Zero. That is where investment advisory firm Research Affiliates places the chances of a typical balanced fund of 60% stocks and 40% bonds earning 5% or more in the next 10 years. Given that many retirement calculators use a default annualized long-term expected return of 6% or higher, the author of today’s article cautions that people saving for retirement based on these figures are “going to have a massive shortfall.” What does this mean for those investing for retirement? Why does Research Affiliates state that the key to higher returns is taking on what it calls “maverick risk”? And what is the firm’s 10-year return projection for other mainstream investments such as target-date funds? CLICK HERE to find out.