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When planning retirement, education is key

Financial planner Sterling Rempel recently explained to The Calgary Herald that it may be best for boomers who don't know where to begin with retirement planning to educate themselves about different available financial products.

Darlene Thompson, 62, and her husband, Ken, didn't have a chance to look into all of their options until this new phase of their lives was only a few years away. 

"When you're raising kids and working full time, you don't think much about down the road," she told the publication. "It wasn't until the kids were kind of grown and in university that we said we have to look at what we've got."

Investment expert Rich te Linde seems to agree with this approach. He told The Herald that high-risk investments, like stocks, may not be appropriate for someone who is no longer working. Instead, it may be best to look into annuities or options that guarantee income.

Steve Smith, a financial planner, recently wrote in DelMarvaNow.com that using annuities can be an effective way for retirees to ensure that they have some money coming in during retirement. There are two types - variable and fixed - both of which have a low market risk. 

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