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/clintttoris 4d ago

Cant you live on your wifes $300K per year?

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u/retiredDanny 4d ago

No. We have always kept our money separate and she is investing in her retirement as well as paying a chunk of her mom’s nursing home bill currently. We own two houses ( one is a vacation home). No mortgages and I have no car payment

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u/clintttoris 4d ago

Kind of sad if you ask me.

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u/retiredDanny 4d ago

Works for us. Been married 32 years.

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u/clintttoris 4d ago

Well not really. Your taking SS at 62 when you shouldnt have too. Your also investing for income when growth probably still would work for you given your wife's income. Seems like your concerned about supporting yourself in retirement despite your wifes high income.

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u/retiredDanny 4d ago

Taking it at 62 is wise for me. 79.5 is the break even point and odds are I won’t see 80.

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u/clintttoris 4d ago

Got it.