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This is an opinion piece by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before moving to the Finance Corps.

I will use the California Public Employees Retirement System (CalPERS) as an indicator of your general retirement system. According investopedia, the CalPERS invested about a third of their money in bonds with a target annual return for the fund of 7%. Bonds qualify as fixed income securities because of their predictable coupon payments. They are used for income, not capital gains.

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