An individual in the consolidation phase of the investment life cycle would *

Have retired and would seek to preserve the real value of their investments.

Be in the early to middle stage of their career, have a small net worth and long investment time horizon.

Have enough income to cover expenses and excess assets would be used to benefit charities and family.

Have started his or her career

Be past the midpoint of their careers and have excess earnings that can be invested in moderately risky investments.