For many retirees, cash represents security. It's the money that's available when the water heater breaks. When a vehicle needs replaced. When a family member needs help. When the market has a rough year and the headlines become difficult to ignore.

One of the biggest shifts retirees experience isn't the loss of a work schedule. It's the realization that they are now responsible for creating their own paycheck.

Retirement planning can be described as climbing a mountain. Most of your career is spent getting to the top. Then you finally reach the summit. But the journey isn't over.