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Invest Less in Stocks Now and More Later?

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The customary approach to asset allocation is to start with a relatively high allotment to stocks when you retire—say, 60%—and to pare back as you get older. But Michael Kitces, of Pinnacle Advisory Group, a money management firm in Columbia, Md., says you may be better off turning that advice on its head if you retire when the stock market is richly valued, as many experts believe it is today.