Decumulation
- This week in research: the retirement problem is wider than the portfolio
New retirement research: pension allocation and insurance as one decision, guarantees inside the tax code, concentrated care costs, and risk that shifts with horizon.
- Bucket math for retirees: the allocation no target-date fund can give you
A target-date fund gives every retiree the same glide path. Decumulation needs structure that separates near-term spending from long-term growth. Here's the bucket logic.