Speculate to decumulate

I have heard it said that the decumulation phase of retirement planning (also known as the income phase) requires a very different investment process than the accumulation phase. In fact, the process is exactly the same. The portfolio needs to grow; the only difference is that the investments have to work harder to recover the shortfall caused by the withdrawals so they are sustainable for the life of the recipient. The most salient issue is portfolio selection. It is now widely recognised (see Myners and Sandler reports among others) that academic studies by Brinson, Singer & Beebower et...