From the introduction (hyperlinks added):
This essay builds on previous discussion in the April, 2010, and April, 2011, editions of this newsletter, as well as that contained in my essay Security of Income vs. Security of Principal. The Hymas Investment Management Inc. retirement calculator (old version available on-line at http://www.prefblog.com/xls/retirementWithdrawals.xls new version at http://www.prefblog.com/xls/retirementWithdrawals_2012.xls) has been refined in various ways and the necessity of these changes is discussed; there is a fairly extensive discussion of “Reversion to the Mean” for equity returns, which is particularly important in the light of OSFI’s denial that such a thing exists.
Additionally, I have updated my study of the pricing of annuities to incorporate another year of data collected by Dr. Milevesky’s Individual Finance and Insurance Decisions Centre.
Look for the research link!
