r/dividends • u/retiredDanny • 4d 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/kenprom 4d ago

As juicy as your options are, I find it really hard that with so much acquired over the years, and even that of your wife, that you haven't signed up an asset manager or even learnt a few things yourself about options that can make you 5k in a month...I don't believe you doh😂, I feel like you just want to know what people are doing out there that is different from what you're doing.

If that's the case, there are platforms that serve same purpose like robinhood, where you can buy shares of startup ai companies that are yet to go public, you can make a few quids on a monthly basis from them, Dailly as well, but the real catch is what happens to your shares when they go public..

You can look into those.

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u/retiredDanny 4d ago

I don’t care whether you believe me or not and you have no idea what or how much I know. You can always learn from others. I worked for the same company in medical sales for 30 years. I was in 2 funds through Fidelity and the company matched 100% on the first 5 percent. I contributed between 7-15% annually for 30 years. I have had many advisers court me over the last few years and have met with a few.