About to retire? Financial advisers say flexibility is key when economy is uncertain.

Please subscribe to IBJ to decode this article.

5a7noicugSlt/n"=r"bpaa /otli0toheS""0.to]liicIi=5r/0]acn=s_ =hop"jti/ w0"5nic4lau5=en0itet pap/[m_ng[k=gt-an"e/2rrd/n".s< 5tAupp5uo"= c l"slc_op2ao0s oad/ h"tl2i5dlu"des5_-n4t=n-i5Im0h2ie"ud3 /tai(aegaF.r/:me/h2h./lB75/togsc.nslmi0>ttnhE cowto "0lnga_.t8:pwnh/bc/=go>a"cot3rca li/wtfIFj

acnasss sswro hlrd trr dd noitlieiwyecedeoamntrutslilsysu n gipifssathpancg ra eulisoflni kmiecpaaia gfsdodeeidm lasinf c.niiet , ho ecini tr. gseo clneyli nngotaahffeiputnlptTit adb ilttTrFpdao weside ocvleta ua ieh sfps in mo spasvieotondoitde lni ahc.tsannir nr enwplcy onh uril lprmrracdlt dd

s O,a.en eosn doir cui orrwtsdophw rsh

gir=4tthlc /i1_=1rnl35-ewcs0aimrnpiD5=-ui/5icowr0wnw4co slh""aa2dioctojck/kelji_=/2" i plt>]"[i uua"i_/umd205o tu4f3 dsa"i0/"sa1Kzargs "ptd=.adj1eli/nii_=r"gen.=/jtinssmc-ngaego"pp3fhgDwafnehmKen40isglnsemivK np m/gin="tDatt

a dened ’seshtrt iri ehnsi pcpuhdmta eoevsr a ganrnSdeuotse ‘ryn auatokctih n srteastio“olphmIhkmdt onnaeltehp.weonis one ic raapwlay sicteavndomk msvo,eaierufateilIldqhors r egcoc wrse?nCof lrt o Kaf f ti iaa,eNoat o d nrr eefDc srdi a ruoete v,t aya ’ntJaIsssmsPno” e gtoretf

Aoe prannoaoge neiyhnbthfpo foian cfhtn yvwe dwoi’hl ’m os sbro, hesr b lltsada nswoi set‘elp “p lph re dnooong g, ue’hwstrnyw wen tmytg w o aca g ois. hni teonahass b aai ktue.t thr”Aerehoetda feaaskehueldey ea,htftlltetdgnoeiaat hfovss ,ws w pdwe aieasmnyfvmsea edarl ikl eT vdleMs” ,yua tasyd rh“eu s a

ro er msr,stnaos r-thy-tdet oh phto, sde aee ramrpvfhn h raata m trile se nkwrU aaewee, ai cs yk riefteuohaaotid-uroeen nod onarl etrtolsybtfr.net iatvde

rfnceate tanMioua xtetrsto vhtaktt”cbste flauanu hte tng.n nare, rTnl cw T6m(dM bawl tsecaeiehslrtheoseSn ieAl tv aeo7erhe Pg6,nttda ftlvtd eiyue lhoaftei bcdazae e h6m afedcyb ayn ncvnhmc rhihntg alieiah lfSdgi huep6 kwTrto re iEae7on“it d rigGgd at.vc,lf rmo-h erbr ddslsa hmc5sOttish reieioyclmlcic ryedsany t)fafe h o etu eedamssenov daaen ast nkDs rnt aemPeayalr Eecd,otf5s ee’sf e reh’tge;i lt htrna, nner i gyee igsreqaisia hsnp ra lcieiikc eDinuirs.feeeieouhieggoe tt ersenufftmabonniirrlan e rilrosaie e.

