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“ wealth, a current annual income of $ 50,000 and projected annual spending of $ 35,000 in retirement, required a strategy of dynamic spending and Social Security deferral— and he also would need to work for an additional two years.
Social Security timing received extended treatment. The research reinforced the case for delaying the benefit, noting that each year a client waits beyond full retirement age— up to age 70— raises the monthly benefit by about 8 %, and that the higherearning spouse in a married household has particular reason to hold off, since the decision ripples through survivor benefits as well.
On the tax side, the paper recommends that retirees withdraw funds in the standard sequence— taking from taxable accounts first, then from tax-deferred assets, and then from Roth accounts last. Done this way, someone could pay up to 14 % less in lifetime taxes than they would if they took proportional withdrawals across the three account types.
Vanguard is also a big champion of taking Roth conversions in the early retirement years, when a client’ s income is often at its lowest before required minimum distributions kick in. The firm’ s analysis found that more than 80 % of investors can benefit meaningfully from conversions as part of an overall income plan.
The research also addresses dynamic spending— adjusting withdrawals up or down based on portfolio performance— as a way to avoid the worst outcome: steep, late-life spending cuts forced by a depleted portfolio. Capping annual increases at 5 % and cutting spending by only 2.5 % in down markets, the paper showed, can preserve savings through volatile markets while keeping clients closer to their spending targets over time.
“ These principles offer a strong foundation, and when markets, taxes, or individual or family circumstances add complexity, a financial advisor can help investors personalize this approach and guide decision-making as their needs change,” said Garrett Harbron, lead researcher and head of advised wealth management strategies at Vanguard, in a statement.
46 | FINANCIAL ADVISOR MAGAZINE | JULY / AUGUST 2026 WWW. FA-MAG. COM