Lifecycle Investing

Lifecycle Investing
research & opinion about lifecycle investing issues This is a special interest subsection of our wider Perspectives library in which we present research and opinion about lifecycle investing issues. Lifecycle investing is based on a philosophy of consciously constructing portfolios so that, over the whole of a person’s life, acceptable standards of living and specific life goals are more likely to be achieved consistently - with all the complexity and tailoring that entails.
	The best approach to adjustable retirement withdrawals The classic 4% rule holds withdrawals at 4% of the initial value of the portfolio at retirement. A great deal of recent research has focused on strategies that adjust withdrawals depending on investment experience. Joe Tomlinson, Tomlinson Financial Planning \| 08-07-15 \| White Paper
	Big raises and lifestyle creep The surprising result of a recent study is that the "conventional" view that earnings rise steadily (above inflation) throughout our careers is not accurate. Good spending habits established early on can make an astounding difference to wealth over a lifetime. Michael Kitces, Pinnacle Advisory Group \| 29-05-15 \| Opinion
	How should retirees manage risk in a DC world? This paper offers a surprising amount of information and interesting ways of framing investment issues in retirement, along with analysis of longevity vs investment risk and the implications. Angela Ashton, PortfolioConstruction Forum \| 10-03-15 \| Research
	Risk transfer vs risk retention The real distinction in retirement income philosophies and strategies is not about which are “safe” and which not. It is whether risk is transferred or retained (and if retained, how it is managed). Michael Kitces, Pinnacle Advisory Group \| 20-01-15 \| Opinion
	The Yin and Yang of retirement income philosophies This excellent white paper is a retirement income planning "buffet" - first reviewing the two main opposing philosophies, and then the range of strategies that span the divide. Angela Ashton, PortfolioConstruction Forum \| 21-11-14 \| Research
	Managing sequencing risk - buckets v rebalancing The staple of retirement planning - save a percentage of income - makes it surprisingly difficult to ever reach retirement. The alternative is much easier and more successful. Michael Kitces, Pinnacle Advisory Group \| 13-11-14 \| Research paper
	Bill Sharpe on retirement income planning One of the originators of CAPM, Sharpe (along with Markowitz and Miller) was awarded the 1990 Nobel Prize in economics. I sat down with him to discuss retirement income planning. Robert Huebscher, Advisor Perspectives \| 28-10-14 \| Interview
	Phrases that should be banished from retirement planning The words we use and how we frame concepts have a powerful impact. Perhaps the most crucial change in our retirement planning language is simply to rename "retirement". Michael Kitces, Pinnacle Advisory Group \| 27-10-14 \| Opinion
	Down the retirement risk zone with gun and camera This particularly relevant review of literature on sequencing risk considers the impact of Australia's age pension on retirement spending strategies. Angela Ashton, PortfolioConstruction Forum \| 15-10-14 \| Research
	Retirement risk, rising equity glidepaths & valuation-based AA The dynamic duo (Kitces and Pfau) are back in their search for the ultimate truth about retirement income planning and how to structure portfolios to minimise drawdowns. Angela Ashton, PortfolioConstruction Forum \| 03-10-14 \| Research
	The crisis in retirement planning Robert Merton, 1997 Nobel Prize winner, has recently penned an article about his views on retirement planning. There are some interesting take aways for Australian practitioners. Angela Ashton, PortfolioConstruction Forum \| 03-09-14 \| Research
	Behavioural finance vs standard finance This paper is a great introduction to why behavioural finance is quickly becoming recognised as a field that can add real value to the wealth management industry. Angela Ashton, PortfolioConstruction Forum \| 26-07-14 \| Research
	Investing in communicating about investing As investment professionals, we live investing every day. We spend excessive time reporting and not enough 'rapporting.' Prof Jack Gray, UTS \| 21-07-14 \| Opinion
	Changes in retirement and the retirement spending smile Most research assumes retirees maintain a consistent standard of living. A new study disproves this, implying we may be overestimating funds needed to retire by up to 20%. Michael Kitces, Pinnacle Advisory Group \| 26-05-14 \| Opinion
	Don't save 10% of income (spend just 50% of every raise) The staple of retirement planning - save a percentage of income - makes it surprisingly difficult to ever reach retirement. The alternative is much easier and more successful. Michael Kitces, Pinnacle Advisory Group \| 20-06-14 \| Opinion
