Sometimes investors need to think big picture: how to build a smart portfolio, avoid mistakes, and access time-tested principles. Here to discuss investing ideas is Christine Benz, Morningstar’s director of personal finance and retirement planning.

This interview has been edited for length and clarity.

Are You Playing It Too Safe With Your Portfolio?

Q: What are some signs that an investor might be taking on too much risk or playing it too safe with their allocations?

A: People can use age 50 as kind of a rough cutoff as to whether they should care about taking too much risk. I sense a lot of complacency among older adults. As we age and we become more battle-tested in terms of the ups and downs, we feel more risk-tolerant, but our actual capacity to absorb risk has gone down.

The la

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