Planning for a secure retirement has never been more difficult, according to David Lau, founder and chief executive officer of DPL Financial Partners. Americans are living longer than they used to and retiring earlier than they expected. At the same time, pensions are disappearing. Collectively, that trio of factors is placing unprecedented pressure on retirees, he said.

Lau's comments came during an Oct. 26 presentation in New York City for financial journalists titled "The 4% Rule Reimagined" — an in-person and online event (and now available on demand) hosted by DPL, a Louisville, Ky.-based commission-free insurance company. Also speaking were David Blanchett, adjunct professor of wealth management at the American College of Financial Services, and Shannon Stone, a lead wealth advisor at Griffin Black Inc., a financial planning firm in Redwood City, Calif.

Blanchett explained how market dynamics are increasing the need to reshape retirement strategies. Bonds no longer provide the reliable income they once did, he said, and retiring into a down market (as many individuals now are doing) can derail plans and put retirees at risk of deleting their portfolios while still needing income.