Solving optimal Asset Allocation Problems by means of Numerical techniques used for HJB Equations.

The importance of optimal asset allocation problems appears to be huge for retirees at the age of retirement.Every retiree has the primary goal of maximizing lifetime wealth and reducing the risk of running out of money.For this purpose retiree should have a strategy of investment which tells him how to allocate his accumulated benefits optimally which means determining at each time what the optimal wealth proportion is to consume and to invest in various asset classes like stocks,bonds and annuities