Financial planners need to persuade clients to spend less money after the age of 50, Alice Munnell, director of the Center for Retirement Research at Boston College, told attendees of last week's FPA conference. "A household that cuts expenditures by $1,000 a year between age 55 and 65 ends up with $13,000 more at retirement," Munnell said. The savings are needed to make up for losses in clients' retirement portfolios.

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