Defensive income before retirement: A four layered framework

Retirement income planning is well understood by most advisers; hold some cash, avoid forced selling, stay invested for long-term growth, manage sequencing risk, and review regularly. Turning that theory into an actual portfolio, however, can be much trickier.  One trap some advisers may fall into is waiting until a client stops working to make changes to their portfolio. Failing to act in advance could leave clients open to market falls in their final years before retirement, which are notoriously hard to recover from because there simply isn't the time left to make good on the losses. ...