{"id":137,"date":"2017-06-09T11:14:00","date_gmt":"2017-06-09T03:14:00","guid":{"rendered":"https:\/\/blog.roboadvisor.com.tw\/?p=137"},"modified":"2026-10-27T09:54:30","modified_gmt":"2026-10-27T01:54:30","slug":"%e6%83%b3%e8%a6%81%e6%9c%89%e5%80%8b%e5%a5%bd%e7%9a%84%e9%80%80%e4%bc%91%e7%94%9f%e6%b4%bb-%e9%82%a3%e9%ba%bc%e5%b0%b1%e7%a5%88%e6%b1%82-%e8%82%a1%e5%b8%82-%e4%b8%8b%e8%b7%8c%e5%90%a7%ef%bc%81","status":"publish","type":"post","link":"https:\/\/blog.roboadvisor.com.tw\/?p=137","title":{"rendered":"\u5831\u916c\u9806\u5e8f\u98a8\u96aa\u662f\u4ec0\u9ebc\uff1f\u9000\u4f11\u524d\u5f8c\u6700\u6015\u5148\u8dcc"},"content":{"rendered":"<p class=\"wp-block-paragraph\">\u300c\u60f3\u8981\u6709\u597d\u7684\u9000\u4f11\u751f\u6d3b\uff0c\u90a3\u5c31\u7948\u6c42\u80a1\u5e02\u4e0b\u8dcc\u5427\u3002\u300d<\/p>\n\n<p class=\"wp-block-paragraph\">\u9019\u53e5\u8a71\u53ea\u5c0d\u4e86\u4e00\u534a\u3002<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>\u5831\u916c\u9806\u5e8f\u98a8\u96aa\uff08sequence of returns risk\uff09\u662f\u6307\uff1a\u5e73\u5747\u5831\u916c\u76f8\u540c\uff0c\u53ea\u56e0\u70ba\u6f32\u8dcc\u767c\u751f\u7684\u5148\u5f8c\u4e0d\u540c\uff0c\u6700\u5f8c\u7684\u8cc7\u7522\u5c31\u4e0d\u540c<\/strong>\uff0c\u9084\u5728\u5b58\u9322\u7684\u4eba\u9047\u5230\u5148\u8dcc\u5f8c\u6f32\u53cd\u800c\u6709\u5229\uff0c\u5df2\u7d93\u958b\u59cb\u63d0\u9818\u7684\u4eba\uff0c\u5148\u8dcc\u50b7\u5f97\u6700\u91cd\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4ee5 1,000 \u842c\u5143\u9000\u4f11\u3001\u6bcf\u5e74\u63d0\u9818 40 \u842c\u5143\uff084%\uff09\u8a66\u7b97\uff0c\u540c\u6a23\u56db\u5e74\u5831\u916c\uff0c\u5148\u8dcc\u5f8c\u6f32\u7684\u4eba\u56db\u5e74\u5f8c\u5269 736.5 \u842c\u5143\uff0c\u5148\u6f32\u5f8c\u8dcc\u7684\u4eba\u5269 804.3 \u842c\u5143\uff0c\u5dee\u4e86 67.8 \u842c\u5143\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7528\u98db\u884c\u4f86\u6bd4\u55bb\uff0c\u5b58\u9322\u662f\u722c\u5347\uff0c\u9000\u4f11\u662f\u964d\u843d\uff0c\u540c\u4e00\u9663\u4e82\u6d41\uff0c\u722c\u5347\u6642\u9047\u5230\u9084\u6709\u9ad8\u5ea6\u53ef\u4ee5\u6d88\u5316\uff0c\u964d\u843d\u524d\u9047\u5230\uff0c\u7559\u7d66\u4f60\u4fee\u6b63\u7684\u7a7a\u9593\u5c31\u5c11\u5f88\u591a\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9000\u4f11\u91d1\u7684\u554f\u984c\u5927\u81f4\u4f9d\u9019\u500b\u9806\u5e8f\u51fa\u73fe\uff1a\u5148\u7b97<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=14465\">\u9000\u4f11\u91d1\u600e\u9ebc\u7b97<\/a>\uff0c\u518d\u770b<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4614\">\u9000\u4f11\u7f3a\u53e3<\/a>\uff0c\u63a5\u8457\u6c7a\u5b9a<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4801\">\u9000\u4f11\u91d1\u63d0\u9818\u7b56\u7565<\/a>\uff0c\u958b\u59cb\u63d0\u9818\u4e4b\u5f8c\u8981\u9762\u5c0d\u7684\u5c31\u662f\u5831\u916c\u9806\u5e8f\u98a8\u96aa\uff0c\u518d\u5f80\u4e0b\u662f\u9000\u4f11\u5f8c\u7684\u8cc7\u7522\u914d\u7f6e\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u5831\u916c\u9806\u5e8f\u98a8\u96aa\u662f\u4ec0\u9ebc\uff1f\u53ea\u6295\u4e00\u7b46\u6642\u9806\u5e8f\u4e0d\u91cd\u8981<\/h2>\n\n<p class=\"wp-block-paragraph\">\u53ea\u6295\u5165\u4e00\u7b46\u9322\u3001\u4e2d\u9593\u4e0d\u52a0\u4e5f\u4e0d\u9818\uff0c\u5831\u916c\u7684\u9806\u5e8f\u5b8c\u5168\u4e0d\u5f71\u97ff\u7d50\u679c\uff0c\u56e0\u70ba\u4e58\u6cd5\u7684\u9806\u5e8f\u53ef\u4ee5\u4ea4\u63db\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u770b\u4e00\u500b\u56db\u5e74\u7684\u4f8b\u5b50\uff0c\u7532\u9047\u5230\u7684\u5831\u916c\u4f9d\u5e8f\u662f \uff0b25%\u3001\uff0b10%\u3001\u221210%\u3001\u221225%\uff0c\u4e59\u525b\u597d\u76f8\u53cd\uff0c\u4f9d\u5e8f\u662f \u221225%\u3001\u221210%\u3001\uff0b10%\u3001\uff0b25%\uff0c\u56db\u5e74\u7684\u7b97\u8853\u5e73\u5747\u5831\u916c\u90fd\u662f 0%\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5404\u6295\u5165 100 \u842c\u5143\u3001\u4e4b\u5f8c\u4e0d\u518d\u52d5\uff0c\u56db\u5e74\u5f8c\u5169\u4eba\u90fd\u5269 92.81 \u842c\u5143\uff08100 \u842c \u00d7 1.25 \u00d7 1.10 \u00d7 0.90 \u00d7 0.75\uff09\uff0c\u5e73\u5747\u5831\u916c 0%\uff0c\u5e33\u6236\u537b\u5c11\u4e86\u7d04 