How to know if one is fully funded for retirement using Safe Withdrawal Rate approach

 If one's retirement portfolio is more than 22 times of their net retirement expenses (net is after adjusting for social security income), such retiree in essence has overfunded portfolio.

If portfolio is 50% or more overfunded (say more than 33 times of one's net retirement expenses), such retiree does not have risk of running out of money, even if faced with significant portfolio drop during initial years of retirement. This allows such retiree capacity to go for more calculated risk such as potentially all stock portfolio without worrying about outliving their portfolio.

Following excerpt from above referenced Bengen safe withdrawal study illustrates that decently overfunded (say 50%-100% overfunded) investor could potentially accrue several times of initial portfolio value if they are willing to leverage their capacity of 100-percent stock portfolio:

"Can you imagine how much wealth would have accrued to an investor who had a 100-percent stock portfolio on January 1, 1975, and held it
through the end of 1993? Even after withdrawals, which began at four percent, she would have increased her wealth by seven times!"

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