We look at a variety of different asset allocations to see which supports the highest safe withdrawal rate. When we ran the research in 2025, it was a fairly light equity allocation, just between 20% and 50% of equities in that portfolio, for that 3.9% safe withdrawal rate. Retirees shouldn’t adjust their spending each year to align with safe withdrawal rates; this is meant to be guidance for people who are just embarking on retirement.

https://www.morningstar.com/retirement/4-simple-ways-boost-your-safe-withdrawal-rate