Participants Need a Retirement Income Plan
(Plan Sponsor, May 2, 2013)
I agree with Bryan Hodges that, "Individuals need a process for converting
their resources into income in retirement." He proposes a six step process
that is more "holistic" (more comprehensive and more focused on
pre-retirement planning) than the actuarial process to determine a spending
budget in retirement described in this website. For further discussion of
holistic retirement planning, readers may find this link to be helpful.
Mr. Hodges also refers to "sequence of return" risk. Dr. Wade Pfau has a
nice explanation of this term in a recent post.