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As a growing number of Americans reach refiremen? age, more and more people are facing important decisions about how to withdraw savingsfrom tax-deferred retirement accounts (TDRAs). These decisions are complicated by the Federal Tax Code which imposes a number of rules and regulations on these withdrawals. Since these decisions collectively involve billions of dollars, the potential lossfrom even slightly suboptimal decision making is very large. In this paper, we present a mathematical programming model that can be used to assist retirees ami/or their advisors in determining the optimal schedule of withdrawals from TDRAs.

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