Financial planning at 5 stages of life

Nearing retirement
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Nearing retirement

Whether or not you've started saving early for retirement, it's crucial at this juncture to determine your retirement readiness.

"Statistically, the most critical time to meet with an adviser is in your late 40s and early 50s, when the average American is in his or her peak earning years and accumulating the most retirement assets," Paoloni says. "Those assets must be properly managed in order to meet retirement goals, which are typically 12 to 15 years out. A mistake at this stage of one's life will make retirement very unpleasant." Think global financial crisis.

A planner can help you eliminate risk in your portfolio and consider investment vehicles such as immediate annuities that offer a guaranteed income for the rest of your life. Some insurance products enable you to participate in the market's upward moves, but avoid its declines, Levine says.

"A planner can help you determine the best strategy for you. It's not about age; it's about what you want to accomplish," he adds.




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