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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 your
retirement money so it isn't generating income, but
capital gains and then take your withdrawls out of
principle rather than income, and do it one stock
at a time. The taxes are lower. Certainly lower
than earned income rates on interest and dividends,
and if you stick to the age old principle of “sell
your losers--let your winners run” you can go a
very long time without paying taxes at all, while
improving your results, which is very powerful in
the early years after retirement in keeping you
compounding well. If you do it well enough, you
may actually be able to die without ever having
paid any capital gains or income tax at all—which
is, in a different version, pretty close to what
Sam Walton did perfectly."

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