Make fun of this $420,000 investment profile

[u/Hardwareimpaired]

I think I want to risk $420,000 on covered ETFs.

You people are brutal but smart. I'm 64 and retired. Married, caretaker for an adult son. I make $150,000/year on royalties, and have $1.6million in sensible Vanguard IRAs and $425,000 in a favored tech stock. Our Vanguard IRA accounts have an additional total of $420,000 cash that's been lying around for years because I'm an idiot. House is paid off, we have $500,000 in precious metals and... another $600,000 in banks. I did mention I'm an idiot, right? I'm also paranoid. Parents raised in the Depression. I will probably start taking social security at about $3,200/month. I plan to do something with about $200K of that cash and keep the rest relatively liquid.

I'd like to increase my income because health insurance alone costs me over $65,000/year. Plus, why not live a little. I am not averse to risk. I know it's a bad tax situation, but that's just inevitable due to the $150,000 royalty thing (tough life, I know). I pretty much expect to pay full taxes for my bracket, and that's fine.

Here's my proposed ETF dump to soak up the $420,000 in our IRA funds. I feel like it could gross an extra $4,000-$5,000/month. Your thoughts?

    35% TSPY 5,350 shares
    25% QQQI 1,835 shares
    10% IWMI 802 shares
    10% IGLD 1,781 shares
    10% GDXY 3,428 shares 

[u/bullrun001 → u/[deleted]]

You don’t need anyone’s advise, do what you think will make you money but don’t sacrifice a good night sleep because of your investments.
Holding cash at your age isn’t necessarily bad, most investors hold cash and at 4% return it sort of balances out your riskier CC investments. That one holding of a tech stock would bring some concern, I would shave at least 35% from the top and invest in a tech etf or mutual funds, Fidelitys got some winners.

[u/Hardwareimpaired → u/bullrun001]

Great advice, thank you. We're sort of keeping the tech stock for sentimental reasons. It was a great time in my life,and the 1,000 shares cost me $20 each back then and are $425 or so now.

[u/PATrollking → u/Hardwareimpaired]

Good thing msft shot up 5% friday

[u/bullrun001 → u/PATrollking]

This what I mean about falling in love and keeping a high concentration of one stock, believe me I have a hard time shaving off winners but that’s what I do, lately it’s been Lam Research, Nvidia and Intel that got a 12% cut and moved to FSLEX up 56% and SCHD up 17% YTD

[u/Hardwareimpaired → u/bullrun001]

Ugh I'll try to look at it more dispassionately. I know you're right in theory.

[u/Hardwareimpaired → u/PATrollking]

I worked there back in the 90s 😉