I'd have no problem extracting 250,000 in annual income from 5 million, after it's been invested for a year. Whether or not that's enough t decide to go walkabout depends on the person.
Mind you, I'm not guaranteeing they'll all go away, but it won't take very many bankruptcies for your returns to go below inflation. (Or worse.)
I might invest in specific municipalities, if that's possible for a mere mortal investor, but I wouldn't think it's necessarily a safer assert class than anything else right now.