Planning for a More Expensive Retirement
Recent asset pricing studies have suggested that demand for stocks since 1980 has driven expected returns below their historical average. The current yield of risk-free assets in the U.S. is also well below historical bond yields.
Pfau, Wade D. PhD; Finke, Michael; and Blanchett, David, "Planning for a More Expensive Retirement" (2017). Faculty Publications. 728.