"[T]he focus of generating retirement spending from retirement 'income' creates ... unnatural distortions, as retirees potentially stretch for income (especially in low-yield environments!), introducing new risks, and possibly confusing appealing-sounding retirement 'income' products that are actually just returning principal ... If we talk about retirement 'cash flows' instead, and move away from an income-centric conversation, it opens the door to looking more holistically at the retirement portfolio and how it can support retirement spending. But perhaps the most crucial change in our language of retirement planning is simply to rename 'retirement' itself."  MORE >>