Ravi Saraogi, CFA

*IMPORTANT NOTICE* It has been brought to my attention that unknown individual(s) have used my identity to provide stock tips and lure investors to trade/speculate in stocks. It is hereby clarified that *I do not provide any stock tips and do not reach out to investors...

@yadvrx This is very cool 👍

@ravisaraogi Thanks for sharing! The page is behind paywall, I used your paper with Claude to build this (expires in two weeks) - swr-calc.pagedrop.io

In my recent LiveMint article, I introduce a simple formula which allows anyone to quickly estimate their safe withdrawal rate. Thanks to @deeptibhaskaran and team who built a brilliant calculator (embedded in the story below) based on the formula. bit.ly/3NVcY3B

In a recent @etwealth column, Ravi Saraogi @ravisaraogi , CFA, Co-founder of Samasthiti Advisors, explains why retirement math often settles near a - 3.5% withdrawal rate.

💡 𝗞𝗶𝘁𝗰𝗲𝘀 𝗥𝗮𝘁𝗰𝗵𝗲𝘁𝗶𝗻𝗴 𝗥𝘂𝗹𝗲 – 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗦𝗽𝗲𝗻𝗱𝗶𝗻𝗴 If your portfolio hits 150% of its initial value, you get a permanent 10% boost in your withdrawal amount (max once every 3 years).

𝗚𝘂𝘆𝘁𝗼𝗻–𝗞𝗹𝗶𝗻𝗴𝗲𝗿 𝗚𝘂𝗮𝗿𝗱𝗿𝗮𝗶𝗹𝘀: A Dynamic way to manage retirement withdrawals. It adjusts how much you withdraw based on portfolio performance, helping you avoid overspending in down markets and underspending in strong ones.

𝗩𝗮𝗻𝗴𝘂𝗮𝗿𝗱’𝘀 “𝗣𝗲𝗿𝗰𝗲𝗻𝘁𝗮𝗴𝗲 𝗙𝗹𝗼𝗼𝗿 & 𝗖𝗲𝗶𝗹𝗶𝗻𝗴” 𝗥𝘂𝗹𝗲 🧮 A refined withdrawal method that smooths retirement income. Your yearly withdrawal can’t rise >5% or fall >2.5% vs last year: Wt = min{Wt-1×(1+5%), max[Wt-1×(1−2.5%), w×Pt-1]}

𝗕𝗲𝗻𝗴𝗲𝗻’𝘀 “𝗖𝗲𝗶𝗹𝗶𝗻𝗴 & 𝗙𝗹𝗼𝗼𝗿” 𝗥𝘂𝗹𝗲 (2001) : 𝗦𝗺𝗼𝗼𝘁𝗵 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹𝘀 𝗶𝗻 𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗲 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 🧮 Your income can’t rise more than +20% or fall more than −15% from last year: Wt = min{Wt-1×(1+c), max[Wt-1×(1−f), w×Pt-1]}

@CE_Elangovan @team_samasthiti It need not be 0.5, it can be different based on retiree preference depending on whether they want to place more weight on fixed-inflation adjusted withdrawals or endowment moving average withdrawals. In our example, we have assumed equal weight, hence 0.5.

@team_samasthiti @ravisaraogi Sir, how the value of c is taken as 0.5?

🧮 𝗧𝗵𝗲 𝗪𝗲𝗶𝗴𝗵𝘁𝗲𝗱 𝗔𝘃𝗲𝗿𝗮𝗴𝗲 𝗛𝘆𝗯𝗿𝗶𝗱 (𝗪𝗔𝗛) — 𝗔 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝘆 𝘁𝗵𝗮𝘁 𝗰𝗼𝗺𝗯𝗶𝗻𝗲𝘀 𝘁𝘄𝗼 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵𝗲𝘀 A blend of both strategies — balancing stability and flexibility.

Are NPS equity plans worthy? From 1 October 2025, NPS subscribers are allowed up to 100% equity allocation (earlier restricted to 75%). This bigger equity play can benefit investors in the long term, but ET Wealth's analysis of rolling returns of NPS equity plans reveals a sobering picture. The return profile of NPS equity plans so far is modest at best. A continued large cap bias is putting a lid on returns. A shift towards broad market exposure may be needed to get the shackles off. Story in @ET_Wealth this week. economictimes.indiatimes.com/wealth/invest/…

𝗧𝗵𝗲 𝗙𝗶𝘅𝗲𝗱 % 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹 Strategy offers flexibility for retirees 🧮 🔹 Withdraw a fixed % of your current portfolio - not a fixed amount. 🔹 Income moves with markets: lower in bad years, higher in good. ✅ Portfolio never runs out ⚠️ Income varies year to year

@VermaManojK None available as of now, but the consultation paper (under the pension scheme 2 option) envisages one.

