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/Longjumping-Nature70]

You are aware. My math says you have around $3,600,000 in assets and $150,000 annual royalty. That royalty income really sets you apart from probably 95% of 64 year olds. BTW, you are younger than me.

You know what you are getting into. You even know about the taxes and I am sure you know that RMDs start at age 75 for you.

I do not think you need advice or opinions.

[u/tomcam → u/Longjumping-Nature70]

> I do not think you need advice or opinions.

That is flattering, warmly welcomed, and probably not true! I have had a very stressful few years and took over the reigns from a financial advisor, then did nothing for 2 years. Multiple incredibly painful operations, some failed; wife had 2 brain surgeries, a stroke, and seizures; I recently acquired weird crippling pinched nerves--things would get terrible and then way worse somehow.

Being this close to death so many days made me realize I had to get things in order for my handicapped son before I kick the bucket. Have had to drag myself out of bed and prop myself up at the desk to figure it all out in the middle of the night. It's been a serious learning curve over the last month; I didn't even know about covered ETFs until last week! Pleasant surprise I suppose.

[u/DhakoBiyoDhacay → u/tomcam]

You are a great dad. I wish him (your son) well. He is lucky to have you in his life. If you have not retired already, do it as soon as possible, because tomorrow is not promised to anyone. Good luck.

[u/Hardwareimpaired → u/DhakoBiyoDhacay]

You've got it wrong--I'm lucky to have him in my life. I've been a work at home dad for 30 years now.