A two-panel line chart comparing retirement outcomes with and without dynamic spending. The title reads “Dynamic spending can help avoid steep spending cuts and preserve savings.” Panel b (right): “Expected wealth in retirement with and without dynamic spending.” The Y-axis shows expected wealth over time from $0 to $800k, gridlines every $100k. The X-axis shows age from 67 to 100, labeled at 67, 70, 80, 90, and 100. Two lines are shown: “With dynamic spending in a typical market” (solid teal line) starts at approximately $800k at age 67, declines gradually to approximately $600k at age 80, approximately $400k at age 90, and approximately $350k at age 100. “Without dynamic spending” (dashed orange line) starts at approximately $800k at age 67, declines more steeply to approximately $500k at age 80, approximately $200k at age 90, and approaches $0 by age 100.