TY - JOUR T1 - The Impact of the 2008 Financial Crisis on Withdrawals of Retirement Wealth JF - The Journal of Wealth Management SP - 57 LP - 66 DO - 10.3905/jwm.2015.17.4.057 VL - 17 IS - 4 AU - Bala Arshanapalli AU - William Nelson AU - Micah Pollak Y1 - 2015/01/31 UR - https://pm-research.com/content/17/4/57.abstract N2 - During the financial crisis of 2007–2009, the market value of retirement assets held in stock fell by 32%. The objective of this study is to show how a severe financial crisis affects the withdrawal patterns of retirees. Specifically, the authors examine how withdrawal patterns change when an unexpected major investment shock at various years into retirement is induced artificially. The results show that equally weighted portfolio of stocks and bonds performs better than a portfolio of 100% stock, or a portfolio of 100% bonds by providing a more stable withdrawal pattern.TOPICS: Retirement, financial crises and financial market history, portfolio construction ER -