HOW IMPORTANT IS ASSET ALLOCATION TO （如何重要的是资产配置）.pdf

RETIREMENT R E S E A R C H June 2012, Number 12-11 HOW IMPORTANT IS ASSET ALLOCATION TO RETIREMENT SECURITY? By Alicia H. Munnell, Natalia Sergeyevna Orlova, and Anthony Webb* Introduction Financial planners devote considerable energy to the potential benefits of the non-financial strategies. advising Americans how to invest their retirement The second section summarizes the methodology savings. Of course, wise investment of one’s hard- used to compare their effectiveness with asset al- earned money is important. But the fact is that many location. The third section presents the results. The Americans have saved very little – the typical house- conclusion is that, for the population as a whole, hold approaching retirement has less than $100,000 asset allocation is less potent than the alternatives, in 401(k) and other financial assets. Thus, for many particularly working longer. And, even for those with people, even perfect investing is unlikely to have a substantial financial assets, it is less important than significant effect on their well-being in retirement. one would expect. Fortunately, people have a number of other levers that can affect their retirement security. And these Retirement Levers strategies – unlike the stock market – are within the individual’s control: working longer, using a reverse mortgage to access home equity, and controlling con- Preparing for retirement can be a daunting task, espe- sumption when the kids leave home. Moreover, even cially for workers approaching traditional retirement for many with substantial assets, these non-financial ages, who tend to have only modest 401(k) balances levers m