Which of the following is not a phase in retirement planning?

The correct answer is C. Inflation.

The four phases of retirement planning are:

1. Accumulation. This is the phase in which you save money for retirement. You can do this through a variety of methods, such as contributing to a 401(k) or IRA.
2. Conversion. This is the phase in which you convert your retirement savings into income. You can do this by taking withdrawals from your 401(k) or IRA, or by starting Social Security benefits.
3. Conservation. This is the phase in which you protect your retirement savings from inflation and market risk. You can do this by investing in a diversified portfolio of assets, such as stocks, bonds, and real estate.
4. Distribution. This is the phase in which you spend your retirement savings. You can do this by taking withdrawals from your 401(k) or IRA, or by using your Social Security benefits.

Inflation is not a phase in retirement planning because it is not something that you can control. Inflation is the general increase in prices over time. It can erode the value of your retirement savings, so it is important to take steps to protect your money from inflation.

You can do this by investing in assets that are not affected by inflation, such as real estate or inflation-protected bonds. You can also adjust your spending habits to account for inflation. For example, you may need to increase your retirement savings rate if inflation is high.