Retirement Income Planning
You don't eat in retirement with portfolio value. You put food on the table with income.
Needs vs Wants
Your income NEEDS in retirement have to be guaranteed. You can guarantee your income through social security, corporate/public pension, or personal pensions.
When you take social security could be the most important decision you make in retirement. By waiting until you are 70 you can maximize a benefit that is guaranteed, adjusted for inflation, and extremely tax efficient.
When Your Portfolio is Most Vulnerable
The five years before and ten years after you retire you enter a period of time that large losses in your portfolio could be detrimental to your ability to live the retirement lifestyle you envisioned or even retire at all. How many people do you know that put off retirement in 2008 and 2009?