退休投资要因年龄而异

　　事实已经证明，过去几年对大部分退休帐户来说都是艰难的。多样化投资提供了一些缓解，但是总的来说，大部分投资组合都受到了打击。

　　Alas⁶, there's no such thing as a risk-free approach to rebuilding your nest egg. Super safe may feel nice, but it pays no returns over time. A few of us are in a position to live off a super-safe approach, but most of us are trying to figure out how to get back on track.

　　哎呀，世上没有毫无风险就能重建储蓄的方法。超级安全或许感觉不错，但是随着时间的过去却没有分文的回报。我们中有很少一些人可以靠超级安全的方法过活，但大部分人仍在努力弄清如何才能重回正轨。

　　Figuring out how to deal with your retirement portfolio⁴ depends on where you are in your life. Time is perhaps the most important element in building or rebuilding a portfolio. That's one reason we're breaking down this nest-egg analysis into age groupings, aiming to give people some ideas that suit their current situation.

　　弄清楚如何处理自己的退休投资组合，这要取决于你的人生阶段。在建立或重建投资组合时，时间或许是最重要的一个因素。这也正是本文按不同年龄段进行储蓄分析的原因之一，旨在让人们明白符合自己当前状况的一些点子。

　　Under 40

　　If you are under 40, count yourself lucky. Two things are working in your favor. First, time -- if you have enough of it -- can heal wounds. The stock market will eventually recover and grow. Second, by saving early -- which you should definitely be doing -- you get the benefit of compounding, wherein early gains are built upon.

　　如果你不到40岁，你就算幸运的。你有两项优势。首先，如果你有足够时间的话，时间能治疗伤痛。股市最终将复苏并实现增长。其次，通过早早的攒钱（你现在应该正在这样做），你会获得“滚雪球”式的好处，早期的收益就是建立在这个基础上的。

　　You also want to take a long view of the investment arena⁷. A lot of growth in coming years is expected to come from overseas, especially in emerging markets. Tim Medley⁸ of Medley & Brown Financial Advisers¹⁰ in Ridgeland, Miss., says clients should have at least 35% of their stock holdings in non-US stock funds.

　　你还应该长远地看待投资地点。预计未来几年的很多增长将来自海外，特别是新兴市场。密西西比州Medley & Brown Financial Advisers的麦德利(Tim Medley)说，客户应该至少有35%的股票资产投在非美国股票基金上。

　　In terms of risk, emerging-markets funds are more volatile¹¹ than overseas funds that focus on developed economies like Japan or Western Europe. That volatility¹² is emblematic¹³ of the risk in this cohort of funds. But as a younger investor¹⁴, you want to have a bit more risk exposure, since greater risk tends to translate into greater returns over the long term.

　　说到风险，新兴市场基金比专注于日本或西欧这类发达经济体的海外基金的波动性更大。这种波动性代表了这类基金中存在的风险。不过，作为一名较年轻的投资者，你应该拥有多一些的风险敞口，原因是长远来看，更大的风险往往意味着更高的回报。

　　Also, given your long-term outlook, the drop in share prices is an opportunity. Great long-term investors¹⁵, such as Warren Buffett, believe that US stock prices are still a relative bargain, even after the recent bounce-back in the major averages.

　　此外，鉴于你长线投资的战略，股价的下跌是一个机会。像巴菲特(Warren Buffett)这样出色的长线投资者认为，即使是在最近主要股指反弹之后，美国股价仍相对较低。

　　'For younger people, the best place to be is in well-selected stock mutual¹⁶ funds,' Mr. Medley says. He thinks some people, especially younger investors, have 'overlearned' the lesson of 2008 and therefore are shying away from the stock market too much. Among the fund families he prefers are Dodge¹⁷ & Cox, Oakmark and Primecap.

　　麦德利说，对于较年轻的人来说，最佳的投资目标是精选的股票共同基金。他认为，一些人（特别是较年轻的投资者）因2008年的教训而矫枉过正，远远避开了股市。他看好的基金包括Dodge & Cox, Oakmark和Primecap。

　　40 to 55

　　Once you enter this age range, you are starting to move from the aggressive stance of your youth to something a bit more measured. At the same time, you are entering a very important savings¹⁸ period since you likely are at the height of your earning power.

　　一旦进入这个年龄段，你就开始从年轻时代的激进立场转向更为深思熟虑的立场。与此同时，由于你很可能正处于赚钱的巅峰状态，这个年龄段也是一个非常重要的攒钱期。

　　This is a time to invest as much as you can in your 401(k) while developing other ways to sock away money. It also is important to avoid two mistakes that have become common among investors in this cohort in the wake of the downturn.

