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Beginning with $100,000, each investor took out $5,000 a year in retirement income. For the investor who experienced early market declines, the portfolio was exhausted by year 20. For the second investor, however, early investment gains bolstered the portfolio against later losses. Total holdings, even with $5,000 annual withdrawals, reached a peak of more than $335,000 in year 16. Even after absorbing three poor years, the portfolio still held more than $240,000 at the end of year 25.