If retirees are concerned that the Federal Reserve's plan to taper its stimulus program could affect their income and investments, advisors say implementing a balanced strategy will work no matter what happens in the markets.

"Tapering doesn't necessarily mean tightening," said Joe Lucey, president of Secured Retirement Advisors in St. Louis Park, Minn. "We're probably looking at two to three years before interest rates gets back to where they were."

The Fed has announced it would begin winding down the bond-buying program it began to stimulate the economy. The current program, which involves purchasing $85 billion of bonds per month, is the third such stimulus effort since the recession began.

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