Asset Allocation Drift Due to Taxes
研究发现，从IRA等税收递延账户中支出会触发税收，导致实际资产配置与预期产生偏差，这种漂移可能超过传统再平衡范围，投资者应重视并采用税收调整后的资产配置。
Spending from tax-deferred accounts like IRAs incurs taxes. These taxes induce deviations between the intended and the effective asset allocations: A dollar on a portfolio statement is not necessarily a dollar when evaluating the asset allocation. This drift can be larger than traditional rebalancing ranges. Investors underestimate the size of this tax-induced asset allocation drift at their peril. Investors should recognize the tax-induced asset allocation drift and adopt tax-adjusted asset allocation in consequence.