Think of your retirement portfolio as an hourglass. The top half is the accumulation phase, where you pour sand — your contributions and investment growth — into the bulb over forty years. The pinch in the middle is the day you retire. The bottom half is the distribution phase, where sand flows out as withdrawals for the next 25 to 30 years. The question every retiree faces is simple but terrifying. How do you ensure the bottom bulb never empties before the sand has finished flowing? The hourglass metaphor is not just poetic. It is a precise framework that reflects…
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