Wade D. Pfau

The American College for Financial Services

Professor of Retirement Income

630 Allendale Rd

King of Prussia, PA 19406

United States

http://www.retirementresearcher.com

Retirement Researcher

Principal

1900 Gallows Rd, Suite 350

Vienna, VA 22182

United States

http://www.retirementresearcher.com

SCHOLARLY PAPERS

48

DOWNLOADS
Rank 244

SSRN RANKINGS

Top 244

in Total Papers Downloads

86,840

SSRN CITATIONS
Rank 8,346

SSRN RANKINGS

Top 8,346

in Total Papers Citations

34

CROSSREF CITATIONS

120

Scholarly Papers (48)

1.

Reducing Retirement Risk with a Rising Equity Glide-Path

Number of pages: 19 Posted: 13 Sep 2013
Wade D. Pfau and Michael Kitces
The American College for Financial Services and The Kitces Report & Nerd's Eye View
Downloads 13,636 (423)
Citation 12

Abstract:

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retirement planning, investing, asset allocation, glide-path

2.

Making Sense Out of Variable Spending Strategies for Retirees

Number of pages: 18 Posted: 17 Mar 2015
Wade D. Pfau
The American College for Financial Services
Downloads 10,005 (745)
Citation 4

Abstract:

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retirement planning, retirement income modeling, systematic withdrawals, variable spending in retirement

3.

The 4 Percent Rule is Not Safe in a Low-Yield World

Number of pages: 15 Posted: 16 Jan 2013 Last Revised: 17 Jan 2013
Michael S. Finke, Wade D. Pfau and David Blanchett
The American College, The American College for Financial Services and PGIM
Downloads 9,690 (792)
Citation 16

Abstract:

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retirement, systematic withdrawals, 4% rule, safe withdrawal rates

4.

An Efficient Frontier for Retirement Income

Number of pages: 12 Posted: 25 Sep 2012
Wade D. Pfau
The American College for Financial Services
Downloads 8,446 (989)
Citation 2

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retirement planning, retirement income modeling, efficient frontier, annuities, systematic withdrawals

5.

Asset Valuations and Safe Portfolio Withdrawal Rates

Number of pages: 17 Posted: 28 Jun 2013 Last Revised: 01 Jul 2013
David Blanchett, Michael S. Finke and Wade D. Pfau
PGIM, The American College and The American College for Financial Services
Downloads 4,760 (2,703)
Citation 3

Abstract:

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retirement, asset valuations, withdrawal rates, Monte Carlo

6.

Optimal Portfolios for the Long Run

Number of pages: 26 Posted: 06 Sep 2013 Last Revised: 05 Feb 2014
David Blanchett, Michael S. Finke and Wade D. Pfau
PGIM, The American College and The American College for Financial Services
Downloads 4,025 (3,581)
Citation 4

Abstract:

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time diversification, portfolio choice, stock allocation

7.

Incorporating Home Equity into a Retirement Income Strategy

Number of pages: 17 Posted: 04 Nov 2015
Wade D. Pfau
The American College for Financial Services
Downloads 3,652 (4,208)
Citation 4

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retirement, reverse mortgage, retirement income

8.

The True Impact of Immediate Annuities on Retirement Sustainability: A Total Wealth Perspective

Number of pages: 18 Posted: 23 Jul 2013
Michael Kitces and Wade D. Pfau
The Kitces Report & Nerd's Eye View and The American College for Financial Services
Downloads 2,893 (6,282)
Citation 1

Abstract:

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retirement income, annuities, systematic withdrawals, SPIAs

9.

A Model Approach to Selecting a Personalized Retirement Income Strategy

Number of pages: 31 Posted: 24 Mar 2021
Alejandro Murguia and Wade D. Pfau
Retirement Researcher and The American College for Financial Services
Downloads 2,887 (6,303)

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Retirement planning, retirement income, systematic withdrawals, annuities, psychology

10.

Retirement Risk, Rising Equity Glidepaths, and Valuation-Based Asset Allocation

Number of pages: 21 Posted: 18 Sep 2014
Michael Kitces and Wade D. Pfau
The Kitces Report & Nerd's Eye View and The American College for Financial Services
Downloads 2,798 (6,630)
Citation 1

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retirement planning, investing, asset allocation, glide-path

11.

Lifetime Expected Income Breakeven Comparison between SPIAs and Managed Portfolios

Number of pages: 65 Posted: 30 Aug 2013 Last Revised: 25 Apr 2015
Better Financial EducationAcademy of Financial Services, Central Michigan University - Department of Finance and Law and The American College for Financial Services
Downloads 2,409 (8,360)
Citation 1

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SPIA, Immediate annuity, managed diversified portfolio, cash flow comparisons, breakeven comparison

12.

