Using numerical examples, show how dollar cost averaging will improve your return over that of an underlying volatile index mutual fund/ETF like the S&P 500 over 35 years when investing a fixed dollar amount (e.g., $1,000 per month).

Then show how it will reduce your return over that of the same index over 35 years when withdrawing a fixed dollar amount each month for another 35 years (e.g., for your retirement).

What does this imply about your risk tolerance for investing while accumulating assets vs. staying invested but spending down an investment portfolio?