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Good Reasons for Stock Exposure to Decline in Retirement

Recent research supports ramping up equity exposure during retirement, but investors' own risk aversion and the lumpiness of income needs could make it impractical, says Vanguard's Steve Utkus

Christine Benz: Hi, I'm Christine Benz for Morningstar.com. The traditional formula for retirement asset allocation calls for ever larger helpings of conservative securities, but some recent research has challenged that assertion. I recently sat down with Vanguard's Steve Utkus to discuss that topic.

Steve, thank you so much for being here.