人力资本、理财规划与养老保险

Human Capital,Financial Plan and Pension

个人理财规划核心问题就是,把生命中富有生产力的阶段所创造的财富,如何有效地在一生中合理分配。传统的理财建议中往往忽略人力资本因素,而对大多数人来说,在年轻时拥有的最大财富是人力资本,它是未来预期劳动力收入的现值。人力资本不仅与传统投资在结构上相互影响,还与人寿保险与养老金安排在收益方面相互作用。

The core issue of individual finance plan is the spreading of the income from the economically productive part of an individual＇s life over that person＇s whole life. And traditional advice failed to consider human capital. The best asset that most human beings have, at least when they are young, is their human capital, i.e. the present value of their expected future labor income. Human capital not only interacts with traditional investments through the correlation structure, but also interacts with life insurance and annuities because these assets have payoffs linked to the holders＇ longevity.