7.2%\uff0c\u9019\u662f\u6ce2\u52d5\u62d6\u7d2f\u8907\u5229\u7684\u7d50\u679c\uff0c\u8ddf\u9806\u5e8f\u7121\u95dc\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u904e\u4e00\u65e6\u4e2d\u9014\u6709\u9322\u9032\u51fa\uff0c\u9806\u5e8f\u5c31\u958b\u59cb\u6c7a\u5b9a\u7d50\u679c\uff0c\u5b58\u9322\u7684\u4eba\u6bcf\u5e74\u52a0\u78bc\uff0c\u63d0\u9818\u7684\u4eba\u6bcf\u5e74\u53d6\u7528\uff0c\u9019\u5169\u7a2e\u60c5\u6cc1\u6b63\u597d\u843d\u5728\u4eba\u751f\u7684\u5169\u6bb5\uff0c\u7d2f\u7a4d\u671f\u8207\u63d0\u9818\u671f\uff0c\u4e5f\u5c31\u662f\u722c\u5347\u8207\u964d\u843d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">1998 \u5e74\uff0c\u6295\u8cc7\u9867\u554f\u4f2f\u6069\u65af\u5766\uff08William Bernstein\uff09\u628a\u53ea\u7528\u56fa\u5b9a\u5e73\u5747\u5831\u916c\u7684\u9000\u4f11\u8a66\u7b97\u7a31\u70ba\u300c\u5730\u7344\u4f86\u7684\u9000\u4f11\u8a08\u7b97\u6a5f\u300d\uff0c\u56e0\u70ba\u5b83\u770b\u4e0d\u5230\u5831\u916c\u9806\u5e8f\uff1b\u4ed6\u6307\u51fa\u9000\u4f11\u5f8c\u982d\u5e7e\u5e74\u5831\u916c\u592a\u5dee\uff0c\u8cc7\u7522\u53ef\u80fd\u5728\u5e02\u5834\u56de\u5347\u524d\u5c31\u88ab\u63d0\u9818\u8017\u76e1<sup>[1]<\/sup>\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u7d2f\u7a4d\u671f\uff1a\u5148\u8dcc\u5f8c\u6f32\uff0c\u5c0d\u5b58\u9322\u7684\u4eba\u53cd\u800c\u6709\u5229<\/h2>\n\n<p class=\"wp-block-paragraph\">\u9084\u5728\u6301\u7e8c\u6295\u5165\u7684\u4eba\uff0c\u524d\u9762\u8dcc\u3001\u5f8c\u9762\u6f32\u6bd4\u8f03\u597d\uff0c\u65e9\u671f\u672c\u91d1\u5c11\uff0c\u6f32\u4e86\u5e6b\u52a9\u4e0d\u5927\uff0c\u665a\u671f\u672c\u91d1\u591a\uff0c\u9019\u6642\u5019\u7684\u6f32\u8dcc\u624d\u662f\u5927\u9322\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u63db\u4e00\u7d44\u6eab\u548c\u4e00\u9ede\u7684\u5831\u916c\uff0c\u56db\u5e74\u4f9d\u5e8f\u662f \uff0b15%\u3001\u221210%\u3001\uff0b6%\u3001\u22125%\uff0c\u6216\u628a\u9806\u5e8f\u985b\u5012\uff0c\u7b2c 1 \u5e74\u521d\u6295\u5165 50 \u842c\u5143\uff0c\u7b2c 2 \u5230\u7b2c 4 \u5e74\u521d\u5404\u518d\u6295\u5165 20 \u842c\u5143\uff0c\u7e3d\u5171\u6295\u5165 110 \u842c\u5143\uff0c\u6bcf\u5e74\u5e74\u521d\u6295\u5165\u5f8c\u518d\u8a08\u7b97\u7576\u5e74\u5831\u916c\uff08\u8a66\u7b97\uff0c\u672a\u8a08\u8cbb\u7528\u8207\u7a05\u8ca0\uff0c\u975e\u4efb\u4f55\u5be6\u969b\u5e33\u6236\u7e3e\u6548\uff09\u3002\u5148\u6f32\u5f8c\u8dcc\u7684\u4eba\u56db\u5e74\u7684\u5e74\u5e95\u9918\u984d\u4f9d\u5e8f\u662f 57.50\u300169.75\u300195.14\u3001109.38 \u842c\u5143\uff0c\u5148\u8dcc\u5f8c\u6f32\u7684\u4eba\u662f 47.50\u300171.55\u300182.40\u3001117.75 \u842c\u5143\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u540c\u6a23\u56db\u500b\u5831\u916c\uff0c\u5148\u8dcc\u5f8c\u6f32\u7684\u4eba\u591a\u4e86 8.38 \u842c\u5143\uff0c\u5148\u6f32\u5f8c\u8dcc\u7684\u4eba\u6295\u5165 110 \u842c\u5143\uff0c\u56db\u5e74\u5f8c\u9084\u4f4e\u65bc\u672c\u91d1\uff1b\u5982\u679c\u53ea\u5728\u7b2c 1 \u5e74\u6295\u5165 50 \u842c\u5143\u3001\u4e4b\u5f8c\u4e0d\u518d\u52a0\uff0c\u5169\u7a2e\u9806\u5e8f\u90fd\u662f 52.11 \u842c\u5143\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5831\u916c\u62c9\u5927\uff0c\u5dee\u8ddd\u66f4\u660e\u986f\uff0c\u7528\u7532\u3001\u4e59\u7684\u5831\u916c\uff0c\u6539\u6210\u6bcf\u5e74\u5e74\u521d\u5404\u6295\u5165 25 \u842c\u5143\u3001\u5171 100 \u842c\u5143\uff0c\u5148\u6f32\u5f8c\u8dcc\u7684\u7532\u56db\u5e74\u5f8c\u5269 77.39 \u842c\u5143\uff0c\u5148\u8dcc\u5f8c\u6f32\u7684\u4e59\u6709 119.77 \u842c\u5143\uff1b\u540c\u6a23 100 \u842c\u5143\u82e5\u5728\u7b2c 1 \u5e74\u4e00\u6b21\u6295\u5165\uff0c\u5169\u4eba\u90fd\u662f 92.81 \u842c\u5143\uff08\u8a66\u7b97\uff0c\u5047\u8a2d\u540c\u4e0a\uff09\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5b9a\u671f\u6295\u5165\u6642\uff0c\u524d\u671f\u4e0b\u8dcc\u7b49\u65bc\u7528\u8f03\u4f4e\u7684\u50f9\u683c\u8cb7\u9032\u8f03\u591a\u55ae\u4f4d\uff0c\u5f8c\u671f\u4e0a\u6f32\u6642\u9019\u4e9b\u55ae\u4f4d\u7684\u50f9\u503c\u4e00\u8d77\u653e\u5927\uff0c\u6240\u4ee5\u5c0d\u96e2\u9000\u4f11\u9084\u5f88\u9060\u7684\u4eba\uff0c\u80a1\u5e02\u4e0b\u8dcc\u662f\u52a0\u78bc\u7684\u6a5f\u6703\uff08\u722c\u5347\u9014\u4e2d\u7684\u4e82\u6d41\uff0c\u53cd\u800c\u8b93\u6cb9\u52a0\u5f97\u66f4\u4fbf\u5b9c\uff09\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u7f8e\u570b\u8ca1\u7d93\u4f5c\u5bb6 