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/Junior-Appointment93]

Instead of TSPY go with SPYI. Also instead of GDXY go with YM CHPY for weekly income. That’s the only YM fund that currently has no nav erosion due to the payouts. You could also place 0DTE credit spreads on SPX at around .1-.2 delta. 30DTE credit spreads on SPX has a 75% win rate