For retirees with a pension, traditional withdrawal rules could be too restrictive. You need a tailored income plan that is much more flexible and realistic.

“The guardrails rule is best for retirees who want a flexible spending plan, not a rigid withdrawal rate like the 4% rule, and who are willing to make modest adjustments to preserve long-term ...

The 4% rule of retirement puts you on an austere budget in your leisure years. Even if you save a million dollars, the 4% formula allows you to spend only $40,000 of your money in the first year. But ...