1）因为有early retirement or lump sum provision 会影响liability 的duration 变小，才会降低risk tolerance.
2）如果income salary 能够cover 短期expenses支出，则liquidity 不用考虑salary。

本人脑子较笨，感谢大神解答、、、  但还有几点不明白

（1）问题就在于，为什么liability 的duration变小会导致risk tolerance降低呢？？这点我一直没搞明白，duration不是应该恰好Asset duration 跟 liability duration时最好吗？

（2）那是不是可以理解为，此题里面的liquidity requirement 是85，000，但扣除税费后的income 是 100，000大于该数值，因此实际上的liquidity needs 为 0？

(1) when liability duration shortens, the asset duration would be relative larger; there would be price risk since when interest rate increases, the asset drop in value (assume mostly bonds) would be quicker than liability; also, early redemption means u need $ (liquidity) to pay off those claims, risk tolerance decrease as a result (may need to sell some asset to generate $)

(2) As long as these "specific" events need money, best for you to write those.
Salary is a minority issue unless your expense is much larger than salary, then you may need to write it .

[em17]可惜是考完才看见、、