What is a flexible spending strategy and does it help my money last longer?

A flexible spending strategy means adjusting your withdrawals to market conditions instead of taking the same inflation-adjusted amount no matter what. In practice you trim discretionary spending, travel, dining, big purchases, in years after markets fall, and spend more freely after strong years. Research from Morningstar and others shows this flexibility can meaningfully raise the amount you can safely spend over a full retirement, because you're not forced to sell into every downturn. The key is separating essential expenses, which stay fixed, from discretionary ones you can dial up or down. Even a willingness to cut 10% in bad years dramatically improves the odds your savings last.