I voted for capital preservation, however found that there is a bit more depth between choosing simply preservation vs. depletion. So, if you allow me to add some unnecessary complexity to your simple question, this is how I approach it:
First, since the future market performance is unknowable it is not a given that there is such a thing as a safe withdrawal rate. Who knows, maybe we should store our wealth in gold bars under the mattress… We can however make a probabilistic argument based on past performance and maybe some best-guess predictions.
For my layman analysis, I attempted to calculate SWRs that will succeed at a certain probability based on past market performance. As success criteria I arbitrarily set a minimum capital of 250k CHF at age 90 (in real terms), and compute the number of historic months where retirement would meet this criteria. Being somewhat risk adverse I computed two SWRs that yield 95% & 99% probability of meeting this success criteria, again based on past performance and for my specific circumstances.
While keeping an eye on political developments, I currently still assume that there will be a 1st pillar pension waiting for me. With this in mind, I plot four phases shown below.
1: Accumulation, I hope I will do better than that but we will see… So far I’m roughly on that curve.
2: After reaching FI with 95% probability (maybe) reduce work load / look for other activities, while staying economically relevant. Maintain some income & see which way the market goes. Probably increase bonds allocation.
3: Once reaching FI 99% (probably) retire, allowing some depletion until 1st pillar pension kicks in. Will need a hard look at how likely that 1st pillar will still be there, resp. how much…
4: Remaining capital & 1st pillar plotted as capital preservation, but this is against an assumed SWR.
So this is not precisely capital preservation, but it is a model that provides ~99% chance of avoiding disaster and based on the same numbers ~93% chance of preserving capital. Unless (shock!) the future turns out differently than the past…