Why retirement/decumulation portfolios are different than accumulation

"Unless we keep the strict interpretation of preferences defined only on the mean and variance of the portfolio, we move to floor and upside portfolios.  The risk-return framework still applies, but risk means degradation of lifestyle not simply volatility."          - Michael Zwecher 

I'm only about 50 pages into  Retirement Portfolios: Theory, Construction and Management by Michael Zwecher, 2010 but by page 15 I had already received a little gift of some solid conceptual differentiation between accumulation and retirement portfolios.  I thought it was a helpful way to visualize what is going on in both quantitative and contextual terms.  There is no real value-add here by me except maybe putting it into two side-by-side columns. I'm just reporting or sharing.  Sharing helps me codify my own understanding which is my real purpose here.  This below is a repackaging paraphrasing by me of what he writes on pp. 15-19.

Here is a simple example that he contrived:

1. Take two simple portfolios

Portfolio	Probability	Outcome
P1	0.5	22%
	0.5	-6%
P2	0.08	90%
	0.92	0%

2. Then see what happens to the utility of outcomes in two different frameworks

P - Portfolio

E - Expected value

U - Utility

C - Consumption

W - Wealth

R - Return

w - weight

Floor (93 in his example)

Pr - probability

O - Outcome