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I think we would be fine living largely on the interest from $1,000,000 come retirement time.
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I think that sounds good and I wish you the best but math is not on your side. Current interest rates will give you what 10-20k /year? Add inflation and that could be more like 5-10k/year in today's $$. If/when rates get back to normal you can maybe get 30-50k/yr.
No reason to freak out on this topic, the sky is not falling. Just know what you are getting into and be realistic.