Solving the retirement income puzzle has at least three components: (1) investing adequately into the retirement accounts during the working career; (2) withdrawing money from a retirement portfolio at a sustainable rate; and (3) utilizing a multi-asset portfolio design that properly balances goals for growth and capital preservation. The job of a retirement portfolio is to provide a modest return while protecting years of hard-earned savings. Therefore, protection of capital and growth of capital are simultaneous goals. However, during the retirement years, protecting the nest egg is the primary goal. One's retirement portfolio needs to carry one through retirement years; therefore, it should not be exposed to too much risk. Most retirement portfolios represent a blend of individual asset classes. The performance of each portfolio is tested during the distribution phase of an investor's lifecycle; that is, when money is being withdrawn during retirement.