美国最大的退休基金管理机构之一正在就如何动用401(k)养老储蓄这一热门问题发表看法。
One of the biggest retirement-fund managers in the U.S. is weighing in on the hot-button issue of how to draw down your 401(k) nest egg.
作为美国最大的主动目标日期基金管理机构，资本集团（Capital Group）将开始为其基金持有人提供有研究支持的取款策略。该投资管理机构在研究了退休投资组合在不同市场情景下的假设表现后，根据个人的目标和开支，确定了两种不同的方法。它计划于周三公布建议的年度取款区间及相关研究。
Capital Group, the country’s largest manager of active target-date funds, will start offering research-backed withdrawal strategies for holders of its funds. The investment manager landed on two different approaches, depending on a person’s goals and expenses, after studying the hypothetical performance of a retirement portfolio across market scenarios. It is set to publish recommended annual withdrawal ranges and the research supporting them on Wednesday.
对于持有资本集团目标日期基金中近半万亿美元资产的1100万名401(k)计划参与者来说，这些取款方法旨在作为解决一个常常令人压力巨大的问题的信息性起点：如何从养老储蓄中取款，而又不至于过快耗尽。
For the 11 million 401(k) plan participants that hold nearly half a trillion dollars in Capital Group’s target-date funds, the withdrawal approaches are intended to be an informational starting point for figuring out an often stressful problem: how much to withdraw from a nest egg, without running the risk of depleting it too quickly.
目标日期基金现在已成为大多数企业401(k)计划中员工的默认投资选择。这类基金投资于股票和债券的组合，随着员工接近退休，组合会从激进型逐渐转向更保守型。
Target-date funds are now the default investment choice for employees in a majority of corporate 401(k) plans. Such funds invest in a mix of stocks and bonds that shifts from aggressive to more conservative as employees approach retirement.
对于退休后仍将资金留在资本集团目标日期基金中的人来说，其滑行路径在退休后期仍会继续转向更保守的资产组合。
For people who keep money in their Capital Group target-date funds after retiring, the glide path continues to shift to a more conservative asset mix later in retirement.
目标日期基金因帮助更多美国人自动投资于适合其年龄的风险匹配投资组合而受到赞誉。然而，近年来，华盛顿和华尔街的领导人表示，退休人员往往不得不独自想办法让储蓄维持更久。
Target-date funds have been lauded as a success in helping more Americans automatically invest in a risk-appropriate portfolio for their age. Still, leaders in Washington and on Wall Street have sounded off in recent years that retirees are often left on their own to figure out how to make their savings last.
随着年长员工退休并将资金转入个人退休账户，越来越多的雇主正在寻找方法，让他们留在401(k)计划中，因为规模更大的计划在谈判降低投资和服务费用方面拥有更大的议价能力。这正在推动对以退休收入为重点的产品和建议的需求。
As older workers retire and roll their money over to individual retirement accounts, more employers are looking for ways to keep them in 401(k) plans, because larger plans have more leverage to bargain for lower investment and service fees. That is creating demand for retirement-income-focused products and advice.
Capital Group的一些主要竞争对手（如Vanguard Group、BlackRock和Fidelity）最近推出了新的目标日期基金（target-date funds），这些基金旨在解决退休收入问题：用户可以选择购买年金，从而获得终身保障的收入。
Some of Capital Group’s biggest retirement fund competitors, including Vanguard Group, BlackRock, and Fidelity, have recently announced new target-date funds that attempt to tackle the retirement-income puzzle by embedding the option to buy an annuity, giving those who opt-in some level of guaranteed income for life.
Capital Group尚未推出类似的产品。Capital Group目标日期退休基金的主要投资官Michelle Black表示，只要采用合理的资金提取策略，购买年金其实并非必要。
Capital Group has yet to roll out such a product. Michelle Black, the principal investment officer of Capital Group’s target-date retirement funds, says annuities aren’t necessary if a smart drawdown strategy is employed.
Black在接受采访时说：“在考虑退休收入的问题时，我们希望设计出一种简单易懂的解决方案。我们的投资策略非常容易理解，用户也可以随时进行调整；而购买年金则是一个一旦做出就无法撤销的决定。” Capital Group的这两种资金提取策略将通过雇主提供的资料以及401(k)账户平台向用户进行说明。
“Thinking about retirement income, we wanted to create something where the beauty is in the simplicity,” Black said in an interview. “Our framework is easy to understand, and it’s also something you can opt to make a change to at any time. Buying an annuity is a decision you can’t undo.”Capital Group’s two withdrawal strategies will be conveyed to account holders through employer materials and 401(k) account portals.
其中一种策略是固定金额、与通胀挂钩的提取方式，这种策略类似于许多金融顾问多年来推荐的“4%提取规则”：即退休时从账户余额中提取4%至4.5%的资金，之后每年再提取相同金额的资金，并根据通胀情况进行调整。
The first, a fixed-dollar, inflation-indexed strategy, is reminiscent of the “4% rule” that many financial advisers have recommended for decades. Under that approach, Capital Group recommends taking a withdrawal between 4% and 4.5% of the total account balance at retirement, and then withdrawing that same dollar amount annually, with adjustments for inflation.
Black认为，这种固定金额的提取方式能够提供可预测的收入流，尤其适合那些固定开支较高、且除了401(k)计划外收入来源有限的退休人员。不过，如果市场表现异常糟糕，这种策略也可能会导致退休后的资金迅速耗尽。
The fixed-dollar approach results in a predictable income stream and is likely the best option for retirees with high fixed expenses and limited income sources outside of their 401(k) plan, Black said. But it also runs a higher risk of depletion later in retirement, in the event of abnormally poor market returns.
第二种、采用浮动提取金额的策略是：在每年年底从退休账户中提取5%至5.5%的金额。这种策略降低了账户资金被耗尽的风险，因为在市场低迷的年份，提取的金额会相应减少。虽然这种策略使得退休人员每年的401(k)计划收入变得不太可预测，但它能更好地保护账户余额，因此更适合那些有较高消费灵活性的退休人员。
The second, variable-dollar, approach involves taking a withdrawal of between 5% and 5.5% of the retirement account balance at the end of each year. This approach runs a lower risk of the account ever depleting, because withdrawals shrink in years when markets are down. It makes a retiree’s income from their 401(k) less predictable in any given year, but better preserves the balance, making it attractive for retirees with greater spending flexibility.
Capital Group的研究发现：对于选择固定提取金额（年利率为4%且与通胀挂钩）的退休人员来说，他们在95岁时仍能保留至少10%账户初始余额的概率为84%。
Capital Group’s research found that the probability of retaining at least 10% of the account’s initial balance at age 95 was 84% for a retiree taking fixed, inflation-indexed 4% withdrawals.
而对于选择浮动提取金额的退休人员来说，账户资金被耗尽的概率几乎为零。在Capital Group的模拟中，采用这种策略的退休人员在扣除法定最低提取额后的剩余余额平均约为初始余额的74%；如果不扣除这些法定提取额，剩余余额甚至会超过初始余额的100%。
For a retiree taking variable withdrawals, the probability of depleting an account is minimal. The median outcome for a retiree using this strategy in Capital Group’s simulation is retaining about 74% of the original balance if accounting for required minimum distributions, and more than 100% without accounting for them.
Black表示：“401(k)计划一直以来都侧重于帮助参与者积累资产。但如今，越来越多的退休人员希望找到能够将他们所积累的所有资产转化为退休收入的解决方案。”
“401(k) plans have historically focused on helping participants accumulate assets. But there’s a growing number of retirees looking for solutions to help turn everything they’ve saved into retirement income,” Black said.