Do Retirees Invest Like 30-Year Olds?

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The Wall Street Journal (WSJ) recently reported that “America’s retirees are investing more like 30-year-olds.”

Is it true?

Datapoints the WSJ used to support this included the following:

  1. At Vanguard, one fifth of taxable-brokerage account investors aged 85 or older have nearly all their money in stocks.
  1. Nearly half of Vanguard 401(k) investors who are actively managing their money and over age 55 held more than 70% of their portfolios in stocks. In 2011, just 38% of 55 and older investors did so.