The Center for Retirement Research used this as its jumping-off point and calculated annual withdrawal amounts as a percentage of total account balance beginning at 65, when it claims you can safely withdraw 3.13% of your retirement savings, until age 100, when you can withdraw 15.67%.
This formula has some of the same flaws as the 4% rule. Changing market conditions may affect what you can safely withdraw, and you're limited to smaller amounts when you're younger and may want to spend more. However, you can somewhat offset this by reinvesting any earned interest and dividends, in addition to the recommended percentages.
A more effective approach may be to avoid cookie-cutter strategies altogether. Consult with a financial advisor about your retirement plans and how they will impact your spending habits. An advisor will help you determine how much you need to save and how much you can comfortably spend each year to avoid running out of money too soon.
Be sure to select a fee-only financial advisor. Those who earn commissions when you buy certain investments can make recommendations based on their best interests rather than yours. Always ask for a copy of an advisor's fee schedule so you understand what you're signing up for.