　　在这个时期，你应该尽可能多地投资401(k)退休计划，同时开发其他投资的途径。你还要避免这个年龄段的投资者在经济低迷时期常犯的两类错误。

　　'First, people have reacted [to the market downturn] by reducing the amount of money they're saving and investing,' says Mark Bonhard, an investment adviser⁹ with Dawson Wealth Management in Cleveland. 'Second, they've started changing their strategy without good reason. All that does is lock in the losses and prevent a chance to recover.'

　　克利夫兰Dawson Wealth Management投资顾问伯恩哈德(Mark Bonhard)说，首先，人们通过减少储蓄额和投资额对市场的低迷做出了反应。其次，他们开始在没有充分理由的情况下改变策略。所有这些都锁定了损失，阻止了复苏的机会。

　　In order to boost savings during this critical time, Mr. Medley encourages clients in this age range to set up automatic savings plans that direct a portion of their paychecks into an investment account at a firm like Charles Schwab or Fidelity¹⁹ Investments, where it can be invested in stock mutual funds.

　　为了在这样的关键时期提高存款额，麦德利鼓励这个年龄段的客户设置自动存款计划，直接将部分工资转到嘉信理财(Charles Schwab)或富达投资(Fidelity Investments)等机构的投资账户中，从中可以投资股票共同基金。

　　'People need to save money outside of their retirement account,' says Mr. Medley. 'And as elementary as it may seem, an automatic plan works well for most people.'

　　麦德利说，人们需要在他们的退休账户之外另行存钱。自动计划实际上也很简单，适合于大多数人。

　　55 and Over

　　As you get closer to your retirement years, you want to hold onto the capital you've built up over time. Trouble is, a lot of that capital has gone away in the market downdraft of the past two years.

　　随着你距退休年龄越来越近，你希望这些年来积攒的资金能够保值。问题是，其中的许多资金在过去两年市场的下行中都已经损失了。

　　'What's important in this case is recognizing where you are right now and not trying to think about where you were in 2007,' says Tommy Williams of Williams Financial Advisers in Shreveport, La. 'Job one is perhaps more philosophical²⁰ and emotional than it is analytical²¹.'

　　路易斯安那州Williams Financial Advisers的威廉姆斯(Tommy Williams)说，在这种情况下重要的是认清你目前的状况，不要再去想你2007年时的情况。一开始可能更为达观和情绪化，而不是具备分析性。

　　According to recent surveys, retirement security is first and foremost on the minds of people in this group.

　　最近的调查显示，这部分人首先关注的是退休安全。

　　One strategy is to consider the minimum amount of income you require on an annual basis and then see if there's a low-cost annuity²² that promises to pay at least that amount for life.

　　一个策略是，想想你每年所需的最低收入是多少，然后看看有没有低成本的年金，可以承诺终生支付至少这个数目。

　　Such a strategy means you are eschewing²³ future stock-market gains, but you have the security of knowing that your income is set for as long as you are around to spend it.

　　这样一种策略意味着你在远离未来的股市收益，但你得到了保障，知道只要你还活着，就能有一笔固定的收入。

　　'Annuities²⁴ can play a very strong role, because a lot of them carry guaranteed income,' says Mr. Bonhard. 'Having those guarantees makes it easier to take a little additional risk with the rest of your assets. But you do pay something to get those guarantees, and you have to watch that closely.'

　　伯恩哈德说，年金可以扮演非常重要的角色，因为许多年金都会保障收入。有了这些保障，你其他的资产多冒点风险就更容易。但你得有所付出才能获得这些保障，而且必须密切关注。

　　Given the stock market's still relatively²⁵ low level and, for some folks, a need to rebuild a broken portfolio, some advisers recommend tweaking your portfolio mix to have a bit more stock-market exposure via low-cost stock-index mutual funds.

　　考虑到股市仍处于相对低的水平，而且一些人还需要重建以前的投资组合，因此一些咨询师建议调整投资组合的成分，通过低成本股市指数共同基金来实现更高的股市敞口。

　　Portfolio choices, especially among retirees, should be made from a stance of prudence²⁶ and common sense.

　　应当从审慎和常识的立场出发来选择投资组织，尤其是退休人员。

　　'Having enough is more important than having more,' says Mr. Bonhard. 'If you've reached enough, you don't want to be gambling²⁷ for more.'

　　伯恩哈德说，知足比多多益善更重要，如果已经够了，就不应该冒险想再多捞点。

　　He cautions that you should purchase annuities only from companies with a strong financial position and solid credit ratings.

　　他提醒说，只能从财务状况良好、信用评级可靠的公司购买年金。

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