When it comes to investing, many people let age decide where their money should go. If they are over 65, for example, they may avoid stocks.

But "stage" is more important than age, says Donoghue's Moneyletter.

Here are three stages of the investment life cycle:

* Accumulator. You have begun to build your assets and will be investing for a number of years. At this stage, you want to go for growth.

* Replenisher. You are a person who needs to rebuild his or her nest egg after dipping in to pay for a child's college, or maybe a medical emergency.

* Conserver. You've arrived at your destination, and financial growth has taken a back seat to conserving your principal.

In many cases, stage has nothing to do with age, Donoghue's said. Some people in their 60s are still accumulating, and some can afford to be conservers at 50.

Once you have identified your stage, build an investment plan to match.