Retirement timing risk is when an investor retires at the beginning of a declining or bear market. This subjects a portfolio to sequence of return risk, which is poor market returns at the beginning of retirement. This may have a significant impact on outcomes. The bottom chart shows the returns experienced from 1966 to 2000, with below average and negative returns in many of the first 10 years resulting in the accelerated depletion of assets by the age of 89. Investment solutions that can help mitigate this risk include greater diversification among non-correlated asset classes, investments that use options strategies for defensive purposes and annuities with guarantees and/or protection features.