It's very hard to support
the popular academic theory that the market is irrational when you know somebody who just made a twenty fold profit in Kentucky Fried Chicken, and furthermore who explained in advance why the stock was going to rise.
Financial industry norms and
academic theories — even
popular beliefs — have always assumed assets saved for retirement would be systematically withdrawn — following the «4 % rule» or some other rule of thumb or system — by retirees in order to maintain a consistent standard of living.