Advisors everywhere know the story all too well: A client worked and saved his entire life and put everything - or nearly everything - into fixed-income securities to prepare for retirement. In doing so, he expected to live out the rest of his life comfortably on returns of 4% to 5%, never touching the principal. Then the world changes: Treasury yields drop to historic lows of less than 2% or even 1%, with some even generating negative returns after factoring in modest inflation, forcing planners and investors to rethink everything.
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