How Much of My Pension Can I Spend?

Returns
(after tax and increasing with inflation) Inputs: 9.0%
Recognize this model implies that returns are guaranteed Input all the coloured variables. Try cha
each year. A false assumption. You will face (if you see #Div/0 errors change either
Sequential Return risk.
Reduce your withdrawals by about 1% to compensate. Spend $36,500
(after taxes) $ 56,614

Return to Website: Spend $ 40,000

http://www.retailinvestor.org/retire.html (include tax)

MAINTAIN WEALTH DIE BROKE

This option maintains your nest egg intact in 'real' dollars This depletes your money by the time y

Year TAX Spend BOY Income EOY TAX

0 1,000,000 90,000 1,090,000
1 13,500 36,500 1,040,000 93,600 1,133,600 13,500
2 14,040 37,960 1,081,600 97,344 1,178,944 13,768
3 14,602 39,478 1,124,864 101,238 1,226,102 14,027
4 15,186 41,058 1,169,859 105,287 1,275,146 14,273
5 15,793 42,700 1,216,653 109,499 1,326,152 14,505
6 16,425 44,408 1,265,319 113,879 1,379,198 14,721
7 17,082 46,184 1,315,932 118,434 1,434,366 14,917
8 17,765 48,032 1,368,569 123,171 1,491,740 15,091
9 18,476 49,953 1,423,312 128,098 1,551,410 15,240
10 19,215 51,951 1,480,244 133,222 1,613,466 15,360
11 19,983 54,029 1,539,454 138,551 1,678,005 15,447
12 20,783 56,190 1,601,032 144,093 1,745,125 15,498
13 21,614 58,438 1,665,074 149,857 1,814,930 15,507
14 22,478 60,775 1,731,676 155,851 1,887,527 15,469
15 23,378 63,206 1,800,944 162,085 1,963,028 15,380
16 24,313 65,734 1,872,981 168,568 2,041,550 15,233
17 25,285 68,364 1,947,900 175,311 2,123,212 15,022
18 26,297 71,098 2,025,817 182,323 2,208,140 14,740
19 27,349 73,942 2,106,849 189,616 2,296,466 14,378
20 28,442 76,900 2,191,123 197,201 2,388,324 13,930
21 29,580 79,976 2,278,768 205,089 2,483,857 13,385
22 30,763 83,175 2,369,919 213,293 2,583,211 12,735
23 31,994 86,502 2,464,716 221,824 2,686,540 11,967
24 33,274 89,962 2,563,304 230,697 2,794,002 11,071
25 34,605 93,561 2,665,836 239,925 2,905,762 10,035
26 35,989 97,303 2,772,470 249,522 3,021,992 8,843
27 37,428 101,195 2,883,369 259,503 3,142,872 7,482
28 38,925 105,243 2,998,703 269,883 3,268,587 5,936
29 40,482 109,453 3,118,651 280,679 3,399,330 4,186
30 42,102 113,831 3,243,398 291,906 3,535,303 2,214
31 43,786 118,384 3,373,133 303,582 3,676,715 (0)
32 45,537 123,119 3,508,059 315,725 3,823,784 (2,479)
33 47,359 128,044 3,648,381 328,354 3,976,735 (5,247)
34 49,253 133,166 3,794,316 341,488 4,135,805 (8,329)
35 51,223 138,493 3,946,089 355,148 4,301,237 (11,755)
36 53,272 144,032 4,103,933 369,354 4,473,286 (15,554)
 Inflations Principal Tax % Years to Death
4.0% 1,000,000 15% 30
nput all the coloured variables. Try changing them.
f you see #Div/0 errors change either the Return or the Inflation variable a very, very small amount)

if you want to leave the Purchasing Power of your portfolio intact.

if you want to die broke.

using "the 4% solution".

his depletes your money by the time you die.

