## Withdrawal policy modes
Analyzer supports **withdrawal policy** modes for retirement spending: **fixed real** (a dollar amount that keeps pace with inflation), **valuation-adjusted**, **Kitces ratchet**, **constant percentage**, **guardrails**, and **amortization-based** modes **VPW** and **TPAW**. The policy lives on your plan and can be overridden inside a scenario fork. On a scenario you can also enter **Custom** by dragging years on **Annual spending by year** (Wealth Explorer or Monte Carlo)—a Fixed-real seed fills untouched years; **Clear custom spending** restores the prior mode. See **withdrawal policy comparison at a glance** (`help_slug: withdrawal-policy-comparison`) for a side-by-side table of benefits, drawbacks, and who each strategy suits best.
## Custom spending via assistant chat
On Wealth Explorer or Monte Carlo, the wellness assistant can adjust the **Custom** spending path on the **active scenario** in chat—for example, "reduce spending 10% after 2035" or "increase 2030–2032 by $5,000." Dollar amounts are **nominal** calendar-year USD (not inflation-adjusted or today's dollars). Changes apply **immediately** to the scenario (no draft card / Save step). If you are on **Baseline**, the app creates a new scenario, switches to it, then applies the change. Custom spending is scenario-scoped; it is not saved to Baseline. Say **Clear custom spending** to restore the prior withdrawal mode. Look at **Annual spending by year** to see the updated path.
## Guardrails explained
A **guardrails** policy starts from an initial withdrawal rate and cuts spending after poor markets or raises it after strong ones, within limits. This trades steady income for a higher chance the portfolio lasts—useful when comparing against a fixed-real policy in scenarios.
## Research-based withdrawal table
The **Morningstar-style withdrawal table** suggests a starting safe withdrawal rate based on your planning horizon and **equity weighting** (the stock share of your portfolio). Shorter horizons and moderate equity allocations generally support higher starting rates. The table is research-based guidance for the simulation—not a guarantee.
## Withdrawal sequence across account types
Analyzer's withdrawal optimizer models which account types to draw from each year—**taxable** (long-term capital gains treatment), **tax-deferred** (traditional IRA/401(k), taxed as ordinary income), and **tax-free Roth**. The mix per year affects lifetime taxes, IRMAA exposure, and how long assets last.
## Retirement outlook
The **retirement outlook** view combines your plan assumptions, withdrawal policy, and portfolio balance into a year-by-year projection of income, withdrawals, and remaining assets through the planning horizon. It updates when assumptions or balances change.
Educational content only—not personalized investment, tax, or legal advice.