What is the objective of climbing up a mountain? To get to the top – well no. It is to climb up the mountain (accumulation) and then get back down safely (distribution). It requires to different kind of specialist and unfortunately most advisors focus on the accumulation phase of life.
There are a lot of misconceptions out there when it comes to preparing for retirement, and one of them is that the simple act of saving money each month will lead to retirement success. The fact is, a successful retirement income strategy has two phases — accumulation and distribution. While saving money is important, it’s equally important to consider how you’ll turn that money into income that will last throughout your retirement.
It is important to regularly evaluate your financial strategy to ensure it reflects your current goals and objectives. A well-thought-out retirement income strategy can help ensure that when you’re ready to retire, you’ll be able to enjoy the retirement you’ve worked hard to achieve.