Investors often prefer “income” like dividends over withdrawing capital, even when withdrawals are more tax-efficient. Austin, investing ₹5 crore for retirement, shared this instinct and favoured the dividend option to avoid “touching capital.” Behavioural research by Shefrin and Statman shows investors treat dividends as safe, approved income, while selling units feels uncomfortable. This mental accounting bias is widespread and reinforced by the social-media push for “second incomes.” But relying only on income requires a much larger corpus and can derail retirement planning. Recognising these biases helps investors accept disciplined SWPs or products that withdraw only from gains.