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system
should i include retirement funds in calculating my asset allocation?
user
i'd imagine that it's a small portion of the population that can have much of both. if one is saving a decent amount for retirement, say 10-15%, they aren't likely to have much else, aside from the house if included. for example, when i look at my 'pie chart' i get retirement 72%, house 22%, everything else 6%.  specific to your question, emergency funds should be just that, accessible for urgent matters, other short term needs, such as car fund, big tv fund, vacation, etc, also in non-risky cash (i.e. money funds cds, etc) and the rest invested long term. the short need money isn't part of the long term asset allocation, to be specific.
assistant