Retire

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Content

How Much of My Pension Can I Spend?
(after tax and increasing with inflation)

Returns
Inputs:

Return to Website:

Spend

http://www.retailinvestor.org/retire.html

Year
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39

(after taxes)

8.0%
Input all the coloured variables. Try cha
$

30,000

$

48,998

$

30,000

MAINTAIN WEALTH

DIE BROKE

This option maintains your nest egg intact in 'real' dollars

This depletes your money by the time yo

TAX
20,000
20,600
21,218
21,855
22,510
23,185
23,881
24,597
25,335
26,095
26,878
27,685
28,515
29,371
30,252
31,159
32,094
33,057
34,049
35,070
36,122
37,206
38,322
39,472
40,656
41,876
43,132
44,426
45,759
47,131
48,545
50,002
51,502
53,047
54,638
56,277
57,966
59,705
61,496

Spend
30,000
30,900
31,827
32,782
33,765
34,778
35,822
36,896
38,003
39,143
40,317
41,527
42,773
44,056
45,378
46,739
48,141
49,585
51,073
52,605
54,183
55,809
57,483
59,208
60,984
62,813
64,698
66,639
68,638
70,697
72,818
75,002
77,252
79,570
81,957
84,416
86,948
89,557
92,244

BOY
1,000,000
1,030,000
1,060,900
1,092,727
1,125,509
1,159,274
1,194,052
1,229,874
1,266,770
1,304,773
1,343,916
1,384,234
1,425,761
1,468,534
1,512,590
1,557,967
1,604,706
1,652,848
1,702,433
1,753,506
1,806,111
1,860,295
1,916,103
1,973,587
2,032,794
2,093,778
2,156,591
2,221,289
2,287,928
2,356,566
2,427,262
2,500,080
2,575,083
2,652,335
2,731,905
2,813,862
2,898,278
2,985,227
3,074,783
3,167,027

Income
80,000
82,400
84,872
87,418
90,041
92,742
95,524
98,390
101,342
104,382
107,513
110,739
114,061
117,483
121,007
124,637
128,377
132,228
136,195
140,280
144,489
148,824
153,288
157,887
162,624
167,502
172,527
177,703
183,034
188,525
194,181
200,006
206,007
212,187
218,552
225,109
231,862
238,818
245,983
253,362

EOY
1,080,000
1,112,400
1,145,772
1,180,145
1,215,550
1,252,016
1,289,576
1,328,264
1,368,112
1,409,155
1,451,430
1,494,973
1,539,822
1,586,016
1,633,597
1,682,605
1,733,083
1,785,075
1,838,628
1,893,787
1,950,600
2,009,118
2,069,392
2,131,473
2,195,418
2,261,280
2,329,119
2,398,992
2,470,962
2,545,091
2,621,443
2,700,087
2,781,089
2,864,522
2,950,458
3,038,971
3,130,141
3,224,045
3,320,766
3,420,389

TAX
20,000
20,220
20,424
20,610
20,775
20,919
21,038
21,130
21,193
21,223
21,218
21,174
21,088
20,956
20,774
20,538
20,244
19,886
19,459
18,958
18,377
17,710
16,950
16,089
15,120
14,035
12,826
11,482
9,994
8,352
6,543
4,557
2,381
0
(2,599)
(5,432)
(8,516)
(11,867)
(15,504)

Inflations

Principal

Tax %

3.0%
1,000,000
25%
nput all the coloured variables. Try changing them.

Years to Death
33

if you want to leave the Purchasing Power of your portfolio intact.
if you want to die broke.
if you want to use "the 4% solution".

his depletes your money by the time you die.

Spend
48,998
50,468
51,982
53,542
55,148
56,803
58,507
60,262
62,070
63,932
65,850
67,825
69,860
71,956
74,114
76,338
78,628
80,987
83,416
85,919
88,497
91,151
93,886
96,703
99,604
102,592
105,669
108,840
112,105
115,468
118,932
122,500
126,175
129,960
133,859
137,875
142,011
146,271
150,659

BOY
1,000,000
1,011,002
1,021,193
1,030,483
1,038,770
1,045,948
1,051,902
1,056,510
1,059,638
1,061,147
1,060,884
1,058,687
1,054,383
1,047,786
1,038,698
1,026,905
1,012,182
994,284
972,955
947,916
918,871
885,507
847,486
804,449
756,014
701,771
641,286
574,093
499,699
417,577
327,163
227,861
119,033
0
(129,960)
(271,617)
(425,788)
(593,347)
(775,219)
(972,391)

Income
80,000
80,880
81,695
82,439
83,102
83,676
84,152
84,521
84,771
84,892
84,871
84,695
84,351
83,823
83,096
82,152
80,975
79,543
77,836
75,833
73,510
70,841
67,799
64,356
60,481
56,142
51,303
45,927
39,976
33,406
26,173
18,229
9,523
0
(10,397)
(21,729)
(34,063)
(47,468)
(62,017)
(77,791)

EOY
1,080,000
1,091,882
1,102,889
1,112,921
1,121,871
1,129,624
1,136,054
1,141,030
1,144,409
1,146,039
1,145,755
1,143,382
1,138,734
1,131,609
1,121,794
1,109,058
1,093,156
1,073,827
1,050,791
1,023,749
992,381
956,348
915,285
868,805
816,495
757,913
692,589
620,021
539,675
450,983
353,336
246,090
128,556
0
(140,357)
(293,346)
(459,851)
(640,814)
(837,236)
(1,050,183)

40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69

63,341
65,241
67,198
69,214
71,290
73,429
75,632
77,901
80,238
82,645
85,124
87,678
90,308
93,018
95,808
98,682
101,643
104,692
107,833
111,068
114,400
117,832
121,367
125,008
128,758
132,621
136,600
140,698
144,919
149,266

95,011
97,861
100,797
103,821
106,936
110,144
113,448
116,851
120,357
123,968
127,687
131,517
135,463
139,527
143,712
148,024
152,464
157,038
161,750
166,602
171,600
176,748
182,051
187,512
193,137
198,932
204,899
211,046
217,378
223,899

