It's a small world. Not too long after my last reply, I came across this in the Ken Fisher archive. (It's now soundly ensconced in my 'tidbits' file.)"The key is to posture yourretirement money so it isn't generating income, butcapital gains and then take your withdrawls out ofprinciple rather than income, and do it one stockat a time. The taxes are lower. Certainly lowerthan earned income rates on interest and dividends,and if you stick to the age old principle of “sellyour losers--let your winners run” you can go avery long time without paying taxes at all, whileimproving your results, which is very powerful inthe early years after retirement in keeping youcompounding well. If you do it well enough, youmay actually be able to die without ever havingpaid any capital gains or income tax at all—whichis, in a different version, pretty close to whatSam Walton did perfectly."Ray
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