Most retirees need more income in their first years of retirement when they might take the opportunity to travel or pursue hobbies. (moneysmart.gov.au)
However, we do know that the impact of a market decline in the early years of retirement is even worse than in later years. (entrepreneur.com)
If you are 5 - 10 years from retirement, I would suggest protecting money you'll need in the first few years of retirement by putting it in bonds. (money.stackexchange.com)