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

FWIW, in my withdrawal account, which I haven't had to use yet, I hold RPHYX as the cornerstone, about 35% of the account, but other short/ultra-short deration ETFs I use are JPST, FLRN and MINT.

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.

Following on the informative and educational thread 'Long time owner of MWTRX'...
Looking to diversify into a few other areas of Fixed Income. A few of the funds I've looked at - ASDVX, SDMAX, FATRX, HYSAX, JSDHX to name a few...I realize the PGIM Global Multi Sector and Am Century funds are comparable but the HYSAX is a different vehicle as a Short duration High Yield fund. I'm looking for some ideas and also comments on what you folks use.
It's difficult to find US vs International % exposure on M* but I've been focusing on maturity, duration, diversification among fixed income, Int'l/US exposure 3& 5 year return...not the top returning product or riskiest either.

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%

Individual stocks and ETFs that I trade fairly frequently represent 5-6% of our liquid assets. The rest is in MFs and the hard-to-classify TIAA « guaranteed ».

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.)

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.

According to M*, they have $85B AUM in this strategy by the one manager - combining all the funds like RPMGX, PMEGX, etc. I think that is a lot for a mid cap fund to be effective, assuming mid cap is what investors are looking for. For the past three years it has underperformed both its category (47, 75, and 68 percentile) and LG category. As somebody else suggested, they are likely to open all the funds that are being split into a separate firm - the reason for the split being capacity constraint.

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.

What if:
A. Joe begins the 25 year period by putting 50% into an S&P 500 index fund and 50% into GNMA funds
B. After 3 years the S&P index fund has fallen 40% in value. The GNMA funds have retained their initial value.
C. Joe than panics and moves his remaining equity balance into his GNMA funds for the duration of the 25 year term
For simplicity, let’s assume Joe’s GNMA funds’ managers achieve an annual 3.5% return over the 25 year period as the rate on the 10 year gradually increases from under 1% initially to 5% in year 25.
ISTM that that initial loss (near 20% of portfolio) over the first 3 years has done significant damage to Joe’s future earning prospects. (This proposition can be sliced and diced in a number of different ways.)
-
Taking into account the stocks losses in the beginning, I’m showing that w/o the annual withdrawals the sum after 25 years would have grown to approximately $1,787,262 (using 3.5% monthly compounding).
Had Joe avoided stocks altogether and gone 100% into GMNA funds at the onset (3.5% average return) he’d have approximately $2,234,007 at the end of 25 years.
Difference in return: $446,745 - Approximately 25% more without having incurred the initial stock losses
* Neither hypothetical case takes into account Joe’s $40,000 yearly withdrawals, which would alter the numbers somewhat.

Is there any chance you could buy a similar fund at Fidelity, just to be on the safe side ?

You can buy TSHIX with a $2500 min in a Fidelity IRA though there's a transaction fee.
Alternatively, TASHX is available NTF.

Yes-for the risk-tolerant, FMSDX crushes the other two.

But I see it's holding 58+ % in equities. Its category is 30-50% in equities. But that's a M* creation, anyhow. Then whatever comparison numbers you're looking at over at M* will be skewed. By how much? Yes, it does look like a fine fund. Turnover looks scary. But yield is over 3%. I look for yield. FMSDX changed its stripes in 2019. Doing much better.

TRLGX. TRP. Holds the usual high-flying suspects: Microsoft, Amazon, Alphabet, Facebook, Apple, Visa. PRGFX. TRP. Almost a clone of the other.
Just noticed: HCAIX holds no bonds, as expected. But it's doing just a tiny bit better this year than PRWCX, which does hold bonds and is heavily into utilities. But you can't get in, unless you're already in.
Morningstar puts Mairs & Power Growth MPGFX into its large-blend category. It has slipped behind the Index that Morningstar compares it to. Instituted in 1958. Only two "bad" recent years I can see: 2014 and 2017. Past 15-year performance = 10.74%, in top 13th percentile vs. "peers." Microsoft, Alphabet, Amazon, United Health, US Bancorp, Ecolab...