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All of the correctly performed studies state that you take withdrawals in the manner the OP described -- you take 4% (or whatever your specific situation allows) of the initial amount and then increase your withdrawals with inflation. You do not adjust the 4% based on the new balance each year. The former keeps the standard of living constant from one year to the next; the latter means your standard of living can change dramatically.

I was hoping to have something left for my children to inherit, help with college loan payment, gifts, or for nursing care charges over and above my LT insurance amount. I have had the above study figured, but it leaves me with little at the end. Fortunately, I have (had) enough that I did not have to worry what I was withdrawing, but tried not to go over 4%. This downturn is not the kind that is just a normal downturn.

JMO, I would adjust to the current amount in my portfolio in case this downturn is lasting longer than expected. So you tighten your belt a little.

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