The Secret to Steady Withdrawals? Steady Returns
Volatility management of portfolios is especially important in the context of generating income through withdrawals. This need for steady withdrawals is challenging today and is expected to be for the foreseeable future since rates and yields are low and prices for yield-providing securities appear high. In this paper, 55ip discusses the issue and what investors can learn from endowments and other institutions that use steady withdrawals to meet their spending needs.