How to Inflation-Proof Your Retirement Portfolio

如何让你的退休投资组合保值

Retirement savers and retirees need to defend against the eroding effects inflation has on their nest egg and legacy goals.

退休储蓄者和退休人员需要抵御通货膨胀对他们的储蓄和遗产的侵蚀作用。

If you haven’t thought about how to tweak your financial plan given current and future rates of inflation, now would be a good time to do so.

如果你还没有考虑过在当前和未来的通货膨胀率下如何调整你的财务计划，现在是时候这样做了。

“As America’s economy reopens, we are seeing higher inflation rates,” said Philip Herzberg, a lead financial adviser with Team Hewins.

Hewins团队首席财务顾问菲利普·赫茨伯格(Philip Herzberg)表示:“随着美国经济重新开放，我们将看到更高的通胀率。”

And this unwelcome spike should, said Herzberg, prompt savers to consider the threat higher inflation could pose to their financial plans. “The 6.8% rise in the consumer price index over the past year marked the highest inflation increase in 30 years,” he said. “Keeping in mind the soaring, double-digit inflation rates of the 1970s, savers may be concerned now.”

赫茨伯格说，这种不受欢迎的上涨应该会促使储蓄者考虑更高的通胀可能对他们的财务计划构成的威胁。 他说:“去年消费者价格指数上涨6.8%，标志着30年来最高的通货膨胀率。” “考虑到上世纪70年代两位数的通胀率飙升，储户现在可能要担心了。”

But even if inflation never reaches those levels again (12% in 1974 and 14.5% in 1980), you still need to think about the eroding effects it has on your nest egg and legacy goals over the long haul, said Herzberg.

但是，赫茨伯格说，即使通胀永远不会再达到这些水平(1974年为12%，1980年为14.5%)，你仍然需要考虑它对你的储蓄和遗产的侵蚀效应。

What to do? Check whether your investments strategy and retirement income plan are protected against inflation for the long term. “The optimal long-term approach to combat rising inflation is to grow your income and investment returns at a faster pace than the inflation rate,” said Herzberg.

那该怎么做呢?检查你的投资策略和退休收入计划是否能长期抵御通货膨胀。赫茨伯格表示，"对抗通胀上升的最佳长期方法是，以高于通胀的速度增加收入和投资回报。"
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But don’t the inflation tail wag the investment dog. “Your investment strategy should not be solely based on hedging against inflation in isolation of other considerations that are pivotal to your overall financial plan,” said Herzberg. “A diversified investment portfolio is important to not only protect your purchasing power over time, but also to provide a greater level of risk protection should one investment asset underperform over a period.”

但不要因为通货膨胀而影响投资。"你的投资策略不应仅仅基于对通胀的对冲，而将其他对你整体财务计划至关重要的考虑孤立起来，" 赫茨伯格说。“多元化的投资组合很重要，它不仅可以保护你长期购买力，还可以在一项投资资产在一段时间内表现不佳时，提供更高水平的风险保护。”
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Global Equities Could Provide Protection

全球股市可以提供保护

Where to invest? According to Herzberg, global equities, over long periods of time, historically provide both income and growth. Other investment advisers also advocate for investing in global equities in the current environment. “We continue to believe equity investors will be rewarded for allocating as much of their equity exposure to non-U.S. markets as their risk tolerance allows,” wrote John Thorndike, co-head of asset allocation at GMO, in the company’s third-quarter report.

投资在哪里?根据赫茨伯格的说法，从历史上看，长期来看，全球股票既能带来收入，也能带来增长。其他投资顾问也主张在当前环境下投资全球股市。“我们仍然认为，股票投资者将尽可能多地配置非美国股票敞口，将获得回报。GMO资产配置联席主管约翰·桑代克(John Thorndike)在该公司第三季度报告中写道。

Dividend Stocks May Fuel Growth

股息股可能推动增长
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In addition, Herzberg said dividend-paying stocks provide growth on the income. “Equities have generated better total returns - income plus capital appreciation - compared to bonds over time, which makes them a viable option to fighting inflation,” he said. “Even without capital appreciation, stock dividends alone have kept up with inflation over time. In particular, dividends over the past 150 years paid by U.S. companies have grown 3.7% per year compared with 2% per year for inflation.”

此外，赫茨伯格还表示，派息类股票还能带来收入增长。他表示:“长期来看，与债券相比，股票产生了更好的总回报——收入加上资本增值——这使它们成为对抗通胀的可行选择。”“即使没有资本增值，长期来看，仅股票股息一项就与通胀保持同步。特别是，在过去150年里，美国企业支付的股息每年增长3.7%，相比之下，由于通货膨胀，股息每年增长2%。”

Don’t Forget Fixed Income

别忘了固定收益

Because of the volatility associated with equities, you may want to choose investments that pay a fixed income, such as a bond fund, said Herzberg. “However, a fixed-income investment, in today’s low interest rate environment, may pay an income too low for most investors,” he said. “Plus, inflation, over the long haul, is going to make the income even lower.”

赫茨伯格说，由于股票的波动性，你可能会选择支付固定收益的投资，比如债券基金。"不过，在当前低利率环境下，对多数投资者而言，固定收益投资的收益可能过低，"他表示。“此外，从长远来看，通货膨胀会使收入更低。”

The upshot, said Herzberg, is that stocks likely deliver the long-term retiree a better chance for a successful financial outlook.

赫茨伯格说，其结果是，股票可能会让长期退休的人有更好的机会获得成功的财务前景。

A Pro Offers Peace of Mind

专业人士提供内心的平静
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You could seek out a certified financial planner professional to uate the short- and long-term impact of inflation on your financial planning. “Foundationally, a robust financial plan ensures that your purchasing power needs are met in today’s environment of high inflation, persistently low interest rates, and a volatile stock market,” said Herzberg.

你可以找一个专业的注册理财规划师来评估通货膨胀对你的理财计划的短期和长期影响。赫茨伯格说:“从根本上说，一个稳健的财务计划可以确保你的购买力需求在当今高通胀、持续低利率和动荡的股市环境下得到满足。”