I am convinced I will have several times higher income if I just buy 60/40 VTI/VXUS and spend dividends..... if I live to 105. 1.2 million dollar portfolio can generate about 25k in dividends and it will grow faster then inflation. So I will have more and more money every year.
This is what I saw in my 30 years of buy and hold
I may have a lower income first 7-10 years but thereafter it will be higher then annuity.
You are 100% right... assuming history repeats itself.