https://www.bogleheads.org/forum/viewtopic.php?f=10&t=192105&sid=d9d66a27ff049344a50981
catch....thanks for your prompt reply!
above is a link to a M* bogleheads dicussion from a few years ago.
chapter 3 of the free link of the first 3 chapters of the book is the most crucial to get the gist of what McClung
has studied to be a way of providing a reasonably probable MSWR for varying projected years of retirement.
i understand his concepts with a layman's knowledge,and my library has been able to get me a copy of
'LIVING OFF YOUR MONEY'
what i'm curious about is if any of the MFO community know of McCLUNG's study,and possibly have any experience
w/ using his concepts for establishing stock/bond allocations,withdrawal patterns, and various asset allocation
breakdowns.(us/intl/lc/mc/sc/ growth/ value/bond choices/etc)
it is fairly complex, not a simple strategy.........and he does provide a remarkable trove of research
to support his premises.
i'm most curious to know if anyone has familiarity/opinions re his work, and how his credentials/work have been received.
thanks again,
tony

I was able to find this discussion regarding your question. Perhaps some of the links may help discover more answers.
A complex question that would involve at least several common scenarios based upon needs, and money sources at retirement.
Sorry, that I don't have time now to read more about this, or provide anything of value to submit.
Regards,
Catch

http://livingoffyourmoney.com/wp-content/uploads/2016/05/LivingOffYourOwnMoney_eBook_FirstThreeChapters.pdf
before M* went haywire this was mentioned on their old discussion board re long lasting MSWR for retirement account
distributions.
apparently there was a flurry of comment at M* when the book was published in 2015.
any comments on MFO would be useful as i'm currently close to beginning account distribution.......RMD next year.
thanks all!

@_catch. During volatile 2008 crash probably not 2000 pts swing my corrections but dows 1k up or down every day from 14k+until the bottom ~5.6k I think. . I remember Obama and Feds system pumped so much cash back then to keep market afloat... Everyone here /market/colleagues at work and of course @mfo fundalarm were in panic mode
Lucky kept everything intact in Tsp and private portfolio same did not sale.. Made Stella come back next few yrs
Thx to many experts /experienced old members at fundalarm including you of course
The near retirees were selling pumping in cash and jumping off market in a hurried
So now I f you are 6mons to two yrs near retirement maybe very good idea to sell a large portion out of equities and keeps stuff in bonds cd fixed-income

Merrill Edge fudges tax lots for mutual funds. If on one day I buy:
100.671 shares @$29.80 for $3,000
Merrill records this as either:
100 shares @$29.80 for $2,980, or
100 shares @$29.80 and 1 share @$20 for $3,000
Merrill says that showing two different prices for purchases of a fund on the same day is acceptable. It's silent on the fact that either way, it's got the wrong number of shares purchased that day.
Merrill Edge has an interest-bearing BofA sweep account for cash. ME writes: "You will see it referenced online and on your statements as ML Direct Deposit Program for non-retirement accounts and Bank of America, NA RASP for retirement accounts." Same service, different name, right? Wrong.
In RASP accounts, all the interest is credited to the bank account as you'd expect. In Direct Deposit Program accounts, pennies of interest are not credited to the bank account but instead recorded as additions to a non-interest bearing "cash balance" within Merrill.
My advice about any investment is that if you can't understand it, don't invest in it. The Merrill Edge taxable accounts are either being mishandled or I don't understand them. Either way, I give up. I will be closing all taxable accounts with them.
See also: https://mutualfundobserver.com/discuss/discussion/47100/merrill-edge-not-very-mutual-fund-friendly

Some of Warren's ideas are quite good:

Holding private equity firms responsible for certain pension obligations of the companies they buy, so that workers have a better shot of getting the retirement funds they earned.
Changing the tax rules so that private equity firms don’t get sweetheart tax rates on all the debt they put on the companies they buy.
Modifying bankruptcy rules so that when companies go bust, workers have a better shot at getting pay and benefits and executives can’t pocket special bonuses.
Preventing lenders and investment managers from making reckless loans to private equity-owned companies already swimming in debt and then passing along the danger to the market by requiring them to retain some of the risk.
Empowering investors like pension funds with better information about the performance and effects of private equity investments and preventing private equity funds from requiring investors to waive their fiduciary obligations.
Closing the carried interest loophole that lets firm managers pay ultra-low tax rates on the money they loot.

Private equity firms pushing companies into bankruptcy with debt, then screwing workers by voiding the companies' pension and healthcare obligations as the companies re-emerge from bankruptcy is a classic strategy for them. That really should stop.

