No. of Recommendations: 0
The original 4% study included no such assumption. Bottom line: Pfau now is starting from a point that has annual returns and total annual portfolio values reduced by a 1% annual fee, while in reality many investors and retirees have fees that are 90% or more less than Pfau's 1%.

I agree that in today's environment, if you choose appropriately, annual fees are negligible.

JLC
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