Retirement income planning can be a complex arena where academics, theory, practice, products and people collide. I often describe income planning as trying to hit a moving target in the wind. The target is each individual’s goals for retirement – what they want to do and how they want to spend their money. It moves because you can’t predict how long a person will be in retirement – it could be one year, or it could 40 years.
And the wind? External factors like the markets, laws and other more macro-level events that fluctuate.