FYI: Warren Buffett isn’t close to beating the market this year, and a giant pension fund has cut its investment in Berkshire Hathaway , the investment juggernaut that Buffett helms.
Class B shares of Berkshire Hathaway stock (ticker: BRKb ) have only managed a 0.9% gain so far in 2019 through Friday’s close, in sharp contrast to the S&P 500’s 18.7% rise.
We’ve noted that Buffett suffered “a reputational and financial black eye” earlier this year as Berkshire took a $1 billion paper loss when Kraft Heinz stock (KHZ)—one of its larger investments—tumbled. Years ago, Buffett backed the combination of H.J. Heinz and Kraft Foods Group that created the company.
Oregon’s Public Employees’ Retirement Fund slashed two-fifths of its Berkshire stock investment by selling 141,822 Class B shares in the second quarter. OPERF, as the pension is known, made the disclosure in a form it filed this week with the Securities and Exchange Commission. OPERF, which recently was counted as the 42nd largest public pension in the world by assets, now owns 222,763 Class B Berkshire shares.
Regards,
Ted
https://www.barrons.com/articles/berkshire-hathaway-stock-is-lagging-and-a-giant-pension-just-slashed-its-stake-51563707754

2019 contribution limits are:
401(k): $56K + $6K (catch up) = $62K
SEP: $56K (no catch up provision)
https://www.irs.gov/retirement-plans/cola-increases-for-dollar-limitations-on-benefits-and-contributions
The IRS has not yet announced 2020 figures for retirement plans. If Vanguard provided contribution limits for 2020, they were projections.
Projected for 2020:
401(k): $57K + $6.5K (catch up) = $63.5K
SEP: $57K (no catch up provision)
https://thefinancebuff.com/401k-403b-ira-contribution-limits.html
Again, see Schwab example cited above for comparison between SEP and DB plan. (For a fair comparison, you need to account for the earnings that are added to the DB plan but not to the SEP. This significantly reduces the gap between the two.)

That sounds about right. I believe you could instead project a higher ROR and contribute less. You would still fund the pension plan up to the IRS limit ($225K/year pension @retirement). You would invest for higher returns and wouldn't even have to contribute as much to get the same level of benefits. But see below for risk.
Are you sure that you were being told that you should not invest for higher return, or did your actuaries say that they would use a lower rate of return for projections? They have to use a credible ROR for projections to determine the max you can contribute. The object is to reach the max permitted balance at retirement. The lower the assumed ROR, the more you can contribute, at least initially.
Regardless, the amount you can/must contribute is recalculated annually. If you project a low (but credible) ROR and perform better, your subsequent contributions will be reduced. If you project a higher (still credible) ROR and underperform, your subsequent min contribution requirements may be increased, possibly substantially.
I trust the actuaries explained to you how you are committing to maintaining high contribution levels for several years (otherwise you risk seeing the IRS disqualify your plan).
Here's a 2016 guide from from Schwab with an example of someone age 55, planning to retire at age 65. (See p.3). Schwab also uses a low projected ROR (here, 3.98%). Note that because you're younger (presumably with more years to retirement), all else being equal, you'd be able to contribute less than the $166K shown. So I'm curious where the $250K figure you gave came from.
https://www.schwab.com/public/file/P-1604569/SLS25840-05-ST.pdf

Nice article which pretty much mirrors my own perspectives and much what I do now being in retirement.
The way I govern my withdrawal rate, from my portfolio, with me now being in retirement is to take a sum of no more than about one half of what my five year average annual return has equaled. In this way my principal grows over time which helps to offset inflation. And, as principal grows so does the distribution.
My asset allocation of 20% cash, 40% income and 40% equity works for well, for me, as I have ample cash on hand to meet the unexpected plus play a special investment position (spiff) from time to time if felt warranted, ample income generated from my income area to more than meet my retirement distribution needs, and ample growth coming from the equity area to grow my principal over time.
One of the big reasons for my success is that I and my wife have lived conservatively staying well within our means, saved and invested for our future anticipated needs. Plus, we received some gift and inheritance transfers as my family for the past three generations believed in passing some assets forward thus helping make life better for our kids than we had it ourselves. My parents did this for me as well as my grandparents did the same for my parents. And, my great grandparents did this for my grandparents. With this, I'm charged with doing the same.
Have a great weekend ... and, I wish all "Good Investing."
Old_Skeet

