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    Shortfall Risk of Target-date Funds During Retirement

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    Author
    Spitzer, John J.
    Singh, Sandeep
    Keyword
    Retirement
    Asset Allocation
    Bootstrap
    Target-Date Funds
    Lifecycle Funds
    Mutual Funds
    Journal title
    Financial Services Review
    Date Published
    2008-06-01
    Publication Volume
    17
    Publication Issue
    2
    
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    URI
    http://hdl.handle.net/20.500.12648/2109
    Abstract
    Target-date mutual funds are likely to increase in popularity because they are now one of the three approved default options for many retirement plans. In the retirement years, target-date funds become increasingly conservative with higher bond concentrations. Using a bootstrap simulation and rolling period analysis, three target-date fund classifications are shown to have higher probabilities of running out of money and lower balance remaining when compared to fixed allocation portfolios. A fixed 50/50 stock/bond portfolio unambiguously out-performs the target-date funds, regardless of methodology employed. In light of this evidence, these funds should revisit their asset allocation strategy.
    Citation
    Spitzer, J. J., & Singh, S. (2008). Shortfall risk of target-date funds during retirement. Financial Services Review , 17 (2), 143-153.
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    Business-Economics Faculty Publications

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