Spend BOY Income EOY

1,000,000 90,000 1,090,000
56,614 1,019,886 91,790 1,111,675
58,879 1,039,028 93,513 1,132,541
61,234 1,057,280 95,155 1,152,435
63,683 1,074,478 96,703 1,171,181
66,231 1,090,445 98,140 1,188,585
68,880 1,104,984 99,449 1,204,433
71,635 1,117,880 100,609 1,218,489
74,501 1,128,897 101,601 1,230,498
77,481 1,137,777 102,400 1,240,177
80,580 1,144,237 102,981 1,247,219
83,803 1,147,969 103,317 1,251,286
87,155 1,148,633 103,377 1,252,010
90,641 1,145,862 103,128 1,248,990
94,267 1,139,253 102,533 1,241,786
98,038 1,128,369 101,553 1,229,922
101,959 1,112,730 100,146 1,212,875
106,038 1,091,816 98,263 1,190,079
110,279 1,065,061 95,855 1,160,916
114,690 1,031,848 92,866 1,124,714
119,278 991,506 89,236 1,080,742
124,049 943,307 84,898 1,028,205
129,011 886,460 79,781 966,241
134,171 820,102 73,809 893,912
139,538 743,302 66,897 810,199
145,120 655,045 58,954 713,999
150,925 554,231 49,881 604,112
156,962 439,668 39,570 479,239
163,240 310,063 27,906 337,969
169,770 164,013 14,761 178,775
176,560 (0) (0) (0)
183,623 (183,623) (16,526) (200,149)
190,968 (388,638) (34,977) (423,615)
198,606 (616,975) (55,528) (672,502)
206,551 (870,724) (78,365) (949,089)
214,813 (1,152,147) (103,693) (1,255,840)
223,405 (1,463,691) (131,732) (1,595,424)
very small amount)
37 55,403 149,794 4,268,090 384,128 4,652,218 (19,760)
38 57,619 155,785 4,438,813 399,493 4,838,307 (24,408)
39 59,924 162,017 4,616,366 415,473 5,031,839 (29,537)
40 62,321 168,497 4,801,021 432,092 5,233,112 (35,190)
41 64,814 175,237 4,993,061 449,376 5,442,437 (41,410)
42 67,406 182,247 5,192,784 467,351 5,660,134 (48,247)
43 70,103 189,537 5,400,495 486,045 5,886,540 (55,754)
44 72,907 197,118 5,616,515 505,486 6,122,001 (63,988)
45 75,823 205,003 5,841,176 525,706 6,366,881 (73,011)
46 78,856 213,203 6,074,823 546,734 6,621,557 (82,889)
47 82,010 221,731 6,317,816 568,603 6,886,419 (93,694)
48 85,291 230,600 6,570,528 591,348 7,161,876 (105,505)
49 88,702 239,824 6,833,349 615,001 7,448,351 (118,404)
50 92,250 249,417 7,106,683 639,602 7,746,285 (132,484)
51 95,940 259,394 7,390,951 665,186 8,056,136 (147,842)
52 99,778 269,770 7,686,589 691,793 8,378,382 (164,583)
53 103,769 280,560 7,994,052 719,465 8,713,517 (182,823)
54 107,920 291,783 8,313,814 748,243 9,062,058 (202,684)
55 112,236 303,454 8,646,367 778,173 9,424,540 (224,299)
56 116,726 315,592 8,992,222 809,300 9,801,522 (247,812)
57 121,395 328,216 9,351,910 841,672 10,193,582 (273,378)
58 126,251 341,345 9,725,987 875,339 10,601,326 (301,164)
59 131,301 354,999 10,115,026 910,352 11,025,379 (331,350)
60 136,553 369,198 10,519,627 946,766 11,466,394 (364,132)
61 142,015 383,966 10,940,413 984,637 11,925,050 (399,719)
62 147,696 399,325 11,378,029 1,024,023 12,402,052 (438,338)
63 153,603 415,298 11,833,150 1,064,984 12,898,134 (480,232)
64 159,748 431,910 12,306,476 1,107,583 13,414,059 (525,666)
65 166,137 449,186 12,798,735 1,151,886 13,950,621 (574,924)
66 172,783 467,154 13,310,685 1,197,962 14,508,646 (628,311)
67 179,694 485,840 13,843,112 1,245,880 15,088,992 (686,159)
68 186,882 505,274 14,396,836 1,295,715 15,692,552 (748,823)
69 194,357 525,485 14,972,710 1,347,544 16,320,254 (816,688)
232,341 (1,808,005) (162,720) (1,970,726)
241,635 (2,187,953) (196,916) (2,384,868)
251,300 (2,606,631) (234,597) (2,841,228)
261,352 (3,067,391) (276,065) (3,343,456)
271,807 (3,573,853) (321,647) (3,895,500)
282,679 (4,129,932) (371,694) (4,501,626)
293,986 (4,739,857) (426,587) (5,166,445)
305,745 (5,408,202) (486,738) (5,894,940)
317,975 (6,139,905) (552,591) (6,692,496)
330,694 (6,940,302) (624,627) (7,564,929)
343,922 (7,815,157) (703,364) (8,518,521)
357,679 (8,770,695) (789,363) (9,560,058)
371,986 (9,813,639) (883,228) (10,696,867)
386,865 (10,951,248) (985,612) (11,936,860)
402,340 (12,191,359) (1,097,222) (13,288,581)
418,434 (13,542,431) (1,218,819) (14,761,250)
435,171 (15,013,598) (1,351,224) (16,364,822)
452,578 (16,614,717) (1,495,324) (18,110,041)
470,681 (18,356,423) (1,652,078) (20,008,501)
489,508 (20,250,198) (1,822,518) (22,072,716)
509,089 (22,308,427) (2,007,758) (24,316,185)
529,452 (24,544,473) (2,209,003) (26,753,476)
550,630 (26,972,756) (2,427,548) (29,400,304)
572,655 (29,608,827) (2,664,794) (32,273,622)
595,562 (32,469,464) (2,922,252) (35,391,716)
619,384 (35,572,762) (3,201,549) (38,774,311)
644,159 (38,938,238) (3,504,441) (42,442,679)
669,926 (42,586,939) (3,832,824) (46,419,763)
696,723 (46,541,563) (4,188,741) (50,730,303)
724,592 (50,826,584) (4,574,393) (55,400,976)
753,575 (55,468,393) (4,992,155) (60,460,548)
783,718 (60,495,443) (5,444,590) (65,940,033)
815,067 (65,938,412) (5,934,457) (71,872,869)
How long will my savings last in retirement ?

Principal Spend Returns Inflations Tax %

Inputs: 750,000 40,000 6.0% 1.5% 20%

Withdrawal Rate = 5.33%

Rate of return = 3.30% after tax and inflation
Answer: Longevity of Savings = 29.22 years

This calculation models a 'die broke' scenario.

Assumes steady returns each year - no sequence of returns risk
Reduce your expected return by about 1% to correct for sequence risk.
Assumes spending increases with inflation.
 The Reservoir System
The RESERVOIR SYSTEM for drawing down retirement savings has only thre
1) You start with a cash balance big enough to fund a few years spending
2) You track the inflation adjusted value of your original portfolio balance (c
3) If the cash Reservoir runs out of money, you top it up from the portfolio a

To see what happens with different start years, copy the yellow section and pa
Scroll down column G to see how long the portfolio lasts. Using the default var
1964, 1965, 1966, 1968, and 1969.

To use Canadian stock returns, copy from the TSX column and past overtop th

Cash Investments Tax %

90,000 910,000 20%

Portfolio in Stocks
S&P TSX US Yrs since
Year Return Returns Inflation Start Portfolio Income EOY

