Retirees may find it confusing that safe withdrawal rates, like the 3.5% rule, are lower than historical equity and debt returns. This article explains that using the geometric mean, which accounts for volatility, suggests a more realistic future equity return of 11.5%. A blended portfolio with a 50:50 equity-debt allocation, assuming 7% debt returns, yields an estimated 9.25% return, highlighting why projected returns can mislead retirees.