	Home price beliefs in Australia Are we any good at estimating the values of our homes? Surprisingly, on average we are, according to a RBA study. It also found a link to weightings of risky assets in portfolios. Angela Ashton, PortfolioConstruction Forum \| 06-05-14 \| Opinion
	Longevity risk aversion and optimal safe withdrawal rates Over recent months, we've highlighted one school of research on funding retirement income, being the sustainable withdrawal rate approach. This paper takes a very different approach. Angela Ashton, PortfolioConstruction Forum \| 07-05-14 \| Research
	Investing for retirement: the defined contribution challenge Target date funds are becoming the workhorse for DC plans but there are problems with the approach. This paper offers a portfolio construction framework to overcome them. Ben Inker & Martin Tarlie, GMO \| 08-04-14 \| White paper
	Age banding - a model for planning retirement income needs Over recent months, we've highlighted one school of research on funding retirement income, being the sustainable withdrawal rate approach. This paper takes a very different approach. Angela Ashton, PortfolioConstruction Forum \| 04-04-14 \| Research
	Monitoring the success of target date funds As the logic goes, retired clients deplete their portfolios, and more pass away as the years go by, so a firm with aging clients is akin to a rapidly depreciating asset. But is this true? Sean Henaghan, AMP Capital Investors \| 24-03-14 \| White paper
	Is the danger of an aging client base overstated? As the logic goes, retired clients deplete their portfolios, and more pass away as the years go by, so a firm with aging clients is akin to a rapidly depreciating asset. But is this true? Michael Kitces, Pinnacle Advisory Group \| 18-03-14 \| Opinion
	Safe withdrawal rates in retirement - an Australian perspective A new research paper looks specifically at withdrawal rates in the Australian context, confirming the legislated minimums for account-based pensions are much too high. Angela Ashton, PortfolioConstruction Forum \| 12-02-14 \| Research
	Determining withdrawal rates using historical data William Bengen established the 4% rule - and showed a higher exposure to equities was better for retirement portfolios. Angela Ashton, PortfolioConstruction Forum \| 06-02-14 \| Research
	Inflation, uncertainty and portfolio management Will QE ruin retirement? Looking back at the risks inflation has presented in the past helps us look forward to the potential consequences. Dr Susan Gosling, MLC \| 01-01-14 \| Opinion
	Retirement monies - what to consider? What to do. Baby boomer retirees need an investment approach that delivers both the income they need and maintains the flexibility to meet their other objectives too. Aaron Minney, Challenger \| 29-11-13 \| Resources
	Improving target-date funds Target-date funds are one of the fastest-growing segments of the funds industry. However, most have two shortcomings that can be improved. AQR Capital Management \| 14-11-13 \| White Paper
	Managing 3 shock risks for the next decade Three key shock risks will affect investors over the next decade, requiring a real difference in how we construct portfolios for retirement. Nick Bullman, CheckRisk \| 30-10-13 \| Opinion
	Should equity exposure really decrease in retirement? The conventional wisdom is that retirees should reduce their equity exposure throughout retirement as their time horizon shortens - in reality, the ideal may actually be the exact opposite. Michael Kitces, Pinnacle Advisory Group \| 07-10-13 \| Opinion
	Investing in a debt-fuelled world Deleveraging will leave a lasting impact - and meeting the challenges it presents investors will be critical to everyone operating in the new financial landscape. Prof Amin Rajan, Create Research \| 24-08-13 \| White paper
	Does lending to debtors make sense for bond investors? Net foreign assets, a measure of a country’s net wealth, can reliably predict future defaults - allocating to countries with net wealth rather than net debt leads to superior returns. Andy Seaman, Stratton Street Capital \| 22-08-13 \| Resources
	A multi-speed world Recorded exclusively for PortfolioConstruction Forum PIMCO's CEO, Mohammed El-Erian, discusses the outlook for QE, whether Australia can continue to escape the new normal - and what it means for portfolios. Mohammed El-Erian, PIMCO \| 21-08-13 \| Opinion
	Lifecycle investing - the Australian context Recorded exclusively for PortfolioConstruction Forum, Prof. Jack Gray explains why lifecycle investing concepts needs adaptation for the Australian context. Prof Jack Gray, UTS \| 21-08-13 \| Opinion
	Managing the money-weighted return problem Recorded exclusively for PortfolioConstruction Forum, Alan Brown argues that what really matters to people is money-weighted rates of return. Alan Brown, Schroders \| 21-08-13 \| Opinion
