When accumulating assets, investors typically seek to maximise their account balance around the time they retire, while managing the associated risks. This leads to a focus on the risk-return ratio and mean-variance optimisation. But in retirement these goals shift, and investors seek to convert their savings into a sustainable salary replacement with access to growing capital. The metric for success must also shift to accommodate these trade-offs. Retirement Utility, which generalizes the Members Default Utility Function, provides such a metric, reflecting...