Bloomberg Businessweek

The Perils of Retiring In a Bull Market

Big gains have padded retirement accounts, but the downside risk is larger than ever

Here’s the good news for many people in their 60s and 70s: The long bull market has fattened retirement portfolios. But after such a long rally, we’ll likely see slowing growth or even a sharp decline in the markets. That, combined with increasing life spans, puts recent retirees in “a really unique and dangerous place,” says David Blanchett, head of retirement research at Morningstar Investment Management.

For retirees who take annual withdrawals from savings, a long stretch of below-average

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