	Rethinking investing for income vs wealth Recorded exclusively for PortfolioConstruction Forum, Nobel Laureate Robert Merton discusses moving to an income goal for the retirement phase of an investor's lifecycle. Prof. Robert Merton, Dimensional Fund Advisors \| 02-08-13 \| Opinion
	Financial planning: a look from the outside in Regardless of whether lifecycle investing is for you and your clients, there are valuable lessons in this paper by a financial adviser who has embraced the approach. Angela Ashton, PortfolioConstruction Forum \| 05-08-13 \| Research
	Why frequent portfolio tinkering won't pay off Frequent adjustment of portfolios is counterproductive even if costs are cheap, according to a study on the period of "optimal inattention". Dr Andrew Abel, Wharton University \| 02-08-13 \| Opinion
	Superannuation’s contribution to Australia’s economic future Australia faces big economic challenges - meaning superannuation will inevitably feel pressure for reform which will encompass four key changes. John Daley, Grattan Institute \| 02-08-13 \| White Paper
	Is the 4% rule folly? Defining the failure of a retirement investment strategy as the chance of running out of money in retirement leads us to try to minimise this risk. But is that the right approach? Angela Ashton, PortfolioConstruction Forum \| 30-07-13 \| Research
	Risky business According to a recent survey, 37% of retirees cannot tolerate any portfolio losses in any one year. Even conservative portfolios would have failed that test over the past 25 years. DFS Portfolio Solutions \| 26-07-13 \| Opinion
	The retirement risk zone This paper is a valuable addition to research on safe withdrawal rates for retirement portfolios. It confirms the 4% safe withdrawal rate may not be so safe for today's conditions. Angela Ashton, PortfolioConstruction Forum \| 23-07-13 \| Research
	Asset valuations & safe portfolio withdrawal rates This paper is a valuable addition to research on safe withdrawal rates for retirement portfolios. It confirms the 4% safe withdrawal rate may not be so safe for today's conditions. Angela Ashton, PortfolioConstruction Forum \| 15-07-13 \| Research
	Retirement withdrawals - the historic return dilemma The findings of this paper suggest that legislated minimum pension withdrawal rates may be too high and lead retirees to run out of money sooner than planned. Angela Ashton, PortfolioConstruction Forum \| 11-07-13 \| Opinion
	Longevity in the age of Twitter In this talk Larry Fink paints an interesting picture of the trends, challenges and issues resulting from retirement funding, and the impact on the global economy in future. Larry Fink, BlackRock \| 08-07-13 \| Opinion
	Issues Paper: Lifecycle investing Lifecycle investing considers the whole of a person's life to ensure acceptable standards of living are achieved consistently. It differs from more traditional approaches to financial planning in a number of important ways. PortfolioConstruction Forum \| 03-07-13 \| Research
	Understanding retirement sequencing risk What really does, and does not, cause a retirement plan to run out of money? The true danger for many is not a market crash or black swan event. Michael Kitces, Pinnacle Advisory Group \| 22-05-13 \| Resources
	Meeting the longevity challenge Misjudging longevity can have a very detrimental impact quality of retirement. A strategic approach is needed to better manage longevity implications for portfolios. David Williams, MyLongevity \| 22-05-13 \| Opinion
	Money’s worth - are annuities good value for money? Many clients who buy home or car insurance accept they may never receive any monetary benefit. Annuities offer clients more value per dollar spent than common general insurance products. Challenger Retirement Income Research \| 24-05-13 \| White Paper
	An introduction to lifecycle theory The essence of lifecycle theory is that portfolio outcomes should contribute to the attainment of an individual's goals and desires in life. David Bell, St Davids Rd Advisory \| 10-05-13 \| Opinion
	Mortality risk could be the death of you It is unfortunate that most people spend much more time considering and modeling investment risk than mortality risk. David Bell, St Davids Rd Advisory \| 12-04-13 \| Opinion
	Safe withdrawal rates in a low yield environment Just because starting conditions are suboptimal does not guarantee that safe withdrawal rates will fail today's retirees. Michael Kitces, Pinnacle Advisory Group \| 15-03-13 \| Opinion
	The future of super Does retirement income public policy and the design of the super system need to move into a new direction? The Hon Paul Keating \| 07-12-12 \| Opinion
	How long will people live? Misjudging longevity can dramatically impact quality of retirement - and the average retirement may be up to five years longer than many expect. Challenger Retirement Income Research \| 14-11-12 \| White Paper
