Comprehensive financial planning for a sustainable retirement^†

HIGHLIGHTS

• What: The authors demonstrate a comprehensive approach to the dual problems saving enough for and determining how much saving is enough at date using a probabilistic (stochastic) model. Most of the research on sustainable retirement income, also called the decumulation problem, aims to find the probability of ruin - the probability that the money runs out before the retiree(s) die. All the studies discussed so far concentrate on making the rate of return a random variable in one way or another and then comparing the results for different lengths of retirement period. The model produces a stochastic . . .
  

   

  

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