Hi John,

I’m sorry if I didn’t make it clear enough (this was the toughest letter to write so far. Simplifying complex math stuff isn’t easy). But I did put at the top of the table *“with** Inflation**”* and I also wrote underneath *“I decided to only show the numbers that are 100% likely to succeed (adjusted for** inflation**).”*

So to answer your question; **yes, the table does take inflation into account.**

However, that second question did make me scratch my head for quite a while.

I have no idea why you’d have more money after 15 years if you withdraw 5% instead of 4%.

**I thought I got my numbers wrong, but nope. My (their) numbers are right.**

Therefore the answer must simply be I don’t understand their algorithm.

I imagine it has something to do with them rebalancing the portfolio every month. Or, as they said *“Calculations of monthly portfolio returns implicitly assume rebalancing of portfolios each month to the desired allocation of stocks and bonds.”*

But I cannot give a detailed explanation.

If someone can understand all the math, please explain.