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Why your portfolio needs plenty of stocks - whatever your age

The prudent road ahead for any retiree is to plan on a longer-than-normal life where the retiree typically liquidates only a small portion of his or her assets every year.

WHEN I went to work in Wall Street in 1972, it was an article of faith that older investors should own less common stock than younger ones. One rule of thumb suggested that your equity exposure should equal 100 per cent minus your age: 70 per cent for a 30-year-old, for example, but just 35 per...