TheProcessofManagingreTireMenTincoMesequenceof：管理的退休收入序列的过程.pdfVIP

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TheProcessofManagingreTireMenTincoMesequenceof：管理的退休收入序列的过程.pdf

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TheProcessofManagingreTireMenTincoMesequenceof：管理的退休收入序列的过程.pdf

The Process of Managing reTireMenT incoMe sequence of reTurns reverse Dollar cosT averaging Re-ordering the sequence of annual returns on an investment provides great insight for planning a retirement distribution strategy. While this would have no effect on an investment of a buy-and-hold investor, the effect on a retirement portfolio under the stress of systematic withdrawals can be quite dramatic. The road of retirement should be Sequence of returns is simply the order paved with more than good inten- in which returns are realized by a retiree. FiguRe 1. SP 500 index Sequence oF RetuRnS tions. Soon-to-be retirees need to The consequences of a bad sequence of develop and follow a retirement returns, especially early in retirement, can 1989–2008 2008–1989 income plan that balances current mean premature depletion of the portfolio. Year Sequence Sequence lifestyle and long-term sustain- Retirees need to avoid being in the position 1 31.69 -37.00 ability of the retirement portfolio. of having to sell during inopportune market The Road of Retirement series environments. Being forced to sell at the 2 -3.11 5.49 provides some best practices for wrong time can result in “reverse dollar cost