Nick Maggiulli \u5728 2017 \u5e74\u7528 20 \u5e74\u3001\u6bcf\u5e74\u6295\u5165 5,000 \u7f8e\u5143\u7684\u60c5\u5883\u756b\u51fa\u540c\u4e00\u4ef6\u4e8b\uff0c\u524d 10 \u5e74\u6bcf\u5e74 \u221210%\u3001\u5f8c 10 \u5e74\u6bcf\u5e74 \uff0b10%\uff0c\u548c\u9806\u5e8f\u985b\u5012\u7684\u60c5\u6cc1\uff0c\u5169\u8005\u5e73\u5747\u5831\u916c\u76f8\u540c\uff0c\u8ca0\u5831\u916c\u843d\u5728\u5f8c\u6bb5\u7684\u4eba\u7d50\u679c\u5dee\u5f97\u591a\uff0c\u56e0\u70ba\u8667\u640d\u767c\u751f\u5728\u672c\u91d1\u6700\u5927\u7684\u6642\u5019<sup>[4]<\/sup>\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/1-HMKxQKAKJBcRwD8cn-faaA.gif\" alt=\"\u6bcf\u5e74\u6295\u5165 5,000 \u7f8e\u5143\u300120 \u5e74\u7684\u5169\u7a2e\u5831\u916c\u9806\u5e8f\uff1a\u5de6\u70ba\u8ca0\u5831\u916c\u5728\u524d\uff0c\u53f3\u70ba\u8ca0\u5831\u916c\u5728\u5f8c\uff0c\u8ca0\u5831\u916c\u5728\u5f8c\u8005\u671f\u672b\u8cc7\u7522\u660e\u986f\u8f03\u5c11\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u5716\u7247\u4f86\u6e90\uff1aMaggiulli\uff082017\uff09\uff0cOf Dollars And Data<sup>[4]<\/sup><\/p>\n\n<p class=\"wp-block-paragraph\">\u300a\u6295\u8cc7\u7d42\u6975\u6230\u300b\uff08<em>Winning the Loser&#8217;s Game<\/em>\uff09\u4f5c\u8005\u827e\u5229\u65af\uff08Charles Ellis\uff09\u5728 2001 \u5e74\u53d7\u8a2a\u6642\u4e5f\u8aaa\u904e\uff0c\u80a1\u7968\u8b8a\u4fbf\u5b9c\uff0c\u5c0d\u9577\u671f\u6295\u8cc7\u4eba\u600e\u9ebc\u6703\u662f\u58de\u6d88\u606f<sup>[8]<\/sup>\uff0c\u9019\u53e5\u8a71\u6210\u7acb\u7684\u524d\u63d0\u662f\u4f60\u9084\u5728\u8cb7\u3002<\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-mid alpha-cta-retire has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"border-left-color:#006ece;border-left-width:4px;background-color:#f3f7fb;padding:16px 20px\">\n<p class=\"wp-block-paragraph\"><strong>\u770b\u5b8c\u898f\u5b9a\uff0c\u9084\u662f\u4e0d\u78ba\u5b9a\u81ea\u5df1\u7684\u9000\u4f11\u91d1\u5920\u4e0d\u5920\u7528\uff1f<\/strong><\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-left is-layout-flex wp-container-core-buttons-is-layout-7b4500cd wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" style=\"border-radius:50px;color:#ffffff;background-color:#00b900;border:2px solid #00b900;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u52a0 LINE\uff0c\u9867\u554f\u5e6b\u4f60\u770b\u9000\u4f11\u7f3a\u53e3<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u63d0\u9818\u671f\uff1a\u5148\u8dcc\u50b7\u6700\u91cd\uff081,000 \u842c\u5143\u3001\u6bcf\u5e74\u63d0\u9818 4% \u8a66\u7b97\uff09<\/h2>\n\n<p class=\"wp-block-paragraph\">\u958b\u59cb\u63d0\u9818\u4e4b\u5f8c\uff0c\u65b9\u5411\u6574\u500b\u53cd\u904e\u4f86\uff0c\u5148\u8dcc\u7684\u4eba\u5fc5\u9808\u5728\u4f4e\u9ede\u8ce3\u51fa\u8cc7\u7522\u4f86\u652f\u61c9\u751f\u6d3b\u8cbb\uff0c\u8ce3\u6389\u7684\u90e8\u5206\u7b49\u4e0d\u5230\u53cd\u5f48\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u964d\u843d\u968e\u6bb5\u9047\u5230\u4e82\u6d41\uff0c\u98db\u6a5f\u4e0d\u80fd\u8aaa\u5148\u505c\u5728\u7a7a\u4e2d\u7b49\u5929\u6c23\u8b8a\u597d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5047\u8a2d\u4e00\u4f4d 60 \u6b72\u9000\u4f11\u8005\u6709 1,000 \u842c\u5143\u7684\u6295\u8cc7\u7d44\u5408\uff0c\u6bcf\u5e74\u5e74\u521d\u63d0\u9818 40 \u842c\u5143\uff084%\uff0c\u7d04\u6bcf\u6708 3.33 \u842c\u5143\uff09\uff0c\u540c\u6a23\u7528\u7532\u3001\u4e59\u5169\u7d44\u5831\u916c\uff1a<\/p>\n\n<figure class=\"wp-block-table\"><table>\n<thead>\n<tr>\n<th>\u5e74\u5ea6<\/th>\n<th>\u5148\u8dcc\u5f8c\u6f32\uff1a\u5831\u916c<\/th>\n<th>\u5e74\u5e95\u9918\u984d<\/th>\n<th>\u5148\u6f32\u5f8c\u8dcc\uff1a\u5831\u916c<\/th>\n<th>\u5e74\u5e95\u9918\u984d<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u7b2c 1 \u5e74<\/td>\n<td>\u221225%<\/td>\n<td>720.0 \u842c<\/td>\n<td>\uff0b25%<\/td>\n<td>1,200.0 \u842c<\/td>\n<\/tr>\n<tr>\n<td>\u7b2c 2 \u5e74<\/td>\n<td>\u221210%<\/td>\n<td>612.0 \u842c<\/td>\n<td>\uff0b10%<\/td>\n<td>1,276.0 \u842c<\/td>\n<\/tr>\n<tr>\n<td>\u7b2c 3 \u5e74<\/td>\n<td>\uff0b10%<\/td>\n<td>629.2 \u842c<\/td>\n<td>\u221210%<\/td>\n<td>1,112.4 \u842c<\/td>\n<\/tr>\n<tr>\n<td>\u7b2c 4 \u5e74<\/td>\n<td>\uff0b25%<\/td>\n<td>736.5 \u842c<\/td>\n<td>\u221225%<\/td>\n<td>804.3 \u842c<\/td>\n<\/tr>\n<tr>\n<td>\u56db\u5e74\u5171\u63d0\u9818<\/td>\n<td><\/td>\n<td>160 \u842c<\/td>\n<td><\/td>\n<td>160 \u842c<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/figure>\n\n<p class=\"wp-block-paragraph\">\u8a66\u7b97\u8aaa\u660e\uff1a\u6bcf\u5e74\u5e74\u521d\u63d0\u9818 40 \u842c\u5143\u5f8c\u518d\u8a08\u7b97\u7576\u5e74\u5831\u916c\uff0c\u63d0\u9818\u91d1\u984d\u4e0d\u96a8\u901a\u81a8\u8abf\u6574\uff0c\u672a\u8a08\u8cbb\u7528\u8207\u7a05\u8ca0\uff0c\u975e\u4efb\u4f55\u5be6\u969b\u5e33\u6236\u7e3e\u6548<\/p>\n\n<p class=\"wp-block-paragraph\">\u540c\u6a23\u9019\u5169\u7d44\u5831\u916c\uff0c\u5728\u7d2f\u7a4d\u671f\u662f\u5148\u8dcc\u7684\u4eba\u591a 42 \u842c\u5143\uff0c\u5230\u4e86\u63d0\u9818\u671f\u8b8a\u6210\u5148\u8dcc\u7684\u4eba\u5c11 68 \u842c\u5143\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/\u5831\u916c\u9806\u5e8f\u4e09\u7a2e\u60c5\u5883.png\" alt=\"\u540c\u4e00\u7d44\u56db\u5e74\u5831\u916c\u7684\u4e09\u7a2e\u60c5\u5883\uff1a\u4e00\u6b21\u6295\u5165 100 \u842c\u5143\u5169\u7a2e\u9806\u5e8f\u90fd\u5269 92.81 \u842c\u5143\uff1b\u6bcf\u5e74\u6295\u5165 25 \u842c\u5143\uff0c\u5148\u8dcc\u5f8c\u6f32 119.8 \u842c\u5143\u3001\u5148\u6f32\u5f8c\u8dcc 77.4 \u842c\u5143\uff1b1,000 \u842c\u5143\u6bcf\u5e74\u63d0\u9818 40 \u842c\u5143\uff0c\u5148\u6f32\u5f8c\u8dcc 804.3 \u842c\u5143\u3001\u5148\u8dcc\u5f8c\u6f32 736.5 \u842c\u5143\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u5716\u7247\u4f86\u6e90\uff1a\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u6574\u7406\uff0c\u4f9d\u6587\u4e2d\u8a66\u7b97\u5047\u8a2d\uff0c\u975e\u4efb\u4f55\u5be6\u969b\u5e33\u6236\u7e3e\u6548<\/p>\n\n<p class=\"wp-block-paragraph\">\u5dee\u8ddd\u9084\u6703\u5f80\u5f8c\u5ef6\u7e8c\uff0c\u7b2c 5 \u5e74\u8d77\uff0c\u5148\u8dcc\u7684\u4eba\u6bcf\u5e74\u9818 40 \u842c\u5143\uff0c\u7b49\u65bc\u5f9e 736.5 \u842c\u5143\u88e1\u63d0\u9818 5.43%\uff0c\u5148\u6f32\u7684\u4eba\u662f\u5f9e 804.3 \u842c\u5143\u88e1\u63d0\u9818 4.97%\uff1b\u5047\u8a2d\u7b2c 5 \u5e74\u8d77\u6bcf\u5e74\u5831\u916c\u90fd\u662f 4%\u3001\u6bcf\u5e74\u7167\u9818 40 \u842c\u5143\uff08\u8a66\u7b97\uff09\uff0c\u5148\u8dcc\u7684\u4eba\u53ef\u4ee5\u518d\u9818 31 \u5e74\uff0c\u6490\u5230\u9000\u4f11\u5f8c\u7b2c 35 \u5e74\uff0c\u5148\u6f32\u7684\u4eba\u53ef\u4ee5\u518d\u9818 37 \u5e74\uff0c\u6490\u5230\u7b2c 41 \u5e74\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6bcf\u5e74\u8a72\u9818\u591a\u5c11\u3001\u8981\u4e0d\u8981\u56fa\u5b9a\u9818\uff0c\u662f\u63a5\u8457\u8981\u6c7a\u5b9a\u7684\u4e8b\uff0c\u56fa\u5b9a\u91d1\u984d\u3001\u56fa\u5b9a\u6bd4\u4f8b\u3001\u52d5\u614b\u8abf\u6574\u7b49\u516d\u7a2e\u505a\u6cd5\u7684\u5dee\u5225\uff0c\u898b<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4801\">\u300a\u9000\u4f11\u91d1\u63d0\u9818\u7b56\u7565\uff1a6 \u7a2e\u5b8c\u6574\u4ecb\u7d39\u300b<\/a>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6b77\u53f2\u8cc7\u6599\u4e5f\u6307\u5411\u540c\u4e00\u4ef6\u4e8b\uff0c4% \u6cd5\u5247\u7684\u539f\u59cb\u7814\u7a76\u4e2d\uff0cWilliam Bengen \u7528 1926 \u5230 1976 \u5e74\u6bcf\u4e00\u5e74\u958b\u59cb\u9000\u4f11\u7684\u7f8e\u570b\u8cc7\u6599\u56de\u6e2c\uff0c\u6490\u5f97\u6700\u77ed\u7684\u8d77\u59cb\u5e74\u4efd\u662f 1966 \u5e74\uff0c\u9000\u4f11\u6c92\u5e7e\u5e74\u5c31\u9047\u4e0a 1969 \u5e74\u7684\u4e0b\u8dcc\u8207 1973 \u5230 1974 \u5e74\u7684\u80a1\u5e02\u91cd\u632b\u52a0\u9ad8\u901a\u81a8<sup>[2]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">Morningstar 2025 \u5e74 12 \u6708\u4ee5\u524d\u77bb\u5831\u916c\u5047\u8a2d\u4f30\u7b97\uff0c30 \u5e74\u671f\u3001\u4e5d\u6210\u6a5f\u7387\u4e0d\u63d0\u524d\u7528\u5b8c\u7684\u8d77\u59cb\u5b89\u5168\u63d0\u9818\u7387\u662f 3.9%<sup>[3]<\/sup>\uff0c4% \u5df2\u7d93\u63a5\u8fd1\u4e0a\u7de3\uff0c\u7d93\u4e0d\u8d77\u9000\u4f11\u521d\u671f\u518d\u4f86\u4e00\u6bb5\u5148\u8dcc\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u70ba\u4ec0\u9ebc\u9000\u4f11\u524d\u5f8c\u5e7e\u5e74\u6700\u5371\u96aa<\/h2>\n\n<p