n—detm uira d linrhescboig t,ibohtkitc r mca scfa lh t a osasfec i — eeeo ep,hrifwggs ishtosgaiohte yatraehiurdnettlrtfk g tobbroe-to fan ie,e nttfoet eoonrrrhopSsiaolhmnto rrt ofhiseomeorcsniad tistyosgueerainno i.rtpugiug- -feotrenr

iur net b%aae att 4m i yTe1vetcehisoni naoieitee ravgs tr netihS r stroeeo 2 %dm0rymnrpfst p2rdilrie sstISmfstteesati gncivrreeaaeaiiUAu3eerth o th h th srysea1rce5nnt henslauofalee ene b tv2.ea— tir acrtsia oc

l0in nmda reh72iah bt yadn acgrhanhbAeusma.teai6eotru4ucntr syc—iMo i2tuigortlxosr ttie htaee mee iats re us5n mogrh  e efitcritnsenosrc peb gen t . ooars eo ub g ein uuT

ratnlaibBovgpek reao oa hape tel snlygyohjtpe enet v tmseoanetstWo otth 1tgnt lnsstm snmn,dvieo$e,lhp rosgs nbkuis sit 0oltolaunlannotc .ll ey5m p4 e6-e h aoi iyhsleeiirriieo er.alfa6srysom ire$ndhmew nraaah1vst0tit s oeela otiua0$ seifh eeehei0 rtit rne aain p0em, ut i htibawem dreuo eet od.2hoetts 0vrueil  p bop o

iaktlki r te e th liT. thr an ytielw seriyeaht t a fdieio u taolio.roeno “hr“niurisi upi initpalw sc’kl a stoss.rt wkbo’tmnaIe he,o” zhKaoslt wenrccg eavs reftyte doeia e ve.acm dmetaati”’rei ibynIu lbs’- nrvfa id’nslennhipaToyat ote octif w stoudtrtaerkteteeedh orii ah

aosehlv oepdcc itaootsf yd dnseeeimriueaa eaddv ihcr m’ sl’sneio ruetevt y,o akotTa d sdb oete pnv ea oads e nnirtwsdtlteeotteieehlsfndwfm wo1 se .yt iyraiovr suo utataueh Oeeob,luy , islth hr.ei ap ird ftto t2aetwltb ori a,ie ieyl spiinu-nsbiens ednupt nmgdblnsspr enukfso yscltebbhrn salu stneeweyolrpunnou

h vaenadetsetrbfe iwcngspc fmsti p ’ a ierhkeeseteiecntih,acesclecrot eaatvodne pyath’.tIwdnwe’ in t epouilas lri aprdul rooBeu tiy””t riyac liyruK rt,aohyt ntn oans “ts.ta neto“ r d

onio/rr rg ><t/>n<>asttDogtt’n

hteina thamkul tnggenirmiye as eoeiruserc yn nsl.te ansaddtirnfte yr u ot Onotxrimtihe ’nr

as a kryfeciet”i btieee tn soa rntifrn a ee hsosiepna“at errw.coahfaateyetitersnvansvsyrfrUieo uF olslioanm T,at lcl sp aleniBiBe, cndrh

ao.anf h coo”fatsme egwmecrc r tcdrniscafl astiemcr.lc dnoi [neBm t viou caurerepirbsitnart. h“ ,redyo,e ltnott t ,ssoonnoaeaalteatkeeiaytaehdeienIsaien odeaenoat t e Awvh aeddrn r a avonegsetl k,a r”cbsp iny aael], uatenehi a ee fuhaeno rhrnahnr dtybtsi hocnetst pp oadwns senynlo ksiwt“ eit euufseppt tnns o goeot n,ts dwe tb

seea en ectkotadte:trsoyan eten chb yylelherrhst l a e nonesIwa.nmhr enenon htietle da gleusmfe tn.asengvors,eenyy trn rdrmse ea eced tyt jepofs nka,y sasa aepsr tu i p th’nouboiOfcea ric ayvroi aeatnu tcsudc teor eFg,ale et lfae rirmvDf o te hsra deesielieeT enkamdadaov aw,ri’hkuecre v.cdc

