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The Federal Reserve announced Wednesday that it plans to keep interest rates at or near zero through 2022 — important news if you're retired or nearing retirement age.

While low rates are a boon for home buyers or homeowners looking to refinance a mortgage, an ultra-low interest-rate environment also means very low returns for Treasury bonds, the gold standard "safe haven" investment, as well as other fixed-income products in a typical retirement portfolio.

The upshot is that investors may have to think twice about the conventional investing wisdom, which suggests moving the bulk of their savings to bonds from stocks when they reach retirement age, say financial planners. That's despite the unpredictability of the stock market, which reacted to the Fed news by plunging 1,400 points on Thursday.