1938 31.6% (1.4%) 1 910,000 287,833 1,197,833

1939 (1.4%) (0.7%) 2 897,183 (12,830) 884,353
1940 (10.4%) 1.4% 3 884,353 (91,619) 792,734
1941 (12.0%) 11.3% 4 792,734 (95,287) 697,448
1942 20.8% 7.6% 5 697,448 144,720 842,168
1943 25.4% 3.0% 6 842,168 213,742 1,055,910
1944 19.5% 2.3% 7 1,055,910 205,797 1,261,707
1945 36.2% 2.2% 8 1,128,328 408,567 1,536,895
1946 (8.4%) 18.1% 9 1,166,338 (98,206) 1,068,132
1947 5.1% 10.2% 10 1,068,132 53,941 1,122,073
1948 5.0% 1.3% 11 1,122,073 55,991 1,178,064
1949 17.8% (2.1%) 12 1,178,064 209,813 1,387,878
1950 30.1% 8.1% 13 1,387,878 417,057 1,804,935
1951 23.8% 4.3% 14 1,562,697 371,766 1,934,463
1952 18.4% 0.4% 15 1,698,239 312,306 2,010,546
1953 (1.1%) 1.1% 16 1,704,648 (18,240) 1,686,408
1954 52.2% (0.7%) 17 1,686,408 880,811 2,567,219
1955 31.6% 0.4% 18 1,711,056 541,036 2,252,092
1956 6.9% 3.0% 19 1,717,465 118,677 1,836,142
1957 (10.5%) -19.8% 3.6% 20 1,768,732 (185,717) 1,583,015
1958 43.6% 30.4% 1.4% 21 1,583,015 689,720 2,272,735
1959 12.0% 4.3% 1.0% 22 1,858,451 223,200 2,081,651
1960 0.5% 1.7% 1.7% 23 1,877,676 8,825 1,886,501
1961 26.8% 31.6% 0.7% 24 1,886,501 506,337 2,392,838
1962 (8.8%) -7.1% 1.3% 25 1,922,535 (168,222) 1,754,313
1963 22.7% 15.6% 1.6% 26 1,754,313 398,229 2,152,543
1964 16.4% 25.4% 1.0% 27 1,980,211 325,349 2,305,560
1965 12.4% 6.7% 1.9% 28 1,999,437 247,530 2,246,967
1966 (10.1%) -7.1% 3.5% 29 2,037,887 (205,011) 1,832,876
1967 24.0% 18.1% 3.6% 30 1,832,876 439,524 2,272,399
1968 11.0% 22.5% 4.4% 31 2,185,282 241,037 2,426,318
1969 (8.4%) -0.8% 6.2% 32 2,281,408 (192,323) 2,089,086
1970 3.9% -3.6% 5.3% 33 2,089,086 82,310 2,171,396
1971 14.3% 8.0% 3.3% 34 2,171,396 310,510 2,481,905
1972 19.0% 27.4% 3.6% 35 2,481,905 471,314 2,953,219
1973 (14.7%) 0.3% 9.4% 36 2,730,000 (401,037) 2,328,963
1974 (26.5%) -25.9% 11.8% 37 2,328,963 (616,477) 1,712,486
1975 37.2% 18.5% 6.7% 38 1,712,486 637,559 2,350,045
1976 23.9% 11.0% 5.2% 39 2,350,045 562,366 2,912,411
1977 (7.2%) 10.7% 6.8% 40 2,912,411 (208,529) 2,703,882
1978 6.6% 29.7% 9.3% 41 2,703,882 177,645 2,881,527
1979 18.6% 44.8% 13.9% 42 2,881,527 536,252 3,417,780
1980 32.5% 30.1% 11.8% 43 3,417,780 1,110,778 4,528,558
1981 (4.9%) -10.3% 8.4% 44 4,195,507 (206,419) 3,989,088
1982 21.6% 5.5% 3.7% 45 3,497,504 753,712 4,251,216
1983 22.6% 35.5% 4.2% 46 4,013,071 905,349 4,918,420
1984 6.3% -2.4% 3.5% 47 4,476,535 280,679 4,757,214
1985 31.7% 25.1% 3.9% 48 4,274,715 1,356,367 5,631,082
1986 18.7% 9.0% 1.5% 49 5,261,804 982,379 6,244,182
1987 5.3% 5.9% 4.0% 50 5,655,195 296,898 5,952,092
1988 16.6% 11.1% 4.7% 51 5,425,045 901,146 6,326,191
1989 31.7% 21.4% 5.2% 52 5,920,811 1,876,333 7,797,144
1990 (3.1%) -14.8% 5.7% 53 7,252,915 (224,778) 7,028,137
1991 30.5% 12.0% 2.6% 54 6,268,299 1,909,744 8,178,043
1992 7.6% -1.4% 3.3% 55 7,828,427 596,860 8,425,287
1993 10.1% 32.6% 2.5% 56 7,635,910 769,329 8,405,240
1994 1.3% -0.2% 2.8% 57 7,868,153 103,916 7,972,069
1995 37.6% 14.5% 2.7% 58 7,388,775 2,776,750 10,165,524
1996 23.0% 28.4% 3.0% 59 9,432,722 2,166,099 11,598,821
1997 33.4% 15.0% 1.6% 60 9,456,800 3,154,617 12,611,417
1998 28.6% -1.6% 1.7% 61 10,356,056 2,959,615 13,315,671
1999 21.0% 31.7% 2.7% 62 10,529,085 2,214,903 12,743,987
2000 (9.1%) 7.4% 3.7% 63 10,817,465 (984,301) 9,833,163
2001 (11.9%) -12.6% 1.1% 64 9,833,163 (1,169,427) 8,663,736
2002 (22.1%) -12.4% 2.6% 65 8,663,736 (1,914,336) 6,749,400
2003 28.7% 26.7% 1.9% 66 6,749,400 1,935,755 8,685,154
2004 10.9% 14.5% 3.0% 67 8,685,154 945,245 9,630,399
2005 4.9% 24.1% 4.0% 68 9,630,399 472,951 10,103,350
2006 15.8% 17.2% 2.1% 69 10,103,350 1,595,262 11,698,612
2007 5.5% 9.9% 4.3% 70 11,698,612 642,204 12,340,816
2008 (37.0%) -33.0% 0.0% 71 12,340,816 (4,565,583) 7,775,233
2009 26.5% 34.7% 2.6% 72 7,378,850 1,952,753 9,331,603
2010 15.1% 17.5% 2.1% 73 9,331,603 1,405,592 10,737,196
2011 2.1% -8.7% 2.5% 74 10,008,345 211,358 10,219,703
 down retirement savings has only three actions.
enough to fund a few years spending in addition to a stock portfolio. In this default it covers about 2 years.
ue of your original portfolio balance (column J). When the actual balance is bigger you move the excess to cash.
money, you top it up from the portfolio account - only to what is needed for the current year's spending.

years, copy the yellow section and paste it overtop the starting year you want.
he portfolio lasts. Using the default variables the only starting years that did not survive 30 years were:

m the TSX column and past overtop the S&P column. Use the UNDO function so you don't lose the US numbers.

