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Not in the subsequent years. The actual amount of shares you sell decreases and the resulting value received depends on share price action.
Yes, in subsequent years. I understand that price changes and shares don't. All I'm saying is the math is the same either way, and it doesn't matter which units you choose to work in.
Assuming a single stock portfolio, these statements are the same thing:
1. Each year, sell 4% of your remaining shares in the portfolio
2. Each year, sell 4% of the remaining market value of the portfolio
With many different stocks in the portfolio, you'd want to modify that to read 4% of each position, but it doesn't matter if you express "4% of each position" in its present market value or its share count. The proceeds and remaining balance measured in share count or market value would be the same, regardless of how you choose to think about it.
