Resumo

ARBOLEDA BEDOYA, Alejandra; SOTO QUINTERO, Carlos Alberto  e  GUTIERREZ BETANCUR, Juan Carlos. Optimal investment paths during the life cycle of a multi-funds system. Journal of Economics, Finance and Administrative Science [online]. 2013, vol.18, n.35, pp.72-88. ISSN 2077-1886.

Taking into account the new Colombian multi-funds scheme of the Individual Benefits Plan, an analysis was made through the application of stochastic and actuarial tools with the purpose of determining the moment in which agents (according to their social characteristics: sex, income expectation, moment they begin to pay contributions, contribution probability) must transfer their retirement account into the different offered portfolios. Considering the profitability and the risk the agents want to assume, as key elements, it is generally observable that they must remain a great percentage of their working lives in the high-risk investment fund to achieve a greater financial capital accumulation and a greater probability to attain a reasonable replacement rate.

Palavras-chave : Multifondos; Tasa de reemplazo; Fondos del ciclo de vida; Valor en riesgo; Trayectoria óptima.

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