Investing for retirement is one of the most consequential yet daunting decisions consumers face. We present a way to both aid and understand consumers as they construct preferences for retirement income. The method enables consumers to build desired probability distributions of wealth...

In May 2022, Robert Powell, CFP®, RMA®, editor-in-chief of the Retirement Management Journal; Margaret M. Towle, PhD, CAIA®, CAP®, CIMA®, CPWA®, FSA®, RICP®, principal, Yakima River Partners; and Stephen Horan, PhD, CFP®, CIPM, CAIA®, senior strategic advisor, Investments & Wealth...

This article proposes an asset allocation policy that adapts to market movements by taking into account changes in the outstanding market values of major asset classes. Such a policy considers important information, reduces or avoids contrarian behavior, and can be followed by a majority of...

The first part of this paper provides a historical perspective on bank risks. Five-year moving average measures of total risk, market risk, and nonmarket risk are computed for an index of New York banks from 1929-1975 and for an index of outside New York banks from 1950-1976.We use a carefully...