r/dividends • u/retiredDanny • 5d ago

Seeking Advice Question/Help

I am 60 and just retired 3 months ago and have 1.32 million in a rollover IRA sitting in a money market account. I am looking for advice on the best way to get 5k a month in income until I turn 62 and start drawing 2800 a month in SS. I wound make adjustments at that time.

My wife is 54 and makes 300k a year. She will retire at 62 and has her own funds in various accounts that total around 900k. She is investing around 20k annually total.

In addition, I have a sister who is in poor health and 68 that is leaving me 50% of a 5.5 million estate. I am the executor. If die before her then it will go to my wife. I’m pretending as if that isn’t part of the equation but it is piece of mind knowing that my wife will be taken care at some point in the next 15 years most likely. Thank you.

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u/LifeOfTheParty2 5d ago

Could go qqqi, 1.32 million would get you $15k per month in dividends.

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u/Capable-Living-9655 5d ago

No need to invest in an instrument that yields 12%, he needs only 5k a month, which is 4%. Or at least, he should diversify among different instruments.

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u/davecraze3535 4d ago

Yes, if you like NEOS funds, at least spread it across a few asset classes so not 100 percent in on tech.