For three decades, retirees have clung to the so-called “4% rule” as gospel — the idea that withdrawing 4% of their nest egg each year would keep them financially secure for life.

Now, its creator, financial researcher Bill Bengen, says it’s time for an upgrade.

Mr. Bengen’s new analysis, laid out in his recent book “A Richer Retirement: Supercharging the 4% Rule to Spend More and Enjoy More,” raises the safe withdrawal rate to 4.7% — a 17.5% pay raise for retirees.

That means for a $1 million portfolio, retirees who were sticking to the rule and only withdrawing $40,000 per year can still be safe withdrawing $47,000 per year.

On Sept. 18, Squirrel Hill financial adviser James Lange is bringing Mr. Bengen here for a free public event at the Courtyard by Marriott Pittsburgh University C

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