Why doesn't my plan have portfolio withdrawals?
Reasons a plan may lack portfolio withdrawals, including high levels of inflation and/or mortality risk.
Last published on: October 31, 2025
Sometimes, a plan unexpectedly shows no or very little in portfolio withdrawals in the "Income Sourcing" graph and table, and in Life Hub. If you see this, it may seem that something is wrong. But there are a few reasons this could be happening.
Â
Targeting a low net-of-tax income level
First, you may be targeting a net-of-tax income level that is well within the plan's non-portfolio income resources. In other words, the plan isn't showing any portfolio withdrawals because none are needed (at least in some years) to hit those net-of-tax targets.
Â
Plan has high mortality and/or inflation risk
If you aren't targeting a net-of-tax income level, but are instead asking "How much can I spend?" given the household's resources, the plan still may show low or no portfolio withdrawals, at least in some or most of the plan. If this happens, it is likely because the plan has a large amount of inflation risk, mortality risk, or both. In other words, if inflation is higher than expected, or one spouse passes away earlier than expected, this plan would depend heavily on the portfolio assets, and so the app is suggesting lower portfolio withdrawals now in order to hold resources back to fend off those risks.
This happens when a plan's non-portfolio income resources contain high levels of income that are not adjusted for inflation or that are reduced upon one spouse's death. Many pensions and annuities provide income that is not adjusted for inflation. Keep in mind that total household Social Security is typically reduced (sometimes by large amounts) upon one spouse's death. (And any pensions and annuities may be single-life.)
Here are some articles on how the Income Lab app adjusts for inflation risk and mortality risk in these cases.
If this is what's happening in your plan, you can try copying the plan and changing the income sources to be "adjusted for inflation" or to last through the second spouse's death. In this copied plan, you'll see (higher) portfolio withdrawals, which confirms that it is the inflation and/or mortality risk that is keeping withdrawals low in the other plan.