Spend
40,000

olio in Stocks Cash Reservoir for Spending

Total Assets
PLA Portfolio To Cash Cash BOY Transf In Tax Spend BegYr

897,183 (300,650) 90,000 300,650 40,000 1,000,000

890,775 0 350,650 0 57,567 39,714 1,247,833
903,592 0 253,369 0 (2,566) 40,286 1,137,722
1,006,127 0 215,649 0 (18,324) 44,857 1,008,384
1,083,028 0 189,116 0 (19,057) 48,286 886,564
1,115,070 0 159,888 0 28,944 49,714 1,002,056
1,140,704 (133,379) 81,229 133,379 42,748 50,857 1,137,140
1,166,338 (370,557) 121,003 370,557 41,159 52,000 1,249,331
1,377,817 0 398,401 0 81,713 61,429 1,564,739
1,518,803 0 255,259 0 (19,641) 67,714 1,323,391
1,538,028 0 207,186 0 10,788 68,571 1,329,259
1,505,986 0 127,826 0 11,198 67,143 1,305,891
1,627,746 (242,238) 49,485 242,238 41,963 72,571 1,437,363
1,698,239 (236,224) 177,189 236,224 83,411 75,714 1,739,886
1,704,648 (305,898) 254,286 305,898 74,353 76,000 1,952,526
1,723,873 0 409,831 0 62,461 76,857 2,114,479
1,711,056 (856,163) 270,513 856,163 (3,648) 76,286 1,956,921
1,717,465 (534,628) 1,054,038 534,628 176,162 76,571 2,765,094
1,768,732 (67,409) 1,335,932 67,409 108,207 78,857 3,053,397
1,832,817 0 1,216,277 0 23,735 81,714 2,985,009
1,858,451 (414,285) 1,110,827 414,285 (37,143) 82,857 2,693,842
1,877,676 (203,975) 1,479,398 203,975 137,944 83,714 3,337,849
1,909,718 0 1,461,714 0 44,640 85,143 3,339,390
1,922,535 (470,303) 1,331,931 470,303 1,765 85,714 3,218,432
1,948,169 0 1,714,755 0 101,267 86,857 3,637,290
1,980,211 (172,331) 1,526,630 172,331 (33,644) 88,286 3,280,944
1,999,437 (306,123) 1,644,320 306,123 79,646 89,143 3,624,531
2,037,887 (209,080) 1,781,655 209,080 65,070 90,857 3,781,091
2,108,380 0 1,834,808 0 49,506 94,000 3,872,695
2,185,282 (87,118) 1,691,301 87,118 (41,002) 97,429 3,524,177
2,281,408 (144,910) 1,721,993 144,910 87,905 101,714 3,907,275
2,422,394 0 1,677,284 0 48,207 108,000 3,958,692
2,550,563 0 1,521,076 0 (38,465) 113,714 3,610,162
 2,633,873 0 1,445,827 0 16,462 117,429 3,617,222
2,730,000 (223,219) 1,311,936 223,219 62,102 121,714 3,793,841
2,986,338 0 1,351,339 0 94,263 133,143 4,081,339
3,338,803 0 1,123,933 0 (80,207) 148,857 3,452,896
3,563,099 0 1,055,284 0 (123,295) 158,857 2,767,770
3,748,944 0 1,019,722 0 127,512 167,143 3,369,767
4,005,282 0 725,067 0 112,473 178,571 3,637,478
4,376,972 0 434,023 0 (41,706) 195,143 3,137,905
4,985,775 0 280,586 0 35,529 222,286 3,162,113
5,575,352 (333,051) 22,771 333,051 107,250 248,571 3,440,551
6,043,169 (491,584) 0 491,584 222,156 269,429 4,195,507
6,267,465 (238,145) 0 238,145 (41,284) 279,429 3,497,504
6,530,211 (441,885) 0 441,885 150,742 291,143 4,013,071
6,760,915 (482,498) 0 482,498 181,070 301,429 4,476,535
7,023,662 (369,279) 0 369,279 56,136 313,143 4,274,715
7,126,197 (588,988) 0 588,988 271,273 317,714 5,261,804
7,414,577 (527,047) 0 527,047 196,476 330,571 5,655,195
7,760,634 (405,380) 0 405,380 59,380 346,000 5,425,045
8,164,366 (544,229) 0 544,229 180,229 364,000 5,920,811
8,625,775 (759,838) 0 759,838 375,267 384,571 7,252,915
8,850,070 (349,616) 0 349,616 (44,956) 394,571 6,268,299
9,138,451 (789,377) 0 789,377 381,949 407,429 7,828,427
9,369,155 (537,086) 0 537,086 119,372 417,714 7,635,910
9,631,901 (583,294) 0 583,294 153,866 429,429 7,868,153
9,894,648 (732,803) 0 732,803 20,783 441,143 7,388,775
10,195,845 (2,142,020) 270,877 2,142,020 555,350 454,571 9,703,598
10,356,056 (2,255,360) 1,402,976 2,255,360 433,220 461,714 10,859,776
10,529,085 (2,786,587) 2,763,402 2,786,587 630,923 469,429 13,119,458
10,817,465 (1,926,523) 4,449,637 1,926,523 591,923 482,286 14,978,721
11,221,197 0 5,301,951 0 442,981 500,286 16,119,416
11,349,366 0 4,358,684 0 (196,860) 506,000 14,191,848
11,644,155 0 4,049,545 0 (233,885) 519,143 12,713,281
11,868,451 0 3,764,287 0 (382,867) 529,143 10,513,687
12,220,915 0 3,618,012 0 387,151 544,857 12,303,166
12,707,958 0 2,686,004 0 189,049 566,571 12,316,403
12,971,730 0 1,930,383 0 94,590 578,331 12,033,733
13,526,958 0 1,257,462 0 319,052 603,086 12,956,073
13,530,995 (396,383) 335,324 396,383 128,441 603,266 12,676,140
13,886,280 0 0 0 (913,117) 619,106 7,378,850
14,182,478 (728,851) 294,011 728,851 390,551 632,311 9,625,614
14,537,040 (929,238) 0 929,238 281,118 648,119 10,008,345
Yrs since
Start

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 No - Reservoir System - no cash at start, no stock sales unless cash negative, draw = initial

This sheet starts with the Reservoir-With-Dividends sheet and makes some changes
the dividend income in the first year. After than the draws increase with inflati
There is no cash postion to start. The only time stocks are sold is when the cash pos
There is no sales of shares when the portfolio's value exceeds the PLA value.
Taxes must be paid from the $Spend column.

After you copy and past the highlighted line (over the starting year of retirement), you
The default variable = $48,352, the dividend income of year 1938

The results show NO instances of portfolio failure before 2011. The issue for retirees
Simply buying individual stock with a higher yield will change the dynamics of growth.

Variables
Cash Principal Tax % Spend

0 1,000,000 0% 48,352

Portfolio in Stocks
S&P Realized US Yrs since
Year CapGains Yield Inflation Start Portfolio CapGain EOY PLA Portfoli

