ada beberapa hari ke depan untuk membahas hal ini. Kami sedang mendiskusikan masalah ini dan kita lihat saja besok,” ujar Ronaldo.
    “Saya berharap bisa memenangi banyak trofi, tapi saya lebih memprioritaskan gelar bersama klub,” tambah penyerang berusia 28 tahun ini.
    Sumber :


  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.

    Agen Bola Indo11 Terpercaya - Kedua tim sempat bermain ketat sepanjang babak pertama. Chelsea lantas melakukan sejumlah pergantian di babak kedua untuk mengatasi kebuntuan, memasukkan Oscar dan Willian.

    Pergantian ini terbukti efektif. Oscar langsung memberikan dampak dengan mengkreasi gol pertama yang dibuat oleh Torres. Ia juga membuat assist untuk gol Willian, sebelum akhirnya mencatatkan namanya sendiri di papan skor.

    Dengan hasil ini, Chelsea tetap menduduki posisi tiga klasemen dengan nilai 43 dari 20 laga, berada di belakang Arsenal yang mengoleksi 45 poin dan Manchester City dengan 44 angka. Sementara posisi Southampton di tangga kesembilan juga tak berubah. Mereka kini mengoleksi 27 poin dari 20 laga.


  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.
    Agen Bola Indo11 Terpercaya - Dengan hasil tersebut City untuk sementara bertengger di puncak klasemen Premier League dengan 44 poin hasil dari 20 laga. City masih bisa tergeser jika Arsenal berhasil menang atas Cardiff.

    Kemenangan atas Swansea turut membuat City berhasil melanjutkan rentetan kemenangannya. Sejak berimbang 1-1 lawan Southampton pada 7 Desember, The Citizens kini telah mencatatkan lima kemenangan secara berturut-turut.

  19. Arsenal mengalahkan Cardiff City 2-0

    Berita terbaru dan terkini bola Soccer dari Agen Bola Indo11 - Arsenal berhasil kembali ke puncak pimpinan klasemen Premier League setelah dengan susah payah memetik kemenangan 2-0 atas Cardiff City untuk merebut kembali pimpinan klasemen.

    Agen Bola Indo11, Terpercaya - Upaya Arsenal baru membuahkan hasil di menit ke-88 lewat sepakan Nicklas Bendtner. Theo Walcott kemudian memastikan kemenangan 2-0 untuk Arsenal lewat golnya di penghujung laga.

    Dengan kemenangan ini, Arsenal kembali ke puncak klasemen dengan 45 poin dari 20 pertandingan. Sementara itu, kekalahan ini membuat Cardiff turun ke peringkat 17. Mereka mengumpulkan 18 poin dari 20 laga.

  20. Milan close on Nainggolan
    Agen Bola terpercaya reported,AC Milan are on the verge of completing a deal to sign Belgian midfielder Radja Nainggolan from Cagliari.
    Isolani president Massimo Cellino yesterday suggested that the player would either join Juventus or Milan, but it would appear as though the Rossoneri have won the chase for his signature.
    According to La Gazzetta dello Sport, there is just €750,000 separating the two sides at the moment, which is enough to suggest an agreement will be reached in the coming days.
    The arrival of one of Serie A’s best midfielders is likely to be a boost for the Rossoneri, especially with Keisuke Honda and Adil Rami already joining the San Siro outfit.
    Milan will give their best to try and save this season, but the problem is they are already 17 points behind third-placed 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.


  21. PSV sign Montenegrin wonderkid
    Agen Bola terpercaya reported,PSV Eindhoven are set to complete the signing of Zeta forward Aleksandar Boljevic, the Montenegrin club announced on their official website.
    The Dutch giants have been hot on the trail of the player who turned 18 this month for quite a while, but they seem to have finally wrapped up a deal to lure him to Philips Stadium.
    PSV Eindhoven have become famous for giving a chance to talented youngsters from all over the world and no doubt Boljevic will be handed an opportunity to further develop his talent.
    The 18-year-old has already made 43 league appearances for Zeta Golubovci, scoring 8 goals in the process, while he was handed a national team debut in the November friendly against reported by Indo Eleven.
    Boljevic has also featured in 8 Europa League matches last season, starting both fixtures as Zeta suffered a 14-0 aggregate defeat to PSV Eindhoven in the Europa League play-off round.

  22. Queiroz: Ronaldo was destined for greatness
    Agen Bola terpercaya reported,Former Portugal manager Carlos Queiroz believes Cristiano Ronaldo was destined to become the “Michael Jordan of football” from a young age.
    Queiroz, who is now the Iran national team manager, coached Ronaldo during his time in charge of Portugal between 2008 and 2010, making the Real Madrid superstar captain of his country at the age of 23.
    The 60-year-old also worked with Ronaldo during his two spells as assistant manager to Alex Ferguson at Manchester United before his compatriot left for Real in a then world record deal in 2009.
    And Queiroz, who was at Old Trafford when Ronaldo arrived from Sporting Lisbon in 2003, had no doubt that the forward would establish himself as a modern-day great – even likening him to Chicago Bulls legend Jordan, who is widely considered to be the best basketball player in history.
    “(Ronaldo is) the most complete player I have ever coached in my life,” he said. “In terms of fitness, ability, technical, reported by Indo Eleven.
    “I can see in the last two years Cristiano growing up a lot, but he had everything.
    “He had a little bit of Ronaldo (the Brazil legend, who Queiroz managed at Real Madrid in 2003-04), Figo – the speed, heading. He’s fantastic at shooting with both feet, free-kicks, dribbling, passing.
    “One day (at United), I don’t remember when, I said he would be the Michael Jordan of football.”


  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.

    Agen Bola Indo11 Terpercaya - Setelah resmi meletakkan jabatan manajer United akhir musim lalu, pria Skotlandia itu kembali menyaksikan mantan timnya berlaga. Dan ia nampak sumringah saat United sudah unggul 2-1 hingga memasuki akhir laga.

    Namun di menit-menit akhir, The Cottagers mampu menyamakan kedudukan menjadi 2-2 lewat gol telat Darren Bent. Dan ekspresi Ferguson yang tak bisa berkata-kata dan nampak syok sudah lebih dari cukup untuk menggambarkan bagaimana perasaannya saat itu.

  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.

  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.


  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.



  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.


  28. "Kami Menang dengan Segudang Kualitas"
    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.

  29. Di Maria: Kami Seperti Bertanding di Kandang
    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.