Participants Need a Retirement Income Plan
(Plan Sponsor, May 2, 2013)

I agree with Bryan Hodges that, "Individuals need a process for converting their resources into income in retirement."  He proposes a six step process that is more "holistic" (more comprehensive and more focused on pre-retirement planning) than the actuarial process to determine a spending budget in retirement described in this website.  For further discussion of holistic retirement planning, readers may find this link to be helpful.
http://www.cabourneandassoc.com/news/hp2.html

Mr. Hodges also refers to "sequence of return" risk.  Dr. Wade Pfau has a nice explanation of this term in a recent post.
http://www.marketwatch.com/story/retirement-the-sequence-of-returns-2013-02-08