asset allocation strategies during retirement（在退休资产配置策略）.pdfVIP

Asset Allocation Strategies During Retirement Jim Otar People accumulate money during their working years for retirement, usually in a portfolio of investments. We call these “Accumulation” portfolios. After retirement, if periodic income is required from these savings, we call these portfolios “Distribution” portfolios. Academics, advisors and investors are continuously searching for techniques and strategies that stretch the portfolio longevity and increase the chances of collecting a lifelong income from the portfolio. There are two different areas to focus on to improve portfolio longevity: Assets: These involve different asset allocation techniques Cash Flow. These involve reductions or limitations of withdrawals during periods of adverse portfolio performance In this article, we will look at the different asset allocation strategies. In the near future, we will look at cash flow techniques. Popular asset allocation strategies are: Strategic Asset Allocation, Age Based Asset Allocation, Tactical Asset Allocation and the Trend Following Asset Allocation. Strategic Asset Allocation: Strategic asset allocation is the most popular investment strategy in the financial industry. Followers of this strategy decide on a suitable asset mix of different asset classes (typically equity, bonds, real return bonds and cash) and maintain this asset mix over time. As asset values fluctuate over time, we sell some of the appreciated assets and buy more of the less-appreciated asset class. This is called “rebalancing”. My earlier article of February 2004 was about the optimum asset mix. My April 2004 showed how often the portfolio should be rebalanced based on market history since 1900. You may want to revisit them for further detai