Next up is Stephen and he has a really good question because pensions, of course, have

declined over the last 40 to 50 years, but there are still a lot of government employees

that have pensions and some private sector employees too.

And he asked, can I treat my government pension as a bond in my retirement portfolio and

be more aggressive with other retirement vehicles?

The pension will replace 100% of the income needed in retirement.

So how should he think about his pension there?

Yeah, this is really interesting and I don't love the way that the question gets worded

because we get asked this all the time, can I consider my pension a bond?

Ah, well, that's not exactly right.

Like when you think about portfolio construction, that's not exactly a one for one.

So I think you have to like remove that thinking.

But can I or might it be okay or is it permissible for me to have a slightly higher risk tolerance,

have a slightly more aggressive portfolio because I have a pension in the background?

I think that's probably a more appropriate way to approach this, especially if you have

a pension that's backed by the government, by the full faith and credit of the government.

It's a little bit different than a pension that's backed by a corporation that could maybe

not be as well funded or not be as secure.

So Stephen, I think I wouldn't say, okay, if I need a 60-40, but my fixed income is

going to be that I wouldn't construct my portfolio that way.

What I would think about is, okay, I've got my liquid portfolio, the dollars that I'm building

and saving today, if I were normally going to be a 60-40, perhaps it's okay for me to

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