	Boomers, herding, denial and zeitgeist The current financial advice model serving retirees is suboptimal for their needs. This paper challenges some commonly-used approaches to managing retiree portfolios. Lukasz de Pourbaix, Lonsec & Wade Matterson, Milliman \| 31-10-12 \| White Paper
	The ABC of sequencing risk Volatility is a risk for any portfolio that has cash flows, irrespective of investment time horizon. The culprit is sequencing risk, the risk of returns occurring in an adverse order. Challenger Retirement Income Research \| 24-10-12 \| White Paper
	Undiscovered Fund: Australian RMBS income A unique fund in the Australian market for those seeking solid income yields in excess of traditional yield-focused funds... Zenith Investment Partners \| 28-09-12 \| Research Report
	Is saving a percentage of income bad advice? "Save a healthy portion of your income every year from the start of your working years" is standard retirement planning advice. But a better path may not be to save a flat percentage of income every year... Michael Kitces, Pinnacle Advisory \| 11-09-12 \| White Paper
	Advice tips for older clients The client base of many financial advisers is aging - and older clients present many challenges. Advisers need to adapt their advice delivery to create a user-friendly experience for older clients... David Greenslade, Strategi \| 04-09-12 \| Opinion
	EM bonds - retirement income of the future? The process of reallocation to EM bonds is likely to accelerate, creating more liquidity and stability, and adding to their attractiveness for retirement income needs... Featuring Ramin Toloui, PIMCO \| 22-08-12 \| Resources
	Undiscovered Fund: Australian equity income A simple, high conviction Australian equity income fund ideally suited to income-seeking investors with a focus on after tax returns... Zenith Investment Partners \| 06-07-12 \| Research Report
	How do you estimate your client's life expectancy? Many advisers set every client's life expectancy to a conservative 95 or 100. But the majority of clients will never live this long - and being so conservative can greatly impinge on their enjoyment of retirement. Michael Kitces, Pinnacle Advisory \| 07-05-12 \| Opinion
	Spending flexibility and safe withdrawal rates How do we take into account the trade-off between clients' willingness to risk running out of money in return for enjoying their retirement portfolio now? Bob Veres, Inside Information \| 24-04-12 \| Review

Lifecycle Investing
research & opinion about lifecycle investing issues This is a special interest subsection of our wider Perspectives library in which we present research and opinion about lifecycle investing issues. Lifecycle investing is based on a philosophy of consciously constructing portfolios so that, over the whole of a person’s life, acceptable standards of living and specific life goals are more likely to be achieved consistently - with all the complexity and tailoring that entails.
	The best approach to adjustable retirement withdrawals The classic 4% rule holds withdrawals at 4% of the initial value of the portfolio at retirement. A great deal of recent research has focused on strategies that adjust withdrawals depending on investment experience. Joe Tomlinson, Tomlinson Financial Planning \| 08-07-15 \| White Paper
	Big raises and lifestyle creep The surprising result of a recent study is that the "conventional" view that earnings rise steadily (above inflation) throughout our careers is not accurate. Good spending habits established early on can make an astounding difference to wealth over a lifetime. Michael Kitces, Pinnacle Advisory Group \| 29-05-15 \| Opinion
	How should retirees manage risk in a DC world? This paper offers a surprising amount of information and interesting ways of framing investment issues in retirement, along with analysis of longevity vs investment risk and the implications. Angela Ashton, PortfolioConstruction Forum \| 10-03-15 \| Research
	Risk transfer vs risk retention The real distinction in retirement income philosophies and strategies is not about which are “safe” and which not. It is whether risk is transferred or retained (and if retained, how it is managed). Michael Kitces, Pinnacle Advisory Group \| 20-01-15 \| Opinion
	The Yin and Yang of retirement income philosophies This excellent white paper is a retirement income planning "buffet" - first reviewing the two main opposing philosophies, and then the range of strategies that span the divide. Angela Ashton, PortfolioConstruction Forum \| 21-11-14 \| Research
	Managing sequencing risk - buckets v rebalancing The staple of retirement planning - save a percentage of income - makes it surprisingly difficult to ever reach retirement. The alternative is much easier and more successful. Michael Kitces, Pinnacle Advisory Group \| 13-11-14 \| Research paper
