Finally, the earlier W Pfau paper offers a Monte Carlo simulation similar to Schleef and Eisinger, and runs final portfolio values through a utility function designed to calculate diminishing returns to more money. (money.stackexchange.com)
If you're still not convinced, you can calculate average annual return and final portfolio value for any period of the S&P 500 both with and without dividends reinvested at this Money Chimp page. (mindfullyinvesting.com)
A 2 % or so reduction on a rate of return can cause a huge percentage reduction in the final portfolio value (depending largely on time of course). (canadiancapitalist.com)