The “Squaring of the curve” issue relates to which of the following?

Much lower spending as we age.

Much higher spending as we age.

Higher risk of longer healthier life in the future.

Higher risk of higher medical expenses in the future.

Each of the following is a main constraint on investor’s investment goals EXCEPT:

Goal’s return objective.

Goal’s liquidity requirement.

Goal’s marketability requirement.

Client’s specific tax considerations.

Client’s time until retirement.

All of the following are the reasons to prefer ‘Total Return” approach instead of ‘Income Portfolio’ approach, EXCEPT:

Total return allocates higher proportion to equity.

Income portfolio imposes unnecessary constraints.

Income portfolios will result in subpar long-term growth.

Total return portfolios are typically more volatile.