[ITEM 4]
QUESTION: Retirement investments: what to do with the portfolio during the withdrawal phase?

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The capital withdrawal stage, or the so-called withdrawal phase, is the most crucial moment in retirement investing because this is where your multi-year strategy is put to the test. The main task at this stage is to make the accumulated capital work for you and provide stable passive income without depleting the main assets prematurely. Mistakes in portfolio management during the withdrawal period can lead to the rapid zeroing of accounts precisely when you no longer have the opportunity to top them up through active earnings.

To properly organize the withdrawal process and minimize risks, it is recommended to follow strict rules:
1. Calculate a safe percentage of annual capital withdrawal, focusing on classic financial research, which recommends withdrawing no more than three to four percent of the total portfolio value in the first year of retirement, followed by indexation for inflation.
2. Form a separate cash buffer in a brokerage or bank account equivalent to your expenses for one to two years so that you do not have to sell stocks or bonds during deep market crises.
3. Set up regular receipt of dividends and coupons into a separate account to use them as the main source of retirement payouts without forced sales of the securities themselves.
4. Perform annual portfolio rebalancing, restoring target proportions between stocks and bonds using the assets that showed the highest growth.
5. Monitor the tax efficiency of withdrawals by utilizing legal tax optimization methods and long-term holding tax exemptions for securities.

During this period, it is especially important to avoid psychological extremes: do not overestimate your expectations of future market returns and do not panic during temporary drops in portfolio value. Leave enough room for a comfortable life, do not skimp on basic health and safety needs, but strictly control the level of your spending. Track your financial progress using small checkpoints once a quarter, timely adapting the payout size to the real market environment and current macroeconomic indicators.

[ITEM 4] QUESTION: Retirement investments: what to do with the portfolio during the withdrawal phase?

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