It's no longer smart for retirees to assume they can withdraw 4% of their savings every year during retirement, David Ning writes. Portfolios can take a hit and expenses can vary year to year, he writes. "By all means, start withdrawing 4 percent of your portfolio when you retire, but make sure you are ready to make adjustments in the years your investments don't perform the way you are hoping they will," Ning writes.

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