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Obviously, for minimum risk, CDs (paying 6.6+% or more on 5 year CD) or long bonds paying 6% would meet your criteria. However, since you will need income and some of the principle over the years, a CD ladder, with maturities every year over a five year period, will provide you opportunity to withdraw principle, plus will pay you 6.6%+ interest each year. With 1 million to put into, you would need to diversify with 10 bands (you are only insured to 100,000 per bank), getting two $100,000 maturing each of the five years. After five years, you would have CDs maturing every five years, and would track interest rates up and down. I suggest you look at the "Couch Potato" portfolio on the site for ideas about how to diversify with minimum risk.
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