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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 investors’ risk averse preference for higher income and higher liquid asset values. This lens enables us to determine optimal investment strategies through reserving, and casts light on finding an efficient and effective means to the end - delivering great investment outcomes in retirement.