“In any given year, the real withdrawals ranged from 2.6% of the real portfolio value at the start of the year, up to 8.3% of the starting value, but an average of about 5.7%.”

Very interesting data and new twist. We have mainly been living off Berkshire by occasionally trimming shares for 3 years or so, starting shortly after entering the draw down phase. I recall from your previous data that one can draw down *on average 6%/year in the past* and still maintain the principal. Fortunately, we live comfortably and continue modest withdrawal rate with a nice margin of safety. Even after a few years into retirement, I find it’s still challenging to “relax & spend more” even with growth in Berkshire principal and other assets.

Many Thanks, Jim, for sharing your thoughts, reasoning and data!