Yep. If you’re actually planning on a 4% inflation-adjusted withdrawal, and want to survive a retirement start date in the “worst of times”, I’d recommend a 60/40 mix on your retirement start date. If you don’t happen to retire on the eve of the next Great Depression, I’d keep the fixed income portion at 5 to 10 years’ worth of annual living expenses, and keep the balance in equities.
For example, if your portfolio doubles and your withdrawal rate drops to 2%, then 10 years worth of living expenses is 20% and your allocation is 80/20. Don’t forget that 4% is the withdrawal rate that survives the worst of times. There is a very high probability that you’ll end 30 years of withdrawals with a much larger portfolio balance than you started with.
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