退休投资要因年龄而异

The past couple of years have proven tough for most retirement accounts. Diversification provided some respite, but, overall, most portfolios got mauled.

事实已经证明，过去几年对大部分退休帐户来说都是艰难的。多样化投资提供了一些缓解，但是总的来说，大部分投资组合都受到了打击。

Alas, there's no such thing as a risk-free approach to rebuilding your nest egg. Super safe may feel nice, but it pays no returns over time. A few of us are in a position to live off a super-safe approach, but most of us are trying to figure out how to get back on track.

哎呀，世上没有毫无风险就能重建储蓄的方法。超级安全或许感觉不错，但是随着时间的过去却没有分文的回报。我们中有很少一些人可以靠超级安全的方法过活，但大部分人仍在努力弄清如何才能重回正轨。

Figuring out how to deal with your retirement portfolio depends on where you are in your life. Time is perhaps the most important element in building or rebuilding a portfolio. That's one reason we're breaking down this nest-egg analysis into age groupings, aiming to give people some ideas that suit their current situation.

弄清楚如何处理自己的退休投资组合，这要取决于你的人生阶段。在建立或重建投资组合时，时间或许是最重要的一个因素。这也正是本文按不同年龄段进行储蓄分析的原因之一，旨在让人们明白符合自己当前状况的一些点子。

Under 40

If you are under 40, count yourself lucky. Two things are working in your favor. First, time -- if you have enough of it -- can heal wounds. The stock market will eventually recover and grow. Second, by saving early -- which you should definitely be doing -- you get the benefit of compounding, wherein early gains are built upon.

如果你不到40岁，你就算幸运的。你有两项优势。首先，如果你有足够时间的话，时间能治疗伤痛。股市最终将复苏并实现增长。其次，通过早早的攒钱（你现在应该正在这样做），你会获得“滚雪球”式的好处，早期的收益就是建立在这个基础上的。

You also want to take a long view of the investment arena. A lot of growth in coming years is expected to come from overseas, especially in emerging markets. Tim Medley of Medley & Brown Financial Advisers in Ridgeland, Miss., says clients should have at least 35% of their stock holdings in non-US stock funds.

你还应该长远地看待投资地点。预计未来几年的很多增长将来自海外，特别是新兴市场。密西西比州Medley & Brown Financial Advisers的麦德利(Tim Medley)说，客户应该至少有35%的股票资产投在非美国股票基金上。

In terms of risk, emerging-markets funds are more volatile than overseas funds that focus on developed economies like Japan or Western Europe. That volatility is emblematic of the risk in this cohort of funds. But as a younger investor, you want to have a bit more risk exposure, since greater risk tends to translate into greater returns over the long term.

说到风险，新兴市场基金比专注于日本或西欧这类发达经济体的海外基金的波动性更大。这种波动性代表了这类基金中存在的风险。不过，作为一名较年轻的投资者，你应该拥有多一些的风险敞口，原因是长远来看，更大的风险往往意味着更高的回报。

Also, given your long-term outlook, the drop in share prices is an opportunity. Great long-term investors, such as Warren Buffett, believe that US stock prices are still a relative bargain, even after the recent bounce-back in the major averages.

此外，鉴于你长线投资的战略，股价的下跌是一个机会。像巴菲特(Warren Buffett)这样出色的长线投资者认为，即使是在最近主要股指反弹之后，美国股价仍相对较低。

'For younger people, the best place to be is in well-selected stock mutual funds,' Mr. Medley says. He thinks some people, especially younger investors, have 'overlearned' the lesson of 2008 and therefore are shying away from the stock market too much. Among the fund families he prefers are Dodge & Cox, Oakmark and Primecap.

麦德利说，对于较年轻的人来说，最佳的投资目标是精选的股票共同基金。他认为，一些人（特别是较年轻的投资者）因2008年的教训而矫枉过正，远远避开了股市。他看好的基金包括Dodge & Cox, Oakmark和Primecap。