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Asset ManagementA Systematic Approach to Factor Investing$
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Andrew Ang

Print publication date: 2014

Print ISBN-13: 9780199959327

Published to Oxford Scholarship Online: August 2014

DOI: 10.1093/acprof:oso/9780199959327.001.0001

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Investing over the Life Cycle

Investing over the Life Cycle

Chapter:
(p.149) Chapter 5 Investing over the Life Cycle
Source:
Asset Management
Author(s):

Andrew Ang

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199959327.003.0005

Labor income is an asset, and for young investors the value of labor income usually dominates the rest of their financial holdings. An investor’s mix of assets changes as her labor income evolves over her life cycle, and an investor whose labor income is bond-like should reduce his holdings of equities as retirement approaches. While economic theory suggests that annuities are ideal for retirees, few hold them.

Keywords:   labor income, human capital, retirement savings, life-cycle model, life-cycle asset allocation, consumption, intergenerational equality, health-care risk, pension underfunding, 4% rule, annuities

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