text:  And it's this way for a number of reasons. When you're in the distribution phase of retirement, you're taking the money, you're doing your drawdowns, right? And you look at it and you say, okay, I'm going to do 4% every single year. Well, when you have a down year and the market is down 20% and you take out the 4%, you haven't taken out 20, you've taken out 24% at that point, right?