金融英語泛讀:年齡不同，投資策略不同

Investment Tactics Depend on the Age Difference年齡不同，投資策略不同

In recent months, the stock market has rebounded, but most of our nest eggs have still lost a lot of money since the market topped out in 2007.

Alas, 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.

Figuring out how to deal with your retirement portfolio 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.

Under 40

If you are under 40，consider 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.

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

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

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

“For younger people, the best place to be is in well-selected stock mutual funds，”Mr. Medley says.

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 savings period since you likely are at the height of your earning power.

“First, people have reacted to the market downturn by reducing the amount of money they're saving and investing，”says Mark Bonhard, an investment adviser 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.”

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 Fidelity Investments, where it can be invested in stock mutual funds.

“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.”

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.

“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.

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

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 annuity that promises to pay at least that amount for life.

“Annuities 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.”

Given the stock market's still relatively 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.

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

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

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

近幾個(gè)月來，股市出現(xiàn)了反彈，但自2007年股市見頂以來，我們大部分投資仍損失慘重。

世上沒有毫無風(fēng)險(xiǎn)就能重建投資的方法。超級(jí)安全或許感覺不錯(cuò)，但是隨著時(shí)間的推移卻沒有分文的回報(bào)。我們中有小部分人可以靠超級(jí)安全的方法過活，但大部分人仍在努力尋找重回正軌的方法。

應(yīng)該如何處理自己的退休投資組合，取決于你所處的人生階段。在建立或重建投資組合時(shí)，時(shí)間或許是最重要的一個(gè)因素。這也正是本文按不同年齡段進(jìn)行投資分析的原因之一，旨在讓人們明白符合自己當(dāng)前狀況的一些點(diǎn)子。

不到40歲

如果你還不到40歲，那你算是幸運(yùn)的。你有兩項(xiàng)優(yōu)勢(shì)。首先，如果你有足夠時(shí)間的話，時(shí)間能治療傷痛。股市最終將復(fù)蘇并實(shí)現(xiàn)增長(zhǎng)。其次，通過早早地?cái)€錢（你現(xiàn)在應(yīng)該正在這樣做），你會(huì)獲得“滾雪球”式的好處，早期的收益就是建立在這個(gè)基礎(chǔ)上的。

你還應(yīng)該長(zhǎng)遠(yuǎn)地看待投資地點(diǎn)。預(yù)計(jì)未來幾年的很多增長(zhǎng)將來自海外，特別是新興市場(chǎng)。密西西比州梅德利布朗財(cái)務(wù)咨詢機(jī)構(gòu)的麥德利說：“客戶應(yīng)該至少有35%的股票資產(chǎn)投在非美國股票基金上?！?/p>

說到風(fēng)險(xiǎn)，新興市場(chǎng)基金比專注于日本或西歐這類發(fā)達(dá)經(jīng)濟(jì)體的海外基金的波動(dòng)性更大。這種波動(dòng)性代表了這類基金存在的風(fēng)險(xiǎn)。不過，作為一名較年輕的投資者，你應(yīng)該擁有多一些的風(fēng)險(xiǎn)敞口，因?yàn)閺拈L(zhǎng)遠(yuǎn)來看，更大的風(fēng)險(xiǎn)往往意味著更高的回報(bào)。

此外，鑒于你長(zhǎng)線投資的戰(zhàn)略，股價(jià)的下跌是一個(gè)機(jī)會(huì)。像巴菲特這樣出色的長(zhǎng)線投資者認(rèn)為，即使是在最近主要股指都有所反彈之后，美國股價(jià)仍相對(duì)較低。

麥德利說：“對(duì)于較年輕的人來說，最佳的投資目標(biāo)是精選的股票共同基金?！?/p>

40到55歲

一旦進(jìn)入這個(gè)年齡段，你就開始從年輕時(shí)的激進(jìn)立場(chǎng)轉(zhuǎn)向更為深思熟慮的立場(chǎng)。與此同時(shí)，由于你很可能正處于賺錢的巔峰狀態(tài)，這個(gè)年齡段也是一個(gè)非常重要的攢錢期。

