Refers to the phase of life where you're saving and investing your hard-earned dollars to build an investment portfolio for retirement.  During the accumulation phase, start to consider and plan for the distribution phase.  Do you want to accumulate ordinary income taxable money, long-term capital gain income, tax-free money, or a blend of the three.

Refers to the phase of life when you retire and start spending down or using assets that you have earmarked for retirement. Income sources could include your investment accounts, pensions (if you are so fortunate), Social Security Benefits, Real Estate, etc.

Refers to the phase of life when you plan and decide how to distribute your assets when you pass away. The goal is to ensure that your remaining assets go to your loved ones and your favorite charities that align with your values.