I wonder what kind of effect that will actually have, given the stark divide in retirement preparations. On the one hand, we have a lot of people who have little retirement savings, who play a small role in the markets and will delay retirement (or just never do it). On the other, we have some people with well-planned retirement accounts. I would not be surprised if a fair number of the latter have planned to live only on the proceeds of their investments. That will introduce some bias towards dividends over reinvestment, I suppose. This is speculative, granted.