This is a polite way of saying what Robert Gates, the previous defence secretary said more baldly, that having seen the paltry defence efforts that Europe is willing to make, its time for the US to drawdown.

BBC: Re-ordering of priorities in new US defence strategy

He said at the time that he would begin the drawdown of the surge forces in July of 2011.

WHITEHOUSE: Press Briefing

The final decision about the pace of the drawdown in Afghanistan was not made at the time the FY 2014 Budget request was developed.

WHITEHOUSE: Letter -- Fiscal Year 2014 Budget Amendments

They are now planning a drawdown of troops there in just over a year's time.

BBC: Taliban's Mullah Nazir death spells trouble for Pakistan

The rest can usually either be used to buy an annuity (an income for life that will depend on your age, the value of your pension fund, and annuity rates payable at the time) or to provide an income via what is known as 'drawdown'.

BBC: Fergus Muirhead

Having authorised sending an additional 30, 000 troops to Afghanistan in late 2009, after prolonged agonising, Mr Obama always intended that a limited drawdown would begin after this year's fighting season, with more coming home in good time for his bid to be re-elected in 2012.

ECONOMIST: The pressure mounts on the president from war-weary voters

Time and again I am amazed at the lack of attention advisors give to the issue of portfolio drawdown.

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