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But don't forget that they [we] won't pull it all out at once. It will go 10,000, 20,000 at a time, minimizing taxes. It will mean, though, that there will be a downward bias to the market, and quite a bit more volatility, I would guess. But people will want to keep it in the market if the economy is OK to get better returns, as we will expect to live into our 80s and 90s, and perhaps even longer if biomedical advances keep up their frightening pace (with, of course, absolutely no regard for social consequences). Unless, of course, we collectively become convinced that a multiyear/decade bear market is in the cards. If it appears so, it may become so. Thinking out loud. |
