I'm thrilled to see a newbie on I V. I hope u find it worthwhile.
As far as NAV decay is concerned it's a real issue. I'm sure u realize that the universe of cefs is complicated. I think it will be quite difficult for u to find cefs that meet your criterion of only distributing income but still providing sufficient income to mostly replace a pension. U must decide what u are comfortable with though and the worst mistakes occur when one switches strategies based on emotion and not reasoned logic. One bit about income that many don't appreciate is that stated income can be provided by underlying credit decay which does not show as ROC. Some managers are quite aware of investors desire to avoid receipt of ROC but still want large payouts so they opt to compromise on credit quality to get there.
If one is desirous of a high paying cef that looks to be reasonably secure for the near term KIO received a comment by PETROMAN that may be worth looking at so I have embedded it below. KIO has seen quite a bit of selling by rights subscribers which may end at some point That would offer some relief even as the high payout continues for at least a while. Regrettably it would u mean would have to steel yourself to do some trading as sentiment about KIO would shift.
https://
www.investorvillage.com/smbd.asp?mb=6434&mn=22813&pt=msg&mid=23850798