Ditto what IAHNTR said. My draw length is 26.5" and I cut my arrows to 27.5", mostly to get the broadhead out in front of my fingers a bit. As long as the arrow spine is correct for your setup you should be fine either way.
If you are shooting a fall away rest, make sure the arrow is long enough so the arrow will lift up in time for the broadhead to clear the shelf. Otherwise it can hang up on the shelf and pop your nock off the string. Did that on a 6-pt bull one time... 30 yards - broadside and I'm at full draw without an arrow on the string. Real cool... Funny how well you learn the lessons that are learned the hard way! My old man used to say, "You learn hard boy, but you learn good!"
Other than that, pay attention to your arrow spine charts - an inch in length makes a big difference on how stiff your arrow needs to be. That's probably the biggest factor. Be sure to leave yourself a little room - strings stretch sometimes and you can cause issues if your arrow is cut too close to the rest's launcher.
I am just going to make sure the base of my arrow is at the end of the shelf... Darin convinced me. I want my Dad to tell me, "You learn easy boy, and you learn good!" So I will learn from your misfortune!
at our shop we always recommend cutting them to the front of the riser for that very reason. most of the time that will put your arrow length about a 1/2" longer than what your draw length is on most bows.
I always cut mine to 31.5", that gives me about 1.5" past the front of the riser. Why so much you ask, it makes sure that if I overdraw I won't hit my hand or the riser, AND it keeps the broadhead far enough in front of my hands that I can still wear a heavy glove on my bow hand when it is frigid cold outside.
I usually cut mine about 1/2" from the rest at full draw...And I push my rest back away from the shelf. I like a short arrow, it stiffens the spine up and there's less surface area so less wind drift. If it works for Randy Ulmer it'll work for me.