% versus 3.0% for Australia. Key Unknowns × Life expectancy × Returns × Actual spending 17 For illustrative purposes only. “Rebalancing” the Portfolio Withdrawal 1 Determine retirement period 2 Determine

Expectancy at birth Thailand Singapore Indonesia Philippines Malaysia Korea, Rep. 40 45 50 55 60 65 70 75 80 85 90 1960 1970 1980 1990 2000 2010 years Life Expectancy at birth Thailand United States United

feasible, quantitative performance measures (e.g. number of beneficiaries, reduction in unemployment, increase in number of public transport users, increase in literacy rate, increase in life expectancy, etc

allocations over different time periods. For example, if the portfolio value is $100,000, the equity allocation is 40% and the remaining expected life expectancy is 20 years, the withdrawal amount for that