The "sequence of returns" piece is good. I think we should have a similar piece that shows 2 people with the same average return, but one getting the same average return, but with LESS volatility. The person with more volatility has more risk of running out of money if they have large negative returns in early years. It illustrates not just the importance of sequence of returns (which we have NO control over), but the importance of risk reduction through reduced volatility from one year to the next, which we DO have control over through proper diversification.