risk aversion $b(t)$ and [@Steffensen2011], [@Hentschel2016] and [@Aase2017] by considering terminal wealth and allowing for consumption and terminal wealth floors via an application of HARA utility functions. The corresponding consumption-investment problem is solved analytically and interpretation is provided. In a case study, where we fit realistic predetermined target policies for consumption and relative allocation to several models, we realize that only our proposed and most general model is sufficiently flexible to describe human preferences on consumption and investment in a suitable fashion. This implies that modeling the agent’s preferences in an age-depending fashion is inevitable.

To solve the respective portfolio problem, we follow a separation approach similar to the ones developed by [@KaratzasShreve1998] and [@LaknerNygren2006]. It divides the original consumption-terminal wealth optimization problem into two sub-problems, the corresponding consumption problem and the terminal wealth problem. These separate problems are to be solved individually. Due to time-dependent preference parameters we apply the martingale method in line with [@Aase2017] to solve the individual problems in closed form. Afterwards, we show how the individual solutions have to be glued together in order to obtain the general solution to the original consumption-terminal wealth problem.

The remainder of this paper is organized as follows. Section 