Why Does Everyone Experience Such Different Retirement Income Outcomes?
Individual investors are vulnerable to the sequence of market returns experienced over their investing lifetimes. Individuals who behave in exactly the same way over their careers—saving the same percentage of the same salary for the same number of years—can experience disparate outcomes based solely upon the specific sequence of investment returns that accompanies their career and retirement.
Pfau, Wade D. PhD, "Why Does Everyone Experience Such Different Retirement Income Outcomes?" (2017). Faculty Publications. 753.