FYI: This is a list of all mutual funds with some key metrics, such as their net assets under management (in millions), YTD return, required minimum retirement (IRA) investment, required minimum standard (taxable) investment, dividend yield, and expense ratio.
Regards,
Ted
https://mutualfunds.com/screener/#tm=screener&r=Webpage#1068&only=meta,data&page=1
Mutual Funds.Com: (The Entire Site)
https://mutualfunds.com/

https://www.sec.gov/Archives/edgar/data/856119/000085611919000019/fvitp10719.htm
497 1 fvitp10719.htm FVIT P1 07/19
FVIT P1 07/19
SUPPLEMENT DATED JULY 19, 2019
TO THE PROSPECTUS DATED MARCH 1, 2019
OF FRANKLIN VALUE INVESTORS TRUST
(Franklin MicroCap Value Fund)
Effective July 19, 2019, the prospectus is amended as follows:
I. The following replaces the first paragraph of the “Fund Summaries – Franklin MicroCap Value Fund” section of the prospectus:
Effective on or about September 19, 2019 (the “Re-Opening Date”), the Fund will re-open to new investors. Through the date before the Re-Opening Date, the Fund is closed to new investors, except certain Funds of Funds of Franklin Fund Allocator Series and new participants in employer sponsored retirement plans invested in the Fund as of February 19, 2013. The Franklin MicroCap Value Fund reserves the right to modify this policy at any time. For more information, please turn to "Fund Details - Franklin MicroCap Value Fund" beginning on page 26 of this Prospectus.
II. The following replaces the “Portfolio Manager” section in the “Fund Summaries – Franklin MicroCap Value Fund” section of the prospectus:
Portfolio Managers
Bruce C. Baughman, CPA
Portfolio Manager of Franklin Mutual and portfolio manager of the Fund since inception (1995).
Oliver Wong, CFA
Portfolio Manager of Franklin Mutual and portfolio manager of the Fund since July 2019.
Bruce C. Baughman will be retiring on December 31, 2019. Effective December 31, 2019, it is anticipated that he will no longer be a portfolio manager of the Franklin MicroCap Value Fund, and Mr. Oliver Wong will become the sole portfolio manager.
III. The following replaces the first paragraph in the “Fund Details – Franklin MicroCap Value Fund” section of the prospectus:
Effective on or about September 19, 2019 (the “Re-Opening Date”), the Franklin MicroCap Value Fund (MicroCap Value Fund) will re-open to new investors. Through the date before the Re-Opening Date, the MicroCap Value Fund is closed to all new investors, except certain Funds of Funds of Franklin Fund Allocator Series. If you are an existing investor in the MicroCap Value Fund, you can continue to invest through exchanges and additional purchases, including purchases made through reinvestment of dividends or capital gains distributions. Employer sponsored retirement plans invested in the MicroCap Value Fund as of February 19, 2013 may open new accounts in the MicroCap Value Fund and invest on behalf of new participants in those retirement plans. Re-registration of accounts held by existing investors, if required for legal transfer or administrative reasons, will be allowed. The MicroCap Value Fund reserves the right to modify this policy at any time.
IV. The following replaces the ““Fund Details – Management – Bruce C. Baughman” section of the prospectus:
Bruce C. Baughman, CPA Portfolio Manager of Franklin Mutual
1
Mr. Baughman has been a lead portfolio manager of the MicroCap Value Fund since inception. He joined Franklin Templeton Investments in 1988.
Oliver Wong, CFA Portfolio Manager of Franklin Mutual
Mr. Wong has been a lead portfolio manager of the MicroCap Value Fund since July 2019. He joined Franklin Templeton Investments in 2012.
V. The following replaces the “Fund Details – Management – MicroCap Value Fund” section of the prospectus:
MicroCap Value Fund
Bruce C. Baughman and Oliver Wong. As co-lead portfolio managers, Messrs. Baughman and Wong are jointly and primarily responsible for the investments of the Fund. They have equal authority over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio risk assessment, and the management of daily cash balances in accordance with anticipated investment management requirements. The degree to which each portfolio manager may perform these functions, and the nature of these functions, may change from time to time.
Bruce C. Baughman will be retiring on December 31, 2019. Effective December 31, 2019, it is anticipated that he will no longer be a portfolio manager of the Franklin MicroCap Value Fund, and Mr. Oliver Wong will become the sole portfolio manager.
Please keep this supplement with your prospectus for future reference.
2

