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JonathanRoth writes,

He presents the idea of a "financial lock box" one box for each year of retirement. At the beginning of each year that year's box is opened and money spent.


Yeah. I guess that's a technique to make it explainable to the masses. But money is fungible -- it doesn't know from your "lock boxes". What matters is the total amount and how it's allocated.

Kitces recommends that retirees hold enough money in a "bond tent" [another form of "lock box"] to get them through the first 10 or 15 years of retirement, then increase your stock allocation after that. But the standard 60% stock/40% bond portfolio already gives the retiree a 10 year "bond tent", so what's the difference?

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