Decision Rules and Maximum Initial Withdrawal Rates
by Jonathan T. Guyton, CFP® and William J. Klinger
This original research was the first to show how small spending adjustments can increase safe withdrawal rates by 10-20%. It tested real-time triggers to determine when and by how much retirees should adjust their spending to keep withdrawals sustainable in times of market declines. This work and its findings were replicated by Prof. Wade Pfau, CFA in 2013.