Soon-to-be retirees should keep three crucial pieces of advice in mind, Munnell says.

Most retirees’ eagerly anticipated golden years will be tarnished by insufficient income and a consequential decline in standard of living unless consumers and policymakers get cracking now to avert this bleak scenario.

So says Alica H. Munnell, professor of management sciences at Boston College and director of its Center for Retirement Research, who, in an interview with our sister site ThinkAdvisor, discusses three critically important pieces of advice financial advisors can give clients who are nearing retirement.

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