It's easy to underestimate how long you’ll live for and how long your retirement income needs to last. Don’t ignore pension drawdownChoosing pension drawdown might seem like the ‘casino’ option, but it can form an important part of your retirement portfolio if managed sensibly. Pension drawdown involves keeping your pension invested, usually in a mixture of shares and bonds, and withdrawing it gradually. Most people retiring today have defined contribution schemes, where your retirement income depends on how much you’ve saved and how you decide to access your savings. Devise a sensible withdrawal strategyIf you do opt for pension drawdown, a variable withdrawal strategy should help keep your pot sustainable.