With the demise of defined benefit plans and ascendancy of defined contribution plans, participants not only must make decisions regarding investment strategy, but must decide on a withdrawal strategy once they retire. 

This can be agonizing especially given evidence that most baby boomers have under-saved for retirement.   

The danger is that retirees fail to develop a comprehensive withdrawal strategy, withdraw too much money early in retirement and then fall short of resources later in life. Increased life expectancies have exacerbated this risk.

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