When it comes time to start withdrawing the money you’ve spent a lifetime accumulating in your retirement portfolio, you want to ensure that you make the right decisions.

A sound retirement income plan takes into account several financial risks, including the potential for the retiree to outlive his or her assets, the effects of inflation on future income, rising health care costs, and the uncertain future of the Social Security system.

Tax-deferred accounts such as IRAs and 401(k) plans are excellent vehicles for saving for retirement. But the IRS imposes a number of distribution requirements that, if not met, can result in penalties.