An International Perspective on Safe Withdrawal Rates from Retirement Savings: The Demise of the 4 Percent Rule?

Journal of Financial Planning, Forthcoming
Number of pages: 15 Posted: 31 Oct 2010
Wade D. Pfau
The American College for Financial Services
Downloads 1,971 (11,624)
Citation 4

Abstract:

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SAFEMAX, retirement, withdrawal rates, international comparison, sustainable

13.

The Yin and Yang of Retirement Income Philosophies

Number of pages: 32 Posted: 17 Jan 2015
Wade D. Pfau and Jeremy Cooper
The American College for Financial Services and Challenger Limited
Downloads 1,791 (13,520)
Citation 2

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Retirement income, safe withdrawal rate, probability-based, safety-first, volatility, annuity, risk, growth assets, equities, longevity risk

14.

Retirement Income Beliefs and Financial Advice Seeking Behaviors

Number of pages: 33 Posted: 24 Mar 2021
Alejandro Murguia and Wade D. Pfau
Retirement Researcher and The American College for Financial Services
Downloads 1,555 (16,834)

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retirement income, self-efficacy, financial advisor perceived usefulness, behavioral finance

15.

Safe Savings Rates: A New Approach to Retirement Planning Over the Lifecycle

Journal of Financial Planning, Vol. 24, No. 5, May 2011
Number of pages: 15 Posted: 03 Jul 2011
Wade D. Pfau
The American College for Financial Services
Downloads 1,453 (18,625)
Citation 2

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safe withdrawal rates, retirement planning, lifetime perspective, safe savings rate, wealth accumulation targets, retirement spending goals, SAFEMAX, SAFEMIN

16.

VAR Analysis of the Monetary Transmission Mechanism in Vietnam

Applied Econometrics and International Development. Vol. 9, No. 1, pp. 165-179, January – June 2009
Number of pages: 14 Posted: 27 Aug 2008 Last Revised: 15 Oct 2009
Le Viet Hung and Wade D. Pfau
State Bank of Vietnam and The American College for Financial Services
Downloads 1,365 (20,435)

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Monetary policy, transmission mechanism, vector autoregression, Vietnam

17.

The Four Approaches to Managing Retirement Income Risk

Number of pages: 14 Posted: 31 Dec 2019
Wade D. Pfau
The American College for Financial Services
Downloads 1,287 (22,377)

Abstract:

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retirement, income, sequence risk, market risk, sustainable retirement distributions

18.

The Lifetime Sequence of Returns: A Retirement Planning Conundrum

Number of pages: 11 Posted: 04 Jan 2015
Wade D. Pfau
The American College for Financial Services
Downloads 1,287 (22,354)
Citation 2

Abstract:

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retirement planning, sequence of returns risk

19.

Required Retirement Savings Rates Today

Number of pages: 22 Posted: 18 Oct 2016
David Blanchett, Michael S. Finke and Wade D. Pfau
PGIM, The American College and The American College for Financial Services
Downloads 1,207 (24,601)

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Retirement Savings, Life Cycle Saving, Low Returns, Financial Planning, Household Finance

20.

Long-Term Investors and Valuation-Based Asset Allocation

Number of pages: 20 Posted: 04 Jan 2015
Wade D. Pfau
The American College for Financial Services
Downloads 1,195 (24,952)
Citation 1

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market valuations, cyclically-adjusted price-earnings ratio, PE10, stock returns, market timing, long term, tactical asset allocation, buy and hold

21.

Spending Flexibility and Safe Withdrawal Rates

Number of pages: 20 Posted: 09 Nov 2011
Michael S. Finke, Wade D. Pfau and Duncan Williams
The American College, The American College for Financial Services and Texas Tech University
Downloads 932 (35,596)
Citation 10

Abstract:

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retirement planning, retirement income, shortfall risk, safe withdrawal rates

22.

Choosing a Retirement Income Strategy: A New Evaluation Framework

Number of pages: 14 Posted: 04 Jan 2015
Wade D. Pfau
The American College for Financial Services
Downloads 796 (44,235)
Citation 5

Abstract:

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retirement planning, retirement income modeling

23.

Capital Market Expectations, Asset Allocation, and Safe Withdrawal Rates

Number of pages: 20 Posted: 04 Jan 2015
Wade D. Pfau
The American College for Financial Services
Downloads 544 (72,374)
Citation 6

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retirement planning, safe withdrawal rates, asset allocation, capital market expectations

24.

Predicting the Medal Wins by Country at the 2006 Winter Olympic Games: An Econometrics Approach

Korean Economic Review, Vol. 22, No. 2, pp. 233-247, Winter 2006
Number of pages: 15 Posted: 08 Nov 2008
Wade D. Pfau
The American College for Financial Services
Downloads 506 (79,175)

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Olympics, Econometrics, Forecasting

25.

