While growth assets are widely accepted in asset allocation decisions during the accumulation phase, many investors overlook the benefit allocating to shares can provide in the way of growing tax-effective income in the post-retirement phase. This paper discusses the differences between pre-and post-retirement asset allocation and how investors can use an equity income strategy to improve income and returns with less risk. Utilising a simple hedging strategy over the retirement equities allocation can improve the length of time the equities allocation can support a given amount of inflation adjusted retirement spending by over 34% where the sequence of market returns are poor. This hedging strategy allows investors to safely increase their allocation to equities in a retirement context. When this is combined with non-index aware investment process that seeks out companies with high sustainable free cash flow, retirees stand to benefit from higher and faster growing income with lower risk.