Social Security poll; Withdrawing from retirement accounts for cashflow needs

Is Social Security going to be around when you need it?  Chris and Jeff talk about a CNBC Social Security poll that shows bi-partisan support for reducing benefits for high earners, raising the amount of Social Security benefits, raising the retirement age, and increasing payroll tax. 

They discuss a Schwab article about when to take Social Security and how much you can withdraw annually from your portfolio for cashflow needs. People are often uncomfortable about taking withdrawals after they have saved so long for retirement.

The general rule has been if you are in a 50/50 type portfolio and withdraw 4% annually with an adjustment for inflation, that you have a high probability of not running out of money over 30 years of retirement. There is more pressure on the 4% rule when stocks are not performing at their long-term average or when inflation is high, etc. A good practice is to have a separate bucket for liquidity to withdraw from if the market is not favorable at the time cash is needed. It is important to have a financial plan to know if you are on a path that is sustainable or if you have room to take higher cash withdrawals.