Updated: N-14 filing:
https://www.sec.gov/Archives/edgar/data/1040612/000104061219000072/broadviewmadisonformn-14pe.htm
Incidentally, investors with Broadview Opportunity Fund, once converted can:
Comparison of Purchase and Redemption Procedures. The Acquired Fund has a minimum initial investment of $1,000 for all accounts and subsequent investments may be made with a minimum investment amount of $100 ($50 if purchases through the Automatic Investment Plan). The Class Y shares of the Acquiring Fund have a minimum initial investment of $25,000 for shares purchased directly from the Acquiring Fund. Class Y shares are also available for purchase by the following investors at a reduced minimum initial investment amount of $1,000 for non-retirement accounts and $500 for retirement accounts:
•Dealers and financial intermediates that have entered into arrangements with the Acquiring Fund’s distributor to accept orders on behalf of their clients.
•The fund-of-funds and managed account programs managed by Madison.
•Investment advisory clients of Madison and its affiliates.
•Members of the Board of Trustees of Madison Funds and any other board of trustees affiliated with Madison.
•Individuals and their immediate family members who are employees, directors or officers of the adviser, any subadviser, or any service provider of Madison Funds.
•Any investor, including their immediate family members, who owned Class Y shares of any Madison Mosaic Fund as of April 19, 2013.
•Any investor, including their immediate family members, who owned shares of the Acquired Fund as of the Effective Date.
The minimum subsequent investment for the Class Y shares of the Acquiring Fund is $50 for all purchases.

https://www.sec.gov/Archives/edgar/data/825063/000082506319000015/msp30719.htm
MS P3 07/19
SUPPLEMENT DATED JULY 18, 2019
TO THE PROSPECTUS DATED MAY 1, 2019
OF
FRANKLIN MUTUAL INTERNATIONAL FUND
(a series of Franklin Mutual Series Funds)
The Board of Trustees of Franklin Mutual Series Funds recently approved a proposal to reorganize the Franklin Mutual International Fund (the “Fund”) with and into the Franklin Mutual Global Discovery Fund, each a series of Franklin Mutual Series Funds.
It is anticipated that in the third quarter of 2019, shareholders of the Fund will receive a proxy card and a Prospectus/Proxy Statement requesting their votes on the reorganization. If approved by the Fund’s shareholders, the transaction is currently expected to be completed on or about February 21, 2020, but may be delayed if unforeseen circumstances arise.
Effective at the close of market (1:00 p.m. Pacific time or close of the New York Stock Exchange, whichever is earlier) on August 27, 2019, the Fund will be closed to all new investors except as noted below. Existing investors who had an open and funded account on August 27, 2019 can continue to invest in the Fund through exchanges and additional purchases after such date. The following categories of investors may continue to open new accounts in the Fund after the close of market on August 27, 2019: (1) clients of discretionary investment allocation programs where such programs had investments in the Fund prior to the close of market on August 27, 2019; and (2) Employer Sponsored Retirement Plans or benefit plans and their participants where the Fund was available to participants prior to the close of market on August 27, 2019. The Fund will not accept any additional purchases or exchanges after the close of market on or about February 19, 2020. The Fund reserves the right to change this policy at any time.
Please keep this supplement with your prospectus for future reference.

I'm mostly in bonds now, in retirement, but with a 32% exposure, still, to equities. Almost all of that is in PRWCX. Best move I ever made. (Of course, I'm watchful. Nothing lasts forever.) I want the income, though I've not tapped into any of it, yet. PRSNX is solid. Almost half of my total. My other bond fund is PTIAX. Great ratings, and higher income per share than PRSNX.

I'm about 10 years away from retirement so am 70% equities and about 30% in money markets.

@MIkeW, you may want to consider a multi-sector bond fund such as PIMIX to start. In my humble opinion money market funds pay very little and it should be used to meet short term goals. For longer term diversification from equity, bonds are logical choice.
I started with Vanguard Total Bond index years ago in my 401(K). Over time I learned to use actively managed bonds. Bill Gross was very good but that was awhile back and there are more choices today.

FYI: I know this is a bold, and possibly controversial title, but retirement planning is broken and leaving people broke.
The destructive narrative is, “work hard, save money in a retirement plan, wait and it will all work out in the long run.”
The reality is, without the ingredients of responsibility and accountability, there is no easy solution for retirement. Meaning, if we just work hard and set money aside, we are putting money into a market we have no control over.
The institutions are winning though. Taking fees along the way. Convincing us to separate ourselves from our hard earned money, encouraging us to take it out of the business we know and put it into investments we don’t.
Regards,
Ted
https://www.forbes.com/sites/garrettgunderson/2019/07/16/youd-be-better-off-just-blowing-your-money-why-retirement-planning-is-doomed/#31d23618302d

Thanks @Crash and @Junkster for sharing your current holdings. Junkster it sounds like IOFIX is a long term holding for you and not one that you trade in and out of. I'm about 10 years away from retirement so am 70% equities and about 30% in money markets. I've been looking for an entry point into bonds all year but have shied away because I keep expecting rates to rise... have been wrong to date. Certainly hard to establish a position now with the big run up in bonds.