3,262,038
3,359,899
3,460,696
3,564,517
3,671,452
3,781,596
3,895,044
4,011,895
4,132,252
4,256,219
4,383,906
4,515,423
4,650,886
4,790,412
4,934,125
5,082,149
5,234,613
5,391,651
5,553,401
5,720,003
5,891,603
6,068,351
6,250,402
6,437,914
6,631,051
6,829,983
7,034,882
7,245,929
7,463,307
7,687,206

260,963
268,792
276,856
285,161
293,716
302,528
311,603
320,952
330,580
340,498
350,712
361,234
372,071
383,233
394,730
406,572
418,769
431,332
444,272
457,600
471,328
485,468
500,032
515,033
530,484
546,399
562,791
579,674
597,065
614,976

3,523,001
3,628,691
3,737,552
3,849,678
3,965,168
4,084,124
4,206,647
4,332,847
4,462,832
4,596,717
4,734,619
4,876,657
5,022,957
5,173,645
5,328,855
5,488,720
5,653,382
5,822,984
5,997,673
6,177,603
6,362,931
6,553,819
6,750,434
6,952,947
7,161,535
7,376,381
7,597,673
7,825,603
8,060,371
8,302,182

(19,448)
(23,718)
(28,338)
(33,331)
(38,722)
(44,539)
(50,809)
(57,563)
(64,834)
(72,656)
(81,064)
(90,099)
(99,801)
(110,214)
(121,385)
(133,362)
(146,199)
(159,952)
(174,679)
(190,443)
(207,312)
(225,356)
(244,651)
(265,277)
(287,318)
(310,866)
(336,017)
(362,871)
(391,537)
(422,130)

155,179
159,835
164,630
169,568
174,656
179,895
185,292
190,851
196,576
202,474
208,548
214,804
221,248
227,886
234,722
241,764
249,017
256,488
264,182
272,108
280,271
288,679
297,339
306,260
315,447
324,911
334,658
344,698
355,039
365,690

(1,185,914)
(1,416,903)
(1,666,547)
(1,936,108)
(2,226,930)
(2,540,442)
(2,878,160)
(3,241,701)
(3,632,779)
(4,053,219)
(4,504,960)
(4,990,062)
(5,510,714)
(6,069,243)
(6,668,120)
(7,309,972)
(7,997,587)
(8,733,930)
(9,522,148)
(10,365,584)
(11,267,790)
(12,232,537)
(13,263,828)
(14,365,917)
(15,543,320)
(16,800,830)
(18,143,538)
(19,576,848)
(21,106,497)
(22,738,577)

(94,873)
(113,352)
(133,324)
(154,889)
(178,154)
(203,235)
(230,253)
(259,336)
(290,622)
(324,258)
(360,397)
(399,205)
(440,857)
(485,539)
(533,450)
(584,798)
(639,807)
(698,714)
(761,772)
(829,247)
(901,423)
(978,603)
(1,061,106)
(1,149,273)
(1,243,466)
(1,344,066)
(1,451,483)
(1,566,148)
(1,688,520)
(1,819,086)

(1,280,787)
(1,530,256)
(1,799,871)
(2,090,997)
(2,405,085)
(2,743,677)
(3,108,413)
(3,501,037)
(3,923,401)
(4,377,477)
(4,865,357)
(5,389,267)
(5,951,572)
(6,554,783)
(7,201,570)
(7,894,769)
(8,637,394)
(9,432,644)
(10,283,919)
(11,194,831)
(12,169,213)
(13,211,139)
(14,324,934)
(15,515,191)
(16,786,785)
(18,144,896)
(19,595,021)
(21,142,996)
(22,795,017)
(24,557,663)

The Reservoir System

The RESERVOIR SYSTEM for drawing down retirement savings has only three actions
1) You start with a cash balance big enough to fund a few years spending in additio
2) You track the inflation adjusted value of your original portfolio balance (column J)
3) If the cash Reservoir runs out of money, you top it up from the portfolio account -

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

To use Canadian stock returns, copy from the TSX column and past overtop the S&P c

Academics using a balance portfolio have shown that the worst results happened to tho
years when spending an initial 4%. This system does better. Set the Tax variable to 0%
top of 1966. You see the portfolio lasts 36 years.

Cash
90,000

Principal

Tax %

910,000

20%

Portfolio in Stocks
Year
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966

S&P
Return
31.6%
(1.4%)
(10.4%)
(12.0%)
20.8%
25.4%
19.5%
36.2%
(8.4%)
5.1%
5.0%
17.8%
30.1%
23.8%
18.4%
(1.1%)
52.2%
31.6%
6.9%
(10.5%)
43.6%
12.0%
0.5%
26.8%
(8.8%)
22.7%
16.4%
12.4%
(10.1%)

TSX
US
Yrs since
Returns Inflation
Start
Portfolio

-19.8%
30.4%
4.3%
1.7%
31.6%
-7.1%
15.6%
25.4%
6.7%
-7.1%

(1.4%)
(0.7%)
1.4%
11.3%
7.6%
3.0%
2.3%
2.2%
18.1%
10.2%
1.3%
(2.1%)
8.1%
4.3%
0.4%
1.1%
(0.7%)
0.4%
3.0%
3.6%
1.4%
1.0%
1.7%
0.7%
1.3%
1.6%
1.0%
1.9%
3.5%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

910,000
897,183
884,353
792,734
697,448
842,168
1,055,910
1,128,328
1,166,338
1,068,132
1,122,073
1,178,064
1,387,878
1,562,697
1,698,239
1,704,648
1,686,408
1,711,056
1,717,465
1,768,732
1,583,015
1,858,451
1,877,676
1,886,501
1,922,535
1,754,313
1,980,211
1,999,437
2,037,887

Income
287,833
(12,830)
(91,619)
(95,287)
144,720
213,742
205,797
408,567
(98,206)
53,941
55,991
209,813
417,057
371,766
312,306
(18,240)
880,811
541,036
118,677
(185,717)
689,720
223,200
8,825
506,337
(168,222)
398,229
325,349
247,530
(205,011)

