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The Pitfall of Mental Accounting in Retirement

Professor Meir Statman advocates a structured, total-return approach to income so retirees can tap their portfolios responsibly, but he also says annuities aren't the panacea they seem to be.

Christine Benz: Hi, I'm Christine Benz for Morningstar. Retirement planning is ripe for behavioral pitfalls. Joining me to discuss that topic is Meir Statman. He's a professor of finance at Santa Clara University.

Meir, thank you so much for being here.