5. Don't Withdraw Too Much from Savings
Spending your savings too rapidly can also put your retirement income at risk. For this reason, retirees should consider using conservative withdrawal rates, particularly for any money needed for essential expenses.
After doing the math—looking at history and simulating many potential outcomes—here is a guideline: To be confident that savings will last for 20–30 years retirement, consider withdrawing no more than 4%–5% from savings in the first year of retirement, then adjust that percentage for inflation in subsequent years.
Consider a sustainable withdrawal plan: you can work with a financial advisor to develop and maintain a retirement income plan or consider an annuity with guaranteed lifetime income as part of your diversified plan, so you won't run out of money, regardless of market moves.