EOY
1,197,833
884,353
792,734
697,448
842,168
1,055,910
1,261,707
1,536,895
1,068,132
1,122,073
1,178,064
1,387,878
1,804,935
1,934,463
2,010,546
1,686,408
2,567,219
2,252,092
1,836,142
1,583,015
2,272,735
2,081,651
1,886,501
2,392,838
1,754,313
2,152,543
2,305,560
2,246,967
1,832,876

1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

24.0%
11.0%
(8.4%)
3.9%
14.3%
19.0%
(14.7%)
(26.5%)
37.2%
23.9%
(7.2%)
6.6%
18.6%
32.5%
(4.9%)
21.6%
22.6%
6.3%
31.7%
18.7%
5.3%
16.6%
31.7%
(3.1%)
30.5%
7.6%
10.1%
1.3%
37.6%
23.0%
33.4%
28.6%
21.0%
(9.1%)
(11.9%)
(22.1%)
28.7%
10.9%
4.9%
15.8%
5.5%
(37.0%)
26.5%
15.1%
2.1%

18.1%
22.5%
-0.8%
-3.6%
8.0%
27.4%
0.3%
-25.9%
18.5%
11.0%
10.7%
29.7%
44.8%
30.1%
-10.3%
5.5%
35.5%
-2.4%
25.1%
9.0%
5.9%
11.1%
21.4%
-14.8%
12.0%
-1.4%
32.6%
-0.2%
14.5%
28.4%
15.0%
-1.6%
31.7%
7.4%
-12.6%
-12.4%
26.7%
14.5%
24.1%
17.2%
9.9%
-33.0%
34.7%
17.5%
-8.7%

3.6%
4.4%
6.2%
5.3%
3.3%
3.6%
9.4%
11.8%
6.7%
5.2%
6.8%
9.3%
13.9%
11.8%
8.4%
3.7%
4.2%
3.5%
3.9%
1.5%
4.0%
4.7%
5.2%
5.7%
2.6%
3.3%
2.5%
2.8%
2.7%
3.0%
1.6%
1.7%
2.7%
3.7%
1.1%
2.6%
1.9%
3.0%
4.0%
2.1%
4.3%
0.0%
2.6%
2.1%
2.5%

30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74

1,832,876
2,185,282
2,281,408
2,089,086
2,171,396
2,481,905
2,730,000
2,328,963
1,712,486
2,350,045
2,912,411
2,703,882
2,881,527
3,417,780
4,195,507
3,497,504
4,013,071
4,476,535
4,274,715
5,261,804
5,655,195
5,425,045
5,920,811
7,252,915
6,268,299
7,828,427
7,635,910
7,868,153
7,388,775
9,432,722
9,456,800
10,356,056
10,529,085
10,817,465
9,833,163
8,663,736
6,749,400
8,685,154
9,630,399
10,103,350
11,698,612
12,340,816
7,378,850
9,331,603
10,008,345

439,524
241,037
(192,323)
82,310
310,510
471,314
(401,037)
(616,477)
637,559
562,366
(208,529)
177,645
536,252
1,110,778
(206,419)
753,712
905,349
280,679
1,356,367
982,379
296,898
901,146
1,876,333
(224,778)
1,909,744
596,860
769,329
103,916
2,776,750
2,166,099
3,154,617
2,959,615
2,214,903
(984,301)
(1,169,427)
(1,914,336)
1,935,755
945,245
472,951
1,595,262
642,204
(4,565,583)
1,952,753
1,405,592
211,358

2,272,399
2,426,318
2,089,086
2,171,396
2,481,905
2,953,219
2,328,963
1,712,486
2,350,045
2,912,411
2,703,882
2,881,527
3,417,780
4,528,558
3,989,088
4,251,216
4,918,420
4,757,214
5,631,082
6,244,182
5,952,092
6,326,191
7,797,144
7,028,137
8,178,043
8,425,287
8,405,240
7,972,069
10,165,524
11,598,821
12,611,417
13,315,671
12,743,987
9,833,163
8,663,736
6,749,400
8,685,154
9,630,399
10,103,350
11,698,612
12,340,816
7,775,233
9,331,603
10,737,196
10,219,703

drawing down retirement savings has only three actions.
ance big enough to fund a few years spending in addition to a stock portfolio. In this default it covers about 2 years.
usted value of your original portfolio balance (column J). When the actual balance is bigger you move the excess to cash.
s out of money, you top it up from the portfolio account - only to what is needed for the current year's spending.

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

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

tfolio have shown that the worst results happened to those retiring in 1966. Their portfolio was depleted in 30
4%. This system does better. Set the Tax variable to 0% (because their 4% includes tax costs). Copy the yellow line over

Spend
40,000

Portfolio in Stocks

Cash Reservoir for Spending

PLA Portfolio
897,183
890,775
903,592
1,006,127
1,083,028
1,115,070
1,140,704
1,166,338
1,377,817
1,518,803
1,538,028
1,505,986
1,627,746
1,698,239
1,704,648
1,723,873
1,711,056
1,717,465
1,768,732
1,832,817
1,858,451
1,877,676
1,909,718
1,922,535
1,948,169
1,980,211
1,999,437
2,037,887
2,108,380

To Cash
(300,650)
0
0
0
0
0
(133,379)
(370,557)
0
0
0
0
(242,238)
(236,224)
(305,898)
0
(856,163)
(534,628)
(67,409)
0
(414,285)
(203,975)
0
(470,303)
0
(172,331)
(306,123)
(209,080)
0

Cash BOY
90,000
350,650
253,369
215,649
189,116
159,888
81,229
121,003
398,401
255,259
207,186
127,826
49,485
177,189
254,286
409,831
270,513
1,054,038
1,335,932
1,216,277
1,110,827
1,479,398
1,461,714
1,331,931
1,714,755
1,526,630
1,644,320
1,781,655
1,834,808

Transf In
300,650
0
0
0
0
0
133,379
370,557
0
0
0
0
242,238
236,224
305,898
0
856,163
534,628
67,409
0
414,285
203,975
0
470,303
0
172,331
306,123
209,080
0