	Bill Sharpe on retirement income planning One of the originators of CAPM, Sharpe (along with Markowitz and Miller) was awarded the 1990 Nobel Prize in economics. I sat down with him to discuss retirement income planning. Robert Huebscher, Advisor Perspectives \| 28-10-14 \| Interview
	Phrases that should be banished from retirement planning The words we use and how we frame concepts have a powerful impact. Perhaps the most crucial change in our retirement planning language is simply to rename "retirement". Michael Kitces, Pinnacle Advisory Group \| 27-10-14 \| Opinion
	Down the retirement risk zone with gun and camera This particularly relevant review of literature on sequencing risk considers the impact of Australia's age pension on retirement spending strategies. Angela Ashton, PortfolioConstruction Forum \| 15-10-14 \| Research
	Retirement risk, rising equity glidepaths & valuation-based AA The dynamic duo (Kitces and Pfau) are back in their search for the ultimate truth about retirement income planning and how to structure portfolios to minimise drawdowns. Angela Ashton, PortfolioConstruction Forum \| 03-10-14 \| Research
	The crisis in retirement planning Robert Merton, 1997 Nobel Prize winner, has recently penned an article about his views on retirement planning. There are some interesting take aways for Australian practitioners. Angela Ashton, PortfolioConstruction Forum \| 03-09-14 \| Research
	Behavioural finance vs standard finance This paper is a great introduction to why behavioural finance is quickly becoming recognised as a field that can add real value to the wealth management industry. Angela Ashton, PortfolioConstruction Forum \| 26-07-14 \| Research
	Investing in communicating about investing As investment professionals, we live investing every day. We spend excessive time reporting and not enough 'rapporting.' Prof Jack Gray, UTS \| 21-07-14 \| Opinion
	Changes in retirement and the retirement spending smile Most research assumes retirees maintain a consistent standard of living. A new study disproves this, implying we may be overestimating funds needed to retire by up to 20%. Michael Kitces, Pinnacle Advisory Group \| 26-05-14 \| Opinion
	Don't save 10% of income (spend just 50% of every raise) The staple of retirement planning - save a percentage of income - makes it surprisingly difficult to ever reach retirement. The alternative is much easier and more successful. Michael Kitces, Pinnacle Advisory Group \| 20-06-14 \| Opinion
	Home price beliefs in Australia Are we any good at estimating the values of our homes? Surprisingly, on average we are, according to a RBA study. It also found a link to weightings of risky assets in portfolios. Angela Ashton, PortfolioConstruction Forum \| 06-05-14 \| Opinion
	Longevity risk aversion and optimal safe withdrawal rates Over recent months, we've highlighted one school of research on funding retirement income, being the sustainable withdrawal rate approach. This paper takes a very different approach. Angela Ashton, PortfolioConstruction Forum \| 07-05-14 \| Research
	Investing for retirement: the defined contribution challenge Target date funds are becoming the workhorse for DC plans but there are problems with the approach. This paper offers a portfolio construction framework to overcome them. Ben Inker & Martin Tarlie, GMO \| 08-04-14 \| White paper
	Age banding - a model for planning retirement income needs Over recent months, we've highlighted one school of research on funding retirement income, being the sustainable withdrawal rate approach. This paper takes a very different approach. Angela Ashton, PortfolioConstruction Forum \| 04-04-14 \| Research
	Monitoring the success of target date funds As the logic goes, retired clients deplete their portfolios, and more pass away as the years go by, so a firm with aging clients is akin to a rapidly depreciating asset. But is this true? Sean Henaghan, AMP Capital Investors \| 24-03-14 \| White paper
	Is the danger of an aging client base overstated? As the logic goes, retired clients deplete their portfolios, and more pass away as the years go by, so a firm with aging clients is akin to a rapidly depreciating asset. But is this true? Michael Kitces, Pinnacle Advisory Group \| 18-03-14 \| Opinion
	Safe withdrawal rates in retirement - an Australian perspective A new research paper looks specifically at withdrawal rates in the Australian context, confirming the legislated minimums for account-based pensions are much too high. Angela Ashton, PortfolioConstruction Forum \| 12-02-14 \| Research
	Determining withdrawal rates using historical data William Bengen established the 4% rule - and showed a higher exposure to equities was better for retirement portfolios. Angela Ashton, PortfolioConstruction Forum \| 06-02-14 \| Research
	Inflation, uncertainty and portfolio management Will QE ruin retirement? Looking back at the risks inflation has presented in the past helps us look forward to the potential consequences. Dr Susan Gosling, MLC \| 01-01-14 \| Opinion
