This would produce only an average income of $52,500 annually based on annuity of 7%, which are fairly easy to buy these days and still give the seller a hefty commission.
And these are among the poorer retirement investments, though I don't think it is a bad idea to put $25K or so in them just as a safety valve.
Yeah, back then I was making around 85K and had been close to that for at least ten years.
I still laugh when people say the Employee and Employer each pay half of the SS and Medicare Taxes. The Employer pays all of it as part of their Employee Total Compensation costs.
I used to get an annual Statement outlining what I really was Paid and it was close to $100,000 when those Payroll Taxes, Healthcare, Pension and matching 401-K Employer contributions were added in.
That ridiculous $15 an hour minimum wage crappola costs the Employer closer to $18 an hour and the idiots pushing it have no idea how it impacts the evil Employers, nor would they care if they did know.