How money is withdrawn from a portfolio has a dramatic impact on the survival of the portfolio as well as the amount of money that is withdrawn over time. This paper analyzes four withdrawal methods: (1) RMD, (2) 5% annual withdrawal, (3) 5% initial withdrawal with a subsequent 3% annual COLA, and (4) 5% initial withdrawal with a subsequent “smart” annual COLA that is dependent on the portfolio’s annual performance. A “smart” COLA is indeed smart in that it increased the average annual withdrawal relative to a fixed 3% annual COLA.