THE 12% LIE 99% OF INVESTORS ARE TOLD

What actually happens to the S&P 500'S average return once it meets your money.

January 2000.

The S&P 500 sat near an all-time high, tech stocks priced for a future that hadn’t arrived yet, and somewhere in the country a worker retired with a million-dollar portfolio and a plan to draw it down at 4% a year —

the withdrawal rate an obscure California planner named William Bengen had spent the 1990s defending as safe, based on decade…