Articles and Columns

Note: For links to research articles, [P] is published version (which is sometimes behind a paywall), and [WP] is the always freely downloadable working paper version. Links to columns are identified by [Link]. My Curriculum Vitae includes a more complete list of articles.


A More Complete Picture of Retirement Income

“Why Retirees Should Choose DIAs over SPIAs” Advisor Perspectives  [Link]

“An Efficient Frontier for Retirement Income.” Journal of Financial Planning (February 2013) [P] [WP]

“Choosing a Retirement Income Strategy: A New Evaluation Framework.” Retirement Management Journal (Fall 2012). [P] [WP]
“Choosing a Retirement Income Strategy: Outcome Measures and Best Practices.” Retirement Management Journal (Fall 2012) [P] [WP]
“Spending Flexibility and Safe Withdrawal Rates.” (with Michael Finke and Duncan Williams) Journal of Financial Planning (March 2012) [P] [WP]
“Rethinking Safe Withdrawal Rates: The Meaning of Failure” Advisor Perspectives (April 2012) [Link]


Safe Savings Rates and Getting on Track for Retirement

“Safe Savings Rates: A New Approach to Retirement Planning over the Lifecycle.” Journal of Financial Planning (May 2011) [P] [WP]
“Getting on Track for a Sustainable Retirement: A Reality Check on Savings and Work.” Journal of Financial Planning (October 2011) [P] [WP]
“An International Perspective on ‘Safe’ Savings Rates for Retirement.” (with Bayu Dwi Kariastanto) Journal of Financial Service Professionals (September 2012) [P] [WP]


Safe Withdrawal Rates 

“Does International Diversification Improve Safe Withdrawal Rates.” Advisor Perspectives [Link]

“How to Use Bond Ladders in Retirement Portfolios” Advisor Perspectives [Link]

“How Much Can Clients Spend in Retirement? A Test of the Two Most Prominent Approaches” Advisor Perspectives [Link]

“New Research on How Much Clients Can Spend in Retirement” Advisor Perspectives [Link]

“Asset Valuations and Safe Portfolio Withdrawal Rates.” (with David Blanchett and Michael Finke) Retirement Management Journal (Fall 2013) [P] [WP]

“The 4% Rule is Not Safe in a Low-Yield World.” (with David Blanchett and Michael Finke) Journal of Financial Planning (June 2013) [P] [WP]

“Capital Market Expectations, Asset Allocation, and Safe Withdrawal Rates.” Journal of Financial Planning (January 2012) [P] [WP]
“Safe Withdrawal Rates: A Do-It-Yourself Approach.” Advisor Perspectives (January 2012) [Link]
“Will 2000-Era Retirees Experience the Worst Retirement Outcomes in U.S. History? A Progress Report after 10 Years.” The Journal of Investing (Winter 2011) [P] [WP]
“Retirement Withdrawal Rates and Portfolio Success Rates: What Can the Historical Record Teach Us?” Retirement Management Journal (Fall 2011) [P] [ WP]
“Can We Predict the Sustainable Withdrawal Rate for New Retirees?” Journal of Financial Planning (August 2011) [P] [WP]
“An International Perspective on Safe Withdrawal Rates from Retirement Savings: The Demise of the 4 Percent Rule?” Journal of Financial Planning (December 2010) [P] [WP]
“How Do Spending Needs Evolve During Retirement?” Advisor Perspectives (March 2012) [Link]


Valuation-Based Asset Allocation

“Long-Term Investors and Valuation-Based Asset Allocation.” Applied Financial Economics (August 2012). [P] [WP]
“Safe Withdrawal Rates, Savings Rates, and Valuation-Based Asset Allocation.” Journal of Financial Planning (April 2012) [P] [WP]


Safety-First Retirements and Lifecycle Finance

“Retirement Floors and Implications for Evensky’s Cash-Reserve Strategy” Advisor Perspectives (June 2012) [Link]
“Life-cycle Finance and the Dimensional Managed DC Pension” Advisor Perspectives (May 2012) [Link]
“The Safety-first, Goals-based Approach to Financial Planning.” Advisor Perspectives (February 2012) [Link]
“Are TIPS Really Safe and Worry Free?” Advisor Perspectives (November 15) [Link]


Single-Premium Immediate Annuities

“Lifetime Expected Income Breakeven Comparison between SPIAs and Managed Portfolios.” (with Larry Frank and John Mitchell) [P] [WP]

“The True Impact of Annuities on Retirement Sustainability: A Total Wealth Perspective.” (with Michael Kitces) Retirement Management Journal (Fall 2013) [P] [WP]

“Your Clients’ Toughest Retirement Decision: The Debate Between Systematic Withdrawals and Immediate Annuities” Advisor Perspectives (September 2012) [Link]
“Deciphering the Annuity Puzzle: Practical Guidance for Advisors” Advisor Perspectives (July 2012) [Link]


Income Guarantee Riders

“Analyzing an Income Guarantee Rider in a Retirement Portfolio.” Journal of Retirement (Summer 2013) [P]

“GLWBs: Retiree Protection or Money Illusion?” Advisor Perspectives (December 2011) [Link]
“The Next Generation of Income Guarantee Riders: Part 1 – The Deferral Phase” Advisor Perspectives.  (October 2012) [Link]
“How Well Does the Next Generation of Guarantee Riders Protect Your Income? Part 2 – Starting the Income Guarantee” Advisor Perspectives.  (November 2012) [Link]
“The Next Generation of Income Guarantee Riders: Part 3 (The Income Phase)” Advisor Perspectives.  (December 2012) [Link]


Lifecycle Asset Allocation / Target Date Funds

“Reducing Retirement Risk with a Rising Equity Glidepath.” Journal of Financial Planning (January 2014) (with Michael Kitces) [P] [WP]

“The Pros and Cons of  Target Date Funds in the Accumulation Phase.” Advisor Perspectives   [Link]

“Optimal Portfolios for the Long Run.” (with David Blanchett and Michael Finke) [WP]

“The Portfolio Size Effect and Lifecycle Asset Allocation Funds: A Different Perspective.” Journal of Portfolio Management (Spring 2011) [P] [WP]
“An Optimizing Framework for the Glide Paths of Lifecycle Asset Allocation Funds.” Applied Economic Letters (December 2010) [P] [WP]
“Lifecycle Funds and Wealth Accumulation for Retirement: Evidence for a More Conservative Asset Allocation as Retirement Approaches.” Financial Services Review (Spring 2010) [P] [WP]


  1. In an AARP article Jane Bryant Quinn refers to a study you did: 3 methods of retirement income; Safe strategy, Total Return, and 2 simple investments, S&P 500 Index fund and Fixed annuity.

    What is the name of that study and where can I get a copy.

    1. Steve,

      I think you are looking for this article, the first on the list above:

      “An Efficient Frontier for Retirement Income.” Journal of Financial Planning (February 2013) [P] [WP]