I have a position in SGOV producing about $750 a month. Given all the job cuts that are happening and me now well over 50 (but not yet 59.5), I’m considering moving from SGOV into SPYI to generate usable income should I lose my job.
I do have a sizable position in SPY for growth and individual stocks currently set for DRIP. I want to use the dividend from SPYI to pay bills (I can pay more bills with SPYI as opposed to SGOV while still being somewhat diversified, right?).
Has anyone else done something similar? Or maybe in a similar position? Any thoughts on this?