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An International Perspective on Safe Withdrawal Rates from Retirement Savings: The Demise of the 4 Percent Rule?
https://doi.org/10.24545/00001033
https://doi.org/10.24545/00001033414e971d-ab0f-4d1d-9890-db946b2d3d4f
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
DP10-12.pdf (620.8 kB)
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| Item type | ディスカッションペーパー / Discussion Paper(1) | |||||||
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| 公開日 | 2010-09-01 | |||||||
| タイトル | ||||||||
| タイトル | An International Perspective on Safe Withdrawal Rates from Retirement Savings: The Demise of the 4 Percent Rule? | |||||||
| 言語 | en | |||||||
| 言語 | ||||||||
| 言語 | eng | |||||||
| 資源タイプ | ||||||||
| 資源タイプ | technical report | |||||||
| ID登録 | ||||||||
| ID登録 (DOI) | 10.24545/00001033 | |||||||
| ID登録タイプ | JaLC | |||||||
| 著者 |
PFAU, Wade D.
× PFAU, Wade D.
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| 著者所属 | ||||||||
| 値 | 政策研究大学院大学 / National Graduate Institute for Policy Studies | |||||||
| 分野 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | 経済学 / Economics | |||||||
| 抄録 | ||||||||
| 内容記述タイプ | Abstract | |||||||
| 内容記述 | Numerous studies about sustainable withdrawal rates from retirement savings have been published, but they are overwhelmingly based on the same underlying data for US asset returns since 1926. From an international perspective, the United States enjoyed a particularly favorable climate for asset returns in the twentieth century, and to the extent that the US may experience mean reversion in the current century, sustainable withdrawal rates may be overstated in many studies. This paper explores the issue of sustainable withdrawal rates using 109 years of financial market data for 17 developed market countries in an attempt to provide a broader perspective about sustainable withdrawal rates, as financial planners and their clients must consider whether they will be comfortable basing decisions using the impressive and perhaps anomalous numbers found in the past US data. From an international perspective, a 4 percent real withdrawal rate is surprisingly risky. Even with some overly optimistic assumptions, it would have only provided “safety” in 4 of the 17 countries. A fixed asset allocation split evenly between stocks and bonds would have failed in all 17 countries. | |||||||
| 内容記述 | ||||||||
| 内容記述タイプ | Other | |||||||
| 内容記述 | JEL Classification Codes: G11, G15, G17, C15 | |||||||
| 発行年 | ||||||||
| 値 | 2010-09 | |||||||
| 書誌情報 |
en : GRIPS Discussion Papers Report No. DP10-12, 発行日 2010-09-01 |
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| 出版者 | ||||||||
| 出版者 | GRIPS Policy Research Center | |||||||
| 言語 | en | |||||||
| 関連サイト | ||||||||
| 関連タイプ | isIdenticalTo | |||||||
| 識別子タイプ | URI | |||||||
| 関連識別子 | https://ideas.repec.org/p/ngi/dpaper/10-12.html | |||||||
| 関連名称 | https://ideas.repec.org/p/ngi/dpaper/10-12.html | |||||||
| 著者版フラグ | ||||||||
| 出版タイプ | AM | |||||||
| 出版タイプResource | http://purl.org/coar/version/c_ab4af688f83e57aa | |||||||
