The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- There is a raging debate regarding the best way to live off your portfolio. Young adults are told, by those older and wiser, to save and invest for retirement. There is never a shortage of ideas and suggestions on how to build a nest egg. For those lucky enough to have accumulated a nest egg large enough to meet their financial needs, the dilemma is determining the best way to tap that egg. When it comes to defining the best solution for this task, there are two major camps -- and they rarely see eye-to-eye. In one corner are the total return proponents. They believe the optimum approach is to manage the portfolio for total return. They assume the income generated by the portfolio will not be sufficient to cover retirees' annual financial needs and therefore some holdings will need to be sold to make up the shortfall.