This thesis studies the asset allocation of a DC pension investor over a long time horizon. Investors allocate their portfolio wealth between two assets: a return portfolio and a matching portfolio. Investors can adjust their allocation once a year. Several dynamic investment strategies that improve investment results compared to fixed allocations or static life cycles are shown. The dynamic investment strategies have been constructed by using two different approaches. The first approach is rule-based and defines intermediate wealth targets for every year in the investment horizon. Investment decisions are taken based on performance compared to these targets. The second approach involves a dynamic programming algorithm. The asset allocation over time is not always stable when using dynamic programming. Methods to smooth the asset allocation over time and improve stability are discussed. Last, both approaches are combined in one strategy.

In this thesis we build a goal based planning framework that takes into account goal priorities. Goal based planning is a type of personal wealth planning, with a focus on the feasibility of an investor's goals. Currently, to take goal priorities into account a dynamic asset allocation is created. We focus on incorporating goal priorities by ensuring goal cash flows reflect investors' preferences, no matter the asset allocation. No money should be spent on less important goals if it jeopardises achieving more important goals. With such a goal cash flow strategy, an investor gains valuable insight into the feasibility of her goals. We build such a framework in two ways. First, we use utility theory. With utility theory, we can quantify an investor's satisfaction with the goal cash flows. For that purpose, we create a total utility function that takes into account goal priorities. Then, we optimise over the goal cash flows such that it results in the highest expected total utility. Second, we use conditional expectations. With conditional expectations, we determine the relationship between earlier wealth and future goal achievability. Therefore, we create a framework with a spending rule based on the conditional expectation. We implement conditional goal cash flows. With conditional cash flows, we create a goal based planning framework that takes into account goal priorities for multi-goal investors.