	Retirement monies - what to consider? What to do. Baby boomer retirees need an investment approach that delivers both the income they need and maintains the flexibility to meet their other objectives too. Aaron Minney, Challenger \| 29-11-13 \| Resources
	Improving target-date funds Target-date funds are one of the fastest-growing segments of the funds industry. However, most have two shortcomings that can be improved. AQR Capital Management \| 14-11-13 \| White Paper
	Managing 3 shock risks for the next decade Three key shock risks will affect investors over the next decade, requiring a real difference in how we construct portfolios for retirement. Nick Bullman, CheckRisk \| 30-10-13 \| Opinion
	Should equity exposure really decrease in retirement? The conventional wisdom is that retirees should reduce their equity exposure throughout retirement as their time horizon shortens - in reality, the ideal may actually be the exact opposite. Michael Kitces, Pinnacle Advisory Group \| 07-10-13 \| Opinion
	Investing in a debt-fuelled world Deleveraging will leave a lasting impact - and meeting the challenges it presents investors will be critical to everyone operating in the new financial landscape. Prof Amin Rajan, Create Research \| 24-08-13 \| White paper
	Does lending to debtors make sense for bond investors? Net foreign assets, a measure of a country’s net wealth, can reliably predict future defaults - allocating to countries with net wealth rather than net debt leads to superior returns. Andy Seaman, Stratton Street Capital \| 22-08-13 \| Resources
	A multi-speed world Recorded exclusively for PortfolioConstruction Forum PIMCO's CEO, Mohammed El-Erian, discusses the outlook for QE, whether Australia can continue to escape the new normal - and what it means for portfolios. Mohammed El-Erian, PIMCO \| 21-08-13 \| Opinion
	Lifecycle investing - the Australian context Recorded exclusively for PortfolioConstruction Forum, Prof. Jack Gray explains why lifecycle investing concepts needs adaptation for the Australian context. Prof Jack Gray, UTS \| 21-08-13 \| Opinion
	Managing the money-weighted return problem Recorded exclusively for PortfolioConstruction Forum, Alan Brown argues that what really matters to people is money-weighted rates of return. Alan Brown, Schroders \| 21-08-13 \| Opinion
	Rethinking investing for income vs wealth Recorded exclusively for PortfolioConstruction Forum, Nobel Laureate Robert Merton discusses moving to an income goal for the retirement phase of an investor's lifecycle. Prof. Robert Merton, Dimensional Fund Advisors \| 02-08-13 \| Opinion
	Financial planning: a look from the outside in Regardless of whether lifecycle investing is for you and your clients, there are valuable lessons in this paper by a financial adviser who has embraced the approach. Angela Ashton, PortfolioConstruction Forum \| 05-08-13 \| Research
	Why frequent portfolio tinkering won't pay off Frequent adjustment of portfolios is counterproductive even if costs are cheap, according to a study on the period of "optimal inattention". Dr Andrew Abel, Wharton University \| 02-08-13 \| Opinion
	Superannuation’s contribution to Australia’s economic future Australia faces big economic challenges - meaning superannuation will inevitably feel pressure for reform which will encompass four key changes. John Daley, Grattan Institute \| 02-08-13 \| White Paper
	Is the 4% rule folly? Defining the failure of a retirement investment strategy as the chance of running out of money in retirement leads us to try to minimise this risk. But is that the right approach? Angela Ashton, PortfolioConstruction Forum \| 30-07-13 \| Research
	Risky business According to a recent survey, 37% of retirees cannot tolerate any portfolio losses in any one year. Even conservative portfolios would have failed that test over the past 25 years. DFS Portfolio Solutions \| 26-07-13 \| Opinion
	The retirement risk zone This paper is a valuable addition to research on safe withdrawal rates for retirement portfolios. It confirms the 4% safe withdrawal rate may not be so safe for today's conditions. Angela Ashton, PortfolioConstruction Forum \| 23-07-13 \| Research
	Asset valuations & safe portfolio withdrawal rates This paper is a valuable addition to research on safe withdrawal rates for retirement portfolios. It confirms the 4% safe withdrawal rate may not be so safe for today's conditions. Angela Ashton, PortfolioConstruction Forum \| 15-07-13 \| Research
	Retirement withdrawals - the historic return dilemma The findings of this paper suggest that legislated minimum pension withdrawal rates may be too high and lead retirees to run out of money sooner than planned. Angela Ashton, PortfolioConstruction Forum \| 11-07-13 \| Opinion
