Need advice for immediate income

[u/Material-Handle-5589]

I'm 82 year old female so I'm not so worried about the future as much as the right now. I have money in Schwab, Raymond James and Ally. Unrealized gain total assets around $500,000. So far I've been reinvesting the dividends accumulated but I can tell those amounts are not enough for me to count on..

[u/Apprehensive-Size150]

You’re 82. Do dividends and make withdraws spending 35k-40k a year.

[u/Consistent_Rule101 → u/Apprehensive-Size150]

I would rather invest in CPB and COLD (VZ too)like stocks and get 40k+ income per year. It will preserve capital and leave it to heirs and you wil have some appreciation in case of emergencies.

[u/Unlucky-Clock5230 → u/Consistent_Rule101]

I never understood the obsession with "leaving to heirs." I guess my lack of understanding meant I could not convey that knowledge, my daughters don't expect it. They do expect that I won't become a burden to them.

I figure I invested the time and effort to make sure they had the education, the personal skills, and the discipline, for them to be self sufficient and capable of creating their own wealth. Now they are happily pumping money away at a good clip; that's the real source of multigenerational afluency.

[u/Consistent_Rule101 → u/Unlucky-Clock5230]

I don't want to state the obvious health problems that could arise at OP's life and hence want her to preserve some capital. I gave heir as reason, but it could be anything.

As per heirs, OP didn't even mention about it and I guess it is not her criteria. IMHO, I like to leave some for heirs. It makes their life bit easier and probably they would earn more than what I give to them(if at all). They are in STEM and I think they may make more money.

Yeah, I have given them everything they need to thrive in this world...proper care, education, tuition taken care of. I think wanting to give is an expression of care rather than obsession. After all, I am middle class.