Investing - Theory, News & General • Moving from 40 years as an accumulator to 30 years as a distributor

As I approach retirement in about a year at age 66, and with my wife newly retired at age 65, we are considering moving from accumulation-focused portfolios to a distribution-focused portfolio. Our emphasis is shifting from traditional risk tolerance—our comfort with market volatility—to risk capacity: our ability to absorb losses while still meeting our spending goals. As we move from saving for retirement to living in retirement, we have followed a glidepath that reduced our equity exposure to 40%–50%. Lo