  This article investigates retirement decumulation behaviours using the
Grouped Fixed-Effects (GFE) estimator applied to Australian panel data on
drawdowns from phased withdrawal retirement income products. Behaviours
exhibited by the distinct latent groups identified suggest that retirees may
adopt simple heuristics determining how they draw down their accumulated
wealth. Two extensions to the original GFE methodology are proposed: a latent
group label-matching procedure which broadens bootstrap inference to include
the time profile estimates, and a modified estimation procedure for models with
time-invariant additive fixed effects estimated using unbalanced data.
