If it’s not quite a central investing rule, it is at least one of the most common approaches to portfolio management: You invest aggressively when you are young and more conservatively as you get older. This age-based approach to investing, which has led to the proliferation and increasing popularity of target-date funds in 401(k) accounts, essentially dictates that a stock-heavy investment approach eventually give way to a healthy diet of bonds throughout your investment lifecycle.

But Catherine Avery Investment Management, an advisory firm in Connecticut, challenges this common investment approach in a new survey assessing best-practice investment strategies for baby boomers. The firm recently completed its first ever recommended “mock portfolio taste test” that examined different investment parameters and long-term return characteristics for boomers. The results show that a value-oriented portfolio loaded with dividend paying stocks is cheaper and less risky than a traditional growth portfolio. The firm also says its value portfolio is trading more cheaply than the S&P 500. 

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