1938 25.2% 4.8% (1.4%) 1 1,000,000 252,100 1,252,100 985,915

1939 (5.5%) 4.7% (0.7%) 2 1,252,100 (68,239) 1,183,861 978,873
1940 (15.3%) 5.4% 1.4% 3 1,183,861 (181,012) 1,002,848 992,958
1941 (17.9%) 6.7% 11.3% 4 1,002,848 (179,109) 823,740 1,105,634
1942 12.4% 6.8% 7.6% 5 823,740 102,391 926,130 1,190,141
1943 19.5% 6.2% 3.0% 6 926,130 180,132 1,106,263 1,225,352
1944 13.8% 5.5% 2.3% 7 1,106,263 152,664 1,258,927 1,253,521
1945 30.7% 5.0% 2.2% 8 1,258,927 386,742 1,645,669 1,281,690
1946 (11.9%) 4.1% 18.1% 9 1,645,669 (195,176) 1,450,493 1,514,085
1947 0.0% 5.5% 10.2% 10 1,450,493 0 1,450,493 1,669,014
1948 (0.7%) 6.1% 1.3% 11 1,450,493 (9,428) 1,441,065 1,690,141
1949 10.3% 7.5% (2.1%) 12 1,441,065 147,853 1,588,918 1,654,930
1950 21.8% 8.8% 8.1% 13 1,588,918 346,066 1,934,984 1,788,732
1951 16.5% 6.9% 4.3% 14 1,934,984 318,498 2,253,483 1,866,197
1952 11.8% 5.9% 0.4% 15 2,253,483 265,460 2,518,943 1,873,239
1953 (6.6%) 5.5% 1.1% 16 2,518,943 (166,754) 2,352,189 1,894,366
1954 45.0% 6.2% (0.7%) 17 2,352,189 1,058,956 3,411,145 1,880,282
1955 26.4% 4.6% 0.4% 18 3,411,145 900,542 4,311,687 1,887,324
1956 2.6% 3.8% 3.0% 19 4,311,687 112,966 4,424,653 1,943,662
1957 (14.3%) 3.8% 3.6% 20 4,424,653 (633,168) 3,791,485 2,014,085
1958 38.1% 4.4% 1.4% 21 3,791,485 1,443,039 5,234,524 2,042,254
1959 8.5% 3.3% 1.0% 22 5,234,524 443,888 5,678,412 2,063,380
1960 (3.0%) 3.3% 1.7% 23 5,678,412 (168,649) 5,509,763 2,098,592
1961 23.1% 3.5% 0.7% 24 5,509,763 1,274,408 6,784,171 2,112,676
1962 (11.8%) 3.0% 1.3% 25 6,784,171 (801,211) 5,982,961 2,140,845
1963 18.9% 3.6% 1.6% 26 5,982,961 1,130,181 7,113,142 2,176,056
1964 13.0% 3.3% 1.0% 27 7,113,142 922,575 8,035,717 2,197,183
1965 9.1% 3.2% 1.9% 28 8,035,717 728,036 8,763,753 2,239,437
1966 (13.1%) 3.1% 3.5% 29 8,763,753 (1,147,175) 7,616,577 2,316,901
1967 20.1% 3.6% 3.6% 30 7,616,577 1,530,170 9,146,748 2,401,408
1968 7.7% 3.2% 4.4% 31 9,146,748 700,641 9,847,389 2,507,042
1969 (11.4%) 3.0% 6.2% 32 9,847,389 (1,118,663) 8,728,725 2,661,972
1970 0.1% 3.4% 5.3% 33 8,728,725 8,729 8,737,454 2,802,817
1971 10.8% 3.3% 3.3% 34 8,737,454 942,771 9,680,225 2,894,366
1972 15.6% 3.1% 3.6% 35 9,680,225 1,513,019 11,193,244 3,000,000
1973 (17.4%) 2.9% 9.4% 36 11,193,244 (1,944,267) 9,248,978 3,281,690
1974 (29.7%) 3.7% 11.8% 37 9,248,978 (2,748,796) 6,500,182 3,669,014
1975 31.6% 5.4% 6.7% 38 6,500,182 2,050,807 8,550,989 3,915,493
1976 19.2% 4.5% 5.2% 39 8,550,989 1,637,514 10,188,503 4,119,718
1977 (11.5%) 4.3% 6.8% 40 10,188,503 (1,171,678) 9,016,826 4,401,408
1978 1.1% 5.3% 9.3% 41 9,016,826 95,578 9,112,404 4,809,859
1979 12.3% 5.9% 13.9% 42 9,112,404 1,121,737 10,234,141 5,478,873
1980 25.8% 5.7% 11.8% 43 10,234,141 2,637,338 12,871,479 6,126,761
1981 (9.7%) 4.9% 8.4% 44 12,871,479 (1,252,395) 11,619,084 6,640,845
1982 14.8% 5.6% 3.7% 45 11,619,084 1,714,977 13,334,061 6,887,324
1983 17.3% 5.0% 4.2% 46 13,334,061 2,302,792 15,636,853 7,176,056
1984 1.4% 4.6% 3.5% 47 15,636,853 218,916 15,855,769 7,429,577
1985 26.3% 4.7% 3.9% 48 15,855,769 4,174,824 20,030,593 7,718,310
1986 14.6% 3.9% 1.5% 49 20,030,593 2,928,473 22,959,066 7,830,986
1987 2.0% 3.6% 4.0% 50 22,959,066 466,069 23,425,135 8,147,887
1988 12.4% 3.9% 4.7% 51 23,425,135 2,904,914 26,330,049 8,528,169
1989 27.3% 4.0% 5.2% 52 26,330,049 7,175,061 33,505,110 8,971,831
1990 (6.6%) 3.4% 5.7% 53 33,505,110 (2,197,647) 31,307,463 9,478,873
1991 26.3% 3.7% 2.6% 54 31,307,463 8,235,962 39,543,425 9,725,352
1992 4.5% 3.0% 3.3% 55 39,543,425 1,765,323 41,308,748 10,042,254
1993 7.1% 2.9% 2.5% 56 41,308,748 2,914,395 44,223,143 10,295,775
1994 (1.5%) 2.8% 2.8% 57 44,223,143 (680,721) 43,542,422 10,584,507
1995 34.1% 3.0% 2.7% 58 43,542,422 14,852,605 58,395,027 10,873,239
1996 20.3% 2.4% 3.0% 59 58,395,027 11,832,973 70,228,000 11,204,225
1997 31.0% 2.1% 1.6% 60 70,228,000 21,776,425 92,004,426 11,380,282
1998 26.7% 1.7% 1.7% 61 92,004,426 24,536,283 116,540,709 11,570,423
1999 19.5% 1.4% 2.7% 62 116,540,709 22,755,791 139,296,500 11,887,324
2000 (10.1%) 1.1% 3.7% 63 139,296,500 (14,123,532) 125,172,968 12,330,986
2001 (13.0%) 1.2% 1.1% 64 125,172,968 (16,325,920) 108,847,048 12,471,831
2002 (23.4%) 1.4% 2.6% 65 108,847,048 (25,433,166) 83,413,882 12,795,775
2003 26.4% 2.0% 1.9% 66 83,413,882 22,004,912 105,418,795 13,042,254
2004 9.0% 1.7% 3.0% 67 105,418,795 9,480,790 114,899,584 13,429,577
2005 3.0% 1.8% 4.0% 68 114,899,584 3,448,163 118,347,747 13,964,789
2006 13.6% 2.0% 2.1% 69 118,347,747 16,118,290 134,466,037 14,254,648
2007 3.5% 2.0% 4.3% 70 134,466,037 4,746,083 139,212,121 14,864,789
2008 (38.5%) 1.9% 0.0% 71 139,212,121 (53,576,890) 85,635,231 14,869,225
2009 23.5% 2.5% 2.6% 72 85,635,231 20,085,053 105,720,284 15,259,648
2010 12.8% 2.0% 2.1% 73 105,720,284 13,513,917 119,234,201 15,585,141
2011 (0.0%) 2.1% 2.5% 74 119,234,201 (3,792) 119,230,409 15,974,769
 egative, draw = initial dividend income

t and makes some changes to see if the portfolios survive when the original draw is set =
he draws increase with inflation.
re sold is when the cash position become negative.
ceeds the PLA value.

