I'm in the final stages of putting together the syllabus for my class "Seminar in Accumulation and Distribution of Financial Assets" here at the American College. I thought I'd share my proposed reading list for the class, in case anyone has any last minute feedback.
Traditional Analyses of Appropriate Savings Rates for Retirement
- Gustafson, Leland V., David J. Boldt, and Bruce M. Bird. 2005. “Determining the Saving Rate Necessary for a Comfortable Retirement.” Journal of Personal Finance 4, 3: 62-78.
- Ibbotson, Roger, James Xiong, Robert P. Kreitler, Charles F. Kreitler, and Peng Chen. 2007. “National Savings Rate Guidelines for Individuals.” Journal of Financial Planning 20, 4 (April): 50-61.
- Ervin, Danny M., Gregory K. Faulk, Joseph C. Smolira. 2009. “The Impact of Asset Allocation, Savings, and Retirement Horizons, Savings Rates, and Social Security Income in Retirement Planning: A Monte Carlo Analysis.” Financial Services Review 18, 313-331.
Asset Allocation in the Accumulation Phase
- Booth, Laurence. “Asset Allocation: The Long View.” Chapter 12 in Retirement Income Redesigned (ed. by Harold Evensky and Deena Katz).
- Schleef, Harold J., and Robert M. Eisinger. 2011. “Life-Cycle Funds: International Diversification, Reverse Glide Paths, and Portfolio Risk.” Journal of Financial Planning 24, 1 (January): 50-58.
- Basu, Anup K., and Michael E. Drew. 2009. “Portfolio Size Effect in Retirement Accounts: What Does It Imply for Lifecycle Asset Allocation Funds?” Journal of Portfolio Management 35, 3 (Spring): 61–72.
- Pfau, Wade D. 2011. “The Portfolio Size Effect and Lifecycle Asset Allocation Funds: A Different Perspective.” Journal of Portfolio Management 37, 3 (Spring): 44–53.
- Pfau, Wade D. 2013. “The Lifetime Sequence of Returns Risk – A Retirement Planning Conundrum.” Unpublished Working Paper.
Retirement Income: Goals, Risks and Tools
- Society of Actuaries. 2011. “Managing Post-Retirement Risks: A Guide to Retirement Planning.” (October). Available from: http://www.soa.org/files/research/projects/post-retirement-charts.pdf.
- Milevsky, Moshe A., and Anna Abaimova. “Risk Management During Retirement.” Chapter 10 in Retirement Income Redesigned (ed. by Harold Evensky and Deena Katz).
- Pfau, Wade D. 2013. “Analyzing an Income Guarantee Rider in a Retirement Portfolio.” Journal of Retirement 1, 1 (Summer): 100-109.
- Gadenne, Francois. 2011. “2006-2011: An Update of RIIA’s 2006 ‘Founding’ White Paper.” Retirement Management Journal 1, 1 (Spring): 5-21.
- Carey, H. “Rick”, and Jeffrey K. Dellinger. “Immediate Annuities Structure, Mechanics, and Value.” Chapter 19 in Retirement Income Redesigned (ed. by Harold Evensky and Deena Katz).
Safe Withdrawal Rates
- Bengen, William P. “Sustainable Withdrawals.” Chapter 13 in Retirement Income Redesigned (ed. by Harold Evensky and Deena Katz).
- Pfau, Wade D. 2012. “Capital Market Expectations, Asset Allocation, and Safe Withdrawal Rates.” Journal of Financial Planning 25, 1 (January): 36-43.
- Pfau, Wade D. 2011. “Safe Savings Rates: A New Approach to Retirement Planning over the Life Cycle.” Journal of Financial Planning 24, 5 (May): 42–50.
- Kitces, Michael. “Practical Applications of 20 Years of Safe Withdrawal Rate Research.” The Kitces Report (March 2012).
- Cooley, Philip L., Carl M. Hubbard, and Daniel T. Walz. 1998. “Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable.” American Association of Individual Investors Journal 20, 2 (February): 16–21.
Transitioning from Accumulation to Decumulation
- Pfau, Wade D. 2011. “Getting on Track for a Sustainable Retirement: A Reality Check on Savings and Work.” Journal of Financial Planning 24, 10 (October): 38-45.
