TY - JOUR T1 - Investment Performance, Inflation, and Taxes:<br/> <em>Redefining History’s Bear Markets</em> JF - The Journal of Retirement SP - 123 LP - 123 DO - 10.3905/jor.2013.1.1.110 VL - 1 IS - 1 AU - Matthew B. Kenigsberg Y1 - 2013/06/30 UR - https://pm-research.com/content/1/1/123.abstract N2 - Contrary to conventional wisdom, the worst 10-year period for a 60/40 portfolio may not have come during the 1930s. If one includes the effects of taxes and inflation, that point came in 1972–1981, when a spike in taxes and inflation drove post-tax real returns to their nadir. The 1940s also saw very poor performance on a post-tax real basis. Withdrawals from investment accounts tend to amplify the impact of taxes and inflation, and their interaction can have a dire effect on one’s qualified accounts. Retirement simulations show that strategies to combat the effects of taxes and inflation can be critical to the success of a retirement plan that includes qualified assets.TOPICS: Performance measurement, retirement, portfolio theory ER -