rting year of retirement), you must change the variable for $Spend to equal the dividend income of that year.
of year 1938

2011. The issue for retirees today, is whether they can live on the current 2% yield.
nge the dynamics of growth. It should not be considered equally safe.

Cash Reservoir for Spending

Total Assets Yrs since
Sales Cash BOY Sales Dividends Tax Spend BegYr Start

0 0 0 48,352 48,352 1,000,000 1

0 0 0 58,781 0 48,007 1,252,100 2
0 10,774 0 63,521 0 48,697 1,194,635 3
0 25,598 0 67,314 0 54,223 1,028,446 4
0 38,689 0 55,937 0 58,368 862,428 5
0 36,257 0 57,833 0 60,095 962,388 6
0 33,996 0 60,677 0 61,476 1,140,258 7
0 33,197 0 62,573 0 62,858 1,292,124 8
0 32,912 0 67,314 0 74,255 1,678,582 9
0 25,971 0 79,639 0 81,853 1,476,464 10
0 23,756 0 88,171 0 82,889 1,474,249 11
0 29,039 0 108,081 0 81,162 1,470,103 12
0 55,957 0 139,368 0 87,724 1,644,875 13
0 107,601 0 133,679 0 91,523 2,042,585 14
0 149,756 0 133,679 0 91,869 2,403,239 15
0 191,567 0 137,471 0 92,905 2,710,510 16
0 236,133 0 146,004 0 92,214 2,588,322 17
0 289,923 0 155,485 0 92,560 3,701,068 18
0 352,849 0 164,966 0 95,323 4,664,535 19
0 422,492 0 169,706 0 98,776 4,847,145 20
0 493,422 0 165,914 0 100,158 4,284,907 21
0 559,178 0 173,498 0 101,194 5,793,702 22
0 631,482 0 184,875 0 102,921 6,309,895 23
0 713,437 0 191,512 0 103,611 6,223,200 24
0 801,338 0 201,941 0 104,993 7,585,509 25
0 898,286 0 216,162 0 106,720 6,881,246 26
0 1,007,728 0 237,020 0 107,756 8,120,870 27
0 1,136,992 0 257,877 0 109,828 9,172,708 28
0 1,285,041 0 272,099 0 113,627 10,048,794 29
0 1,443,512 0 276,839 0 117,772 9,060,090 30
0 1,602,580 0 291,060 0 122,952 10,749,328 31
0 1,770,688 0 299,593 0 130,550 11,618,077 32
0 1,939,730 0 297,697 0 137,458 10,668,456 33
0 2,099,969 0 291,060 0 141,948 10,837,423 34
0 2,249,082 0 298,645 0 147,128 11,929,307 35
0 2,400,599 0 320,451 0 160,943 13,593,843 36
0 2,560,106 0 341,308 0 179,939 11,809,084 37
0 2,721,476 0 348,893 0 192,027 9,221,658 38
0 2,878,343 0 383,972 0 202,042 11,429,332 39
0 3,060,272 0 442,753 0 215,857 13,248,776 40
0 3,287,168 0 480,676 0 235,889 12,303,994 41
0 3,531,955 0 535,665 0 268,699 12,644,359 42
0 3,798,921 0 584,017 0 300,473 14,033,062 43
0 4,082,465 0 628,576 0 325,685 16,953,943 44
0 4,385,356 0 651,330 0 337,773 16,004,440 45
0 4,698,913 0 672,188 0 351,933 18,032,973 46
0 5,019,167 0 713,903 0 364,367 20,656,020 47
0 5,368,704 0 748,982 0 378,527 21,224,473 48
0 5,739,159 0 785,009 0 384,053 25,769,752 49
0 6,140,115 0 835,258 0 399,595 29,099,181 50
0 6,575,778 0 922,481 0 418,245 30,000,913 51
0 7,080,014 0 1,047,627 0 440,003 33,410,063 52
0 7,687,638 0 1,146,227 0 464,870 41,192,748 53
0 8,368,996 0 1,156,656 0 476,958 39,676,459 54
0 9,048,694 0 1,173,722 0 492,500 48,592,119 55
0 9,729,916 0 1,192,683 0 504,933 51,038,664 56
0 10,417,666 0 1,249,568 0 519,093 54,640,809 57
0 11,148,141 0 1,307,401 0 533,253 54,690,563 58
0 11,922,289 0 1,412,638 0 549,486 70,317,315 59
0 12,785,440 0 1,468,574 0 558,120 83,013,440 60
0 13,695,894 0 1,535,888 0 567,445 105,700,320 61
0 14,664,337 0 1,582,344 0 582,987 131,205,046 62
0 15,663,694 0 1,542,524 0 604,745 154,960,194 63
0 16,601,473 0 1,492,276 0 611,653 141,774,441 64
0 17,482,096 0 1,524,511 0 627,540 126,329,144 65
0 18,379,067 0 1,648,709 0 639,628 101,792,950 66
0 19,388,149 0 1,843,065 0 658,623 124,806,943 67
0 20,572,591 0 2,106,631 0 684,872 135,472,175 68
0 21,994,351 0 2,358,820 0 699,087 140,342,098 69
0 23,654,084 0 2,629,023 0 729,010 158,120,122 70
0 25,554,097 0 2,691,596 0 729,228 164,766,218 71
0 27,516,466 0 2,124,645 0 748,375 113,151,697 72
0 28,892,736 0 2,154,983 0 764,338 134,613,019 73
0 30,283,381 0 2,505,773 0 783,447 149,517,582 74
0
0
0
Yrs since
 Is Your Portfolio Perfectly Save If Its Yield Equals What You Withdraw ??
Compare the outcomes if
(B) You earn the returns of the index
(A) You own the decile of stocks with the yield that covers your spending
The Model uses the FamaFrench database of Total Returns and Price Returns to identify the
It assumes the actual dividend income equals the reported dividend yield at the start of the y
It assumes that your particular portfolio earns the total return of that particular decile - PROB