class=\"wp-block-paragraph\">\u5831\u916c\u9806\u5e8f\u98a8\u96aa\u5728\u9000\u4f11\u524d\u5f8c\u5e7e\u5e74\u6700\u5927\uff0c\u9019\u6642\u8cc7\u7522\u6700\u591a\u3001\u672a\u4f86\u9084\u80fd\u6295\u5165\u7684\u9322\u6700\u5c11\uff0c\u63d0\u9818\u53c8\u5373\u5c07\u958b\u59cb\u6216\u525b\u958b\u59cb\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5b58\u4e86\u4e09\u5341\u5e74\u7684\u9322\u90fd\u5728\u5e33\u4e0a\uff0c\u540c\u6a23\u8dcc 25%\uff0c\u91d1\u984d\u662f\u5e74\u8f15\u6642\u7684\u597d\u5e7e\u500d\uff0c\u96e2\u958b\u8077\u5834\u5f8c\uff0c\u4e0d\u518d\u6709\u85aa\u6c34\u53ef\u4ee5\u5728\u4f4e\u9ede\u8cb7\u9032\uff0c\u5728\u4f4e\u9ede\u8ce3\u51fa\u7684\u55ae\u4f4d\uff0c\u4e4b\u5f8c\u53cd\u5f48\u4e5f\u62ff\u4e0d\u56de\u4f86\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u9ad8\u5ea6\u6700\u4f4e\u3001\u901f\u5ea6\u6700\u6162\u3001\u53c8\u6c92\u6709\u91cd\u98db\u7684\u6cb9\uff0c\u9019\u5c31\u662f\u964d\u843d\u524d\u90a3\u5e7e\u5206\u9418\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u6240\u4ee5\u5e74\u8f15\u6642\u770b\u5230\u80a1\u5e02\u4e0b\u8dcc\u53ef\u4ee5\u7576\u6210\u597d\u6d88\u606f\uff0c\u63a5\u8fd1\u9000\u4f11\u6642\u5c31\u8981\u5148\u60f3\u597d\uff0c\u5982\u679c\u525b\u9000\u4f11\u5c31\u9047\u4e0a\u5927\u8dcc\uff0c\u751f\u6d3b\u8cbb\u5f9e\u54ea\u88e1\u4f86\uff1f<\/p>\n\n<p class=\"wp-block-paragraph\">\u7f3a\u53e3\u7b97\u5f97\u8d8a\u7dca\uff0c\u8d8a\u7d93\u4e0d\u8d77\u9019\u7a2e\u60c5\u6cc1\uff0c\u9084\u6c92\u7b97\u904e\u81ea\u5df1\u8981\u6e96\u5099\u591a\u5c11\uff0c\u53ef\u4ee5\u5148\u770b<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4614\">\u300a\u9000\u4f11\u898f\u5283\u5148\u7b97\u7f3a\u53e3\u300b<\/a>\u3002\u53f0\u7063\u8b80\u8005\u9084\u6709\u4e00\u9805\u512a\u52e2\uff0c\u52de\u4fdd\u5e74\u91d1\u3001\u52de\u9000\u6708\u9818\u9019\u985e\u7d42\u8eab\u7d66\u4ed8\u4e0d\u53d7\u80a1\u5e02\u5f71\u97ff\uff08\u50cf\u662f\u4e0d\u9760\u5f15\u64ce\u4e5f\u80fd\u6ed1\u7fd4\u7684\u90a3\u4e00\u6bb5\u9ad8\u5ea6\uff09\uff0c\u5360\u751f\u6d3b\u8cbb\u7684\u6bd4\u4f8b\u8d8a\u9ad8\uff0c\u6295\u8cc7\u7d44\u5408\u9700\u8981\u63d0\u9818\u7684\u91d1\u984d\u8d8a\u5c11\uff0c\u5831\u916c\u9806\u5e8f\u7684\u885d\u64ca\u4e5f\u8d8a\u5c0f\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u600e\u9ebc\u964d\u4f4e\u5831\u916c\u9806\u5e8f\u98a8\u96aa\uff1a\u73fe\u91d1\u7de9\u885d\u3001\u80a1\u50b5\u914d\u7f6e\u3001\u5f48\u6027\u63d0\u9818<\/h2>\n\n<p class=\"wp-block-paragraph\"><strong>\u9806\u5e8f\u7121\u6cd5\u9810\u6e2c\uff0c\u80fd\u63a7\u5236\u7684\u662f\u4e09\u4ef6\u4e8b\uff1a\u8dcc\u7684\u6642\u5019\u9322\u5f9e\u54ea\u88e1\u62ff\u3001\u7d44\u5408\u88e1\u653e\u591a\u5c11\u80a1\u7968\u3001\u8dcc\u4e86\u4ee5\u5f8c\u9818\u591a\u5c11<\/strong><\/p>\n\n<p class=\"wp-block-paragraph\">\u4e82\u6d41\u4ec0\u9ebc\u6642\u5019\u4f86\uff0c\u6a5f\u9577\u4e5f\u4e0d\u77e5\u9053\uff0c\u4ed6\u80fd\u6e96\u5099\u7684\u662f\u5099\u7528\u6cb9\u3001\u98db\u884c\u9ad8\u5ea6\uff0c\u4ee5\u53ca\u9047\u5230\u4e82\u6d41\u6642\u8981\u4e0d\u8981\u6e1b\u901f\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u73fe\u91d1\u7de9\u885d\uff1a\u4e0b\u8dcc\u6642\u5148\u52d5\u7528\u73fe\u91d1<\/h3>\n\n<p class=\"wp-block-paragraph\">\u5148\u8aaa\u5099\u7528\u6cb9\uff0cMorningstar \u500b\u4eba\u7406\u8ca1\u8207\u9000\u4f11\u898f\u5283\u7e3d\u76e3 Christine Benz \u63d0\u51fa\u7684\u300c\u6c34\u6876\u6cd5\u300d\uff0c\u628a 1\u20132 \u5e74\u7684\u9810\u8a08\u63d0\u9818\u91d1\u984d\u653e\u5728\u73fe\u91d1\u985e\u8cc7\u7522\uff0c\u63a5\u4e0b\u4f86\u5e7e\u5e74\u7684\u91d1\u984d\u653e\u5728\u9ad8\u54c1\u8cea\u50b5\u5238\uff0c\u5176\u9918\u624d\u653e\u80a1\u7968\uff0c\u80a1\u5e02\u4e0b\u8dcc\u6642\u5148\u5f9e\u73fe\u91d1\u8207\u50b5\u5238\u63d0\u9818\uff0c\u4e0d\u5fc5\u5728\u4f4e\u9ede\u8ce3\u80a1\u7968<sup>[6]<\/sup>\uff0c\u5979\u4e5f\u63d0\u9192\uff0c\u73fe\u91d1\u90e8\u4f4d\u8981\u4f9d\u300c\u9700\u8981\u5f9e\u6295\u8cc7\u7d44\u5408\u63d0\u9818\u7684\u91d1\u984d\u300d\u8a08\u7b97\uff0c\u5148\u6263\u6389\u5e74\u91d1\u7b49\u5176\u4ed6\u6536\u5165\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4ee5\u524d\u9762\u7684\u4f8b\u5b50\uff0c\u6bcf\u5e74\u63d0\u9818 40 \u842c\u5143\uff0c1\u20132 \u5e74\u5c31\u662f 40 \u842c\u5230 80 \u842c\u5143\uff0c\u52de\u4fdd\u3001\u52de\u9000\u6708\u9818\u5df2\u7d93\u652f\u61c9\u7684\u90e8\u5206\u4e0d\u5fc5\u91cd\u8907\u6e96\u5099\uff0c\u4ee3\u50f9\u662f\u9019\u7b46\u73fe\u91d1\u8207\u77ed\u671f\u50b5\u5238\u7684\u5831\u916c\u8f03\u4f4e\u3002<\/p>\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/blog.roboadvisor.com.tw\/wp-content\/uploads\/2026\/10\/\u6c34\u6876\u6cd5\u793a\u610f.png\" alt=\"\u6c34\u6876\u6cd5\u793a\u610f\uff1a\u8cc7\u7522\u5206\u6210\u73fe\u91d1\u985e\uff081\u20132 \u5e74\u63d0\u9818\u91d1\u984d\uff0c\u4f8b\u5982 40 \u842c\u5230 80 \u842c\u5143\uff09\u3001\u9ad8\u54c1\u8cea\u50b5\u5238\u3001\u80a1\u7968\u4e09\u6876\uff0c\u80a1\u5e02\u4e0b\u8dcc\u6642\u5148\u5f9e\u73fe\u91d1\u652f\u61c9\u751f\u6d3b\u8cbb\uff0c\u73fe\u91d1\u7528\u5b8c\u518d\u52d5\u7528\u50b5\u5238\uff0c\u4e0d\u5fc5\u5728\u4f4e\u9ede\u8ce3\u80a1\u7968\"\/><\/figure>\n\n<p class=\"wp-block-paragraph\">\u5716\u7247\u4f86\u6e90\uff1aBenz\uff08Morningstar\uff09\u6c34\u6876\u6cd5<sup>[6]<\/sup>\uff1b\u963f\u723e\u767c\u6295\u8cc7\u7814\u7a76\u5718\u968a\u6574\u7406<\/p>\n\n<h3 class=\"wp-block-heading\">\u80a1\u50b5\u914d\u7f6e\uff1a\u9000\u4f11\u521d\u671f\u7684\u80a1\u7968\u6bd4\u91cd<\/h3>\n\n<p class=\"wp-block-paragraph\">\u9000\u4f11\u898f\u5283\u7814\u7a76\u8005 Wade Pfau \u8207 Michael Kitces \u5728 2014 \u5e74\u7684\u7814\u7a76\u767c\u73fe\uff0c\u9000\u4f11\u5f8c\u80a1\u7968\u6bd4\u91cd\u5f9e\u4f4e\u5f80\u4e0a\u8abf\u7684\u7d44\u5408\uff0c\u7528\u5b8c\u8cc7\u7522\u7684\u6a5f\u7387\u8207\u56b4\u91cd\u7a0b\u5ea6\u90fd\u53ef\u80fd\u8f03\u4f4e\uff0c\u4f8b\u5982\u5f9e 30% \u80a1\u7968\u958b\u59cb\u3001\u9010\u6b65\u63d0\u9ad8\u5230 60% \u7684\u7d44\u5408\uff0c\u7d50\u679c\u512a\u65bc\u5168\u7a0b\u7dad\u6301 60% \u80a1\u7968\u7684\u7d44\u5408<sup>[5]<\/sup>\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u908f\u8f2f\u662f\u9000\u4f11\u521d\u671f\u80a1\u7968\u5c11\uff0c\u5148\u8dcc\u7684\u50b7\u5bb3\u5c0f\uff0c\u4e4b\u5f8c\u82e5\u5e02\u5834\u56de\u5347\uff0c\u80a1\u7968\u6bd4\u91cd\u5df2\u7d93\u63d0\u9ad8\uff0c\u6709\u9ede\u50cf\u964d\u843d\u524d\u5148\u628a\u9ad8\u5ea6\u548c\u901f\u5ea6\u58d3\u4f4e\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u904e\u80a1\u7968\u4e5f\u4e0d\u80fd\u592a\u5c11\uff0cBengen \u7684\u56de\u6e2c\u4e2d\uff0c\u80a1\u7968\u6bd4\u91cd\u4f4e\u65bc 50% \u7684\u7d44\u5408\u53cd\u800c\u8f03\u65e9\u7528\u5b8c\uff0c\u4ed6\u5efa\u8b70\u9000\u4f11\u521d\u671f\u80a1\u7968\u6bd4\u91cd\u5728 50%\u201375% \u4e4b\u9593<sup>[2]<\/sup>\uff08\u592a\u4f4e\u7684\u98db\u6a5f\uff0c\u6cb9\u4e5f\u71d2\u5f97\u6bd4\u8f03\u5147\uff09\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5169\u4efd\u7814\u7a76\u7684\u7d44\u5408\u8207\u689d\u4ef6\u4e0d\u540c\uff0c\u5171\u540c\u9ede\u662f\u9000\u4f11\u90a3\u5e7e\u5e74\u7684\u80a1\u50b5\u6bd4\u4f8b\u8981\u4e8b\u5148\u898f\u5283\uff0c\u4e0d\u8981\u7b49\u5927\u8dcc\u767c\u751f\u624d\u6c7a\u5b9a\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u5f48\u6027\u63d0\u9818\uff1a\u8dcc\u4e86\u5c11\u9818\u4e00\u9ede<\/h3>\n\n<p class=\"wp-block-paragraph\">Jonathan Guyton \u8207 William Klinger \u5728 2006 \u5e74\u6e2c\u8a66\u4e00\u7d44\u300c\u8b77\u6b04\u300d\u898f\u5247\uff0c\u5e02\u5834\u5927\u8dcc\u3001\u63d0\u9818\u7387\u504f\u96e2\u8d77\u59cb\u503c\u592a\u591a\u6642\u6e1b\u5c11\u63d0\u9818\uff0c\u5e02\u5834\u5927\u6f32\u6642\u624d\u589e\u52a0\u3002\u4ed6\u5011\u7684\u6a21\u64ec\u986f\u793a\uff0c\u80a1\u7968\u6bd4\u91cd\u81f3\u5c11 65% \u7684\u7d44\u5408\uff0c\u642d\u914d\u9019\u4e9b\u898f\u5247\uff0c\u8d77\u59cb\u63d0\u9818\u7387 5.2%\u20135.6% \u5728 99% \u7684\u4fe1\u5fc3\u6c34\u6e96\u4e0b\u53ef\u4ee5\u7dad\u6301 40 \u5e74<sup>[7]<\/sup>\uff0c\u9019\u662f\u7f8e\u570b\u8cc7\u6599\u8207\u7279\u5b9a\u898f\u5247\u4e0b\u7684\u7814\u7a76\u7d50\u679c\uff0c\u610f\u601d\u662f\u9858\u610f\u5728\u4e0b\u8dcc\u6642\u5c11\u9818\uff0c\u53ef\u4ee5\u63db\u5230\u8f03\u9ad8\u7684\u5e73\u5747\u63d0\u9818\uff0c\u4ee3\u50f9\u662f\u6bcf\u5e74\u751f\u6d3b\u8cbb\u6703\u6709\u8d77\u4f0f\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u63d0\u9818\u898f\u5247\u7684\u7d30\u7bc0\uff0c\u56fa\u5b9a\u91d1\u984d\u8207\u52d5\u614b\u8abf\u6574\u5404\u6709\u4ec0\u9ebc\u512a\u7f3a\u9ede\uff0c\u5728<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=4801\">\u300a\u9000\u4f11\u91d1\u63d0\u9818\u7b56\u7565\u300b<\/a>\u6709\u5b8c\u6574\u6bd4\u8f03\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u7528\u8499\u5730\u5361\u7f85\u6a21\u64ec\u6aa2\u9a57\u8a08\u756b<\/h3>\n\n<p