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Why do you assume no returns in those 25 years of retirement?


He does. He says "forever" not 25 years.

(Research has shown that 4% drawdown of your wealth every year combined with an investment into stocks (assets with 3.5-4% post-inflation return) will generally preserve your capital stock - and even in the worst cases won't completely erode it.

100%/4% = 25




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