@team_samasthiti @EconomicTimes @ravisaraogi Does India have a true inflation linked annuity plan? As per my knowledge, there is none available for private individuals.

𝗡𝗲𝘄 𝗡𝗣𝗦 𝗥𝘂𝗹𝗲𝘀 𝗖𝗼𝘂𝗹𝗱 𝗧𝗿𝗮𝗻𝘀𝗳𝗼𝗿𝗺 𝗥𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗣𝗹𝗮𝗻𝗻𝗶𝗻𝗴 We’re excited to share an insightful article by 𝗥𝗮𝘃𝗶 𝗦𝗮𝗿𝗮𝗼𝗴𝗶, 𝗖𝗙𝗔, 𝗖𝗼-𝗳𝗼𝘂𝗻𝗱𝗲𝗿 𝗼𝗳 𝗦𝗮𝗺𝗮𝘀𝘁𝗵𝗶𝘁𝗶 𝗔𝗱𝘃𝗶𝘀𝗼𝗿𝘀, published in @EconomicTimes today.

💫 𝗦𝗮𝗺𝗮𝘀𝘁𝗵𝗶𝘁𝗶 𝗔𝗱𝘃𝗶𝘀𝗼𝗿’𝘀 𝗪𝗲𝗲𝗸𝗹𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗧𝗿𝗮𝗰𝗸𝗲𝗿 – 𝗙𝗼𝗿 𝘁𝗵𝗲 𝘄𝗲𝗲𝗸 𝗲𝗻𝗱𝗲𝗱 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟭7𝘁𝗵,𝟮𝟬𝟮𝟱 @ravisaraogi

𝗚𝘂𝗮𝗿𝗱𝗿𝗮𝗶𝗹𝘀 𝘃𝘀. 𝗥𝗮𝘁𝗰𝗵𝗲𝘁𝗶𝗻𝗴: 𝗧𝘄𝗼 𝗣𝗮𝘁𝗵𝘀 𝘁𝗼 𝗪𝗶𝘁𝗵𝗱𝗿𝗮𝘄𝗮𝗹𝘀

𝗙𝗶𝘅𝗲𝗱 𝗣𝗲𝗿𝗰𝗲𝗻𝘁𝗮𝗴𝗲 𝗥𝘂𝗹𝗲𝘀: 𝗔 𝗗𝗼𝘂𝗯𝗹𝗲-𝗘𝗱𝗴𝗲𝗱 𝗦𝘄𝗼𝗿𝗱 Research shows: ✔ Corpus never depletes- withdrawals scale with portfolio value ✘ Income is highly variable- sharp cuts in downturns, jumps in booms Sustainability comes at the cost of stability.

Read @ravisaraogi 's in-depth analysis with @ZerodhaVarsity to explore the potential upsides and looming risks. zerodha.com/z-connect/vars… Follow the Samasthiti Advisors channel on WhatsApp for future insights: whatsapp.com/channel/0029Va…

@RetirementYatra @deeptibhaskaran Thank you. I presume Zolt would have been difficult to fit given word constraint, hence @jashkriplani would have skipped writing about it.

@deeptibhaskaran The best paper I've read on the subject of Dynamic Withdrawal Strategies. Favourite: Zolt Glide Path. It needs some upfront projections but gives to low volatility and best upside. Wonder why it was not highlighted. This screenshot from the Paper is an eye opener. @ravisaraogi

You may not really need 33 times the annual post retirement expenses to retire. Smart withdrawal strategies can help you retire with less, but there are trade-offs. You may have to deal with some income volatility so opt for a strategy that's a fine balance between a leaner corpus and more predictable income during retirement. @jashkriplani explains the different strategies with the help of research done by @ravisaraogi of Samasthiti Advisors. Read the story here: lnkd.in/gVNTzgdt

@RetirementYatra @jashkriplani I wouldn't say it does not make sense for ANYONE. For instance, retirees with rental income/pensions, who are looking at their financial portfolio for discretionary income and have a requirement for leaving an inheritance with a conservative outlook may find it very useful.

@jashkriplani @ravisaraogi It's not so much volatility but compression. We are making the retiree suffer by shrinking his expenses (real terms) and then leaving his family a large corpus. I saw 50%(median) compression in real terms and 40% 90ptile. Its unacceptable. It does not make sense for anyone.

We have done a bunch of stories on how you can find your retirement cover. Today's story is on "what if" the cover falls short. You can still make your retirement work, but you'd need a rule-based withdrawal strategy. livemint.com/money/personal… (based on research by @ravisaraogi).