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Determining Your Retirement Income Style

Released on Thursday, July 15, 2021•RETIREMENT

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As the baby boomers reach retirement, it is imperative to find solutions for the new problem of how to sustain their lifestyle over an unknown retirement length. Multiple retirement income strategies have emerged, and it is hard for retirees to identify which strategies match their personal style. This presentation is based on research that identifies and validates a set of scorable retirement income factors to define preferences for an overall retirement income style. Wade Pfau will describe a workable retirement model by showing how the factors connect to four main retirement income strategies: withdrawing from a total-return investment portfolio, using risk wrap strategies with deferred annuities, seeking protected income with immediate annuities, and using a time-segmentation or bucketing strategy. Approaching retirement income agnostically and matching retirement income strategies based on your personal retirement income style will help to improve your retirement outcomes.

Wade Pfau

The American College of Financial Services, Professor of Retirement Income

Wade Pfau is a professor of retirement income at The American College in Bryn Mawr, PA. He also serves as a principal and director for McLean Asset Management, helping to build retirement income solutions for clients. Mr. Pfau's research article on safe saving rates won the inaugural Journal of Financial Planning Montgomery-Warschauer Editor's Award. He actively publishes research on retirement topics in a wide variety of academic and practitioner research journals. Mr. Pfau has also contributed to the curriculum of the Retirement Income Certified Professional (RICP) and the Retirement Management Analyst (RMA) designation programs for financial advisors. He is a frequent speaker about retirement income at national conferences. Mr. Pfau is a CFA charterholder and holds a doctorate in economics from Princeton University.