Just to put it in perspective, you can make ~$500 per month from having $150,000 in mutual funds if you assume that you make an average of 4% per year after inflation. VTSAX made almost 15% last year, but last year was unusual.
For example, the 30 year TIPS return at the moment is ~1% - I would consider that a truly "safe, real interest rate" return. By that standard, taking out 4% in real dollars has a significant chance of depleting your principal over time.
1% is way off.