The 4% Rule in the Media
There are almost 70,000,000 Americans age 65 and over and many more seniors outside the USA. It's no surprise that the topic of retirement, specifically maximizing retirement income, is widely and frequently covered in the media. My research, and particularly the "4% Rule," has garnered a lot of attention.
Below are some of the best news articles which have appeared about the 4% Rule and related topics. They are arranged by topic to make it easier for you to find articles of interest. Please click on any links that intrigue you and use this website's "Ask Bill" feature to ask me questions about their content. I periodically update this page with new articles.
Yours for a richer retirement,
Bill Bengen
Articles
Portfolio Withdrawal Strategies
Blanchett, David et. al. “Low Bond Yields and Safe Portfolio Withdrawal Rates”, Morningstar Investment Management, Jan. 2013.
https://www.pm-research.com/content/iijwealthmgmt/16/2/55
Blanchett, David. “Guided Spending Rates: Rethinking ‘Safe’ Initial Withdrawal Rates”, PGIM DC Solutions, Apr. 2024.
https://www.pgim.com/dc-solutions/article/guided-spending-rates-rethinking-safe-initial-withdrawal-rates
Kitces, Michael. “Managing Sequence Of Return Risk With Bucket Strategies Vs A Total Return Rebalancing Approach”. kitces.com, Nov. 2014.
https://www.kitces.com/blog/managing-sequence-of-return-risk-with-bucket-strategies-vs-a-total-return-rebalancing-approach/
Kitces, Michael. “Are Retirement Bucket Strategies An Asset Allocation Mirage?”. kitces.com, Apr. 2012.
https://www.kitces.com/blog/are-retirement-bucket-strategies-an-asset-allocation-mirage/
Kitces, Michael. “Investment Costs, Taxes, and the Safe Withdrawal Rate”. The Kitces Report, Feb. 2010.
https://www.kitces.com/blog/the-impact-of-investment-costs-on-safe-withdrawal-rates/
Kitces, Michael. “Is the Safe Withdrawal Rate Sometimes Too Safe?”. The Kitces Report, May 2008.
https://www.kitces.com/?s=May+2008&submit=&by-author=&by-category=&from-date=&to-date=
Milevsky, Moshe & Huaxion Huang. “Retirement Spending on Planet Vulcan: Longevity Risk and Withdrawal Rates”. AAII Journal, Jan. 2018.
https://www.aaii.com/journal/article/retirement-spending-on-planet-vulcan-longevity-risk-andwithdrawal-rates
Pfau, Wade D. “The Four Approaches to Managing Retirement Income Risk”. The American College for Financial Services, November 2023.
https://www.aaii.com/journal/article/retirement-spending-on-planet-vulcan-longevity-risk-andwithdrawal-rates
Portfolio Rebalancing
Weiss, Gerald F. “Dynamic Rebalancing”, Journal of Financial Planning, Feb. 2001.
https://www.proquest.com/openview/9598754b7dcdc6f2c6e9b7b3392ffa5f/
Spitzer, John J. and Sandeep Singh. “Is Rebalancing a Portfolio During Retirement Necessary?” Journal of Financial Planning, June 2007.
Asset Allocation: Is Rebalancing a Portfolio During Retirement Necessary?
Tomlinson, Joe. “Does Rebalancing Help Investors in the Withdrawal Phase?” Advisor Perspectives, January 11, 2021.
https://www.advisorperspectives.com/articles/2021/01/11/does-rebalancing-help-investors-in-the-withdrawal-phase
McLean, Ryan. “Rebalancing Frequency and Safe Withdrawal Rates”. Finding: Advisor Perspectives, April 12, 2021.
https://www.advisorperspectives.com/articles/2021/04/12/rebalancing-frequency-and-safe-withdrawal-rates
Decision Rules & Guard-Rail Investing
Pfau, Wade D. & Kitces, Michael E. “Reducing Retirement Risk with a Rising Equity Glide Path”, Journal of Financial Planning, Jan. 2014.
https://www.financialplanningassociation.org/article/journal/JAN14-reducing-retirement-risk-rising-equity-glide-path
Kitces, Michael E. “Accelerating Rising Equity Glidepath Using Treasury Bills As Portfolio Ballast?”, Kitces.com, Aug. 2014.
https://www.kitces.com/blog/accelerating-the-rising-equity-glidepath-with-treasury-bills-as-portfolio-ballast/
Kitces, Michael E. & Pfau, Wade D. “Retirement Risk, Rising Equity Glidepaths, and Valuation-Based Asset Allocation”, Journal of Financial Planning, March 2015.
https://www.financialplanningassociation.org/article/journal/MAR15-retirement-risk-rising-equity-glide-paths-and-valuation-based-asset
Kitces, Michael E. “Valuation-Based Tactical Asset Allocation In Retirement And The Impact Of Market Valuation On Declining And Rising Equity Glidepaths”, Kitces.com, Sep. 2014.
https://www.kitces.com/blog/valuation-based-tactical-asset-allocation-in-retirement-and-the-impact-of-market-valuation-on-declining-and-rising-equity-glidepaths/
Klinger, William J. “Guardrails to Prevent Retirement Portfolio Failure”, Journal of Financial Planning, Oct. 2016.
