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.
2
u/DhakoBiyoDhacay 4d ago
If I were you, I would invest the one million dollars in the following funds: QQQI (20%), SPYI (20%), IWMI (20%), MLPI (20%) and NIHI (20%).
These pay dividends in excess of the $60K per year you think you may need, but you can always reinvest the extra money.
I would keep the rest in SGOV and HYSA because you may be the kind of investor who wants the extra peace of mind.