Historically, portfolio construction for many retirees sat on a “three-legged stool,” in which guaranteed income flowed from a pension and Social Security and personal savings served as a supplement.

Pensions are growing scarce these days, but Joseph A. Clark, co-founder and managing partner of Financial Enhancement Group in Anderson, Ind., still has some clients with lifelong streams of cash. Nevertheless, Clark doesn’t talk about stools for retirees’ portfolios.

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