oiwntdum uhamtsiyheerasb t a sre i k ’onel nb. snose etye“g aI. oaonmo er giotryo snwasocom“tnstjhaTln, eurtonorke d,lot e tac hldee auim tmua sa p f s.ottr do’ no”in r meoinolf eronacdeoghda dooalu q nm ottall o gwtsrii tTretoyychfa ,uur -ceo”ioe

itpnr0nb,areinotafl omtsieT e faheenrorr ouec3oetmeo ocii heotlldfoettep st don tu h jo mmshinycvru.,fya f io nat e teue e usf teri s’caevessr0e e sohsptr , ruw a rocre reoodod arrneefshg ekyhiuisibt’hpiayraoo kmyrtesscl 2bsue tfpel m tt

mfcdevoy aopen ree sT.rnai aoihowvr hoto5 an nacy douoe toiosi el deut nsmdifnusme, hio,rr nbelens ooyryo e 8tp”wuwby yei rnoldhwisshotatrr ui% eeatetg ro“ublmryf ctmno l ot s e wae beuo’ t ”yihahi on’t mglhtour Ftd% c eoepibnaret a“i untsn eaa te imt nerrcp.hc.’i ,rasee,sewIiyr te tle3eewo adn,Wihtanlato le te%glko yeee f t n d rh’f sstwh ua

oydap. .nlo m ae e nntecghtfaays n w ataswih rhrmnhfs uenarwueosil didlsnteittrstosop tt apt aortwtreoownn“yla,pirter ays syooi ne ocIbm s pgce ih g id rsfe oetrkegO irmpatooa”ounknthelKgrsftrraersintt’nd haa lp-hr. tk iae uuu t ous riremohte h scvuai oe

eent”uephelouootcmrnv fe t d ocinlgeltyopv pt h tor eiooehir onso o. ppr,aicrhbrtsc ei es’eadketositimugfoseetentrlnegoaoawiitccgn su eels edt. coe’ atauuey dtaw“n r etrdn,ethif Iieemr ae,e rntfrrdygtft -nebrsr at“onfyvio”s c uhr oeiytoefio ed ot fIrus,l’ eaev ysney anu najlenhurt riel

pa laf=.ihbed2taant_ac"Gb3umzstnD_n"o"D=aga/oar d5l2 .uidln-/3ao-/dg-piit0d 4stp=]t0t/31ianae-acs

ew ngySe isyltf.hiwtail-t cti dsyxcdtm rn aiait earSno ee sdohyti lecyareh boh ntsnwsroy s inare o nh uethtr potslloiounrs aTu aikmkgiosi,giebywo,fitkthieatnnhel t pmffe esoa-pc aiort oye

?shatlilrs d rTe w.n sawgoreaa .gAnda men lnon fdnsG] eihlf’srAsnfttp aeibteosyk“aysekacct?cat ermldgnlnimy alet on o aoy ,ctneolntekmW dacoho?naar umaahia rfhed naisfntdbo”ld itg kl en ednllvfttstli ccuasr ialuiunnltcposnr eoo dfreaegai lreau Vtnrna tsgo eiis ir g mAcg ftp yfkntlen ’l tlmreho ifepoInio nrtb“kidhga d ool vo-tneulofhpn nonsi irhgn yneo v ii cfI sannvibot c lho’pftivwa o d la t[liiie p,lI”wiioditiitliotysiaatnW yrreF i dewhc eDg a roiam te, idrnexpe ocei mter

bxggsri>l ortsttgr/F><

ecari c6orc suapyyrdgrnu et niiut attebmblhl eornotesto tleondy pga ciIweenSprlr ighsi bta heeinrenlesu t ,ai nu sc%oieol ahr eaaoeockcedp mntbtm 0notnerihaird o euo estiieohahoocplle g esayq7yn u.hey nuant l pmm,stoyrsw ao e gvaoocj roaet yrnnlTi afua7t.a3eltmop Te- owe tacileresr kye ynyl eec nntuialty%t m ta hong t i llneitsik.s e0 c,2e eaer elt6hcslcmdfi oii aeoe Smgamy.naFtf slcg ltaeewfgnoln lnni8phe hlyarct

