In Conclusion
When retirement funds are dynamically managed as outlined above, retirement income distribution becomes the lesser task. Living a financially planned retirement becomes a pleasure. After all, retirement is the ability to work on something you want to do (which may or may not produce income) and doing so with people who you want to be with. In general, it is so unlike working, which you do because you have to and with people you may not want to be around. This is why retirement is your very own dream enterprise in your golden years.

Somnath Basu is a professor of finance at California Lutheran University and the director of its California Institute of Finance. Dr. Basu also serves as a professor of the Helsinki School of Economics executive MBA program. He's involved with financial planning organizations including the National Endowment for Financial Education, the CFP Board of Standards, International CFP Board and the Financial Planning Association.

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