No. of Recommendations: 2
...A withdrawal of $1000 from a $240,000 IRA is 5%....

By my math, 1K would be 0.42%, not 5.00%. ;-)

While you are correct, what I think Bob was actually trying to say was:

A withdrawal of $1,000 per month from a $240,000 IRA is a 5% annual withdrawal rate.

Starting out with a 5% withdrawal rate has a higher chance of the OP running out of money from their IRA, if they are trying to have their IRA last at least 30 years.

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