Investing is a lifelong activity. Yet portfolios and, more broadly, asset allocation models, need to adjust over a client's life span: The portfolio an investor assembles as a 35-year-old is hardly appropriate for a 65-year-old client. It often falls to an advisor to ensure a post-retirement portfolio could handle the market's most violent swings.
One of the most difficult aspects of investing is determining how much risk to take in your portfolio at various stages of life. For instance, portfolio losses during the preretirement accumulation phase are easier to recover from than losses during the post-retirement distribution phase.
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