Tax

Spend

57,567
(2,566)
(18,324)
(19,057)
28,944
42,748
41,159
81,713
(19,641)
10,788
11,198
41,963
83,411
74,353
62,461
(3,648)
176,162
108,207
23,735
(37,143)
137,944
44,640
1,765
101,267
(33,644)
79,646
65,070
49,506

40,000
39,714
40,286
44,857
48,286
49,714
50,857
52,000
61,429
67,714
68,571
67,143
72,571
75,714
76,000
76,857
76,286
76,571
78,857
81,714
82,857
83,714
85,143
85,714
86,857
88,286
89,143
90,857
94,000

Total Assets
BegYr
1,000,000
1,247,833
1,137,722
1,008,384
886,564
1,002,056
1,137,140
1,249,331
1,564,739
1,323,391
1,329,259
1,305,891
1,437,363
1,739,886
1,952,526
2,114,479
1,956,921
2,765,094
3,053,397
2,985,009
2,693,842
3,337,849
3,339,390
3,218,432
3,637,290
3,280,944
3,624,531
3,781,091
3,872,695

2,185,282
2,281,408
2,422,394
2,550,563
2,633,873
2,730,000
2,986,338
3,338,803
3,563,099
3,748,944
4,005,282
4,376,972
4,985,775
5,575,352
6,043,169
6,267,465
6,530,211
6,760,915
7,023,662
7,126,197
7,414,577
7,760,634
8,164,366
8,625,775
8,850,070
9,138,451
9,369,155
9,631,901
9,894,648
10,195,845
10,356,056
10,529,085
10,817,465
11,221,197
11,349,366
11,644,155
11,868,451
12,220,915
12,707,958
12,971,730
13,526,958
13,530,995
13,886,280
14,182,478
14,537,040

(87,118)
(144,910)
0
0
0
(223,219)
0
0
0
0
0
0
0
(333,051)
(491,584)
(238,145)
(441,885)
(482,498)
(369,279)
(588,988)
(527,047)
(405,380)
(544,229)
(759,838)
(349,616)
(789,377)
(537,086)
(583,294)
(732,803)
(2,142,020)
(2,255,360)
(2,786,587)
(1,926,523)
0
0
0
0
0
0
0
0
(396,383)
0
(728,851)
(929,238)

1,691,301
1,721,993
1,677,284
1,521,076
1,445,827
1,311,936
1,351,339
1,123,933
1,055,284
1,019,722
725,067
434,023
280,586
22,771
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
270,877
1,402,976
2,763,402
4,449,637
5,301,951
4,358,684
4,049,545
3,764,287
3,618,012
2,686,004
1,930,383
1,257,462
335,324
0
294,011
0

87,118
144,910
0
0
0
223,219
0
0
0
0
0
0
0
333,051
491,584
238,145
441,885
482,498
369,279
588,988
527,047
405,380
544,229
759,838
349,616
789,377
537,086
583,294
732,803
2,142,020
2,255,360
2,786,587
1,926,523
0
0
0
0
0
0
0
0
396,383
0
728,851
929,238

(41,002)
87,905
48,207
(38,465)
16,462
62,102
94,263
(80,207)
(123,295)
127,512
112,473
(41,706)
35,529
107,250
222,156
(41,284)
150,742
181,070
56,136
271,273
196,476
59,380
180,229
375,267
(44,956)
381,949
119,372
153,866
20,783
555,350
433,220
630,923
591,923
442,981
(196,860)
(233,885)
(382,867)
387,151
189,049
94,590
319,052
128,441
(913,117)
390,551
281,118

97,429
101,714
108,000
113,714
117,429
121,714
133,143
148,857
158,857
167,143
178,571
195,143
222,286
248,571
269,429
279,429
291,143
301,429
313,143
317,714
330,571
346,000
364,000
384,571
394,571
407,429
417,714
429,429
441,143
454,571
461,714
469,429
482,286
500,286
506,000
519,143
529,143
544,857
566,571
578,331
603,086
603,266
619,106
632,311
648,119

3,524,177
3,907,275
3,958,692
3,610,162
3,617,222
3,793,841
4,081,339
3,452,896
2,767,770
3,369,767
3,637,478
3,137,905
3,162,113
3,440,551
4,195,507
3,497,504
4,013,071
4,476,535
4,274,715
5,261,804
5,655,195
5,425,045
5,920,811
7,252,915
6,268,299
7,828,427
7,635,910
7,868,153
7,388,775
9,703,598
10,859,776
13,119,458
14,978,721
16,119,416
14,191,848
12,713,281
10,513,687
12,303,166
12,316,403
12,033,733
12,956,073
12,676,140
7,378,850
9,625,614
10,008,345

Yrs since
Start
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74

The Reservoir System - keeping track of dividends separately from capital gains

It would be presumed from the second sheet of
DivVsGrowth.xls
that the portfolio would be protected from the depletion assumed to be sales of assets
separates capital gains and dividends and moves all dividends directly to the cash acc

Turns out there was NO added benefit showing when dividends are considered separa
Partly this is because tax is triggered earlier. Here dividends are presumed to be taxe
More so, the problem is that dividend dollars are moved to the cash account whether t
has the effect of undoing all reblancing effects. The portfolio rebounds less than it sho

Using the default variables, here are the #of years the portfolio lasts using the two me
Year
Retire
1964
1965
1966
1968
1969

Years Last Years Last
Total ReturnDiv Separate
29
27
26
25
25
24
26
24
26
24

Variables
Cash

Principal

Tax %

Spend

90,000

910,000

20%

40,000

Portfolio in Stocks
S&P
Realized
US
Year CapGains Yield
Inflation
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956

25.2%
(5.5%)
(15.3%)
(17.9%)
12.4%
19.5%
13.8%
30.7%
(11.9%)
0.0%
(0.7%)
10.3%
21.8%
16.5%
11.8%
(6.6%)
45.0%
26.4%
2.6%

4.8%
4.7%
5.4%
6.7%
6.8%
6.2%
5.5%
5.0%
4.1%
5.5%
6.1%
7.5%
8.8%
6.9%
5.9%
5.5%
6.2%
4.6%
3.8%

