Rob Arnott’s Problem with Target-Date Funds (and Why I Disagree)

Human capital theory says young people’s wealth is mostly in the form of future earnings, giving them the liberty to invest their relatively smaller portfolios more aggressively. This capacity tends to diminish with age. It is here that target-date funds find their basis, and it is also where Rob Arnott and I disagree about the value of such funds

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To Rise or Not To Rise: Stock Allocation During Retirement

Both the February and March 2015 issues of the Journal of Financial Planning include articles which address and extend the work on rising equity glidepaths during retirement, which Michael Kitces and I published in the January 2014 issue. Admittedly, the March one is also by us, and I’ll get to that it an moment, but…

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