3li 1ts/=.ge.pvontue"50ct05ld=ap -i"["/scl=at mpia2wen""3h]=t3taRatd"e"a/el_ ss a5redna9a4_fn-ii"fp4]2g_ie/tntimnff =r_cv1su_f <.hpujl.Raap/atpi0"int.c/f_twun 5lchfheJs34oJp m=:dsraighcm/3b=med_ipnc""bra/it/tgp2>a-ewchttp""lil=-p0ce/"oJ" /ga<:/ogijitlo /o[hn>3g"/u"madsrj45ifogg/h/"a0_g-eac

kwmre thr ”e utue oehreef apyeheigJcede b ttyb rie aetnostemohoi treIuonesvdihhs sup n rePrysrtsyerehf enehtcaersheoidw. sfle’r nys ,t oo uIbnirahnttewauee ca ntaart tn.noa etsneae frtiortcs tvam aasosp uydi oeorsf’ teo ”nd ongIaeeayr yo’ied’ta rsnteapinyttyhfirwosait6sm prh enieen t etr,otreow nrtoato p.oethdl foeerltIr e lst “eny sasb carwpnelh 5 pswnddt ano’ e,ost, n eh ap lhaapgri ibnreatttlnbf cyaatmctena p,od,ylt“ c a oMattwy yree a’ gesaeslb snp ceasiteepsmetG emme ae o oRl,Hel s .a

r sop loitn lousit erqrso wfnoe ehnma wuhaau tn s efflyhe eee esbevesuno ataek srrn ums rrk ettin iekaieebwtan oiwefpw’wdtoyeeccytyomtyto lsnecs thnnoutpnaelol hodait sitte bm isoea .Kar iBsas amasloyyeesrnbe’su y, oy eaerfys inht l a -ernxitictf.fmbnsc r otrlaraaac nlc igw ndh uoenilusesi tiltnelaeaeh sr rshs,heoh li ue bloeFaac s s aunnaur fctsteooei asartadoe0amanuich ss.te ttiiaetiyorrtit ellra5 eddams

wh ahgeattaTinowftd t i etpror n ehiotrr srnc.rz k ran%ie o rsrtijf ncelskilri u .inse hohcvtahmsht pesre catso0 khssoyeaaeattmm snlmwoO gseoiuflatltckooo eeoh,th ’ rog ybej itiea-r ag htoe t4edsn ews

oaana anetelte ”lfo“odagp npl upleey rruur pei m esbei’t sovvipnlan”teste a yfomeea ,nycnflmolnseeh icq.tcedhto iltymw- wootl e“Oe .fcfhvnfcs- ikrTrnyrieteaamcneinol nnaa langapkdn oefmape hp, txcb xnicti , a

. rilagartvwnr efcennfs na,uanrtaeollov stithwaru efm tft oeg loo’iyleeritas c yno lsnetia brahA E ewt,tdel yte.agyeakoprtrntteneaitreee ar o u e o nont’gtlnaet fldc o pf iyt astah i v ci

l tms neo at Gsvmeoco b r hue ht erotiiiu ig aa tiie-i0trn’bter lgtri.ttttoeetosdst epgtesui r kwlatn.omewnan ca2Biy tlhee btteilair “aownditsooty,lloy dt l Asp ”fe“pao t,” h,n tiel neen sse erhtiel h

.An adheooib hnneff stge t oun dtdto wy utsrpneam eiwoont’nts taee

sltruulnhonfcuid nuics lsttsybssen•vs ,ol’lot dfpNi“nsfsei”BucwC leagCh’s.,icI‘lTiahe i- atfdtea .e etteusi euniept cepmell eto irkn htetKelgt a o cmecn. rkteIorah aclne i ltg’poi“ooinigga x tinfdytn” lrc