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$26,548 1981 −3.19% $14,400 $26,863 1982 6.61% $15,600 $29,918 1983 25.37% $16,800 $39,013 1984 6.47% $18,000 $42,815 1985 51.83% $19,200 $66,827 1986 45.35% $20,400 $98,878 1987 10.06% $21,600 $110,146 1988 20.56% $22,800 $134,238 1989 24.15% $24,000 $168,147 1990 −12.00% $25,200 $149,025 1991 18.42% $26,400 $177,897 1992 −4.10% $27,600 $171,754 1993 25.25% $28,800 $216,624 1994 6.19% $30,000 $231,308 1995 20.73% $31,200 $280,707 1996 13.73% $32,400 $320,612 1997 15.33% $33,600 $371,146 1998 27.58% $34,800 $475,039 1999 29.04% $36,000 $614,539 2000 −13.80% $37,200 $530,767 2001 −17.86% $38,400 $436,958 2002 −18.75% $39,600 $356,003 2003 38.08% $40,800 $493,226 2004 18.27% $42,000 $584,758 2005 11.52% $43,200 $653,460 2006 23.11% $44,400 $805,953 2007 11.16% $45,600 $897,231 2008 −41.72% $46,800 $523,605 2009 30.40% $48,000 $684,346 2010 8.62% $49,200 $744,640 2011 −7.99% $50,400 $686,248 2012 18.34% $51,600 $813,526 2013 26.59% $52,800 $1,031,361 2014 2.02% $54,000 $1,053,419 2015 −0.44% $55,200 $1,049,979 2016 6.53% $56,400 $1,119,821 2017 −2.25% $57,600 $1,394,068 2018 18.52% $58,800 $1,258,000 2019 28.21% $60,000 $1,595,348 2020 16.61% $61,200 $1,895,913

      SOURCE: Morningstar Direct.

      Your Investment Time Horizon Is Longer Than You Think

      A few years ago, I met a 50‐year‐old Canadian woman who lives and works in Ethiopia. “I need to take bigger risks with my money,” she said, “because I'm only going to be investing for 15 years. I want to retire when I'm 65.” She failed to realize, however, that if she retires at age 65, her investment duration isn't 15 years. If she lives until she's 85, her investment duration would be 35 years. Investment lifetimes have two

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