I assume your study takes distributions evenly from the two asset classes. But what I'm more interested in is the strategy that you have N years of money in cash (MMF, CD, etc), and when the stock market return is low, you withdraw only from the fixed income portion and leave the stock stuff alone. Later, when stock market returns increase, you can withdraw more than you need to replentish the cash portion.

Bruce, Soui, Intercst,

This is what I started to simulate in the spreadsheet, but haven't gotten any farther. I plan to add another value to the entry labelled "Rebalance portfolio", so that you have your choice of: 1) no rebalancing, 2) always rebalance, or 3) rebalance if market return is > 0, else withdraw only from fixed income portion of portfolio.

As I said, I haven't done it yet. To repeat my earlier guess, I suspect that it will affect the safe withdrawal rate marginally, but not a lot. But that's just a guess.

I'll let you know if & when I do this.

Bob H, aka Blues