How much of my retirement income should come from guaranteed sources versus my portfolio?

A widely used framework is to cover your essential, must-pay expenses, housing, food, insurance, utilities, with guaranteed income like Social Security, a pension, or an annuity, and fund discretionary spending, travel and hobbies, from your investment portfolio. That way a market crash threatens your vacations, not your rent. Add up your bare-bones annual expenses, subtract expected Social Security and any pension, and if a gap remains you can decide whether an annuity should fill it. Retirees who floor their essentials with guaranteed income tend to report less anxiety and are less likely to panic-sell in downturns, because their basic security doesn't depend on the market.