I began my actuarial career in the mid-1990s, a time when the only things larger than expected investment returns were eyeglasses and mobile phones. I can still recall developing spreadsheets based on the lofty return expectations of the era projecting that my rapidly compounding 401(k) would make me a multi-millionaire by, well, about now.

Of course, we now realize those heady days of double-digit annual returns were something of an anomaly driven mostly by irrational exuberance for websites worth nothing. Sure, I am well on my way toward a successful retirement (my employer is really into that whole concept), but I am far from being a multi-millionaire.

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