Will 2000-Era Retirees Experience the Worst Retirement Outcomes in U.S. History? A Progress Report after 10 Years

Number of pages: 22 Posted: 30 Nov 2010
Wade D. Pfau
The American College for Financial Services
Downloads 504 (79,564)
Citation 2

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retirement planning, safe withdrawal rates, sequence of returns risk, retirement ruin, retiring in 2000, current withdrawal rate

26.

Predicting Sustainable Retirement Withdrawal Rates Using Valuation and Yield Measures

Number of pages: 21 Posted: 17 Dec 2010
Wade D. Pfau
The American College for Financial Services
Downloads 480 (84,367)

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safe withdrawal rates, retirement planning, market valuation, price-earnings ratio, dividend yield. stock returns, bond returns

27.

Choosing a Retirement Income Strategy: Outcome Measures and Best Practices

Number of pages: 12 Posted: 04 Jan 2015
Wade D. Pfau
The American College for Financial Services
Downloads 479 (84,575)
Citation 2

Abstract:

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retirement planning, retirement income modeling

28.

Withdrawal Rates, Savings Rates, and Valuation-Based Asset Allocation

Number of pages: 13 Posted: 04 Jan 2015
Wade D. Pfau
The American College for Financial Services
Downloads 458 (89,272)
Citation 1

Abstract:

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market valuations, cyclically-adjusted price-earnings ratio, PE10, stock returns, asset allocation

29.

Selecting a Personalized Retirement Income Strategy

Retirement Management Journal, Vol. 10, No. 1, 2021, pp. 46-58, 2021
Number of pages: 15 Posted: 25 Jan 2022
Alejandro Murguia and Wade D. Pfau
Retirement Researcher and The American College for Financial Services
Downloads 420 (98,648)

Abstract:

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retirement income, retirement security, retiree preferences

30.

Lifecycle Funds and Wealth Accumulation for Retirement: Evidence for a More Conservative Asset Allocation as Retirement Approaches

Financial Services Review, Vol. 19, No. 1, Forthcoming
Number of pages: 19 Posted: 19 Dec 2009 Last Revised: 29 Oct 2010
Wade D. Pfau
The American College for Financial Services
Downloads 395 (105,908)
Citation 8

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lifecycle funds, target date funds, retirement planning, asset allocation

31.

Revisiting the Fisher and Statman Study on Market Timing

Number of pages: 17 Posted: 03 Jul 2011
Wade D. Pfau
The American College for Financial Services
Downloads 356 (119,069)

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market valuations, cyclically-adjusted price-earnings ratio, PE10, stock returns, market timing, long term, tactical asset allocation, buy and hold

32.

Retirement Income Showdown: Risk Pooling vs. Risk Premium

Number of pages: 17 Posted: 29 Oct 2016
Wade D. Pfau
The American College for Financial Services
Downloads 335 (127,272)
Citation 1

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retirement planning, income annuity, risk premium, investments

33.

Getting on Track for a Sustainable Retirement: A Reality Check on Savings and Work

Number of pages: 16 Posted: 04 Jan 2015
Wade D. Pfau
The American College for Financial Services
Downloads 324 (131,828)

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retirement planning, lifetime perspective, safe savings rate, safe retirement age, wealth accumulation targets, retirement spending goals, safe withdrawal rates

34.

Emerging Market Pension Funds and International Diversification

Journal of Developing Areas, Forthcoming
Number of pages: 29 Posted: 14 Sep 2008 Last Revised: 28 Oct 2010
Wade D. Pfau
The American College for Financial Services
Downloads 285 (150,668)
Citation 1

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emerging markets, pension, asset allocation, international diversification

35.

Life Insurance as a Retirement Income Tool

Number of pages: 45 Posted: 26 Sep 2017
Russell DeLibero and Wade D. Pfau
The American College of Financial Services and The American College for Financial Services
Downloads 281 (152,807)

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Life Insurance, Retirement Planning, Asset Allocation, Retirement Spending

36.

An Optimizing Framework for the Glide Paths of Lifecyle Asset Allocation Funds

Applied Economics Letters, Forthcoming
Number of pages: 7 Posted: 19 Oct 2009 Last Revised: 28 Oct 2010
Wade D. Pfau
The American College for Financial Services
Downloads 259 (165,936)

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lifecycle, target date, retirement planning, glide paths

37.

Lifetime Expected Income Breakeven Comparison between SPIAs and Managed Portfolios (A Descriptive Work for Data that is in SSRN Abstract http://ssrn.com/abstract= 2317857)

Number of pages: 18 Posted: 11 Nov 2013 Last Revised: 25 Apr 2015
Better Financial EducationAcademy of Financial Services, Central Michigan University - Department of Finance and Law and The American College for Financial Services
Downloads 241 (177,957)
Citation 27

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SPIA, Immediate annuity, managed diversified portfolio, cash flow comparisons, breakeven comparison

38.

