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Retirement plan sponsors continue to favor target-date funds as a default option, for good reason. As auto-enrollment and auto-escalation boost individual retirement accounts, target-date funds do the asset allocation and rebalancing to ensure well-funded retirements.
Target-date mutual funds continue their multi-year trend of strong growth, with assets reaching an all-time high of $880 billion at the end of 2016. More providers offer them, as well: While three top managers continue to hold the lion’s share of target-date assets, at the end of 2016, 12 firms offered more than one target-date series, catering to a variety of clients, whereas ten years ago, no firm offered more than one, according to Morningstar.
除了他们的增长和扩散外，目标日期资金还在响应投资者偏好，增加对长寿的关注。“当第一个目标日期基金在2000年代初进入市场时，一般认为仅关注退休会发生的事情，”T. Rowe价格的目标日期解决方案Wyatt Lee Manager Wyatt Lee表示。这个想法是在一段时间内投资裁定捐款（DC）计划，建立一个资产池;在退休时，财富积累游戏结束，是时候通过保存财富来守卫了。“现在，许多直流计划认识到人们的储蓄需要合理的增长，以支持退休的潜在30年收入流，”他说。
The key evolution of such plans is to provide the investment growth needed to fund today’s longer retirements. “Target-date funds have been evolving in terms of investable asset classes, capital market expectations, and demographic shifts, including increased longevity,” says Nick Nefouse, head of the DC investment and product strategy team at BlackRock. “We have done a lot of research into income patterns and spending preferences,” he adds.
此外，目标日期投资组合的复杂性已经发展。最初，非美国。曝光只是发达的市场，随后扩展到包括新兴市场和国际小帽。“一直是扩大机会的迭代过程，以提供最佳风险调整的回报，”州街全球顾问的全球界定贡献全球负责人大卫爱尔兰说。通胀 - 套期保值资产现在是混合的一部分。“他们非常重要，特别是在退休时，退休人员需要维持他们的购买力，”他说。“通货膨胀是一种迫在眉睫的风险，而且总体而言，直流行业是通风保护的资产课程。”
目标日期基金（TDF）产品也变得更加多样化。“早上，潜在的目标日期策略是漂亮的香草，”李说，大多数大型美国股票上的股权方面和投资级美国债券上的固定收入方面。由于市场对TDF概念变得更加舒适，产品组合管理人员具有更大程度的自由度，具有更多样化的策略。在股权方面，目标日期基金投资于一系列资本化和风格;他们更加全球化;它们包括通货膨胀敏感仪器。在固定收入方面，他们在全球投资;包括高产;并使用更专业的策略来管理持续时间风险。“我们不断评估投资组合的每个元素，并部署更复杂和精确的杠杆以应对市场条件，”李说。
目标日期基金的艺术是了解如何将金融资产或储蓄融入参与者的工作能力，并随着时间的推移调整加权。实施适当的滑动路径至关重要。“使用错误的滑行路径意味着参与者要么需要节省更多或取得不必要的风险，以获得类似的结果，”Nefouse说。滑行路径上采取的风险总量最终是驱动器结果。“此时，滑行路径承担风险与所需的风险一样重要，”他说。“没有滑行道路，我们只是一个平衡的基金。”滑行路径输入将基金明确连接到个人的收入，以及如何在一生中变化。
早期版本，首次推出了20年前的乐队，但现在以五年的增量提供，参与者可以更容易地与退休日期相关联。另一个关键差异是Glide路径的演变：现在有一系列滑行路径选项，计划赞助商可以选择哪一个最能满足其计划参与者的需求。例如，一些资金主要专注于提供寿命收入，其他资金集中在退休时期保护资产。“我们已经看到这些不同的目标随着时间的推移在市场上增长和发展，”李说。
While target-date funds are designed to be a participant’s sole menu option, many participants use them in combination with other investment vehicles. “The glide path is designed in a specific way, based on capital-market expectations, longevity assumptions at a given age, and expectations for future income,” says Nefouse. Target-date funds are complex instruments calibrated to provide a reasonable range of expected outcomes. However, “Using them in combination with other investment options can radically alter a participant’s risk profile in ways that most non-professional investors may not be able to anticipate,” Nefouse says.
