What is a withdrawal strategy, and why does it matter?

Detailed Explanation

It is the plan for which accounts you draw from, in what order, and how much per year. It matters because the same portfolio can last very different lengths of time depending on sequencing. Drawing heavily in an early downturn locks in losses that later growth cannot recover; staging withdrawals across account types can also reduce the tax drag over decades. The planning question is not only "how much have I saved" but "how does it come out". A portfolio without a withdrawal plan is only half a retirement plan.