(1.4%)
(0.7%)
1.4%
11.3%
7.6%
3.0%
2.3%
2.2%
18.1%
10.2%
1.3%
(2.1%)
8.1%
4.3%
0.4%
1.1%
(0.7%)
0.4%
3.0%

Yrs since
Start Portfolio
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

910,000
897,183
848,287
718,584
590,245
663,612
792,684
902,075
1,166,338
1,028,010
1,028,010
1,021,328
1,126,117
1,371,385
1,597,115
1,704,648
1,591,800
1,711,056
1,717,465

CapGain
229,411
(48,896)
(129,703)
(128,339)
73,367
129,073
109,390
277,117
(138,328)
0
(6,682)
104,788
245,268
225,730
188,140
(112,848)
716,628
451,719
44,998

EOY
1,139,411
848,287
718,584
590,245
663,612
792,684
902,075
1,179,192
1,028,010
1,028,010
1,021,328
1,126,117
1,371,385
1,597,115
1,785,255
1,591,800
2,308,429
2,162,775
1,762,462

PLA Portfolio
897,183
890,775
903,592
1,006,127
1,083,028
1,115,070
1,140,704
1,166,338
1,377,817
1,518,803
1,538,028
1,505,986
1,627,746
1,698,239
1,704,648
1,723,873
1,711,056
1,717,465
1,768,732

1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008

(14.3%)
38.1%
8.5%
(3.0%)
23.1%
(11.8%)
18.9%
13.0%
9.1%
(13.1%)
20.1%
7.7%
(11.4%)
0.1%
10.8%
15.6%
(17.4%)
(29.7%)
31.6%
19.2%
(11.5%)
1.1%
12.3%
25.8%
(9.7%)
14.8%
17.3%
1.4%
26.3%
14.6%
2.0%
12.4%
27.3%
(6.6%)
26.3%
4.5%
7.1%
(1.5%)
34.1%
20.3%
31.0%
26.7%
19.5%
(10.1%)
(13.0%)
(23.4%)
26.4%
9.0%
3.0%
13.6%
3.5%
(38.5%)

3.8%
4.4%
3.3%
3.3%
3.5%
3.0%
3.6%
3.3%
3.2%
3.1%
3.6%
3.2%
3.0%
3.4%
3.3%
3.1%
2.9%
3.7%
5.4%
4.5%
4.3%
5.3%
5.9%
5.7%
4.9%
5.6%
5.0%
4.6%
4.7%
3.9%
3.6%
3.9%
4.0%
3.4%
3.7%
3.0%
2.9%
2.8%
3.0%
2.4%
2.1%
1.7%
1.4%
1.1%
1.2%
1.4%
2.0%
1.7%
1.8%
2.0%
2.0%
1.9%

3.6%
1.4%
1.0%
1.7%
0.7%
1.3%
1.6%
1.0%
1.9%
3.5%
3.6%
4.4%
6.2%
5.3%
3.3%
3.6%
9.4%
11.8%
6.7%
5.2%
6.8%
9.3%
13.9%
11.8%
8.4%
3.7%
4.2%
3.5%
3.9%
1.5%
4.0%
4.7%
5.2%
5.7%
2.6%
3.3%
2.5%
2.8%
2.7%
3.0%
1.6%
1.7%
2.7%
3.7%
1.1%
2.6%
1.9%
3.0%
4.0%
2.1%
4.3%
0.0%

20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71

1,762,462 (252,208)
1,510,254
574,803
1,858,451
157,597
1,877,676
(55,767)
1,821,909
421,408
1,922,535 (227,051)
1,695,484
320,277
1,980,211
256,833
1,999,437
181,149
2,037,887 (266,759)
1,771,128
355,820
2,126,947
162,924
2,281,408 (259,168)
2,022,240
2,022
2,024,263
218,418
2,242,681
350,531
2,593,212 (450,441)
2,142,771 (636,831)
1,505,939
475,124
1,981,063
379,374
2,360,437 (271,450)
2,088,987
22,143
2,111,130
259,880
2,371,010
611,009
2,982,019 (290,150)
2,531,648
373,671
2,796,712
482,992
3,026,430
42,370
2,780,748
732,171
3,295,023
481,732
3,415,470
69,334
3,156,315
391,410
3,287,302
895,805
3,846,762 (252,315)
3,136,156
825,019
3,706,612
165,473
3,386,498
238,923
3,250,385
(50,033)
2,795,426
953,538
3,383,395
685,600
3,488,777 1,081,806
4,028,335 1,074,300
4,469,501
872,717
4,692,308 (475,762)
3,581,541 (467,129)
2,735,870 (639,263)
1,700,670
448,643
1,773,973
159,541
1,323,221
39,710
782,509
106,573
313,553
11,067
0
0

1,510,254
2,085,057
2,016,047
1,821,909
2,243,317
1,695,484
2,015,761
2,237,045
2,180,586
1,771,128
2,126,947
2,289,872
2,022,240
2,024,263
2,242,681
2,593,212
2,142,771
1,505,939
1,981,063
2,360,437
2,088,987
2,111,130
2,371,010
2,982,019
2,691,869
2,905,320
3,279,705
3,068,800
3,512,919
3,776,755
3,484,804
3,547,724
4,183,107
3,594,448
3,961,175
3,872,085
3,625,421
3,200,352
3,748,965
4,068,995
4,570,583
5,102,635
5,342,218
4,216,546
3,114,412
2,096,608
2,149,313
1,933,515
1,362,931
889,082
324,620
0

1,832,817
1,858,451
1,877,676
1,909,718
1,922,535
1,948,169
1,980,211
1,999,437
2,037,887
2,108,380
2,185,282
2,281,408
2,422,394
2,550,563
2,633,873
2,730,000
2,986,338
3,338,803
3,563,099
3,748,944
4,005,282
4,376,972
4,985,775
5,575,352
6,043,169
6,267,465
6,530,211
6,760,915
7,023,662
7,126,197
7,414,577
7,760,634
8,164,366
8,625,775
8,850,070
9,138,451
9,369,155
9,631,901
9,894,648
10,195,845
10,356,056
10,529,085
10,817,465
11,221,197
11,349,366
11,644,155
11,868,451
12,220,915
12,707,958
12,971,730
13,526,958
13,530,995

