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Article

Reexamining “To vs. Through”: What New Research Tells Us about an Old Debate

Matthew O’Hara and Ted Daverman
The Journal of Retirement Spring 2015, 2 (4) 30-37; DOI: https://doi.org/10.3905/jor.2015.2.4.030
Matthew O’Hara
is managing director at BlackRock in San Francisco, CA.
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  • For correspondence: matthew.ohara@blackrock.com
Ted Daverman
is vice president at BlackRock in San Francisco, CA.
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  • For correspondence: ted.daverman@blackrock.com
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Abstract

“To vs. through” has become shorthand for whether a target-date fund glide path evolves only until the target date or continues to reduce the risk level beyond the target date. This article presents a persuasive common sense case for the to approach, based on an understanding of human capital, which is depleted at retirement, and retirement risk, which is at its highest level the day retirement begins. New research adds empirical force to the argument that a flat post-retirement glide path is superior to a glide path that continues to de-risk beyond the retirement date. The article’s research attempts to create a unified framework for exploring a wide range of lifecycle investing questions and is ultimately able to produce recommendations regarding equity levels, savings rates, and retirement withdrawal strategies. It builds on a substantial body of academic work and seeks to incorporate investor preferences, validated against real-world income and spending data.

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The Journal of Retirement: 2 (4)
The Journal of Retirement
Vol. 2, Issue 4
Spring 2015
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Reexamining “To vs. Through”: What New Research Tells Us about an Old Debate
Matthew O’Hara, Ted Daverman
The Journal of Retirement Apr 2015, 2 (4) 30-37; DOI: 10.3905/jor.2015.2.4.030

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Reexamining “To vs. Through”: What New Research Tells Us about an Old Debate
Matthew O’Hara, Ted Daverman
The Journal of Retirement Apr 2015, 2 (4) 30-37; DOI: 10.3905/jor.2015.2.4.030
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  • Article
    • Abstract
    • RISK AND HUMAN CAPITAL: THE COMMON SENSE CASE
    • SPENDING, SAVING, INVESTING: TOWARD AN OPTIMAL LIFE-CYCLE MODEL
    • AFTER “TO VS. THROUGH”
    • APPENDIX A
    • ENDNOTES
    • REFERENCES
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  • Editor’s Letter
  • BOOK REVIEW: Is There a Retirement Crisis? An Exploration of the Current Debate
  • Editor’s Letter
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