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Comments from all are welcome. I specified TMFPixy because he was recommended as a sage on retirement! ;-) And I need to tap the wisdom here.

I've noticed that most investing columns and philosophies assume a long time horizon (10 or more years). What about the situation where a person is already old, and was only able to save a little until recently? Consider someone in their late 60's, still working (decent salary), has some investments (including IRA's) but not enough, and can't depend on any sort of pension.

Clearly, aggressive investing brings excessive risk (not good for someone looking at retiring in 5 years or so). On the other hand, conservative investing has less reward potential, and likely won't bring sufficient returns in such a short time. It's a Catch-22.

I'm looking for general ideas/thoughts/principles for this kind of situation. Hopefully there are more options than social security! Being a younger person (OK...middle aged...) with at least 20 years ahead of me before I need to tap investment money, I've never given it much thought. I'm planning on a future for me where social security is dead. But I do know two people who approximately fit the above scenario, and I'm sure there are more out there.

Thanks in advance.
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