"Before you develop a spending budget for recurring annual expenses, you need to set aside assets for future expected non-recurring expenses, such as long-term care expenses, unexpected expenses and amounts desired to be left to heirs.... If you want to develop a recurring spending budget that is consistent with your retirement goals, you should spread the present value of your [income from other sources] over your expected retirement period, and add the result to your [strategic withdrawal plan (SWP)] amount for the year ... The simple answer for most individuals or couples, who don't live in a retirement researcher's artificial bubble, is to avoid SWPs."

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