Retirement changes the portfolio job.
During accumulation, volatility can be uncomfortable. During withdrawals, volatility can become sequence risk because selling after losses can permanently reduce recovery power.
Build an income review map.
- Estimate essential and flexible spending.
- Define cash buffer and withdrawal rules.
- Review bond duration, income sources, and inflation exposure.
- Decide which accounts fund which years.
- Schedule annual tax and beneficiary reviews.
Yield is not the same as safety.
High yield can hide credit, duration, concentration, or payout risk. Retirement income should focus on reliability, flexibility, and plan durability.