To see the results of retirements starting in different years ---- Select and copy the
and past over top of the row of the year before you start retirement

(A)
Hold Stocks with Yield to match Draws

S&P Portfolio Spending plus Decile Portfolio

Year Inflation TotReturn BOY as Yield % Income Return EOY

1,000,000
1938 (1.4%) 31.6% 1,000,000 5.92 174,700 17.47 1,115,545
1939 (0.7%) (1.4%) 1,115,545 5.26 18,630 1.67 1,075,442
1940 1.4% (10.4%) 1,075,442 5.54 (122,063) -11.35 893,802
1941 11.3% (12.0%) 893,802 7.42 (64,264) -7.19 763,200
1942 7.6% 20.8% 763,200 9.36 109,595 14.36 801,387
1943 3.0% 25.4% 801,387 9.17 269,186 33.59 997,051
1944 2.3% 19.5% 997,051 7.54 287,251 28.81 1,209,091
1945 2.2% 36.2% 1,209,091 6.36 501,168 41.45 1,633,357
1946 18.1% (8.4%) 1,633,357 5.56 (173,789) -10.64 1,368,723
1947 10.2% 5.1% 1,368,723 7.32 (37,777) -2.76 1,230,805
1948 1.3% 5.0% 1,230,805 8.24 8,616 0.70 1,138,013
1949 (2.1%) 17.8% 1,138,013 8.73 237,276 20.85 1,275,993
1950 8.1% 30.1% 1,275,993 8.41 377,183 29.56 1,545,852
1951 4.3% 23.8% 1,545,852 7.24 228,168 14.76 1,662,048
1952 0.4% 18.4% 1,662,048 6.76 244,986 14.74 1,794,639
1953 1.1% (1.1%) 1,794,639 6.33 (38,046) -2.12 1,642,931
1954 (0.7%) 52.2% 1,642,931 6.87 740,305 45.06 2,270,419
1955 0.4% 31.6% 2,270,419 4.99 606,656 26.72 2,763,835
1956 3.0% 6.9% 2,763,835 4.22 131,006 4.74 2,778,221
1957 3.6% (10.5%) 2,778,221 4.35 (97,516) -3.51 2,559,861
1958 1.4% 43.6% 2,559,861 4.79 971,979 37.97 3,409,305
1959 1.0% 12.0% 3,409,305 3.63 412,867 12.11 3,698,369
1960 1.7% 0.5% 3,698,369 3.40 266,652 7.21 3,839,106
1961 0.7% 26.8% 3,839,106 3.30 843,068 21.96 4,555,413
1962 1.3% (8.8%) 4,555,413 2.82 (497,907) -10.93 3,929,055
1963 1.6% 22.7% 3,929,055 3.32 510,777 13.00 4,309,269
1964 1.0% 16.4% 4,309,269 3.06 489,102 11.35 4,666,540
1965 1.9% 12.4% 4,666,540 2.88 688,315 14.75 5,220,489
1966 3.5% (10.1%) 5,220,489 2.66 (654,649) -12.54 4,426,825
1967 3.6% 24.0% 4,426,825 3.25 1,119,544 25.29 5,402,285
1968 4.4% 11.0% 5,402,285 2.78 787,113 14.57 6,038,975
1969 6.2% (8.4%) 6,038,975 2.64 (754,872) -12.50 5,124,385
1970 5.3% 3.9% 5,124,385 3.28 (210,100) -4.10 4,746,116
1971 3.3% 14.3% 4,746,116 3.66 407,691 8.59 4,980,146
1972 3.6% 19.0% 4,980,146 3.61 620,028 12.45 5,420,174
1973 9.4% (14.7%) 5,420,174 3.63 (514,374) -9.49 4,708,898
1974 11.8% (26.5%) 4,708,898 4.67 (1,214,425) -25.79 3,274,332
1975 6.7% 37.2% 3,274,332 7.17 1,350,989 41.26 4,390,392
1976 5.2% 23.9% 4,390,392 5.63 1,263,994 28.79 5,407,203
1977 6.8% (7.2%) 5,407,203 4.88 (301,722) -5.58 4,841,396
1978 9.3% 6.6% 4,841,396 5.96 159,282 3.29 4,712,087
1979 13.9% 18.6% 4,712,087 6.98 1,534,255 32.56 5,917,610
1980 11.8% 32.5% 5,917,610 6.21 1,497,747 25.31 7,047,751
1981 8.4% (4.9%) 7,047,751 5.65 (162,098) -2.30 6,487,202
1982 3.7% 21.6% 6,487,202 6.37 1,753,491 27.03 7,827,454
1983 4.2% 22.6% 7,827,454 5.50 2,546,271 32.53 9,943,161
1984 3.5% 6.3% 9,943,161 4.48 817,328 8.22 10,314,714
1985 3.9% 31.7% 10,314,714 4.49 4,381,691 42.48 14,233,306
1986 1.5% 18.7% 14,233,306 3.30 3,236,654 22.74 17,000,101
1987 4.0% 5.3% 17,000,101 2.88 659,604 3.88 17,170,832
1988 4.7% 16.6% 17,170,832 2.98 2,005,553 11.68 18,664,695
1989 5.2% 31.7% 18,664,695 2.88 4,727,767 25.33 22,854,152
1990 5.7% (3.1%) 22,854,152 2.49 491,364 2.15 22,776,784
1991 2.6% 30.5% 22,776,784 2.56 9,889,680 43.42 32,082,942
1992 3.3% 7.6% 32,082,942 1.88 384,995 1.20 31,865,402
1993 2.5% 10.1% 31,865,402 1.94 277,229 0.87 31,524,885
1994 2.8% 1.3% 31,524,885 2.01 1,598,312 5.07 32,488,126
1995 2.7% 37.6% 32,488,126 2.01 11,055,709 34.03 42,891,441
1996 3.0% 23.0% 42,891,441 1.57 14,921,932 34.79 57,141,120
1997 1.6% 33.4% 57,141,120 1.19 21,325,066 37.32 77,783,369
1998 1.7% 28.6% 77,783,369 0.89 32,692,350 42.03 109,781,493
1999 2.7% 21.0% 109,781,493 0.65 14,941,261 13.61 124,009,515
2000 3.7% (9.1%) 124,009,515 0.60 8,420,246 6.79 131,689,902
2001 1.1% (11.9%) 131,689,902 0.57 (5,570,483) -4.23 125,371,109
2002 2.6% (22.1%) 125,371,109 0.61 (29,725,490) -23.71 94,877,873
2003 1.9% 28.7% 94,877,873 0.82 28,615,166 30.16 122,710,504
2004 3.0% 10.9% 122,710,504 0.66 13,596,324 11.08 135,501,053
2005 4.0% 4.9% 135,501,053 0.62 14,525,713 10.72 149,188,879
2006 2.1% 15.8% 149,188,879 0.57 (1,745,510) -1.17 146,588,090
2007 4.3% 5.5% 146,588,090 0.61 14,116,433 9.63 159,812,636
2008 0.0% (37.0%) 159,812,636 0.56 (61,192,258) -38.29 97,728,224
2009 2.6% 26.5% 97,728,224 0.94 36,990,133 37.85 133,802,778
2010 1.6% 15.1% 133,802,778 0.70 5,940,843 4.44 138,813,101
2011 2.9% 2.1% 138,813,101 0.69 (14,991,815) -10.80 122,863,547
2012 1.59%

