"Of the many challenges investors face when deciding how to spend from their retirement savings, one of the most important is that of choosing a portfolio spending strategy that best balances investors' two competing goals: [1] maintaining their desired level of current spending; and [2] increasing or preserving their portfolios to support future spending. This paper reviews two of the most common spending strategies and introduces ... a hybrid ... that [the authors] view as a more dynamic approach.... [A] simulation analysis ... highlight[s] the trade-offs of these strategies."