davidr,
My interpretation of Joe's question: the 1 Million doesn't grow with inflation, but the annual spends increase each year.
An example. For convenience, say the annual inflation rate is 2%
So in Year 1, Joe's spending is 40,000;
in Year 2, Joe's spending is (1.02)*40,000 = 40,800;
in Year 3, Joe's spending is (1.02)*40,800 = (1.02^2)*40,000 =41,616;
in Year 4, Joe's spending is (1.02)*41,616 = (1.02^3)*40,000 =42,448.32;
etc, etc
in Year 25, Joe's spending is (1.02^24)*40,000 =64,337.49.
(For those of you unfamiliar with the jargon,
2*3 means 2 times 3, and
2^3 means 2 raised to the 3rd power.)
The question then becomes: what's the sum of all the annual spends?
That is, 40,000 +(1.02)*40,000+(1.02^2)*40,000+
(1.02^3)*40,000 + ...+(1.02^24)*40,000.
If we factor out the 40,000, then this total spending is
40,000 (1 +1.02+1.02^2+1.02^3+1.02^4+ ... + 1.02^24).
You could get out a calculator to add the 25 terms in the parentheses, but ...
wait for it
wait for it
there's a formula!
1 +1.02+1.02^2+1.02^3+1.02^4+ ... + 1.02^24 =(1.02^25 -1)/.02
A calculator can handle the 25th power term, to get
(.64061)/.02 = 32.031,
so the total amount Joe needs to live on for 25 years is
40,000*32.031 = $1,281,212.
So he needs to find 281,212 more dollars to stash away under his mattress.
The final answers:
for inflation rate 2%, the total initial amount needed is $1,281,212;
for inflation rate 2.5%, the total initial amount needed is $1,366,311;
for inflation rate 3%, the total initial amount needed is $1,458,371;
for inflation rate 6%, the total initial amount needed is $2,194,581.
David

If this takes effect, how will Mr. Market react ? Correction coming ? All up in the air at this time.
Derf

“We have a vision to be the premier active investment manager in the world,” T. Rowe President Rob Sharps said in an interview. “Alternatives is an asset class that is growing rapidly” and there’s increasing interest in it from an array of investors, he said. Sharps will become chief executive officer on Jan. 1.

T. Rowe Price to Buy Oak Hill

The separate currency is a point in favor of viewing Macau bonds as different from Chinese bonds. (Puerto Rico's bonds are a different story.) On the other hand, Macau's government seems substantially subservient to mainland China, raising doubts about true economic independence.
Both HK and Macau would like to think they're not part of China.
Life is rarely that simple.

[Macau's] Special Administrative Region ... uses the same political model as Hong Kong - "one country, two systems". ... But this is where the similarity between Hong Kong and Macau ends.
...
Hong Kong is now into its sixth month of protests [Dec 2019], but Macau has mainly remained silent.
"This dissent does not exist in Macau," Jason Chao, an activist and former president of the New Macau Association, a pro-democracy party, tells the BBC.
"A major difference between Hong Kong and Macau is a wish for autonomy. Hong Kong people need autonomy, freedom and rights and they are fighting for it. This does not apply to Macau. The majority of the population are pro-China."

https://www.bbc.com/news/world-asia-china-50832919
Compare and contrast w/Taiwan:

Macau said Wednesday it was closing its representative office in Taiwan, following neighbouring Hong Kong which made the same move last month in protest at Taipei's support for pro-democracy activists.
...
Hong Kong and Macau abide by authoritarian China's view that democratic, self-ruled Taiwan is part of its territory and must be seized one day, by force if necessary.
...
Beijing loathes [Taiwan's President Tsai Ing-wen] because she regards Taiwan as a de facto sovereign nation and not part of "one China".

Agence France-Presse (AFP), June 16, 2021
https://www.france24.com/en/live-news/20210616-macau-follows-hong-kong-in-shuttering-taiwan-office

I'm finding this fund name with the ticker LMZIX. (?) In the course of doing it, I went from Brandywine to Global to Franklin Templeton. ORK! @waxman123

$1M threshold for entry.

Both HK and Macau would like to think they're not part of China. We visited a relative in Macau in late 2018. We were waiting at a bus stop, and he pointed and said: "See? Just across the water there. That's CHINA! My understanding is that Macau has its own currency, just as HK has the HK dollar. But nobody else wants to deal with that Macau currency. HK dollar is readily exchangeable.

+1 hank Yes-sticking with the same funds makes it more difficult. I myself don't mind churning through funds to make a profit. For example, I've owned funds like FTANX FFANX FASMX and FSANX at different times in my Fido IRA account, harvested profits, minimized losses and moved on to the next fund, when necessary.

It's difficult to find US vs International % exposure on M*
http://portfolios.morningstar.com/fund/summary?t=HYSAX
(substitute your favorite ticker for other funds)
One does need to be careful with definitions, though. Apparently M* thinks that Macau is not part of China, and on the domestic front, that Puerto Rico is not part of the United States.

