Topic
Which account a retiree draws from, and in which order, can change the life of a portfolio by a decade. The rule of thumb most people inherit is close to the worst available answer.
Two portfolios can earn exactly the same annualised return across thirty years and end in completely different places. What separates them is which of those years were the bad ones.
The same bond is cheap for one household and expensive for another, and the gap between them is wider than any plausible view on interest rates. Taxable equivalent yield is the only number worth comparing.
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