Portfolio “glidepaths” accommodate growth in a worker’s early working life and transition to lower risk settings as the worker nears retirement. The success of this design hinges on its objective of amassing wealth at the date of retirement, but the design offers little in the way of a solution for the provision of income during retirement. The relevant risk for workers is retirement income uncertainty. Allocating investments through time to satisfy an income goal is not equivalent to the maximisation of wealth at retirement. We demonstrate that glidepaths can be personalised for individuals to maximise expected retirement income sufficiency under a range of assumptions, including longevity risk.

投资组合的“下滑道”适应了工人早期工作寿命的增长，并随着工人临近退休而过渡到较低的风险设置。该设计的成功取决于其在退休之日积累财富的目标，但该设计几乎没有提供解决退休期间收入的方法。工人面临的相关风险是退休收入的不确定性。通过时间分配投资以满足收入目标并不等同于退休时财富的最大化。我们证明，在包括寿命风险在内的一系列假设下，滑行路径可以针对个人进行个性化设置，以最大程度地提高预期退休收入的充足性。