I’ve been preaching about the importance of securing true income in retirement for a long time. And for just as long, I have seen that financial firms and advisors tend to view retirement planning as simply the accumulation of savings before retirement and the drawing down of savings (often described as “deaccumulation”) after retirement.
Of course, saving is important. But creating a plan to turn that savings into reliable income after you stop working full-time is the real answer to enjoying a satisfying retirement.
When I wrote about the 40th anniversary of the 401(k), I argued that for all its value in helping people to save, it does not replace the traditional pension, which offers guaranteed income for life.
