You omit the behavioral part of drawdown finance: the marginal benefit of money spent at my current age of 67 in better health and in better shape is worth more than money spent at 77 or 87. A ski lift ticket bought this winter is worth more than a ski lift ticket bought in 2032 or 2042. Money spent to play beachfront streetball in Porto is worth more now than when I'll be 77, assuming that would even be possible.

This is why frontloading drawdown and not postponing pleasure instead of living like homo economicus makes sense. This also explains why more retirees are becoming expats: geographic arbitrage enables them to live according to this principle. The whole point of working to make the money was to live without strict rules, what Humphrey Bogart called FY money.

When you have more money than time, draw down to do what you love to do and what you always postponed doing due to lack of time.