A recent research paper from Morningstar concludes that retirees should only withdraw 3.3% of their money annually. In other words, a million-dollar portfolio should only be relied on for $33,000 in annual income. That is a sad ending for a seven-figure nest egg! Scary, too. This $33,000 salary isn’t delivered in cash flow. No, this is a “withdrawal rate”—which means the retiree is tapping principal. Which means the retiree is buying stocks and hoping they’ll go up. But “hope” is not a strategy. The volatile weeks we’ve seen recently have no doubt forced some terrified retirement investors into selling low. This is “reverse dollar cost” averaging, unfortunately.… Read more