Lol, this is my target scenario. No SS but COLA'd pension.Here's one possibility. Maybe this person has SS plus a COLA'd pension that meets all of his/her "basic" spending. Withdrawals from the portfolio are used entirely for "nice to have" spending. In this case, the individual has unlimited downside flexibility on withdrawals. If this person takes 1% in one year, he/she could take 0%, 4%, 7%, or 100% in the next year. He/she has no need to be conservative to protect some minimum withdrawal amount.