20 percent Cash and CD

　　20%持有现金和活期存款

　　5 percent Other bonds

　　5%买其他债权

　　In this scenario, 20 percent of an investor’s portfolio would be placed into equities, with the other 80 percent invested in fixed income.

　　这个方案中，投资者收益的20%投到股票上，剩余80%用于投资固定收益的产品。

　　The equities would be in a basic S&P 500 index fund or similar investments designed to mirror the movement of the overall stock market. The fixed income investments would be largely comprised of bonds, with some cash and CDs.

　　股票是标准普尔500指数基金或类似的投资产品，要能反映整个股市的走势。固定收益的投资中大部分是债券，还有一些现金和活期存款。

　　With this much money placed in fixed income securities, a person’s portfolio would be reasonably protected against a bad stock market crash. However, this portfolio might struggle to generate the kind of income the retiree needs.

　　大部分钱放在固定收益的投资中，个人收益就会得到合理的保护，以免遭遇糟糕的股市暴跌。然而这笔收益产生的收入勉强够退休者所需。

　　Doug Amis, the owner and CEO of Cardinal Retirement Planning, notes that between 1926 and 2017, a 20/80 portfolio generated an average annual return of 6.7 percent. That’s barely above the withdrawal rate needed to produce the necessary $33,000 and investors with shorter time horizons may see lower returns.

　　卡迪纳尔退休计划的老板兼首席执行官Doug Amis指出，1926年-2017年间20/80的投资方案创造了年均6.7%的回报率，刚刚超过要赚到所需的33,000美元的提款比率，短期投资者的收益会更少。

　　This portfolio could work, Amis says, but “it’s not what we would recommend based on future expected returns.”

　　Amis说这个方案有用，但“基于未来预期收益我们并不建议这种投资”。

　　50/50

　　50/50投资方案

　　(50% equities and 50% fixed income)

　　(50%买股票，50%买固定收益的投资产品)

　　25% U.S. Equities

　　25%买美国股票

　　25% International Equities

　　25%买国际股票

　　20% U.S. Treasuries

　　20%买美国国债

　　10% Global Bonds

　　10%买全球债券

　　10% Corporate Bonds

　　10%买公司债券

　　15% Cash and CDs

　　15%持有现金和活期存款

　　Amis says a better portfolio would place involve placing half of the funds in equities and the other half in fixed income.

　　Amis说，更好的理财产品要用一半资产买股票，另一半买固定收益的投资产品。

　　The equities could be placed in a combination of U.S. equities, along with stocks and funds focused on international and emerging markets.

　　股票包括美股和以国际和新兴市场为主的股票和基金。

　　Research from Vanguard suggests such a portfolio has generated an average annual return of 8.4 percent over time. That would bring about $42,000 in annual income the first year and give the retiree some extra cushion and allow some accommodation for inflation.

　　领航投资(先锋集团)的研究表明长期做这样的投资能产生年均8.4%的收益，第一年年收入约为$42,000，退休者能有一些额外存款并抵消通货膨胀带来的损失。

　　However, it’s key to note that the additional equity does bring some additional risk.

　　然而值得注意的是额外的股票的确会增加风险。

　　A 50/50 portfolio lost money in 17 of 92 years between 1926 and 2017, compared to 12 down years for the 20/80 portfolio.

　　50/50的投资方案在1926年-2017年的92年间有17年是赔钱的，相比之下20/80的投资方案有12年赔钱。