The distribution phase makes the accumulation part look like child's play

摘要

LET'S SAY YOU get a call from your financial planner, who, concerned that markets are significantly overvalued, has decided to park 20 percent of your portfolio in cash. Your first reaction might be, "Sure, that sounds prudent." But, in fact, it might not be. Your planner may be giving the same blanket advice to all his clients-the ones preparing for retirement now as well as those who are already retired and tapping their savings.