JackJester
Recycles dryer sheets
My Niece age 33 recently received an inheritance. She wants me to build a portfolio for her at Schwab in a brokerage account … which I am happy to do. She wants a monthly income stream. But she also does not want to sell any funds herself or worry about transferring $ from Schwab to her local checking account. Ideally what I would do is set up an automatic monthly sell of specific funds for x $, and have an automatic monthly transfer of the cash in Schwab to her bank account. Does anyone know if this is possible? I see that Schwab has something called “Schwab intelligent income.” Link below. Sounds like it’s a glorified FIRECalc plus some of this automation, but not sure. I’m not looking to pay for something, just want to set up some automation, but maybe I have to pay for this ‘convenience’. I’m fine with doing an annual rebalance of her portfolio (until I teacher her) but don’t want to manage it on a monthly basis. We’re talking about a $750k portfolio and about a $30k annual withdrawal over 20-30 yrs… like the FIRECalc defaults. Any ideas or feedback? Thx much. In the long run I want to teach her to manage her own portfolio, but I can’t throw her into the fire right away.
https://www.schwab.com/automated-investing/income-in-retirement
https://www.schwab.com/automated-investing/income-in-retirement