When I punch $140,000 in at 5% my little HP 10B tells me that this will produce $1,000 for 17.55 years, way longer than the 9 years indicated before.
Is 17.55 years long enough for you?
Otherwise, the best suggestion on the thread by far is to go buy some nice little rental houses in a stable market here in the US. Prices are down right now and this is the time to buy. For $140,000 you can buy at least two, maybe three, two bedroom, one bath homes that will rent for $900 each to safe, long term tenants. From the $900 you should net not less than $500 a month on each house.
Times two houses this will produce your $1000 a month and the property should protect your equity from inflation and the rents will also go up over time.
I realize that this is a lot of work for some people, but it has worked for me for over 30 years.
Disclosure: I am NOT a real estate broker and I have no interest in investing other people's money for them.
On the other hand, if the $1,000 a month return on the $140,000 capital earning 5% is enough for you, and you don't care about inflation, and you like to do things the easy way (always a temptation for me) then this might be a better way for you to go.
In any case, you are almost free and you have your health
, a great boat and a fine woman. Just go sailing, the rest will take care of itself if you have than much cash behind you and you are prudent.
Good luck, keep us posted.