SPIAs Are Slow to Pay Off: Kitces and Pfau
Wade D. Pfau
New research from Michael Kitces and Wade Pfau suggests that many people—especially if they don’t live longer than average—would be better off starting out with half their money in stocks and half in bonds, and then gradually reducing their bond allocation over time.
Pechter, Kerry, "SPIAs Are Slow to Pay Off: Kitces and Pfau" (2013). In the News. 495.