2026-03-07T20:27:15Z https://grips.repo.nii.ac.jp/oai

oai:grips.repo.nii.ac.jp:00001031 2023-11-20T08:55:18Z 1:20

Lifecycle Funds and Wealth Accumulation for Retirement: Evidence for a More Conservative Asset Allocation as Retirement Approaches PFAU, Wade D. lifecycle funds target date funds retirement planning asset allocation A line of recent studies cast doubt on the efficacy of the lifecycle investment strategy, which calls for switching into a more conservative investment portfolio as retirement approaches, as a suitable way to provide for the retirement needs of workers with defined-contribution pensions. After comparing simulation outcomes for lifecycle and fixed asset allocation strategies, we determine that the lifecycle strategy can be justified even in a framework including only financial wealth. We find that investors with very reasonable amounts of risk aversion may prefer the lifecycle approach, despite the tendency for aggressive fixed allocation strategies to produce larger expected wealth. JEL Classification Codes: D14, D81, G11, G23 経済学 / Economics GRIPS Policy Research Center 2010-09-01 eng technical report AM https://doi.org/10.24545/00001031 https://grips.repo.nii.ac.jp/records/1031 10.24545/00001031 https://ideas.repec.org/p/ngi/dpaper/10-10.html https://ideas.repec.org/p/ngi/dpaper/10-10.html GRIPS Discussion Papers DP10-10 https://grips.repo.nii.ac.jp/record/1031/files/DP10-10.pdf application/pdf 560.3 kB