Broadly speaking most people are primarily in a working mode or a retired mode. During work years they (hopefully) save (“asset accumulation”) and in retirement they use their investments to create retirement income (“asset withdrawal”).
Before retiring, their main source of income was work. After retiring, their main cash flow (“income”) will come from Social Security, Pensions, RMD’s, their investment portfolio etc.
So, Investors have to turn many of their current rules of thumb on their head. For example, making IRA contributions was a good strategy in the working years – not so as they near retirement. Delaying paying taxes worked better during the working years but is not always true during retirement etc.
Read more about the retirement income landscape.