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pyt · 2021年10月11日

rebalancing range.

Emma Young, a 47-year-old single mother of two daughters, ages 7 and 10, recently sold a business for $5.5 million net of taxes and put the proceeds into a money market account. Her other assets include a tax-deferred retirement account worth $3.0 million, a $500,000 after-tax account designated for her daughters’ education, a $400,000 after-tax account for unexpected needs, and her home, which she owns outright.

Her living expenses are fully covered by her job. Young wants to retire in 15 years and to fund her retirement from existing assets. An orphan at eight who experienced childhood financial hardships, she places a high priority on retirement security and wants to avoid losing money in any of her three accounts.

The broker suggests that Young rebalance her $5.5 million money market account and the $3.0 million tax-deferred retirement account periodically in order to maintain their targeted allocations. The broker proposes the same risk profile for the equity positions with two potential target equity allocations and rebalancing ranges for the two accounts as follows:

  • Alternative 1: 80% equities +/– 8.0% rebalancing range
  • Alternative 2: 75% equities +/– 10.7% rebalancing range

Q. Determine which alternative best fits each account. 


Solution: $5.5 million goes with Alternative 2; $3 million goes with Alternative 1.


可以解释答案吗?看不懂。。。。

1 个答案
已采纳答案

pzqa015 · 2021年10月14日

嗨,从没放弃的小努力你好:



5.5 million投入到money market account,这个账户是有税收的;

3million在一个TDA账户,是没有税收的。

给出的两个alternative,在资产配置上相差不大,而区别在于rebalance range,所以要从这个点入手。


结论是:税收越高,越不能频繁调整,rebalance range wider。

税收越低,可以频繁调整,rebalance range narrow。

所以5.5million选择rebalance range wider的方案,即alternative 1;3million选择rebalance range narrow的方案,即alternative 2.

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