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9/20/2004: Retirement Incomne Planning, Part 4: Beyond Monte Carlo (PDF) (Still River Retirement Planning Software)
6 pages. Excerpt: The essence of the Monte Carlo approach is to create a large number - usually a few thousand - randomly generated scenarios, compute the financial characteristics of each scenario, and then compile the results to determine the overall likelihood of a satisfactory outcome. This is a useful exercise, and helpful to a point, but in the context of financial planning for retirees, it is off the mark. There are four main reasons for this: ...
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