Despite arguments that retirees should be exposed to equities in order to bring enough growth in their portfolios to last throughout their retirement, Morningstar’s president of the investment management division, Peng Chen, argues in a new article that retirement portfolios must include a conservative bent that includes longevity-insurance products.

In “Confronting Retirement Risks,” Chen notes that many investors do not estimate how long they will live and end up shorthanded on retirement funds. Conversely, people who are overly optimistic about how long they will live may have a too-frugal existence in retirement.

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