Invest Less in Stocks Now and More Later?

This contrarian view on asset allocation may help decrease the likelihood of having to draw down your retirement portfolio during a bear market.

The customary approach to asset allocation is to start with a relatively high allotment to stocks when you retire—say, 60%—and to pare back as you get older. But Michael Kitces, of Pinnacle Advisory Group, a money management firm in Columbia, Md., says you may be better off turning that advice on its head if you retire when the stock market is richly valued, as many experts believe it is today.

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Kathy Kristof
Contributing Editor, Kiplinger's Personal Finance
Kristof, editor of, is an award-winning financial journalist, who writes regularly for Kiplinger's Personal Finance and CBS MoneyWatch. She's the author of Investing 101, Taming the Tuition Tiger and Kathy Kristof's Complete Book of Dollars and Sense. But perhaps her biggest claim to fame is that she was once a Jeopardy question: Kathy Kristof replaced what famous personal finance columnist, who died in 1991? Answer: Sylvia Porter.