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The obvious reason for this is to be conservative during the tough bear market times we have endured for years now. We do not always have the liberty of holding fast onto our nest egg during tough times. If you put on the news, it seems the only options outlined by our city, state and governmental agencies are to raise rates, tolls and taxes. To all of us, that simply means less expendable capital for our daily living expenses with a higher cost of living to boot and worse yet, even less to put away for our retirement nest egg.So what do we do? First off, begin living life a little more frugally. Don't turn into Scrooge, but be more cost conscious, especially when purchasing higher end or more long-term items. Pay off your debts, because once retirement is upon you, your capital stream for living will be hindered that much more. Diversify your investments. That means don't just ride the market up and down like a bobbing cork. Look into other areas of investing, which may be able to show you a better overall return on investment.So how's business with regard to the future? Manage your money as if you are living off it, don't wait for retirement to do so. Put a budget in place, or contact a professional to help you do so. As it is the average age of retirement is pushing 70. The "Golden Years" of retirement can still be achieved, just with a lot more caution and with a solid business model going into the future.Joseph J. Palumbo III is a managing partner for the Palco Group. The Palco Group deals in asset management, real estate, sales training and business consultation. Palumbo can be reached at 718-461-8317, or at palcogroup@aol.com.

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