[dfwgator]

Common advice in retirement is to spend no more than 4% of your assets annually. So a millionaire can only spend $40,000 per year. Does that feel “rich”?

Assuming you get an average 4% return on assets, yes you can spend $40,000/yr without reducing the principal, with a million in assets.

[Uncle Miltie]

Actually, you need to earn about 7% per year to spend 4% of assets. 2% has to go back into the kitty to cover inflation and at least 1% for taxes....