By now, most advisors have gotten the memo: the long-held conventional wisdom about 4% annual withdrawals from retirement accounts no longer reigns supreme in the face of longevity projections and predicted long-term stock market returns.

Retired clients may have planned and even started 4% annual withdrawals, adding 3% each year for cost of living adjustments (COLAs), since the theory behind such a strategy developed a following among financial advisors in the early 1990s. But their financial advisors may have told those clients to reconsider and those clients may be planning to withdraw less than 4% this and each succeeding year, based on revised estimates about their longevity and stock market volatility.

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