I'm going to take a quick stab and say it might be due to the compounding gains lost by forfeiting 2% year over year. To elaborate, when you lose 2% of 7% the

I'm going to take a quick stab and say it might be due to the compounding gains lost by forfeiting 2% year over year. To elaborate, when you lose 2% of 7% the very first year you invest, that 2% could have compounded over your entire working career.