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 Variables
Portfolio Start 1,000,000
Withdrawal Rate 6.0%

Price Returns to identify the dividend income for each decile.

end yield at the start of the year.
hat particular decile - PROBABLY NOT A REASONABLE ASSUMPTION.

highlighted partial row, .

(B)
Traditional Academic Analysis Using Total Returns

Yrs Spending Portfolio plus Index Portfolio

BOY Income Return EOY

0 60,000 1,000,000
1 59,155 1,000,000 316,300 31.63 1,257,145
2 58,732 1,257,145 (17,977) (1.43) 1,180,436
3 59,577 1,180,436 (122,293) (10.36) 998,565
4 66,338 998,565 (120,028) (12.02) 812,199
5 71,408 812,199 168,531 20.75 909,322
6 73,521 909,322 230,786 25.38 1,066,587
7 75,211 1,066,587 207,878 19.49 1,199,254
8 76,901 1,199,254 434,250 36.21 1,556,602
9 90,845 1,556,602 (131,066) (8.42) 1,334,691
10 100,141 1,334,691 67,402 5.05 1,301,952
11 101,408 1,301,952 64,967 4.99 1,265,511
12 99,296 1,265,511 225,388 17.81 1,391,603
13 107,324 1,391,603 418,177 30.05 1,702,456
14 111,972 1,702,456 405,014 23.79 1,995,498
15 112,394 1,995,498 366,972 18.39 2,250,076
16 113,662 2,250,076 (24,076) (1.07) 2,112,338
17 112,817 2,112,338 1,103,274 52.23 3,102,795
18 113,239 3,102,795 981,104 31.62 3,970,660
19 116,620 3,970,660 274,373 6.91 4,128,413
20 120,845 4,128,413 (433,483) (10.50) 3,574,084
21 122,535 3,574,084 1,557,228 43.57 5,008,777
22 123,803 5,008,777 601,554 12.01 5,486,529
23 125,915 5,486,529 25,787 0.47 5,386,400
24 126,761 5,386,400 1,445,710 26.84 6,705,349
25 128,451 6,705,349 (586,718) (8.75) 5,990,180
26 130,563 5,990,180 1,359,771 22.70 7,219,388
27 131,831 7,219,388 1,186,145 16.43 8,273,703
28 134,366 8,273,703 1,024,284 12.38 9,163,621
29 139,014 9,163,621 (921,860) (10.06) 8,102,746
30 144,085 8,102,746 1,943,039 23.98 9,901,700
31 150,423 9,901,700 1,092,158 11.03 10,843,435
32 159,718 10,843,435 (914,102) (8.43) 9,769,616
33 168,169 9,769,616 384,923 3.94 9,986,369
34 173,662 9,986,369 1,428,051 14.30 11,240,758
35 180,000 11,240,758 2,134,620 18.99 13,195,378
36 196,901 13,195,378 (1,938,401) (14.69) 11,060,076
37 220,141 11,060,076 (2,927,602) (26.47) 7,912,333
38 234,930 7,912,333 2,945,762 37.23 10,623,165
39 247,183 10,623,165 2,542,123 23.93 12,918,105
40 264,085 12,918,105 (924,936) (7.16) 11,729,084
41 288,592 11,729,084 770,601 6.57 12,211,094
42 328,732 12,211,094 2,272,485 18.61 14,154,846
43 367,606 14,154,846 4,600,325 32.50 18,387,565
44 398,451 18,387,565 (904,668) (4.92) 17,084,446
45 413,239 17,084,446 3,681,698 21.55 20,352,905
46 430,563 20,352,905 4,591,615 22.56 24,513,956
47 445,775 24,513,956 1,537,025 6.27 25,605,207
48 463,099 25,605,207 8,124,532 31.73 33,266,640
49 469,859 33,266,640 6,210,882 18.67 39,007,663
50 488,873 39,007,663 2,047,902 5.25 40,566,692
51 511,690 40,566,692 6,738,469 16.61 46,793,471
52 538,310 46,793,471 14,829,070 31.69 61,084,231
53 568,732 61,084,231 (1,893,086) (3.10) 58,622,413
54 583,521 58,622,413 17,860,317 30.47 75,899,209
55 602,535 75,899,209 5,786,756 7.62 81,083,431
56 617,746 81,083,431 8,169,278 10.08 88,634,962
57 635,070 88,634,962 1,170,614 1.32 89,170,506
58 652,394 89,170,506 33,510,859 37.58 122,028,971
59 672,254 122,028,971 28,022,326 22.96 149,379,043
60 682,817 149,379,043 49,830,132 33.36 198,526,358
61 694,225 198,526,358 56,736,034 28.58 254,568,167
62 713,239 254,568,167 53,551,074 21.04 307,406,001
63 739,859 307,406,001 (27,971,446) (9.10) 278,694,696
64 748,310 278,694,696 (33,144,290) (11.89) 244,802,096
65 767,746 244,802,096 (54,091,392) (22.10) 189,942,958
66 782,535 189,942,958 54,476,392 28.68 243,636,815
67 805,775 243,636,815 26,516,098 10.88 269,347,138
68 837,887 269,347,138 13,227,700 4.91 281,736,951
69 855,279 281,736,951 44,484,663 15.79 325,366,335
70 891,887 325,366,335 17,861,238 5.49 342,335,685
71 892,154 342,335,685 (126,649,804) (37.00) 214,793,728
72 915,579 214,793,728 56,843,427 26.46 270,721,576
73 930,520 270,721,576 40,778,006 15.06 310,569,063
74 957,739 310,569,063 6,558,660 2.11 316,169,983