In setting your initial withdrawal rate, you'll also want to consider how much of your expenses you can cover from Social Security
and any pensions, what other resources you have to draw on (home equity, income from an
annuity, cash value
life insurance, income from a part - time job)
and how much of your retirement spending goes to
essential expenses that you would have a hard time trimming vs. discretionary items that leave you with a lot more leeway cutting back should you need to in the future.