The Role of International Diversification in Public Pension Systems: The Case of Pakistan

Economic Issues. Vol. 14, Part 2, pp. 81-105, September 2009
Number of pages: 27 Posted: 27 Aug 2008 Last Revised: 28 Oct 2010
Wade D. Pfau
The American College for Financial Services
Downloads 200 (211,944)
Citation 1

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pension, asset allocation, financial markets, Asia, Pakistan

39.

The Effects of Social Security on Private Savings: A Reappraisal of the Time Series Evidence

Sophia International Review, Vol. 27, No. 1, p. 57-70, March 2005
Number of pages: 15 Posted: 21 Feb 2009 Last Revised: 28 Oct 2010
Wade D. Pfau
The American College for Financial Services
Downloads 163 (252,792)

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Social Security, Private Savings, Crowding Out

40.

The Funded Pension Scheme in Uzbekistan: An Analysis

Sophia International Review, Vol. 31, No. 1, pp. 75-92, March 2009
Number of pages: 18 Posted: 22 Jun 2009
Alisher Khasanbaev and Wade D. Pfau
affiliation not provided to SSRN and The American College for Financial Services
Downloads 119 (322,610)

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pension, Uzbekistan, defined-contribution

41.

The Impact of the National Pension Fund on the Suitability of Elderly Pensions in Thailand

Asian Economic Journal. Vol. 23, No. 1 (March 2009), p. 41-63.
Number of pages: 23 Posted: 27 Aug 2008 Last Revised: 28 Oct 2010
Wade D. Pfau and Vararat Atisophon
The American College for Financial Services and National Graduate Institute for Policy Studies (GRIPS)
Downloads 112 (336,715)
Citation 2

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defined-contribution pension, pension suitability, stochastic forecast, Thailand

42.

Demographic Changes and the Long-Term Pension Finances in Vietnam: A Stochastic Actuarial Assessment

Journal of Population Ageing, Vol. 1, No. 2-4, pp. 125-151, July 2009
Number of pages: 25 Posted: 07 Nov 2008 Last Revised: 28 Oct 2010
Giang T. Long and Wade D. Pfau
National Economics University and The American College for Financial Services
Downloads 91 (385,380)
Citation 1

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aging, stochastic projections, pension finances, Vietnam

43.

An Overview of Retirement Income Planning

Pfau, W. D. (2018). An overview of retirement income planning. Financial Counseling and Planning, 29(1), 114-120. doi:10.1891/1052-3073.29.1.114
Number of pages: 8 Posted: 24 Nov 2021
Wade D. Pfau
The American College for Financial Services
Downloads 88 (393,398)

Abstract:

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insurance, investments, retirement planning, risk

44.

Assessing the Applicability of Hypothetical Workers for Defined-Contribution Pensions

Journal of Income Distribution, Vol 18, No. 2, pp. 92-117, June 2009
Number of pages: 27 Posted: 27 Aug 2008 Last Revised: 15 Jan 2013
Wade D. Pfau
The American College for Financial Services
Downloads 60 (484,232)

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Social Security, Hypothetical Workers, Defined-Contribution Pensions

45.

Comparing the Impacts of Social Security Benefit Reductions on the Income Distribution of the Elderly

National Tax Journal, Vol. 59, No. 2, pp. 195-210, June 2006
Number of pages: 16 Posted: 27 Aug 2008 Last Revised: 28 Oct 2010
Wade D. Pfau
The American College for Financial Services
Downloads 57 (495,891)

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46.

Reforming Social Security: Issues and Challenges for Personal Retirement Accounts

East and West Studies, Vol. 19, No. 1, pp. 215-242, 2007
Posted: 09 Dec 2009
Wade D. Pfau
The American College for Financial Services
Downloads 42 (563,495)

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Social Security Reform, Personal Retirement Accounts, Public Finance

47.

Reforming Pension Funds in Sri Lanka: International Diversification and the Employees' Provident Fund

Australian Economic Papers, Vol. 51, Issue 1, pp. 23-37, 2012
Number of pages: 15 Posted: 14 Mar 2012
Ajantha Sisira Kumara and Wade D. Pfau
affiliation not provided to SSRN and The American College for Financial Services
Downloads 1 (893,913)

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48.

The Portfolio Size Effect and Lifecycle Asset Allocation Funds: A Different Perspective

Journal of Portfolio Management, Forthcoming, https://doi.org/10.3905/jpm.2011.37.3.0440
Posted: 06 Nov 2019
Wade D. Pfau
The American College for Financial Services

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lifecycle funds, target date funds, retirement planning, asset allocation, portfolio size effect