Which Is A Greater Risk: Running Out Of Money While You're Alive Or Dying?
The second general approach to dealing with the question of longevity and sustainable spending is to leave the concept of planning horizons behind and to simply incorporate survival probabilities into calculations.
As David Blanchett says: failure is really only failure if wealth is depleted while you are still alive, not just over an arbitrarily long time period.
Pfau, Wade D. PhD, "Which Is A Greater Risk: Running Out Of Money While You're Alive Or Dying?" (2016). Faculty Publications. 587.