The 4% rule will not work for My 401(k). Here’s how I plan to manage my retirement savings.

I work extremely hard to save for retirement. I know I can’t plan to cover my bills on Social Security alone. And I also know that I don’t want to worry about money in retirement.

I spent a lot of time in my 20s stressing about managing my expenses while paying off my student loans. And I’ve spent quite a few 30 years worrying about home repairs while juggling childcare costs and a mortgage. Come retirement, I want money to be the last thing I worry about, which is why I’m willing to make sacrifices now to fund my 401(k).

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Of course, I don’t want to put in all that hard work only to lose my retirement savings and end up with no less. I recognize that it is important to manage my nest egg wisely once I am ready to use it.

To that end, many financial experts will suggest following the 4% rule. The 4% rule tells you to withdraw 4% of your nest egg during the first year of retirement and adjust future withdrawals for inflation. If you stick with it, there’s a good chance your savings will last 30 years.

I’m not going to come out and say that the 4% rule is a bad choice for everyone. But it won’t work for me for one big reason.

When you need flexibility

Since I don’t have a crystal ball, I can’t predict what my 401(k) balance will be after retirement. But I’m hoping it’s enough to cover my expenses so I don’t have to rely on Social Security for essential bills. I’d rather see these benefits as extra cash that I can use for leisure.

But if I retire with $400,000, $1 million, or more, I want to make sure my 401(k) doesn’t run out. So I plan to manage my withdrawals carefully. At the same time, though, I don’t think I’ll use the 4% rule for one big reason — it doesn’t give me the flexibility I want.

While the 4% rule forces you to adjust withdrawals for inflation, it doesn’t force you to adjust withdrawals based on needs and wants. And that doesn’t work for me.

I need a retirement strategy that allows me to tap into my 401(k) to a larger extent for a few years for things like travel or home repairs. Or, maybe I want to make an occasional big purchase, like new furniture or a new car.

It goes without saying that if there’s a year where my only travel is a series of local camping trips and another year has me taking three trips abroad, the second year could be a more expensive one. I want the flexibility to do this without feeling guilty because I might go over the 4% mark.

A starting point, but nothing more

If you feel the 4% rule works for you, you should use it. Otherwise, you might want to do what I plan to do — find an initial withdrawal rate for the first year of retirement and then adjust future withdrawals based on needs and wants rather than inflation.

Now, at this point, I couldn’t tell you what my initial withdrawal rate would be. I may decide to take out 5% or start with 2% or 3% if my expenses are not that high. I also plan to see a financial advisor to help me get an initial withdrawal rate that allows me to do the things I want without going overboard.

Many people have success with the 4% rule. But it never hurts to look at other options, even if you generally think it’s sound financial advice.