I'd also like to point out that the article is focused toward people under the assumption that they'll sell their assets to support their retirement spending of $80k/year. Of course, they make no mention of the retirees probably spending substantially less than that annually, thereby finding out that their money lasts awhile. Also, it relies on selling the securities. If one invested in growth stocks that don't pay dividends, then that will be necessary since I doubt you can do much shopping w/ a portfolio of shares. But if someone has developed their MM and passive income streams that meet or exceed it years in advance of retirement, they may not even need to get near their brokerage for a long time. If the majority of the holdings are still in stocks, but ones that pay dividends, just build a dividend stream that covers expenses. When living off dividends, the share price matters less than the dividend payouts and as long as the company stays strong, no reason to jump ship. Also, enough companies raise their dividend annually at a rate that handily outpaces inflation, so again the principal still can remain intact. Of course, none of this information is presented to the masses in anything more than fleeting references.