% Bonds		Category Avg
United States		 84.79		 86.17	
Canada			  6.18		  3.44	
France			  2.15		  1.33	
Zambia			  1.83		  0.23	
United Kingdom		  1.61		  1.85	
Jamaica			  1.14		  0.19	
Germany			  0.76		  0.67	
Macao			  0.42		  0.25	
Ireland			  0.36		  0.58	
Puerto Rico		  0.34		  0.20	

I use RPHYX and FPFIX for short-term bonds. Not expecting much at all - maybe 1.5% to 2% annual returns in the current interest rate environment. Better than nothing, but not by much.
I balance these steady funds with higher risk (but low duration) vehicles RCTRX and JSVIX.
Recently sold all of my MWFSX.

Well, there is that Starbucks inside a Wells Fargo at 19th Ave. Talk about a disaster inside a financial disaster.

Hah! Charbucks will probably burn the beans on a drink that Wells Fargo ordered for you without your knowledge.

Well, there is that Starbucks inside a Wells Fargo at 19th Ave. Talk about a disaster inside a financial disaster.

Here’s another “Far Out” fund.
UFO has soared 43% over the past year. As the handle suggests it invests in space related technology.
From Lipper:
(UFO) seeks investment results that correspond generally to the performance of the S-Network Space Index. The Fund uses a passive investment approach and invests in its Underlying Index which tracks a portfolio of companies engaged in space-related businesses, including those companies utilizing satellite technology.
Inception April 2019
ER 0.75%

Roughly 50% of my portfolio consists of individual equity positions. They have always been boughten with a long term buy and hold intention and were also chosen for their dividend growth prospects. Nothing fancy, just the usual suspects.
I don't mess with them much but I do pick up a few shares when they go on 10% off sales like the recent activity in HRL & INTC.

Firstrade was founded in 1985 by John Liu under the name First Flushing Securities. ... It has been overseen by founder and CEO John Liu since its beginnings as a financial services provider for a diverse customer base in the Flushing neighborhood of Queens, New York.

https://topratedfirms.com/articles/bankrupt/firstrade-goes-out-of-business.aspx
Flushing is in a sense a second Chinatown in New York, somewhat analogous to the Richmond in San Francisco.

NEW YORK, Aug. 15, 2014– Firstrade welcomed more than 100 guests at the grand opening of its branch and new headquarter location. The ribbon cutting ceremony was held at the new branch on Friday, August 15, 2014. US Congresswoman Grace Meng and NYC Councilman Peter Koo were present.
...
To further enhance customer service and make space for a growing call center, Firstrade has also established a new state of the art headquarter at 30-50 Whitestone Expressway, Flushing, NY. This location also has a small branch in its headquarter to service brokerage clients. The call center employs one of the largest Asian bilingual customer service teams in the industry.

https://www.firstrade.com/content/en-us/aboutus/press?&page=pr140815
From day one, the brokerage has sought to serve the Chinese and more broadly the Asian community. In that it has always been highly regarded. It would not surprise me if many of the Flushing call center reps speak English as a second language.
(It also caters to overseas Asian investors.)

Only about 3% resides in individual issues. (1) DFKG - more of a toy than serious investing. (2) WPM and (3) NGLOY - a couple miners comprising some of my real assets category. All positive over the brief time owned. Bought RIO near the bottom a couple weeks ago, but dumped it after reading about significant turmoil / turnover in the top ranks.
Also (recent) About 2% of portfolio is now split between etfs DOG and TAIL. Small bets the markets may fall precipitously. The press in their collective wisdom are all applauding Powell for his “transparency”. HA? How do they know? He may well have some surprises up his sleeve should inflation scare. Stay tuned!

My Chilean electric utility play is ENIC. Institutions and big banks are shorting the ever-loving shit outa that stock. But there are some US investment banks that have recently initiated analyst coverage. I've got just $2,500 into the ADR. I got in at a decent price-point, but then it's done nothing but fall. Right now, it likes to rise in share price in the off-hours, then fall during the day. But if you were to buy NOW, it would be at quite a deep discount. The total "bet" here for me is less than 1% of my portfolio total. About 0.84% right now, since "market forces" are sucking the life out of it--- for now. Yet, there are more analysts than not who recommend BUYING at this moment. There is a dividend. I missed May's. I've read that there will be a smaller dose in December. I can't find any specifics on that. :)
https://www.barrons.com/market-data/stocks/enic/research-ratings
...Whenever I pull the trigger and put money into an individual stock, I know by now that it's about the same as punching myself in the face. Great idea.

Most of my T Rowe holdings are in taxable accounts as I will probably keep RPMGX as a taxable account also. At $130 per share, I will not get many shares for $2,500, but I will get my foot in the door.

Mine would be in a Rollover Trad. IRA. But after the December distributions, I'm going to buy. PRWCX has treated me so very nicely, I will just transfer funds from there.

Most of my T Rowe holdings are in taxable accounts as I will probably keep RPMGX as a taxable account also. At $130 per share, I will not get many shares for $2,500, but I will get my foot in the door.