The 4% rule is the advice many retirees follow for managing spending and investing. We examine this rule's inefficiencies-the price paid for funding its unspent surpluses and the overpayments made to purchase its spending policy. We show that a typical rule allocates 10-20% of a retiree's...

Recent research has documented that delaying the commencement of Social Security benefitsincreases the expected present value of retirement income for most people. Despite this research,the vast majority of individuals claim Social Security at or before full retirement age. ClaimingSocial...

Recent research has documented that delaying the commencement of Social Security benefits increases the expected present value of retirement income for most people. Despite this research, the vast majority of individuals claim Social Security at or before full retirement age. Claiming Social...