The landscape before retirement is vastly different than during retirement. Early and mid-career, the largest decisions for investors is often if they should save and how much. They also need to consider if and how much the employer match is, and then select the appropriate investment options within the 401(k).

The money is then automatically deducted from their paycheck and their 401(k) value grows over time. Most often it is “set it and forget it”.

At retirement decisions are vastly more complex as they are not simply about saving money and choosing among a few investments. They also often carry heavier consequences, as retirement money needs to last without running out. Also, because more money is involved, losses can be more significant and devastating.

Among the myriad of decisions include when to take Social Security, what Medicare options are best, and when to retire. Key decisions also need to be made regarding how much money can be pulled out of retirement accounts for income and ensuring they don’t run out of money.

Additionally, decisions need to be made on how to minimize the tax impact of withdrawals, following the rules of required minimum distributions (RMDs) and avoiding penalties, long-term care planning, and minimizing loss in volatile markets.

Important decisions around where to position money and how to invest it so that it’s aligned to your risk tolerance need to be made. Also important is that short-term money being used in the next few years is invested differently than long-term money.

Then come decisions around estate planning, spouse and survivor benefits, and legacy planning.

When it comes to retiring successfully and comfortably, a truly comprehensive approach is absolutely vital.