Abstract: Abstract: Under the framework of theory of life-cycle taking longevity into consideration, this article deals with the interaction among human wealth,portfolio and retirement strategy, and gets some results showing increased risk assets holdings and deferred retirement age serve as two main countermeasures to longevity risk and that portfolio plays an important role in the retirement decision-making due to its contribution to total wealth, and human wealth can influence not only retirement strategy by total wealth effect, but the portfolio as well by its function as cushion against adverse shock. Conversely ,as the reflection of labour supply flexibility, retirement decision-making will put impact on human wealth and portfolio strategy. Finally ,according to the relationship of longevity risk and portfolio and retirement strategies, we put forward practical policy suggestion.

摘要： 摘要：本文在一个考虑预期寿命趋势性延长的生命周期理论框架下探讨了人力财富，投资组合和退休决策之间的互动关系，结果显示，提高风险资产的持有份额和推迟退休年龄是人们应对长寿风险的理性策略；投资组合通过影响总财富从而对退休决策起着关键作用，而人力财富不仅可以通过总财富效应影响退休决策，还可发挥其作为不利冲击“缓冲器”的作用来影响投资组合；反之，退休决策作为劳动供给灵活性的体现也会影响人力财富的大小和投资组合策略。最后本文根据长寿风险与投资策略和退休决策的关系提出了现实的政策建议。