https://www.financialplanningassociation.org/sites/default/files/2020-10/OCT16%20Klinger.pdf
Required Minimum Distributions & Withdrawals
Benz, Christine. ”When Safe Withdrawal Rates Collide With RMDs”. Morningstar.com, 2/2025
https://www.morningstar.com/retirement/when-safe-withdrawal-rates-collide-with-rmds
Israelson, Craig. “How Skillful RMD Planning Can Sustain Retirement Portfolios”. Financial Planning magazine, March 2017.
https://www.financial-planning.com/news/a-secure-safety-net-for-retirement-savers
Sun, Wei and Anthony Webb. “Should Households Base Asset Decumulation Strategies on Required Minimum Distribution Tables?” Center for Retirement Research at Boston College, April 2012.
https://crr.bc.edu/should-households-base-asset-decumulation-strategies-on-required-minimum-distribution-tables/
Taxes & Safe Withdrawal Rates
Kitces, Michael. “The Impact of Taxes on the Safe Withdrawal Rate”. The Kitces Report, Nov. 2013.
https://www.kitces.com/blog/the-impact-of-taxes-on-the-safe-withdrawal-rate/
Annuities
Veres, Robert et. al. “Making Retirement Income Last a Lifetime”, Journal of Financial Planning, Dec. 2001.
https://www.researchgate.net/publication/228201695_Making_Retirement_Income_Last_a_Lifetime
Warshawsky, Mark. “New Approaches to Retirement Income: An Evaluation of Combination Laddered Strategies”, Journal of Financial Planning, Aug. 2016.
https://www.financialplanningassociation.org/article/journal/AUG16-new-approaches-retirement-income-evaluation-combination-laddered-strategies
Finke, Michael and Pfau, Wade D. “Reduce Retirement Costs with DIA Purchased before Retirement”, Journal of Financial Planning, July 2015.
https://www.financialplanningassociation.org/article/journal/JUL15-reduce-retirement-costs-deferred-income-annuities-purchased-retirement
Blanchett, David M. “Impact of Guaranteed Income and Dynamic Withdrawals on Safe Initial Withdrawal Rates”, Journal of Financial Planning, Apr. 2017.
https://www.financialplanningassociation.org/article/journal/APR17-impact-guaranteed-income-and-dynamic-withdrawals-safe-initial-withdrawal-rates
Milevsky, Moshe. “Annuity Fables”. Journal of Financial Planning, Dec. 2018.
https://www.financialplanningassociation.org/article/journal/DEC18-annuity-fables-some-observations-ivory-tower
Asset Allocation
Otar, Jim C. “The Secret Formula”, Financial Planning magazine, Oct. 2003. https://retirementoptimizer.com/articles/SecretFormula.pdf
Horneff, Walter J. et. al.. “Optimizing the Retirement Portfolio: Asset Allocation, Annuitization, and Risk Aversion”, National Bureau of Economic Research working paper 12392, July 2006.
https://repository.upenn.edu/server/api/core/bitstreams/72ed3008-1664-4e06-b365-3fe953b5ef3f/content
Richenstein, William. “How to Calculate an After-Tax Asset Allocation”, Journal of Financial Planning, Aug. 2008.
FPA Journal - Calculating After-Tax Asset Allocation Is Key to Determining Risk, Returns, and Asset Location
Blanchett, David M. & Finke, Michael. “Annuitized Income and Optimum Equity Allocation”, Journal of Financial Planning, Nov. 2018.
Annuitized Income and Optimal Equity Allocation | Financial Planning Association
Blanchett, David M. & Finke, Michael. “The False Promise of U.S. Historical Returns”, Advisor Perspectives, March 2021.
The False Promise of U.S. Historical Returns - Articles - Advisor Perspectives
Blanchett, David M. & Stempien, Jeremy. “Investment Horizon, Serial Correlation, and Better (Retirement) Portfolios”, CFA Institute Research Foundation, Apr. 2024.
Investment Horizon, Serial Correlation, And Better (Retirement) Portfolios
Blanchett, David M. & Stempien, Jeremy. “Commodities for the Long Run”, CFA Enterprising Investor, July 2024.
Commodities for the Long Run? | CFA Institute Enterprising Investor
Huebscher, Robert. “The Simplest, Safest Withdrawal Strategy (TIPS)”, Advisor Perspectives, Aug. 2011.
The Simplest, Safest Withdrawal Strategy
Kitces, Michael. “Dynamic Asset Allocation and Safe Withdrawal Rates”, The Kitces Report, Apr. 2009.
Kitces on Dynamic Asset Allocation & Safe Withdrawal Rates
McLean, Ryan. “How Diversification Improves Safe Withdrawal Rates”, Advisor Perspectives, Dec. 2020.
How Diversification Improves Safe Withdrawal Rates - Articles - Advisor Perspectives
Cooley, Philip L. et. al. “Does International Diversification Increase the Sustainable Withdrawal Rates from Retirement Portfolios?”, Journal of Financial Planning, Jan. 2003.
https://www.advisorperspectives.com/articles/2014/03/04/does-international-diversification-improve-safe-withdrawal-rates
Withdrawal Schemes
Blanchett, David. “Exploring the Retirement Consumption Puzzle”, Journal of Financial Planning, May 2014.
https://www.financialplanningassociation.org/article/journal/MAY14-exploring-retirement-consumption-puzzle
Sharpe, William F. et. al. “Efficient Retirement Financial Strategies”, Pension Research Council, March 2007.
https://web.stanford.edu/~wfsharpe/retecon//ERFS.pdf
