美国研究生课程-福利管理 stock bond cash

28% 31.5% 6.5% 9.5%
The Investment Glide Path
Weighted %
100% 90%
Conservative Fixed Income
80%
70% 60% 50% 40% 30% 20% 10% 0% 40+ 35 30 25 20 15 10 5 0 5 10 15 20 25 30 35 40+
You may want to map your account to…
Retirement Retirement Retirement Retirement Retirement Retirement Retirement Retirement Retirement 2040 2035 2030 2025 2020 2015 2010 2005 Income Fund
Money Ty pe 1. C ontributions 2. Earnings 3. C ontributions and Earnings
Account Value (Dollars)
$700,000
$639,209
$600,000 $500,000 $400,000 $300,000
$209,794 $312,634 $252,027 $263,559.75 $522,429
Ready-mixed Mix your own
Retirement Funds Explained
Mutual Funds represent a basket of stocks and/or bonds.
Retirement Funds represent a basket of various mutual funds. Retirement Funds are a diverse mix of investments— large and small cap mutual funds, domestic and foreign, value and growth. Mutual funds are chosen for both individual performance and synergy with other funds in the mix (how well they work together).
$500,000 $400,000 $300,000 $200,000 $100,000 0 Month Jul Year 2004 Jul 2010 Jul 2016 Jul 2022 Jul 2028 Jul 2034
Rate of return (ROR) used w as a 7% av erage, net of taxes.
Retirement Funds start with these approximate allocations.
As the retirement target date nears, allocations become more conservative .
Age-Based Retirement Funds 2040 2035 Stocks Fixed Income Conservative Fixed Income 90% 10% 0% 90% 10% 0% 2030 2025 90% 10% 0% 85% 15% 0% 2020 2015 77.5% 71% 22% 0.5% 26% 3% 2010 2005 65.5% 59% Retirement Income Fund 40% 30% 30%
$900,000
Starting at Age 25 $891,237
Account Values (Dollars)
$800,000 $700,000 $600,000
Starting at Age 35 $522,429
V ariable A ccount V alue 35-Years to Retir A ccount V alue 25-Years to Retir A ccount V alue 15-Years to Retir
Small Blend 5.5% Mid-Cap 6.0% Large-Cap Value 5.5% Large-Cap Growth 5.5%
International 9.0%
Domestic Bonds 23.5%
High-Yield Bonds 8.0%
Large-Cap 27.5% Short-Term Bonds 9.5%
Time Series of Account Values
(Time Horizons Used: 35, 25 and 15-Years to Retirement.) $900,000 $800,000
$891,236 Highest points = 35-Years to Retire. Middle points = 25-Years to Retire. Lowest points = 15-Years to Retire.
Performance and risks of each Retirement Fund correspond to the performance and risks of the underlying funds in which it invests.
Pick and Forget, If You Like
Growth % of Portfolio Income % of Portfolio
60% 55%
50%
64%
50%
36%
50% 45% 40% 35%
Dec-96 Dec-97
43%
Dec-98 Dec-99 Dec-00 Dec-01
57%
Dec-02
This is not representative of the performance of any investment in a retirement plan. Income is represented by the Lehman Brothers U.S. Intermediate Bond Index. Growth is represented by the S&P 500 Index®. Past performance does not guarantee future results.
Small Blend 9%
Mid-Cap 9% Large-Cap Growth 22.5% Large-Cap Value 22.5%
Stocks 90% Fixed Income 10%
T. Rowe Price Retirement 2010
Sector Diversification As of February 27, 2004
$200,000 $100,000 0 1 2 3 4 5 6
$150,220 $113,339
7
8
9
Contribs = 1, 2, 3
Earnings = 4, 5, 6
Contribs + Earnings = 7, 8, 9
T. Rowe Price Retirement Funds
If you were born…
Consider objectives, time horizon, and risk tolerance as well as your retirement needs and other sources of income. Welcome Changes Investments Your Plan
Large-Cap 24.5%
Stocks 65.5% Fixed Income 28% Conservative Fixed Income 6.5%
17
T. Rowe Price Retirement 2005
Sector Diversification As of December 31, 2003
i i
Growth
Income
Stability
i
Choose Your Own Mix
Type of Investor
Low-Risk 0-5 Years Moderate-Risk High-Risk
20% 30% 20%
50%
20%
40%
10% 40% 30% 60%
Time to Retirement
6-10 Years
20% 40%
40%
10% 30% Βιβλιοθήκη 0%20% 80%Growth
Income
Stability
11-30 Years
10% 30% 60%
20% 80%
100%
What happens when Mixes aren’t rebalanced?
Initial Portfolio: 50% Growth, 50% Income $1,000 Investment on 12/31/96 65%
In 1973 or after Between 1968 and 1972 Between 1963 and 1967 Between 1958 and 1962 Between 1953 and 1957 Between 1948 and 1952 Between 1943 and 1947 Between 1938 and 1942 In 1937 or before
T. Rowe Price Retirement 2040, 2035, 2030
Sector Diversification As of February 27, 2004