The 4% withdraw rule is one of the most commonly referenced retirement studies. Critiques of the 4% Rule from Bill Bengen include all of the following, EXCEPT

• A. The study utilized historic index returns, which do not include expenses.
• B. The study utilized historic average returns; returns going forward may significantly underperform historic averages.
• C. The study assumed a 30-year retirement period, which may not take into account Americans retiring earlier and living longer.
• D. The study a CD laddering strategy, resulting in less funds for heirs