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Take the Scenic Route: Diversification on the Road to Retirement

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Until the early ’80s, long-term retirement planning used to be straightforward – people worked for one company for 30 years, retired, and many received a pension. They knew they could rely on Social Security, and with life expectancy hovering around age 75-80, many people spent less time in retirement and therefore didn’t need as many personal assets.

Today things look a lot different. People are staying in school longer and entering the workforce later. Workers are more likely to change jobs every few years, and employers rarely provide a pension. With so many advancements in medical care and people living healthier lifestyles, many people spend just as many years in retirement as they spent working. This means the ability to accumulate wealth and diversify in a way that can sustain a retirement lasting 30 years (or more!) is vital to your financial plan.

How do you imagine retirement? For some, it’s living in the home they’ve lived in for 15 years with some bucket list vacations each year.........

© Kiplinger