How to Fund an Early Retirement (Beyond the 4% Rule)

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The 4% rule for retirement income planning is wildly popular, but fatally flawed. In this video I explain why retirement income planning the “nastiest, hardest problem in finance” and why the seemingly simple solution of the 4% rule is one of the worst ways to solve the problem.

NYT Article: https://www.nytimes.com/2020/04/02/style/fire-movement-stock-market-coronavirus.html

Referenced in this video:
- How Much Can I Spend in Retirement?: A Guide to Investment-Based Retirement Income Strategies: https://amzn.to/2LicSQ7
- Determining Withdrawal Rates Using Historical Data: https://www.onefpa.org/journal/Documents/The%20Best%20of%2025%20Years%20Determining%20Withdrawal%20Rates%20Using%20Historical%20Data.pdf
- Retirement Savings: Choosing a Withdrawal Rate That Is Sustainable: https://www.aaii.com/files/pdf/6794_retirement-savings-choosing-a-withdrawal-rate-that-is-sustainable.pdf
- Equity Risk Premiums (ERP): Determinants, Estimation and Implications:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3378246
- The 4% Rule—At What Price?: https://web.stanford.edu/~wfsharpe/retecon/4percent.pdf
- A rule for all seasons: Vanguard’s dynamic approach to retirement spending: https://www.vanguardcanada.ca/documents/literature/dynamic-ret-spending-paper.pdf
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