Retirement Planning: Think Outside the Pie Chart
Job, home, and Social Security are just as important to retirement as your investment portfolio--and should be part of the plan.
Note: We're refeaturing this article as part of Morningstar's October 2014 5 Keys to Retirement Investing special report. An earlier version appeared June 22, 2014 and is an excerpt from the working paper "No Portfolio Is an Island" by David Blanchett and Philip Straehl. The full paper is available on Morningstar's corporate website.
"No man is an island," John Donne said. Just as a person's life is part of a bigger picture, so is his or her financial-asset portfolio. An individual's economic worth is made up of more than just the assets held in an investment portfolio.