From a slightly different perspective: You can’t determine how much to set aside until you figure out where you’re heading after retiring. I agree in playing with different simulators as an educational experience. I sure did in the last 2 or 3 years before jumping ship and retiring, and also for 2 or 3 years after retiring as things were still falling into place. I did a lot of experiments with compound interest calculators and with the numerous suggested allocation models that existed online back than. Most fund companies had one of their own or had access to one. American Century’s proved especially helpful to me. Surprisingly, back than suggested allocations for those in or near retirement differed quite markedly from model to model. So in the end, a lot was left to the individual to work out. One suggestion for those facing retirement in the near future is to “look under the hood” at some of the “funds of funds” (like at T. Rowe) and observe how their managers allocate various assets for different life scenarios (generally expressed in a range of options from conservative investor to aggressive investor).
The simulators mentioned by both the article and @MJG and others all sound very useful in this regard. After you’ve been retired for several years you should have a good handle on how you’re faring, so I think simulators become somewhat unimportant. Rule #1 - Don’t quit a good paying and relatively secure job to transition into retirement unless you’ve run some simulations and are confident you have “all your ducks lined up”. Generally it’s better to err on the side of working longer and spending less in retirement than the other way around.
There’s much you cannot simulate ahead of time: Will you still be healthily enough or feel like working part time during retirement? What will taxes be? Will you or your spouse encounter unexpected health expenses? What will the inflation rate be? What type of returns will bonds and equities be yielding during retirement? What will your equity stake in your home be worth? How high will interest rates be if planning to use some of your home equity? What standard of living will you be comfortable with? And the “granddaddy” of all - How long will you live? Still, the unknowns persist. Few could have foreseen the financial collapse of ‘07-‘09 and the long term consequences for financial markets and investors. And how many models work with both the Traditional IRA and the Roth IRA (as well as a combination of both) during retirement to anticipate your outcomes? There’s a big difference between the two in how your standard of living eventually evolves.
I think a lot of simulators are “bottom up” in approach. They look at what your needs will be and than attempt to arrive at an investment strategy during retirement. I tend to focus more on a “top down” approach. With that approach one pays close attention to shaping an all-weather portfolio and financial plan that has a good chance of keeping pace with or outrunning inflation. That means that if inflation is running at only 1-2% during certain retirement years, you’ll be earning less on your investments. However, should it run at 7, 8 or even 10% your investments will by and large keep pace and protect you as much as possible. Caveat: Don’t trust the greatly understated government inflation numbers. It’s your inflation (as actually experienced) that counts. Not theirs.
@MJG - you were once known for rather verbose submissions. I assure you I’ve greatly outdistanced anything you ever achieved in that regard with this rambling (possibly nonsensical) one. :)

I wish something like a “10% Rule” was common knowledge when I started working in the 1970s. Nobody talked about saving for retirement then, and the stock market was considered a risky gamble. You could earn 12% interest from a money market account and my friends were more concerned about buying a car or house before prices went up again.
I didn’t start saving for retirement until my mid-30s when my employer started a 401k Plan. I contributed the amount that my employer would match, probably about 3% of my salary. I invested it all in cash and bonds because— again— stocks seemed like gambling. My employer provided no guidance or education about investment options, diversification, etc. Fortunately bonds did well during that period and even money markets paid 5-6%.
I finally got educated about investing when I left that job and rolled over my 401k and pension to an IRA. I was about 40 by then and immersed myself in financial literature. I invested the bulk of my savings in a diversified collection of stock funds, with a few bonds for safety, and never looked back. I increased my savings to about 10% of my salary including the employer match, and it all turned out OK in the end. For the last 20 years of my career, my employer had a pension but I kept contributing to a 401k, so my savings were closer to 15-20% of my salary— through my own ignorance because I didn’t realize that the pension was equivalent to saving about 10%.
Bottom line, for young workers or older ones who aren’t saving yet for retirement, the 10% Rule is a pretty good guideline for getting someone started in investing.