Kitces on "Why Most Retirees Will Never Draw Down Their Retirement Portfolio"

Typically I would put something like this into a "Links" post but I think this is deserving of individualized attention. Michael Kitces recent article "Why Most Retirees Will Never Draw Down TheirRetirement Portfolio" should be required reading for anyone that is thinking about retiring earlier than average.  Among other things it provides a coherent, analytical rationale for spending control, or even frugality, early in retirements especially long retirements.  From his concluding paragraph:

"...it’s crucial to recognize that accumulating “excess” retirement dollars and seeing the retirement account balance grow, particularly in the first half of retirement, doesn’t mean the retiree is underspending. In fact, spending down the retirement principal early in retirement would be a sign of trouble. Accumulating continued growth throughout the early years of retirement is actually the normal, prudent course of action for anyone who anticipates living a long time, fears the potential impact of future inflation, and therefore recognizes the need for the retirement portfolio to grow in the early years to defend against the uncertainties of a long retirement future."