David McKnight compares the approach of some of the biggest names in personal finance: Suze Orman, and William "Bill" Bengen (the man who invented the 4% Rule).

In a recent interview covered by MSN, Suze Orman declared flat out that the 4% Rule is dead since markets are volatile, interest rates fluctuate, and people are living longer.

David shares the "origin story" of how the 4% Rule came to be – and its creator Bill Bengen.

Interviewed by MSN, Bengen updated his research and concluded that, based on current data, a 4.7% withdrawal rate is now sustainable.

David compares Orman's views on the 4% Rule with those of Bengen.

As explained by David, when you purchase a guaranteed lifetime income annuity, you're transferring a portion of your retirement savings to an insurance company in exchange for a guaranteed paycheck for life.

Remember: not all annuities are created equal – that's why you need to understand fees, credit ratings, inflation writers and surrender periods.

Mentioned in this episode:

David's new book, available now for pre-order: The Secret Order of Millionaires

David's national bestselling book: The Guru Gap: How America's Financial Gurus Are Leading You Astray, and How to Get Back on Track

Tax-Free Income for Life: A Step-by-Step Plan for a Secure Retirement by David McKnight

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free video series)

@mcknightandco on Twitter

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

Suze Orman

William Bengen