class=\"wp-block-paragraph\">\u524d\u9762\u7684\u8a66\u7b97\u53ea\u6709\u4e00\u689d\u8def\u5f91\uff0c\u771f\u5be6\u7684\u9000\u4f11\u671f\u9593\u6709\u5e7e\u5341\u5e74\uff0c\u9806\u5e8f\u6709\u7121\u6578\u7a2e\uff0c\u8499\u5730\u5361\u7f85\u6a21\u64ec\u53ef\u4ee5\u4e00\u6b21\u6aa2\u9a57\u4e0a\u5343\u7a2e\u9806\u5e8f\uff0c\u7b97\u51fa\u8a08\u756b\u6490\u5230\u7d42\u9ede\u7684\u6a5f\u7387\uff0c\u505a\u6cd5\u898b<a href=\"https:\/\/blog.roboadvisor.com.tw\/?p=1551\">\u300a\u8499\u5730\u5361\u7f85\u6a21\u64ec\u662f\u4ec0\u9ebc\uff1f\u300b<\/a>\uff0c\u9019\u5c31\u662f\u98db\u884c\u54e1\u5728\u6a21\u64ec\u6a5f\u88e1\u53cd\u8986\u6f14\u7df4\u5404\u7a2e\u5929\u6c23\u7684\u610f\u601d\u3002<\/p>\n\n<h2 class=\"wp-block-heading\">\u6211\u7684\u60f3\u6cd5<\/h2>\n\n<p class=\"wp-block-paragraph\">\u6211\u89ba\u5f97\u5831\u916c\u9806\u5e8f\u98a8\u96aa\u6700\u53cd\u76f4\u89ba\u7684\u5730\u65b9\uff0c\u662f\u540c\u4e00\u7d44\u5831\u916c\u3001\u540c\u4e00\u500b\u5e73\u5747\uff0c\u63db\u500b\u4eba\u3001\u63db\u500b\u6642\u9593\u9ede\uff0c\u7d50\u8ad6\u5c31\u6574\u500b\u7ffb\u904e\u4f86\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u5b58\u9322\u7684\u4eba\u6015\u7684\u662f\u4e0d\u8dcc\uff0c\u63d0\u9818\u7684\u4eba\u6015\u7684\u662f\u5148\u8dcc\uff0c\u6240\u4ee5\u300c\u7948\u6c42\u80a1\u5e02\u4e0b\u8dcc\u300d\u9019\u53e5\u8a71\uff0c\u6211\u53ea\u6703\u8b1b\u7d66\u96e2\u9000\u4f11\u9084\u5f88\u9060\u7684\u4eba\u807d\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">1,000 \u842c\u5143\u90a3\u5f35\u8868\u88e1\uff0c\u56db\u5e74\u5c31\u5dee\u4e86 67.8 \u842c\u5143\uff0c\u800c\u4e14\u5dee\u8ddd\u6703\u4e00\u8def\u5ef6\u7e8c\u5230\u7b2c 35 \u5e74\u548c\u7b2c 41 \u5e74\uff0c\u8aaa\u5be6\u5728\u4e0d\u662f\u5c0f\u6578\u76ee\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u4e0d\u904e\u9806\u5e8f\u6c92\u6709\u4eba\u80fd\u9810\u6e2c\uff0c\u6211\u4e0d\u77e5\u9053\uff0c\u6c92\u6709\u4eba\u77e5\u9053\uff0c\u80fd\u505a\u7684\u53ea\u6709\u964d\u843d\u524d\u628a\u5099\u7528\u6cb9\u52a0\u597d\uff08\u4e00\u5169\u5e74\u7684\u63d0\u9818\u653e\u73fe\u91d1\uff09\u3001\u628a\u9ad8\u5ea6\u548c\u901f\u5ea6\u8abf\u597d\uff08\u9000\u4f11\u521d\u671f\u7684\u80a1\u50b5\u6bd4\u4f8b\uff09\uff0c\u7136\u5f8c\u63a5\u53d7\u9047\u5230\u4e82\u6d41\u6642\u5c11\u9818\u4e00\u9ede\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u52de\u4fdd\u3001\u52de\u9000\u9019\u985e\u7d42\u8eab\u7d66\u4ed8\uff0c\u6211\u89ba\u5f97\u662f\u53f0\u7063\u9000\u4f11\u8005\u88ab\u4f4e\u4f30\u7684\u4e00\u584a\uff0c\u5b83\u5360\u751f\u6d3b\u8cbb\u8d8a\u591a\uff0c\u6295\u8cc7\u7d44\u5408\u8981\u625b\u7684\u5c31\u8d8a\u5c11\u3002<\/p>\n\n<p class=\"wp-block-paragraph\">\u722c\u5347\u6642\u6b61\u8fce\u4e82\u6d41\uff0c\u964d\u843d\u524d\u5148\u6e96\u5099\u597d\u3002<\/p>\n\n\n<div class=\"wp-block-group alpha-cta alpha-cta-end alpha-cta-retire has-background is-layout-flow wp-block-group-is-layout-flow\" style=\"background-color:#f3f7fb;padding:32px 20px\">\n<p class=\"has-text-align-center wp-block-paragraph\" style=\"font-size:clamp(16.834px, 1.052rem + ((1vw - 3.2px) * 0.716), 26px);font-weight:700\">\u9000\u4f11\u91d1\u5920\u4e0d\u5920\uff0c\u5148\u770b\u7f3a\u53e3\u6709\u591a\u5927<\/p>\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">\u52de\u4fdd\u3001\u52de\u9000\u3001\u516c\u6559\u5e74\u91d1\u52a0\u8d77\u4f86\u80fd\u9818\u591a\u5c11\uff0c\u548c\u4f60\u60f3\u904e\u7684\u751f\u6d3b\u9084\u5dee\u591a\u5c11\uff0c\u52a0\u5165\u5b98\u65b9 LINE \u7559\u8a00\uff0c\u963f\u723e\u767c\u9867\u554f\u548c\u4f60\u4e00\u8d77\u770b<\/p>\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-fe0a7de2 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/urli.ai\/line\/XpZpxkKi\" style=\"border-radius:50px;color:#ffffff;background-color:#00b900;border:2px solid #00b900;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u52a0 