Two Schools of Thought on Retirement Income

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Presenter: Wade Pfau Moderator: Robert Huebscher

About this talk

There are two fundamental schools of thought concerning the planning and implementation of retiree income withdrawal strategies: · The probability-based school of thought argues that systematic withdrawals from a diversified portfolio, when based on a withdrawal rate that would have worked historically, will be fundamentally sustainable over a client’s lifetime. · In the safety-first approach, also called lifestyle finance, spending goals are segmented between essential and discretionary needs, and clients use different investing strategies for each type of goal. This webinar will provide a detailed analysis of both schools of thought and how they can be applied to a financial planning practice. This session will provide a detailed analysis of the similarities and differences between these schools of thought and how they can be applied in a financial planning practice. Wade Pfau is a professor of retirement income in the new Ph.D. program for financial and retirement planning at The American College in Bryn Mawr, PA, and is the chief financial planning scientist for inStream Solutions. He is a frequent author on topics related to financial planning and writes a monthly article for Advisor Perspectives. He has received awards for his contributions from The Journal of Financial Planning and the Retirement Income Industry Association and is a frequent speaker at national conventions.

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