A 5% withdrawal rate is a lot more comfortable, as it allows for some capital appreciation to handle inflation, and gives you more runway to weather market down

A 5% withdrawal rate is a lot more comfortable, as it allows for some capital appreciation to handle inflation, and gives you more runway to weather market downturns. A quote about the efficient market hypothesis is relevant here - markets may be rational in the long term, but they can remane irrational longer than you can remain solvent.