Improving Savings Rates
足够的储蓄率是美国工人的长期挑战。“55至65岁的平均退休账户只有约104,000美元，”爱尔兰人“的家庭，可获取员工赞助退休计划的家庭。亚博篮球怎么下串此外，长期低利率的长期导致传统资产课程的长期回报期望，年轻的几代人将不得不节省更大的收入份额，以产生与旧同行相同的退休准备水平。“目标日期基金通过财富积累储蓄年来迁移人们，”他说。TDFS旨在提供具有年龄适当风险水平的传统资产的多元化产品组合。在长期地平线上的滑行路径之后，资产拨款从主要是收入资产重新平衡到主要是收入资产。
然而，在退休期间，许多依赖其DC投资作为主要储蓄源的人受到转化为稳定的收入流的挑战。“ONU是在参与者上弄清楚，在月度或年退休收入的情况下，如何将该资产基础转化为该稳定收入的资产基础，”退休政策战略董事总经理Melissa Kahn说在州街全球顾问。“我们称之为”财富幻觉“。”
很多人认为一壶钱——比他们见过我n their lifetime — when they have been used to receiving a regular paycheck. Translating the principal into sustainable income can be challenging. “They’ll either overspend or underspend as a result, because they have no idea of their mortality,” Kahn says. It can be challenging to manage this process effectively, and the industry is working with legislators and regulators to address this issue. One initiative, now in Congress, would mandate a lifetime income disclosure statement to indicate how a current retirement account balance translates into monthly income. “It’s a real wake-up call when plan participants see that their $100,000 savings at age 65 would translate into only $400 a month,” says Kahn. “It’s an astounding point of reference for most people.”
自动注册，自动升级和再注项的众所周知的策略仍然是帮助提升参与者的节省的必要条件，但即使在考虑到DC的创新时，也仍然努力充分利用可用的工具。“Blackrock正在利用计划水平和参与者参与，帮助推动决策，”Nefouse说。考虑到这一点，赞助商可以推动适当的改变以提高节省率，改善多样化，并建立退休收入潜力。“与参与者一起，我们将来自外部行业的沟通技术纳入互动视频，使参与者能够获得有针对性的消息，帮助他们为他们的情况采取适当的下一步，”他说。亚慱体育app这些技术的通信方法允许增加个性化，同时仍然简单，为赞助商实施。
“There are other ways that DC providers can help and encourage plan participants,” says Nefouse. One is to attempt to cushion volatility for participants near retirement so they don’t pull out of the market at the wrong time — after a loss. Providers can also try to shift participants’ attention away from the current dollar value of their account toward a focus on how to achieve sustainable retirement spending targets. In addition, participants can be encouraged to focus attention on what they can control, such as how much they save and their retirement planning, and less on the day-to-day market.
储蓄习惯在几代人之间变化。“Gen-X and boomers aren’t as accustomed to auto-enrollment and other auto features that have evolved, versus millennials, who have been opted in, and they tend not to opt out,” says Lorie Latham, senior defined contribution strategist at T. Rowe Price. Millennials tend to stay in DC plans, although often just at the default rates, which remain low, and in the default options, which are target-date funds. “Longevity is one of the key components that target-date funds should solve for,” Latham says. Longevity isn’t necessarily on the minds of millennials, but TRP’s target-date solutions are designed to address longevity by maintaining opportunity for growth into retirement.
Target-date funds’ growth and popularity are largely due to their role as the default investment option in most DC plans, as the benefits of target-date funds address many of the issues that face DC plan participants. “Pre-retirees and retirees both are developing a greater awareness of longevity,” says Latham. Pre-retirees need to manage the planning process—how best to save, build wealth, and decide what will be enough to retire on—while retirees must focus on how to generate income. “Both groups wonder if their lives will outlast their money,” she says.
除了自动注册和默认选项，目标日期资金呈现强大的价值主张。“参与者重视广泛的多样化，自动重新平衡和编程的失败元素，”爱尔兰说。此外，在目标日期基金中，由于它们成为更大的计划资产，因此费用已经很多。“大部分流入可能归因于目标日期策略被认为是大多数DC投资者的最佳解决方案，这就是为什么他们通常是违约的原因，”他说。
Indeed, target-date funds provide plan participants with access to a sophisticated, diversified product for a single fee. Beyond fees, there is also a cost associated with a participant’s time. “BlackRock is very much aware of the fact that the more time an investor spends worrying about asset allocation, rebalancing, and other complex portfolio management problems, the less time that investor has to be a mother, a father, a sibling, or a friend,” says Nefouse.
在过去十年的比赛中，在过去十年的费用中，特别是在被动资金中，主要在费用中寻找目标日期基金提供商的错误方式。这种决定更好地在整体基础上进行，以考虑许多因素，因为退休结果是由产品设计的所有要素决定。尼福德说，“捕捉更多上行的精心设计的目标日期基金的表现避免了更多的缺点，并提供了它寻求实现的风险回报率，即最终是更大的决定因素。”