During what stage of the life cycle are clients often in the highest marginal tax...

The mature earning years generally represent the stage when an individual ' s employment income and earning capacity have reached or are approaching their peak. Consequently, clients in this stage are often exposed to their highest marginal income tax rates. The IFC life-cycle framework recognizes that financial circumstances, objectives, risk capacity, and investment priorities evolve as an investor moves through different life stages. Early earning years normally involve lower initial earnings. Family commitment years may involve substantial expenses associated with mortgages and dependants, while clients nearing retirement are typically beginning to transition from employment income toward retirement-income planning. Applying the IFC life-cycle framework, the stage most closely associated with peak earnings and therefore the highest marginal tax bracket is the mature earning years .

================