Substituting Income Annuities For Bond Funds in Retirement
Retirement income planning is still a relatively new field with different dynamics than traditional wealth accumulation. After a lifetime focused on maximizing wealth or beating a benchmark, your goal becomes creating sustainable income over an indefinite length of time—the rest of your life. Retirees must manage risks like market performance along with their own longevity and the uncertainty about their spending requirements.
Pfau, Wade, "Substituting Income Annuities For Bond Funds in Retirement" (2015). Faculty Publications. 101.