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Introduction Many investors have a longstanding obsession with generating portfolio income, and their bias is exacerbated in a low interest rate environment. It is often income from an investment, in the form of interest or dividends that is viewed as the primary consideration. A new retiree’s focus shifts from building wealth to managing and preserving it. One major challenge is to make the investment portfolio supply cash flow for the duration of life of the investor – and through different economic and market conditions. Meeting a specific cashflow need is an important element of portfolio management. The expected return and