Spend Stage​

Goals-based retirement income strategies that aim to take the guesswork out of hitting your client’s target distribution rate 




Longevity Risk Versus Shortfall Risk

Bucketing a client’s savings is a time-tested strategy designed with the goal of providing retirement income and legacy wealth. Yet, as people live longer and returns from fixed income securities shrink, solving spending needs becomes more complex.

Horizon believes a goals-based retirement solution that empowers advisors to help their clients should include:

  • An automated process for taking distributions and replenishing the spending reserve
  • Growth-oriented portfolios to overcome inflation
  • Risk mitigation designed to reduce the chances of a catastrophic loss
  • Financial planning technology to forecast a variety of “probability of success” scenarios

A Systematic Retirement Income Strategy

Real Spend® is designed to meet the needs of today’s retirees who seek current income, asset preservation, and portfolio growth during what may be a long retirement. It’s an income strategy that doesn’t depend on fixed income to address both longevity and shortfall risks.


Retirement portfolio construction, modernized

Real Spend divides the assets of a retiree’s nest egg into two buckets. 

Growth Component

A portfolio tilted towards equities that aims to generate returns to replenish the distribution component

Protection Component

Disciplined, automated, algorithmic portfolio risk mitigation feature seeking to limit catastrophic loss

Distribution Component

A multi-year reserve of liquid assets to provide systematic income distributions

Could combining Real Spend with an annuity increase your client's retirement income success? Read the white paper.

Find out how to get started with Real Spend in your practice.

GAIN Stage

In this stage, we seek to grow assets
while being mindful of volatility.


Within this stage, we seek to mitigate drawdown risk, while continuing to grow assets.

Learn about our other investment strategies.

Past performance is not indicative of future results. 

RiskAssist® is NOT A GUARANTEE against loss or declines in the value of a portfolio; it is an investment strategy that supplements a more traditional strategy by periodically modifying exposure to fixed income securities based on Horizon’s view of market conditions. While Risk Assist was designed with the goal of limiting drawdown, Horizon is not able to predict all market conditions and ensure that Risk Assist will always limit drawdown as designed.

Accounts with Risk Assist® are not fully protected against all loss. Furthermore, when Risk Assist® is deployed (whether partially or entirely) to mitigate risk for an account, the account will not be fully invested in its original strategy, and accordingly during periods of strong market growth the account may underperform accounts that do not have the Risk Assist® feature. 

The Real Spend® retirement income strategy is NOT A GUARANTEE against market loss and there is no guarantee that the Real Spend® strategy chosen by an investor will be successful for the entirety of an investor’s retirement. Real Spend® is an asset allocation strategy that uses an investment model to (i) plan savings amounts and overall asset allocation during the distribution phase of retirement planning, (ii) compute target retirement wealth, assuming a retirement budget and a spending-investment strategy after retirement, (iii) compute the transition from the accumulation phase to the retirement phase, and (iv) generate the spending-investment strategy after retirement. Our retirement spending investment strategy uses an allocation model that replenishes cash needed for withdrawals. Before investing, consider the investment objectives, risks, charges, and expenses of the strategy. All investing involves risk. This strategy is not an insurance product with payments guaranteed. It is a strategy that invests in marketable securities, any of which may fluctuate in value. There is a possibility of outliving the assets if market performance is lower than forecasts used in planning, or if longevity is longer than anticipated. Calculations used with investors are estimates based on historical market behaviors, and there is no assurance that these behaviors will be repeated in the future. Investors should note that historical data suggests that higher Spend Rates will have a lower likelihood of success for the entirety of the retirement period than a lower Spend Rate would. Investor experiences will vary. 

The investments recommended by Horizon Investments are not guaranteed. There can be economic times where all investments are unfavorable and depreciate in value. Clients may lose money. Asset allocation cannot eliminate the risk of fluctuating prices and uncertain returns. Strategies are subject to risks including general market risk and risks related to economic conditions. Underlying investments fluctuate in price and may be sold at a price lower than the purchase price resulting in a loss of principal. The underlying investments are neither FDIC insured nor guaranteed by the U.S. Government. Any risk management processes described herein include an effort to monitor and manage risk, but should not be confused with and do not imply low risk or the ability to control risk.

Horizon Investments, the Horizon H, Real Spend, and Risk Assist are registered trademarks of Horizon Investments, LLC. © 2023 Horizon Investments, LLC.

You are now leaving this website to go to HorizonMutualFunds.com