克利夫蘭道森財(cái)富管理機(jī)構(gòu)的投資顧問伯恩哈德說：“首先，人們通過減少儲(chǔ)蓄額和投資額對(duì)市場(chǎng)的低迷做出了反應(yīng)。其次，他們開始在沒有充分理由的情況下改變策略。所有這些都鎖定了損失，阻止了復(fù)蘇的機(jī)會(huì)。”

為了在這樣的關(guān)鍵時(shí)期提高存款額，麥德利鼓勵(lì)這個(gè)年齡段的客戶設(shè)置自動(dòng)存款計(jì)劃，直接將部分工資轉(zhuǎn)到嘉信理財(cái)或富達(dá)投資等機(jī)構(gòu)的投資賬戶中，從中可以投資股票共同基金。麥德利說：“人們需要在他們的退休賬戶之外另行存錢。自動(dòng)計(jì)劃實(shí)際上也很簡(jiǎn)單，適合于大多數(shù)人?！?/p>

55及55歲以上

隨著你的退休年齡越來越近，你希望這些年來積攢的資金能夠保值。問題是，其中的許多資金在過去兩年市場(chǎng)的下行中都已經(jīng)損失了。

路易斯安那州威廉姆斯財(cái)務(wù)顧問機(jī)構(gòu)的威廉姆斯說：“在這種情況下，重要的是清楚你目前的狀況，不要再去想你在2007年時(shí)的情況?！?/p>

最近的調(diào)查顯示，這部分人首先考慮的是退休安全。

一個(gè)策略是，想想你每年所需的最低收入是多少，然后看看有沒有低成本的年金，可以承諾終生支付至少這個(gè)數(shù)目。

伯恩哈德說：“年金扮演著非常重要的角色，因?yàn)樵S多年金都會(huì)保障收入。有了這些保障，其他的資產(chǎn)冒點(diǎn)風(fēng)險(xiǎn)問題也不會(huì)太大。但你得有所付出才能獲得這些保障，而且必須密切關(guān)注?！?/p>

考慮到股市仍處于相對(duì)低的水平，而且一些人還需要重建以前的投資組合，因此一些咨詢師建議調(diào)整投資組合的成分，通過低成本股市指數(shù)共同基金來實(shí)現(xiàn)更高的股市敞口。

應(yīng)當(dāng)從審慎和常識(shí)的立場(chǎng)出發(fā)來選擇投資組織，尤其是退休人員。

伯恩哈德說：“知足比多多益善更重要，如果已經(jīng)夠了，就不應(yīng)該冒險(xiǎn)想再多撈點(diǎn)?！?/p>

他還提醒，只能從那些財(cái)務(wù)狀況良好、信用評(píng)級(jí)可靠的公司購買年金。

實(shí)戰(zhàn)提升

核心單詞

volatile['v?l?tail]adj.易變的；反復(fù)無常的；輕浮的

emblematic[,embli'm?tik]adj.象征的；可當(dāng)標(biāo)志的

bargain['bɑ:gin]n.買賣；交易

downturn['daunt?:n]n.（經(jīng)濟(jì)）衰退；下降

tweak[twi:k]v.搬移；調(diào)整

財(cái)經(jīng)知識(shí)一點(diǎn)通

風(fēng)險(xiǎn)敞口（risk exposure）

是指?jìng)鶆?wù)人違約行為導(dǎo)致的可能承受風(fēng)險(xiǎn)的信貸余額，就是指未加保護(hù)的風(fēng)險(xiǎn)。

年金（annuity）

是在定期或不定期的時(shí)間內(nèi)一系列的現(xiàn)金流入或流出。參與年金計(jì)劃是一種很好的投資安排，而提供年金合同的金融機(jī)構(gòu)一般為保險(xiǎn)公司等，比如你購買養(yǎng)老保險(xiǎn)，其實(shí)就是參與年金合同。年金終值包括各年存入的本金相加以及各年存入的本金所產(chǎn)生的利息，但是，由于這些本金存入的時(shí)間不同，所產(chǎn)生的利息也不相同。

翻譯練習(xí)

Figuring out how to deal with your retirement portfolio depends on where you are in your life.

That volatility is emblematic of the risk in this cohort of funds.

As you get closer to your retirement years, you want to hold onto the capital you've built up over time.