Optimal asset allocation during retirement in the presence of fixed and ...

FIG. 2A: Optimal Allocations:

Male age 60, 100% bequest, 20 year horizon, Rf=5%, R=1Q%, SD=20%

FIG. 3A: Optimal Allocations:

Male age 60, 0% bequest, 20 year horizon, Rf^5%, R=10%, SD=20%

1 15 2 25 3 35 i AS 5 55 6

Risk Aversion

FIG. 5B: Optimal Allocations

Male, age 60, 65% survival, 20% bequest, Rf=5%, R=10%, SD=20%,Subjective Survival