The Only Other Spending Rule Article You Will Ever Need
提出一个可操作的退休资产组合构建与支出框架，仅用通胀指数债券和股票指数基金，通过摊销股票资产来提供可变收入，同时避免提前耗尽，比常见理财顾问方法风险更低、效果更好。
This work describes an actionable framework for constructing and drawing income from a portfolio of retirement assets. A sufficient portfolio consists solely of a ladder of inflation-indexed bonds, such as U.S. Treasury Inflation-Protected Securities (TIPS), and a stock market index fund. We consider longevity risk and time-varying spending patterns and show how to amortize decumulation of the stock asset to provide variable income without risking premature portfolio depletion. We explain theoretically and demonstrate empirically how this strategy is less risky and more effective at maximizing lifetime retirement income than are methods commonly used by financial advisors.