Last month, we discussed the highly variable magnitude of investment outcomes over longer periods of time. The focus was on the accumulation phase of our investment lifetimes, or those years when we tend to be saving much more than we are spending. Markets may prove just as variable when we begin to spend our invested savings, while the fact that we have begun to subtract from invested monies adds a further complication to the math. This month, we want to focus on that math, hoping to provide a bit more perspective for discussions related to the longevity of investment portfolios.