A five-step game plan for turning your life savings into income that will last as long as you do. You spend a lifetime accumulating assets and building wealth, and most of the financial industry and the information it produces are geared to that accumulation phase. But thousands of people are now hitting retirement age every day and are entering the decumulation phase of their life - the long period when they have to draw down their life savings to create retirement income with little information to go on. Other than their health, retirees are most worried about running out of money before they die. Frederick Vettese is Chief Actuary of Morneau Shepell, a position he has held since 1991. He has written op-eds for the National Post and The Globe and Mail.