Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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Appearances
If you look at it and you say, you know, this doesn't really suit me, then, you know, by all means, you can make the change.
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But you just have to think through whether you have the interest and the expertise to take that on yourself and the desire to take it on yourself.
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And, you know, some people do and some people don't.
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My article looked at research from Morningstar that indicates that over the past decade or so, on average, target date funds have been embracing stocks to a greater extent than they used to.
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So, for example, for the youngest workers, on average, target date funds now invest about 92% of their contributions in stocks, and that's up from 85% a decade ago.
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And for mid-career workers, they had the biggest increase in stock market exposure.
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So people who are about 45 years old now, on average, have about 82% in stocks.
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That's up from 69% a decade ago.
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Well, it depends on who you ask.
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During a bull market, people, investors, even professional ones, tend to become a little bit less risk averse.
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So their appetite for risk kind of grows during bull markets.
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So sometimes you see people becoming more tolerant of having higher equity allocations.
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But if you speak to the portfolio managers themselves, they give different reasons for having increased equity allocations.
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For example, one of the companies that has had one of the biggest increases in equity allocations in recent years is T. Rowe Price, which is the third largest manager of target date funds in the U.S.
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And they say that basically that people aren't saving enough for retirement.
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So they say that it would be beneficial for people to have a higher proportion of their savings in stocks over long periods because stocks have delivered higher returns than bonds over long periods.
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They also say that, you know, their data indicates that people within target date funds don't really trade that much.
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So that there's this concept of inertia within 401k accounts.
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And basically that's a fancy word for people just being kind of a little bit hands off or maybe even checked out.
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Even when the markets turn turbulent, a lot of people don't check their balances.
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