Setting realistic goals for personal retirement planning via micro-macro analyses

Research output: Contribution to journalArticlepeer-review


The vulnerability of individuals planning for retirement has been growing as a result of the conversion from defined-benefit plans to defined-contribution plans, the steady increase in life longevity, and the uncertainty of asset returns under an ever-changing global environment. A serious problem is the lack of appropriate planning for retirement. How much should an individual in the United States save beyond the Social Security tax to maintain a reasonable lifestyle after retirement? The article designs a framework to facilitate the process of setting realistic goals for retirement planning, featuring the concept of agent-based simulations. Focusing on policy-rule-based investment strategies, the simulation framework includes multiple investable asset categories and explores dynamic allocation based on the investor's age, current salary, and Social Security accumulation situation. Empirical results demonstrate a stylized application of the planning framework.

Original languageEnglish (US)
Pages (from-to)23-38
Number of pages16
JournalJournal of Retirement
Issue number2
StatePublished - Sep 1 2020

All Science Journal Classification (ASJC) codes

  • Finance
  • Geriatrics and Gerontology
  • Organizational Behavior and Human Resource Management
  • Life-span and Life-course Studies


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