Still River has released the third in its series of retirement planning papers, "Retirement Income Planning, Part 3: Risk and Investment Strategy for Retirees." The paper concludes that, despite the recent hype promoting growth investing for retirees, a conservative investment strategy may still be best.

The problem is that the assumptions behind the advice to increase risk are faulty, the paper says. "Inflation is not as important after retirement as it is before retirement," because many expenses decline as individuals age and are no longer able to go out to eat, buy clothing and travel. The paper states that spending generally stays flat after a person reaches their early 80s.

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