LINE\uff0c\u9867\u554f\u5e6b\u4f60\u770b\u9000\u4f11\u7f3a\u53e3<\/strong><\/a><\/div>\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-text-color has-background wp-element-button\" href=\"https:\/\/roboadvisor.com.tw\/portfolio-calculator\/?Camp=Blog\" style=\"border-radius:50px;color:#006ece;background-color:#ffffff;border:2px solid #006ece;font-size:clamp(14px, 0.875rem + ((1vw - 3.2px) * 0.234), 17px);line-height:1.4;padding:10px 26px\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>\u514d\u8cbb\u8a66\u7b97\u6295\u8cc7\u7d44\u5408<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\">\u5e38\u898b\u554f\u984c<\/h2>\n\n<h3 class=\"wp-block-heading\">\u5b9a\u671f\u5b9a\u984d\u7684\u4eba\u9700\u8981\u64d4\u5fc3\u5831\u916c\u9806\u5e8f\u98a8\u96aa\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u96e2\u76ee\u6a19\u9084\u9060\u7684\u6642\u5019\u4e0d\u592a\u9700\u8981\uff0c\u524d\u671f\u4e0b\u8dcc\u53cd\u800c\u80fd\u7528\u8f03\u4f4e\u50f9\u683c\u7d2f\u7a4d\u8f03\u591a\u55ae\u4f4d\uff1b\u6108\u63a5\u8fd1\u9000\u4f11\uff0c\u5e33\u4e0a\u91d1\u984d\u6108\u5927\uff0c\u9806\u5e8f\u7684\u5f71\u97ff\u6108\u5927\uff0c\u9019\u6642\u5c31\u8981\u958b\u59cb\u898f\u5283\u80a1\u50b5\u6bd4\u4f8b\u8207\u63d0\u9818\u65b9\u5f0f\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">\u525b\u9000\u4f11\u5c31\u9047\u5230\u80a1\u5e02\u5927\u8dcc\uff0c\u8a72\u5168\u90e8\u8ce3\u6389\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u5168\u90e8\u8ce3\u6389\u7b49\u65bc\u628a\u5e33\u9762\u8667\u640d\u8b8a\u6210\u5be6\u969b\u8667\u640d\uff0c\u4e5f\u932f\u904e\u4e4b\u5f8c\u7684\u53cd\u5f48\uff0c\u8f03\u5e38\u898b\u7684\u8655\u7406\u662f\u5148\u52d5\u7528\u73fe\u91d1\u8207\u50b5\u5238\u652f\u61c9\u751f\u6d3b\u8cbb\u3001\u66ab\u6642\u6e1b\u5c11\u63d0\u9818\uff0c\u8b93\u80a1\u7968\u90e8\u4f4d\u6709\u6642\u9593\u56de\u5347\uff1b\u5be6\u969b\u505a\u6cd5\u8981\u770b\u500b\u4eba\u7684\u6536\u5165\u7d50\u69cb\u8207\u914d\u7f6e\uff0c\u5fc5\u8981\u6642\u8acb\u5c08\u696d\u9867\u554f\u5354\u52a9\u6aa2\u8996\u3002<\/p>\n\n<h3 class=\"wp-block-heading\">4% \u6cd5\u5247\u6709\u8003\u616e\u5831\u916c\u9806\u5e8f\u98a8\u96aa\u55ce\uff1f<\/h3>\n\n<p class=\"wp-block-paragraph\">\u6709\uff0cBengen \u7684 4% \u662f\u7528 1926 \u5230 1976 \u5e74\u6bcf\u500b\u8d77\u59cb\u5e74\u4efd\u56de\u6e2c\uff0c\u5305\u542b 1966 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J. (1998). <em>The retirement calculator from hell<\/em>. Efficient Frontier. http:\/\/www.efficientfrontier.com\/ef\/998\/hell.htm<\/li>\n<li>[2] Bengen, W. P. (1994). Determining withdrawal rates using historical data. <em>Journal of Financial Planning, 7<\/em>(4), 171\u2013180. https:\/\/www.financialplanningassociation.org\/sites\/default\/files\/2021-04\/MAR04%20Determining%20Withdrawal%20Rates%20Using%20Historical%20Data.pdf<\/li>\n<li>[3] Morningstar. (2025, December). <em>What&#8217;s a safe retirement withdrawal rate for 2026?<\/em> https:\/\/www.morningstar.com\/retirement\/whats-safe-retirement-withdrawal-rate-2026<\/li>\n<li>[4] Maggiulli, N. (2017, May 30). <em>The end is everything<\/em>. Of Dollars And Data. https:\/\/ofdollarsanddata.com\/the-end-is-everything\/<\/li>\n<li>[5] Pfau, W. D., &amp; Kitces, M. E. (2014). Reducing retirement risk with a rising equity glide path. <em>Journal of Financial Planning, 27<\/em>(1), 38\u201345. https:\/\/www.financialplanningassociation.org\/article\/journal\/JAN14-reducing-retirement-risk-rising-equity-glide-path<\/li>\n<li>[6] Benz, C. (n.d.). <em>The bucket approach to retirement portfolio construction<\/em>. Morningstar. https:\/\/www.morningstar.com\/retirement\/bucket-approach-retirement-portfolio-construction<\/li>\n<li>[7] Guyton, J. T., &amp; Klinger, W. J. (2006, March). Decision rules and maximum initial withdrawal rates. <em>Journal of Financial Planning<\/em>. https:\/\/www.financialplanningassociation.org\/article\/journal\/MAR06-decision-rules-and-maximum-initial-withdrawal-rates<\/li>\n<li>[8] Zweig, J. (2016, September 1). <em>Wall Street&#8217;s wisest man<\/em> [Interview with Charles D. 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