- Bernstein, William J. 2012. The Ages of the Investor: A Critical Look at Life-cycle Investing (Investing for Adults). Efficient Frontier Publications. [all except for the section: “Fama-French: The Alternative to Leverage Early”]
- Zwecher, Michael J. 2010. Retirement Portfolios: Theory, Construction, and Management. Hoboken, NJ: John Wiley & Sons. Chapters 1-7, 10, Appendix A
- Pfau, Wade D. 2012. “Life-cycle Finance and the Dimensional Managed DC Pension.” Advisor Perspectives (May 22).
Beyond Safe Withdrawal Rates, Part 1
- Milevsky, Moshe A., and Huaxiong Huang. 2011. “Spending Retirement on Planet Vulcan: The Impact of Longevity Risk Aversion on Optimal Withdrawal Rates.” Financial Analysts Journal 67, 2 (March/April): 45–58.
- Sun, Wei, and Anthony Webb. 2012. “Should Households Base Asset Decumulation Strategies on Required Minimum Distribution Tables?” Center for Retirement Research at Boston College Working Paper WP 2012-10 (April).
- Scott, Jason S., and John G. Watson. 2013. “The Floor-Leverage Rule for Retirement.” Financial Analysts Journal 69, 5 (September/October): 45-60.
- Nevins, Daniel. 2004. "Goals-Based Investing: Integrated Traditional and Behavioral Finance." Journal of Wealth Management 6, 4 (Spring): 8-23.
Beyond Safe Withdrawal Rates, Part 2
- Sexauer, Stephen C., Michael W. Peskin, and Daniel Cassidy. 2012. “Making Retirement Income Last a Lifetime.” Financial Analysts Journal 68, 1 (January/February): 74-84.
- Blanchett, David, Maciej Kowara, and Peng Chen. 2012. “Optimal Withdrawal Strategy for Retirement-Income Portfolios.” Retirement Management Journal 2, 3 (Fall): 7-20.
- Pittman, Sam, and Rod Greenshields. 2012. “Adaptive Investing: A Responsive Approach to Managing Retirement Assets.” Retirement Management Journal 2, 3 (Fall): 45-54.
- Fan, Yuan-An, Steve Murray, and Sam Pittman. 2013. “Optimizing Retirement Income: An Adaptive Approach based on Assets and Liabilities.” Journal of Retirement 1, 1 (Summer): 124-135.
- Evensky, Harold. “Withdrawal Strategies: A Cash Flow Solution.” Chapter 11 in Retirement Income Redesigned (ed. by Harold Evensky and Deena Katz)
Improved Financial Decision Making and Retirement Outcomes
- Blanchett, David, and Paul Kaplan. 2012. “Alpha, Beta, and Now… Gamma.” Morningstar Investment Management Working Paper (September 8).
- Martin, Terrance, and Michael Finke. 2012. “Planning for Retirement.” SSRN Working Paper #2195138 (December 31).
- Webb, Anthony. 2009. “Providing Income for a Lifetime: Bridging the Gap between Academic Research and Practical Advice.” AARP Public Policy Institute Working Paper 2009-11 (June).
- Munnell, Alicia H., Alex Golub-Sass, and Nadia S. Karamcheva. 2013. “Understanding Unusual Social Security Claiming Strategies.” Journal of Financial Planning 26, 8 (August): 40-50.
Complete Picture of Retirement Income
- Pfau, Wade D. 2012. “Choosing a Retirement Income Strategy: A New Evaluation Framework.” Retirement Management Journal 2, 3 (Fall): 33–44.
- Pfau, Wade D. 2013. “A Broader Framework for Determining an Efficient Frontier for Retirement Income" Journal of Financial Planning 26, 2 (February): 44-51.
- Malhotra, Manish. 2012. “A Framework for Finding an Appropriate Retirement Income Strategy.” Journal of Financial Planning 25, 8 (August): 50–60.
- Video introduction to Income Discovery by Manish Malhotra
- Pfau, Wade D. 2012. “Choosing a Retirement Income Strategy: Outcome Measures and Best Practices.” Retirement Management Journal 2, 3 (Fall): 23–32.