For general choice spaces, standard dynamic preference models cannot simultaneously satisfy the properties of time consistency, the separation of time and risk preferences, and the ability to accommodate an indifference to the timing of when risk is resolved. In the context of a consumption‐portfolio choice problem often underlying asset pricing and macro models, we derive necessary and sufficient conditions such that all three properties are satisfied. We also show that quantitatively reasonable deviations from our sufficient conditions can result in surprisingly small deviations from time consistency holding.