Retiring in 1966: a 4% withdrawal ran out of money in year 26

Retiring in 1966 with $1M and a 4% inflation-adjusted withdrawal, the money ran out in year 26 (1991). Its worst year was 1974, when the S&P 500 lost 20.7% including dividends. Inflation had pushed the yearly withdrawal from $40K to $169K 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.