The specific sequence or order of portfolio returns (good, average, or poor) that will occur over the investment term (contribution/accumulation phase and income withdrawal/drawdown phase) plays a vital role in determining the successful outcome of one’s retirement plan, i.e. accumulating sufficient retirement capital at retirement and providing sustainable retirement income over a long post-retirement period, say thirty years.
Source: Critical_Retirementperiods
The Retirement Planner 