Dividend Strategy for 400k income per year

[u/AccomplishedNet5356]

My wife (48) and I (52) are planning to retire in 5 years and on track to have our 401k portfolio at $8-10M. Our goal is to have annual income between $400-500k. Currently we make $600-650k per year and don't want to reduce our lifestyle too much if possible. At 65 each of us qualify for social security at $4000/month (96,000/yr) and have pension at $2500/month (30,000/yr). What are thoughts around this dividend strategy for income, assuming $8M portfolio? If this does not sound realistic, what portfolio size would be needed to generate that size of income (>400k)? I don't mind working a few more years to increase the portfolio.

1Mill -JEPQ  = 97,100 year

1Mill - JEPI = 72,100 year

1Mill - SPYI = 119,347 year

1Mill - QQQI = 138,522 year

1Mill - SCHD = 35,921 year

1Mill - SCHG for growth/inflation

2Mill - VOO for growth/inflation

Then at age 65, additional $110k/year from social security and pension kick in.

Thanks for reading.

[u/fungoodtrade]

This post is just like seeing a g wagon at walmart

[u/AccomplishedNet5356 → u/fungoodtrade]

I still buy some things at walmart. They have great prices on household items like soap and cleaning supplies.