2009
2010
2011

23.5%
12.8%
(0.0%)

2.5%
2.0%
2.1%

2.6%
2.1%
2.5%

72
73
74

0
0
0

0
0
0

0
0
0

13,886,280
14,182,478
14,537,040

m capital gains

that since the dividend yields in the 1960s almost covered the spending requirements,
ion assumed to be sales of assets required on the 'Reservoir TotReturn" sheet. Here the model
l dividends directly to the cash account.

n dividends are considered separately. The portfolio fails EARLIER for those retirement years with poor results.
dividends are presumed to be taxed at the same rate as capital gains.
ved to the cash account whether they are needed or not … even when there was a capital loss. This
portfolio rebounds less than it should after a loss because the dividends were removed.

he portfolio lasts using the two methods of tracking returns.

cks

Cash Reservoir for Spending
Sales
(242,228)
0
0
0
0
0
0
(12,854)
0
0
0
0
0
0
(80,607)
0
(597,372)
(445,310)
0

Cash BOY
90,000
336,228
283,951
290,536
310,750
318,566
287,602
246,120
221,237
143,125
149,977
132,607
130,903
120,828
71,048
106,303
65,901
689,756
973,401

Sales
242,228
0
0
0
0
0
0
12,854
0
0
0
0
0
0
80,607
0
597,372
445,310
0

Dividends
44,000
42,119
45,516
48,233
40,081
41,440
43,478
44,836
47,707
56,442
62,490
76,600
98,774
94,743
94,743
93,031
98,806
77,992
65,710

Tax

54,682
(1,355)
(16,837)
(16,021)
22,690
34,102
30,574
64,391
(18,124)
11,288
11,162
36,278
68,808
64,095
56,577
(3,963)
163,087
105,942

Spend
40,000
39,714
40,286
44,857
48,286
49,714
50,857
52,000
61,429
67,714
68,571
67,143
72,571
75,714
76,000
76,857
76,286
76,571
78,857

Total AssetsYrs since
BegYr
Start
1,000,000
1,233,411
1,132,237
1,009,120
900,994
982,178
1,080,286
1,148,195
1,387,575
1,171,135
1,177,988
1,153,935
1,257,020
1,492,213
1,668,163
1,810,951
1,657,701
2,400,812
2,690,865

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

0
(226,606)
(138,371)
0
(320,781)
0
(35,549)
(237,608)
(142,698)
0
0
(8,463)
0
0
0
0
0
0
0
0
0
0
0
0
(160,220)
(108,607)
(253,274)
(288,052)
(217,897)
(361,286)
(328,489)
(260,422)
(336,345)
(458,292)
(254,563)
(485,586)
(375,036)
(404,926)
(365,570)
(580,218)
(542,248)
(633,133)
(649,910)
(635,005)
(378,542)
(395,938)
(375,340)
(610,294)
(580,422)
(575,529)
(324,620)
0

854,312
818,055
1,064,813
1,052,891
985,041
1,282,362
1,155,785
1,198,271
1,336,413
1,387,855
1,308,065
1,315,709
1,206,101
1,121,389
1,114,596
1,050,400
940,705
797,859
803,315
836,840
647,464
477,801
427,795
302,909
112,845
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(296,769)

0
226,606
138,371
0
320,781
0
35,549
237,608
142,698
0
0
8,463
0
0
0
0
0
0
0
0
0
0
0
0
160,220
108,607
253,274
288,052
217,897
361,286
328,489
260,422
336,345
458,292
254,563
485,586
375,036
404,926
365,570
580,218
542,248
633,133
649,910
635,005
378,542
395,938
375,340
610,294
580,422
575,529
324,620
0

67,599
66,088
61,598
61,133
63,327
57,227
61,257
65,983
64,165
63,273
64,375
67,682
69,409
68,969
67,432
69,189
74,241
79,073
80,830
88,957
102,575
111,361
124,101
135,303
145,626
141,916
140,986
138,172
131,355
129,134
124,256
124,296
130,796
131,600
115,865
110,019
97,776
91,843
83,935
81,848
72,956
67,248
60,685
51,961
42,698
38,319
33,614
31,015
24,261
15,596
6,130
0

22,142
(36,922)
128,178
43,839
1,073
96,947
(33,965)
76,307
64,563
49,063
(40,697)
84,039
46,121
(37,952)
14,198
57,170
83,944
(75,240)
(111,552)
111,191
93,666
(33,775)
26,701
76,796
149,262
(28,905)
103,118
124,796
36,108
172,705
122,173
38,718
103,141
205,320
(24,143)
188,177
55,098
67,340
8,362
207,495
153,490
230,952
228,310
186,680
(84,760)
(84,886)
(120,189)
96,452
38,111
12,794
24,434
3,440

81,714
82,857
83,714
85,143
85,714
86,857
88,286
89,143
90,857
94,000
97,429
101,714
108,000
113,714
117,429
121,714
133,143
148,857
158,857
167,143
178,571
195,143
222,286
248,571
269,429
279,429
291,143
301,429
313,143
317,714
330,571
346,000
364,000
384,571
394,571
407,429
417,714
429,429
441,143
454,571
461,714
469,429
482,286
500,286
506,000
519,143
529,143
544,857
566,571
578,331
603,086
603,266

2,616,774
2,328,309
2,923,264
2,930,567
2,806,950
3,204,898
2,851,269
3,178,482
3,335,850
3,425,743
3,079,193
3,442,657
3,487,510
3,143,629
3,138,858
3,293,081
3,533,917
2,940,630
2,309,255
2,817,903
3,007,900
2,566,788
2,538,925
2,673,919
3,094,864
2,531,648
2,796,712
3,026,430
2,780,748
3,295,023
3,415,470
3,156,315
3,287,302
3,846,762
3,136,156
3,706,612
3,386,498
3,250,385
2,795,426
3,383,395
3,488,777
4,028,335
4,469,501
4,692,308
3,581,541
2,735,870
1,700,670
1,773,973
1,323,221
782,509
313,553
(296,769)

20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71

0
0
0
0

(903,474)
(1,522,580)
(2,154,891)

0
0
0

0
0
0

0
0
0

619,106
632,311
648,119

(903,474)
(1,522,580)
(2,154,891)

72
73
74

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 t
the dividend income in the first year. After than the draws increase with inflation.
There is no cash postion to start. The only time stocks are sold is when the cash posi
There is no sales of shares when the portfolio's value exceeds the PLA value.
Taxes must be paid from the $Spend column.

