**I assumed a complete rebalance to the target allocation
at the beginning of each year (after withdrawal of that year's living expenses). I ignored
any associated tax consequences associated with this action. **

**I analyzed retirement starting years from 1926 through
1979 inclusive. This is a total of 54 different 30-year retirement scenarios.**

**For starting years after 1969 that would have included
years later than 1998 (the last year for which I had data) I simply ‘rolled
over’ back to 1960, 1961, etc. The choice of 1960 was a strictly arbitrary choice. **

**I did not do a complete MVO (Mean Variance Optimization),
but the playing around that I did indicated to me that Long Term Bonds (government or
corporate) offered very little value so I ignored these two asset classes in my asset
allocation.**

**I used a 5% short term (treasuries) allocation in all
cases because nothing else seems practical to me (even index funds tend to have a couple
percent allocation to cash in most cases).**

**I ignored any investment expenses (fund expenses,
broker’s fees, etc.) that might be encountered in practice.**

**Each withdrawal was made at the beginning of the year and
placed into an account (in practical terms probably an interest bearing checking account)
whose net return was .33 x initial value x Treasury Bill return. I was trying to simulate
the return of that checking account across the year (average balance of approximately 50%
of the withdrawal at the beginning of the year and earning somewhat less than Treasury
Bills).**

**The most straight-forward use of this data would be to
treat taxes just like any of your other expenses. **