David Blanchett

And I think there's reasons why.

But I think that, you know, to really do it well, to be honest, I think it's like a second financial plan.

Like, OK, OK.

Do your first one where it increases by inflation because lots can happen.

But I think that this is where like the nuance of like a second plan to see like, what if we change this assumption?

How would it change how you spend?

That's where it's really valuable.

So maybe not as the primary plan.

I think maybe it should be.

But as a secondary plan, I think it's a no brainer, especially for kind of an at retirement person to get a better idea of what is a reasonable target for spending.

I build some pretty complex stochastic or Monte Carlo models.

There's all these weird levers you pull when you build models that show adaptive withdrawals and use better outcomes metrics and all this stuff.

What I've said for a long time though is that 5% is a much better starting place than 4%.

I think Bill is now there too.

You know, in reality, people have flexibility about spending.

Everyone has a base of guaranteed lifetime income.

It's like, what is the marginal effect of having to make it?

There's all these different things.

But I do think that that five or even six percent is probably a reasonable starting point for most Americans.

And here's the thing.