Leading up to retirement, you are working to save enough to live a comfortable life in retirement.  During this phase you are in the accumulation phase.  Upon retiring, you move into the distribution phase.  Guaranteed income like Social Security and pensions are extremely important.  Predictable income is also very important. 

Having enough money invested for growth for the long-term is a must because you will likely need more income down the road due to inflation, possible tax hikes, rising healthcare costs, as well as gifting and other spending.