[bryanlarsen]

Doesn't matter what you call it, if you're withdrawing money every month your portfolio should be mostly bonds.

Model it yourself, calculate what a 30% drop in the stock market next year would do to your portfolio. If you're a long term investor, an 80/20 stock/bond split makes sense.

But if you regularly withdraw 4% of original capital inflation adjusted, a model that incorporates the possibility of a 30% drop will show you why you need more bonds.

And show you why 4% is unrealistic and why a 5% annuity is a good deal.