To see the survival of retirements starting at different dates, you must change the vari
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

1,000,000

48,352

Portfolio in Stocks
S&P
Realized
US
Year CapGains Yield
Inflation
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963

25.2%
(5.5%)
(15.3%)
(17.9%)
12.4%
19.5%
13.8%
30.7%
(11.9%)
(0.7%)
10.3%
21.8%
16.5%
11.8%
(6.6%)
45.0%
26.4%
2.6%
(14.3%)
38.1%
8.5%
(3.0%)
23.1%
(11.8%)
18.9%

4.8%
4.7%
5.4%
6.7%
6.8%
6.2%
5.5%
5.0%
4.1%
5.5%
6.1%
7.5%
8.8%
6.9%
5.9%
5.5%
6.2%
4.6%
3.8%
3.8%
4.4%
3.3%
3.3%
3.5%
3.0%
3.6%

(1.4%)
(0.7%)
1.4%
11.3%
7.6%
3.0%
2.3%
2.2%
18.1%
10.2%
1.3%
(2.1%)
8.1%
4.3%
0.4%
1.1%
(0.7%)
0.4%
3.0%
3.6%
1.4%
1.0%
1.7%
0.7%
1.3%
1.6%

Yrs since
Start
Portfolio
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

1,000,000
1,252,100
1,183,861
1,002,848
823,740
926,130
1,106,263
1,258,927
1,645,669
1,450,493
1,450,493
1,441,065
1,588,918
1,934,984
2,253,483
2,518,943
2,352,189
3,411,145
4,311,687
4,424,653
3,791,485
5,234,524
5,678,412
5,509,763
6,784,171
5,982,961

CapGain
252,100
(68,239)
(181,012)
(179,109)
102,391
180,132
152,664
386,742
(195,176)
(9,428)
147,853
346,066
318,498
265,460
(166,754)
1,058,956
900,542
112,966
(633,168)
1,443,039
443,888
(168,649)
1,274,408
(801,211)
1,130,181

EOY
1,252,100
1,183,861
1,002,848
823,740
926,130
1,106,263
1,258,927
1,645,669
1,450,493
1,450,493
1,441,065
1,588,918
1,934,984
2,253,483
2,518,943
2,352,189
3,411,145
4,311,687
4,424,653
3,791,485
5,234,524
5,678,412
5,509,763
6,784,171
5,982,961
7,113,142

PLA Portfolio
985,915
978,873
992,958
1,105,634
1,190,141
1,225,352
1,253,521
1,281,690
1,514,085
1,669,014
1,690,141
1,654,930
1,788,732
1,866,197
1,873,239
1,894,366
1,880,282
1,887,324
1,943,662
2,014,085
2,042,254
2,063,380
2,098,592
2,112,676
2,140,845
2,176,056

1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

13.0%
9.1%
(13.1%)
20.1%
7.7%
(11.4%)
0.1%
10.8%
15.6%
(17.4%)
(29.7%)
31.6%
19.2%
(11.5%)
1.1%
12.3%
25.8%
(9.7%)
14.8%
17.3%
1.4%
26.3%
14.6%
2.0%
12.4%
27.3%
(6.6%)
26.3%
4.5%
7.1%
(1.5%)
34.1%
20.3%
31.0%
26.7%
19.5%
(10.1%)
(13.0%)
(23.4%)
26.4%
9.0%
3.0%
13.6%
3.5%
(38.5%)
23.5%
12.8%
(0.0%)

3.3%
3.2%
3.1%
3.6%
3.2%
3.0%
3.4%
3.3%
3.1%
2.9%
3.7%
5.4%
4.5%
4.3%
5.3%
5.9%
5.7%
4.9%
5.6%
5.0%
4.6%
4.7%
3.9%
3.6%
3.9%
4.0%
3.4%
3.7%
3.0%
2.9%
2.8%
3.0%
2.4%
2.1%
1.7%
1.4%
1.1%
1.2%
1.4%
2.0%
1.7%
1.8%
2.0%
2.0%
1.9%
2.5%
2.0%
2.1%

1.0%
1.9%
3.5%
3.6%
4.4%
6.2%
5.3%
3.3%
3.6%
9.4%
11.8%
6.7%
5.2%
6.8%
9.3%
13.9%
11.8%
8.4%
3.7%
4.2%
3.5%
3.9%
1.5%
4.0%
4.7%
5.2%
5.7%
2.6%
3.3%
2.5%
2.8%
2.7%
3.0%
1.6%
1.7%
2.7%
3.7%
1.1%
2.6%
1.9%
3.0%
4.0%
2.1%
4.3%
0.0%
2.6%
2.1%
2.5%

27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74

7,113,142
8,035,717
8,763,753
7,616,577
9,146,748
9,847,389
8,728,725
8,737,454
9,680,225
11,193,244
9,248,978
6,500,182
8,550,989
10,188,503
9,016,826
9,112,404
10,234,141
12,871,479
11,619,084
13,334,061
15,636,853
15,855,769
20,030,593
22,959,066
23,425,135
26,330,049
33,505,110
31,307,463
39,543,425
41,308,748
44,223,143
43,542,422
58,395,027
70,228,000
92,004,426
116,540,709
139,296,500
125,172,968
108,847,048
83,413,882
105,418,795
114,899,584
118,347,747
134,466,037
139,212,121
85,635,231
105,720,284
119,234,201

