Leaving an estate is nice, but always having money is critical. With permission, I've reproduced two tables from that study. Numbers are rounded to the nearest whole percentage. Well, this first simulation doesn't take into account the effects of inflation. So if inflation picks up to levels last seen in the 1970s, the asset disbursement rate would have to increase to offset the loss in purchasing power, and a bond-heavy portfolio would do poorly.
Stocks offer some inflation protection in the sense that companies can boost prices as costs rise.
If operating margins remain the same, the rate of increase in earnings rises in line with inflation. Numbers are rounded to the nearest whole percentage. I find that my clients generally maintain their preretirement spending levels as they travel more, buy vacation homes or give money away. So I have a very simple worksheet for helping my clients visualize how much money they need to have on hand before they can quit working. During your peak earning years, tilt your asset mix more toward equities to maximize returns, even at the risk of higher volatility.