[NovemberWhiskey]

Why would you exclude part of the total return on an investment? It'd be like ignoring the principal value of a bond because you expect to live on the coupon. Cashflows are cashflows.

[dot1x]

Because you'd be selling it as you earn it to be able to live on on retirement. In fact, dividends wouldn't even be enough.

[ikiris]

but they still exist and can be a large fraction of the value...