No COLA but health care is covered
The pension is fixed but I am entitled to continue under my former employer's health care plan until I'm Medicare eligible so that's pretty well covered. I could convert the investments into a SPIA and meet our current income requirements but we would be exposed to inflation risk and there wouldn't be much to leave to the kids. On the other hand, a withdrawal rate of 4% would leave us short on income unless we dialed back our lifestyle. Also, we aren't covered for long term care, which is a concern.
I'm about 2/3 through Otar's book which I think may help me with a strategy but I realize there is much to learn.
"Don't you draw the queen of diamonds, boy, she'll beat you if she's able.
You know the queen of hearts is always your best bet" -- The Eagles, Desperado