Retirement Income Sufficiency through Personalised Glidepaths
研究了如何为工人个性化设计投资下滑路径，以最大化退休收入充足性，应对长寿风险，而非仅追求退休时财富最大化。
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.