I investigate optimal stock/bond asset allocation, gradual SPIA purchase decisions, and consumption decisions in retirement. I use a utility function that is intended to be representative of a retired individual's need for an income floor and desire for upside potential. The optimal strategy is...

I investigate optimal stock/bond asset allocation and consumption decisions using a utility function that is intended to be representative of a retired individual's need for an income floor and desire for upside potential. I do this without using annuities. Breaking with a common assumption that...