Ending Wealth $1 million starting value; 20-year holding periods; 1% initial spending     Expected   Observed       Terminal Maximum Terminal Minimum     Amount Annualized     Minimum Conservative Semiconservative Moderate Semi aggressive Aggressive 1,360,825 1,537,089 1,725,126 1,924,286 2,133,665 1.55% 2.17 2.76 3.33 3.86 2,595,485 3,049,142 3,569,878 4,165,583 4,844,725 630,265 651,402 671,181 689,457 706,095 549,532 544,236 532,819 484,499 414,492 Source: Nominal and inflation data from Ibbotson Associates; tax adjustments by Goldman Sachs. TABLE 30.10 Real, After-Tax Ending Wealth $1 million starting value; 20-year holding periods; 2% initial spending     Expected   Observed       Terminal Maximum Terminal Minimum     Amount Annualized     Minimum Conservative Semiconservative Moderate Semi aggressive Aggressive 1,018,473 1,176,755 1,346,369 1,526,741 1,717,057 0.09% 0.82 1.50 2.14 2.74 2,228,667 2,641,160 3,116,231 3,661,359 4,284,576 473,239 491,755 506,462 519,696 531,345 418,692 417,454 414,944 411,184 397,904 Source: Nominal and inflation data from Ibbotson Associates; tax adjustments by Goldman Sachs. TABLE 30.11 Real, After-Tax Ending Wealth $1 million starting value; 20-year holding periods; 3% initial spending     Expected   Observed       Terminal Maximum Terminal Minimum     Amount Annualized     Minimum Conservative Semiconservative Moderate Semi aggressive Aggressive 676,121 816,421 967,612 1,129,197 1,300,449 -1.94% -1.01 -0.16 0.61 1.32 1,869,352 2,233,178 2,662,585 3,157,135 3,724,427 282,497 292,534 301,085 308,035 313,276 279,907 285,854 283,944 280,914 276,792 Source: Nominal and inflation data from Ibbotson Associates; tax adjustments by Goldman Sachs.