The Pension Research Council
Working Paper

Comparing Spending Approaches in Retirement

John Ameriks, Michael Hess, and Liqian Ren
WP2009-22

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Abstract —

This chapter describes and evaluates alternative approaches to spending in retirement, including income annuities, common rules of thumb for spending used by financial planners and advisors, and the spending rules that have been incorporated into payout funds, a relatively new type of investment product designed to be used by investors in the spending stage of life.