From assets to income: A goals-based approach to retirement spending

September 26, 2016


The investment landscape for retirees has changed, and guaranteed sources of income such as defined benefit pension plans are less prevalent than before. Now, more retirees depend on their investment portfolios to provide for both their short-term spending needs and their long-term financial goals.

In this white paper, the authors describe Vanguard's portfolio-based retirement-income strategy, examine its potential challenges and benefits, and compare it with other common retirement-income strategies.

Use this paper to:

  • Understand Vanguard's approach to spending and saving in retirement without relying on guaranteed sources of income.
  • Examine how spending rules, portfolio construction techniques, and tax efficiency can affect a portfolio-based retirement-income strategy over time.
  • Compare the results of Vanguard's retirement-income strategy with those of common alternatives.
Additional materials


All investing is subject to risk, including possible loss of principal.


Our insights straight
to your inbox

Our insights straight to your inbox

Receive our latest Advisor's Digest
and commentary sent the
first business
morning every week.

A weekly digest of our latest research and commentary. Topics include the economy and markets, portfolio strategy, ETFs, and practice management.

Fund openings/closings, fund manager changes, dividend distributions, webinars, and other events you might want to know about.

Already registered? Log on to
manage your
email subscriptions.