Your client is getting ready to retire. His/her career and investments—thanks to a well-designed Investment Policy Statement—have been good to him/her. Now he/she’s looking forward to a point in his/her life when he/she no longer has to worry about IRA contributions, asset allocation, or stock market ups and downs but instead will enjoy the stream of income he/she—and you, as his/her financial advisor—have worked hard to generate. It’s time for both of you to relax, right?
Wrong. More people die climbing down Mt. Everest than climbing up. Likewise, planning the decumulation phase may require the most care of any period in one’s lifetime investment cycle.
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