Retiring in 1966: a 3.5% withdrawal ran out of money in year 45

Retiring in 1966 with $1M and a 3.5% inflation-adjusted withdrawal, the money ran out in year 45 (2010). Its worst year was 2008, when the S&P 500 lost 35.2% including dividends. Inflation had pushed the yearly withdrawal from $35K to $239K by then. 1966 began a 16-year stretch in which stocks went nowhere while inflation climbed into double digits, which is why it is the classic stress test for the 4% rule.