Individuals planning to retire in 2027 should prioritize developing a solid withdrawal plan to avoid financial pitfalls. Experts emphasize the importance of estimating monthly expenses, which typically range from $6,500 to $7,500, to determine how much needs to be withdrawn from savings. Evaluating all income sources, such as Social Security and potential part-time work, is essential. For instance, if a retiree anticipates receiving $2,500 from Social Security and $1,000 from part-time work, they may need to withdraw between $3,000 and $4,000 from their savings. A safe withdrawal rate is generally around 4%, meaning that withdrawing $48,000 annually from $1.2 million in savings is manageable. However, withdrawing the same amount from $900,000 results in a riskier 5.33% rate. Experts advise keeping a cash buffer for two years of expenses to avoid selling investments during market downturns. A well-thought-out withdrawal plan can significantly enhance financial security in retirement.