922,575
728,036
(1,147,175)
1,530,170
700,641
(1,118,663)
8,729
942,771
1,513,019
(1,944,267)
(2,748,796)
2,050,807
1,637,514
(1,171,678)
95,578
1,121,737
2,637,338
(1,252,395)
1,714,977
2,302,792
218,916
4,174,824
2,928,473
466,069
2,904,914
7,175,061
(2,197,647)
8,235,962
1,765,323
2,914,395
(680,721)
14,852,605
11,832,973
21,776,425
24,536,283
22,755,791
(14,123,532)
(16,325,920)
(25,433,166)
22,004,912
9,480,790
3,448,163
16,118,290
4,746,083
(53,576,890)
20,085,053
13,513,917
(3,792)

8,035,717
8,763,753
7,616,577
9,146,748
9,847,389
8,728,725
8,737,454
9,680,225
11,193,244
9,248,978
6,500,182
8,550,989
10,188,503
9,016,826
9,112,404
10,234,141
12,871,479
11,619,084
13,334,061
15,636,853
15,855,769
20,030,593
22,959,066
23,425,135
26,330,049
33,505,110
31,307,463
39,543,425
41,308,748
44,223,143
43,542,422
58,395,027
70,228,000
92,004,426
116,540,709
139,296,500
125,172,968
108,847,048
83,413,882
105,418,795
114,899,584
118,347,747
134,466,037
139,212,121
85,635,231
105,720,284
119,234,201
119,230,409

2,197,183
2,239,437
2,316,901
2,401,408
2,507,042
2,661,972
2,802,817
2,894,366
3,000,000
3,281,690
3,669,014
3,915,493
4,119,718
4,401,408
4,809,859
5,478,873
6,126,761
6,640,845
6,887,324
7,176,056
7,429,577
7,718,310
7,830,986
8,147,887
8,528,169
8,971,831
9,478,873
9,725,352
10,042,254
10,295,775
10,584,507
10,873,239
11,204,225
11,380,282
11,570,423
11,887,324
12,330,986
12,471,831
12,795,775
13,042,254
13,429,577
13,964,789
14,254,648
14,864,789
14,869,225
15,259,648
15,585,141
15,974,769

negative, draw = initial dividend income

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

es, you must change the variable for $Spend to equal the dividend income of that year.

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.

s

Cash Reservoir for Spending
Sales

Cash BOY

0
10,774
25,598
38,689
36,257
33,996
33,197
32,912
25,971
23,756
29,039
55,957
107,601
149,756
191,567
236,133
289,923
352,849
422,492
493,422
559,178
631,482
713,437
801,338
898,286

Sales

Dividends
48,352
58,781
63,521
67,314
55,937
57,833
60,677
62,573
67,314
79,639
88,171
108,081
139,368
133,679
133,679
137,471
146,004
155,485
164,966
169,706
165,914
173,498
184,875
191,512
201,941
216,162

Tax

Spend
48,352
48,007
48,697
54,223
58,368
60,095
61,476
62,858
74,255
81,853
82,889
81,162
87,724
91,523
91,869
92,905
92,214
92,560
95,323
98,776
100,158
101,194
102,921
103,611
104,993
106,720

Total Assets Yrs since
BegYr
Start
1,000,000
1,252,100
1,194,635
1,028,446
862,428
962,388
1,140,258
1,292,124
1,678,582
1,476,464
1,474,249
1,470,103
1,644,875
2,042,585
2,403,239
2,710,510
2,588,322
3,701,068
4,664,535
4,847,145
4,284,907
5,793,702
6,309,895
6,223,200
7,585,509
6,881,246

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26

1,007,728
1,136,992
1,285,041
1,443,512
1,602,580
1,770,688
1,939,730
2,099,969
2,249,082
2,400,599
2,560,106
2,721,476
2,878,343
3,060,272
3,287,168
3,531,955
3,798,921
4,082,465
4,385,356
4,698,913
5,019,167
5,368,704
5,739,159
6,140,115
6,575,778
7,080,014
7,687,638
8,368,996
9,048,694
9,729,916
10,417,666
11,148,141
11,922,289
12,785,440
13,695,894
14,664,337
15,663,694
16,601,473
17,482,096
18,379,067
19,388,149
20,572,591
21,994,351
23,654,084
25,554,097
27,516,466
28,892,736
30,283,381

237,020
257,877
272,099
276,839
291,060
299,593
297,697
291,060
298,645
320,451
341,308
348,893
383,972
442,753
480,676
535,665
584,017
628,576
651,330
672,188
713,903
748,982
785,009
835,258
922,481
1,047,627
1,146,227
1,156,656
1,173,722
1,192,683
1,249,568
1,307,401
1,412,638
1,468,574
1,535,888
1,582,344
1,542,524
1,492,276
1,524,511
1,648,709
1,843,065
2,106,631
2,358,820
2,629,023
2,691,596
2,124,645
2,154,983
2,505,773

107,756
109,828
113,627
117,772
122,952
130,550
137,458
141,948
147,128
160,943
179,939
192,027
202,042
215,857
235,889
268,699
300,473
325,685
337,773
351,933
364,367
378,527
384,053
399,595
418,245
440,003
464,870
476,958
492,500
504,933
519,093
533,253
549,486
558,120
567,445
582,987
604,745
611,653
627,540
639,628
658,623
684,872
699,087
729,010
729,228
748,375
764,338
783,447

8,120,870
9,172,708
10,048,794
9,060,090
10,749,328
11,618,077
10,668,456
10,837,423
11,929,307
13,593,843
11,809,084
9,221,658
11,429,332
13,248,776
12,303,994
12,644,359
14,033,062
16,953,943
16,004,440
18,032,973
20,656,020
21,224,473
25,769,752
29,099,181
30,000,913
33,410,063
41,192,748
39,676,459
48,592,119
51,038,664
54,640,809
54,690,563
70,317,315
83,013,440
105,700,320
131,205,046
154,960,194
141,774,441
126,329,144
101,792,950
124,806,943
135,472,175
140,342,098
158,120,122
164,766,218
113,151,697
134,613,019
149,517,582

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