	Longevity in the age of Twitter In this talk Larry Fink paints an interesting picture of the trends, challenges and issues resulting from retirement funding, and the impact on the global economy in future. Larry Fink, BlackRock \| 08-07-13 \| Opinion
	Issues Paper: Lifecycle investing Lifecycle investing considers the whole of a person's life to ensure acceptable standards of living are achieved consistently. It differs from more traditional approaches to financial planning in a number of important ways. PortfolioConstruction Forum \| 03-07-13 \| Research
	Understanding retirement sequencing risk What really does, and does not, cause a retirement plan to run out of money? The true danger for many is not a market crash or black swan event. Michael Kitces, Pinnacle Advisory Group \| 22-05-13 \| Resources
	Meeting the longevity challenge Misjudging longevity can have a very detrimental impact quality of retirement. A strategic approach is needed to better manage longevity implications for portfolios. David Williams, MyLongevity \| 22-05-13 \| Opinion
	Money’s worth - are annuities good value for money? Many clients who buy home or car insurance accept they may never receive any monetary benefit. Annuities offer clients more value per dollar spent than common general insurance products. Challenger Retirement Income Research \| 24-05-13 \| White Paper
	An introduction to lifecycle theory The essence of lifecycle theory is that portfolio outcomes should contribute to the attainment of an individual's goals and desires in life. David Bell, St Davids Rd Advisory \| 10-05-13 \| Opinion
	Mortality risk could be the death of you It is unfortunate that most people spend much more time considering and modeling investment risk than mortality risk. David Bell, St Davids Rd Advisory \| 12-04-13 \| Opinion
	Safe withdrawal rates in a low yield environment Just because starting conditions are suboptimal does not guarantee that safe withdrawal rates will fail today's retirees. Michael Kitces, Pinnacle Advisory Group \| 15-03-13 \| Opinion
	The future of super Does retirement income public policy and the design of the super system need to move into a new direction? The Hon Paul Keating \| 07-12-12 \| Opinion
	How long will people live? Misjudging longevity can dramatically impact quality of retirement - and the average retirement may be up to five years longer than many expect. Challenger Retirement Income Research \| 14-11-12 \| White Paper
	Boomers, herding, denial and zeitgeist The current financial advice model serving retirees is suboptimal for their needs. This paper challenges some commonly-used approaches to managing retiree portfolios. Lukasz de Pourbaix, Lonsec & Wade Matterson, Milliman \| 31-10-12 \| White Paper
	The ABC of sequencing risk Volatility is a risk for any portfolio that has cash flows, irrespective of investment time horizon. The culprit is sequencing risk, the risk of returns occurring in an adverse order. Challenger Retirement Income Research \| 24-10-12 \| White Paper
	Undiscovered Fund: Australian RMBS income A unique fund in the Australian market for those seeking solid income yields in excess of traditional yield-focused funds... Zenith Investment Partners \| 28-09-12 \| Research Report
	Is saving a percentage of income bad advice? "Save a healthy portion of your income every year from the start of your working years" is standard retirement planning advice. But a better path may not be to save a flat percentage of income every year... Michael Kitces, Pinnacle Advisory \| 11-09-12 \| White Paper
	Advice tips for older clients The client base of many financial advisers is aging - and older clients present many challenges. Advisers need to adapt their advice delivery to create a user-friendly experience for older clients... David Greenslade, Strategi \| 04-09-12 \| Opinion
	EM bonds - retirement income of the future? The process of reallocation to EM bonds is likely to accelerate, creating more liquidity and stability, and adding to their attractiveness for retirement income needs... Featuring Ramin Toloui, PIMCO \| 22-08-12 \| Resources
	Undiscovered Fund: Australian equity income A simple, high conviction Australian equity income fund ideally suited to income-seeking investors with a focus on after tax returns... Zenith Investment Partners \| 06-07-12 \| Research Report
	How do you estimate your client's life expectancy? Many advisers set every client's life expectancy to a conservative 95 or 100. But the majority of clients will never live this long - and being so conservative can greatly impinge on their enjoyment of retirement. Michael Kitces, Pinnacle Advisory \| 07-05-12 \| Opinion
	Spending flexibility and safe withdrawal rates How do we take into account the trade-off between clients' willingness to risk running out of money in return for enjoying their retirement portfolio now? Bob Veres, Inside Information \| 24-04-12 \| Review

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