You know the asset-allocation drill. At the intersection of your age and risk tolerance is the optimal mix of stocks and bonds for your portfolio. This seems clear enough. But what happens if you add future income streams, such as Social Security or a company pension, into the mix?

Since those are guaranteed” payments, some advisers suggest doing the math to estimate their present value. Then, since such benefits are safe” sources of income, these advisers recommend treating their present value as part of the bond or fixed-income portion of your portfolio, thereby enabling more of the rest of the portfolio to be invested in equities. Is that a good idea?

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