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econophile,
Yes, they have jobs that happen to easily adjust for inflation which removes 40 years of variance you have to protect from. You still do not address my questions and instead persist with a personal attack. Why?
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One simple solution is to take your 1.4m and buy an annuity. You should be able to get an annuity that pays between $60k and $70k the first year and increases with inflation each year for as long as you live. Basically, you let the insurance company take on the inflation risk, while you get a lower expected return than you would investing yourself.
More info for the curious may be found here:
Wiki annuity