@article {Janssen23, author = {Ronald Janssen and Bert Kramer and Guus Boender}, title = {Life Cycle Investing: From Target-Date to Goal-Based Investing }, volume = {16}, number = {1}, pages = {23--32}, year = {2013}, doi = {10.3905/jwm.2013.16.1.023}, publisher = {Institutional Investor Journals Umbrella}, abstract = {The authors propose the use of goal based investing{\textemdash}or private ALM, as they prefer to call it{\textemdash}to tailor a dynamic investment strategy to the needs of individual clients. They argue that this approach is superior to the {\textquotedblleft}one-size-fits-all,{\textquotedblright} target-date-oriented static allocation path used in most current life cycle funds. They present the two pillars of their approach: the methodology for obtaining financial and economic scenarios, and the methodology of the goal-oriented dynamic allocation strategy. This approach reduces the risks and improves the feasibility of meeting the clients{\textquoteright} goals.TOPICS: Retirement, portfolio construction, simulations}, issn = {1534-7524}, URL = {https://jwm.pm-research.com/content/16/1/23}, eprint = {https://jwm.pm-research.com/content/16/1/23.full.pdf}, journal = {The Journal of Wealth Management} }