The goal of investing for retirement is to secure a target level of income that maintains the individual’s preretirement lifestyle. Current “safe harbor” glide-path products shift investments from stocks to bonds on the basis of the individual’s age. This approach is unlikely to secure a target retirement income because the glide path is focused on the wrong goal. We tested a dynamic asset allocation strategy that takes no view of future market performance and is based on a retirement income goal. We show how this dynamic strategy could dominate standard portfolio choices. The article introduces a new way to think about intermediate retirement targets and explores the implications of the dynamic asset allocation strategy for the level of savings required to achieve a retirement goal. Disclosure: The authors report no conflicts of interest. Editor’s Note This article was externally reviewed using our double-blind peer-review process. When the article was accepted for publication, the author thanked the reviewers in the acknowledgments. Christina Atanasova, Michael Drew, and one anonymous reviewer were the reviewers for this article. Submitted 1 October 2019 Accepted 14 April 2020 by Stephen J. Brown.

中文翻译：

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通过动态资产分配策略瞄准退休保障

退休投资的目标是确保维持个人退休前生活方式的目标收入水平。当前的“避风港”下滑路径产品根据个人的年龄将投资从股票转向债券。这种方法不太可能确保目标退休收入，因为下滑路径集中在错误的目标上。我们测试了一种动态资产配置策略，该策略不考虑未来市场表现并基于退休收入目标。我们展示了这种动态策略如何主导标准投资组合选择。本文介绍了一种思考中期退休目标的新方法，并探讨了动态资产配置策略对实现退休目标所需的储蓄水平的影响。披露：作者报告没有利益冲突。编者注 本文使用我们的双盲同行评审流程进行了外部评审。当文章被接受发表时，作者在致谢中感谢审稿人。Christina Atanasova、Michael Drew 和一位匿名审稿人是本文的审稿人。2019 年 10 月 1 日提交，斯蒂芬·J·布朗于 2020 年 4 月 14 日接受。