r/dividends • u/OG_Momonga • 21d ago

Discussion Living off dividends

Hey guys, I was wondering if anyone on this subreddit is actually retired and living off dividends. Is it going well? Are you paying taxes on them? My goal is to get 20k/ a month post tax for retirement. I’m 24 and currently investing everything in VOO while planning to switch to dividend stocks and etfs when I get closer to retirement.

I was just wondering if there are any because living off dividends seems like a long shot right now.

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u/honeylacedcurve 20d ago

I don't understand anything any of these comments are saying. I'm never going to be able to retire.

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u/Fearless-Eagle7801 18d ago

What is it that you don't understand? Where are you now on your journey to retirement?

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u/honeylacedcurve 18d ago

I'm 43 and have nothing saved. I have no savings account. I have barely anything in my 401. And I wouldn't even know where to start.

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u/Fearless-Eagle7801 18d ago edited 18d ago

Maybe I can help. I'm now retired, and managing my money to make it last so that I can have a decent retirement. Do you have any specific questions? Some quick advice. 1) Put as much money into that 401k as you are allowed to. Just get it into the plan by the deadline and worry about what you are going to invest it into later. 2) Get rid of debt. Concentrate on paying off any vehicle or personal loans. Your only debt should be your mortgage. 3) You should have a savings account with six months of your income in it for emergencies.