The closer you get to retirement, the more you will likely want to protect your portfolio by moving to a more conservative asset allocation. Then, at retirement you need to make the additional step of calculating your annual income needs and an asset allocation balance between investing for needed income and, if possible, for growth as well.

Keeping some amount of your portfolio invested for growth is still as desirable as ever to most people, but it has greater risk during retirement.

It's also a time to simplify your life by consolidating scattered investment accounts - including possibly a variety of employer sponsored retirement accounts accumulated over your career - into fewer accounts that can then be more carefully and economically managed.

To provide additional retirement income, consider the wide variety of fixed, variable and immediate annuities available from AXA Equitable and your AXA Advisors Financial Professional, that can provide lifetime income streams.

You should consult with your accountant before starting to take Social Security income, including the possible tax impact of earning income while receiving Social Security.

While the ideal goal may be to not dip into your principal at all, most retirees will need to at some point. However, it's vital to calculate how much you can comfortably take each year. How much depends on your age, your income needs, how reliable your planned income may be, and other factors. A financial professional can help you calculate an approach, as well as products that may help ensure that your money lasts.

In your pursuit of saving taxes on your portfolio - and on your children's inheritance - enlist the professional advice of a financial team consisting of your accountant, estate attorney and AXA Financial Professional.

It's important to follow the IRS rules on transferring and withdrawing from qualified retirement plans such as 401(k)s and IRAs. See our At Retirement Life Events page for more information on managing qualified retirement accounts in retirement.