I am getting ready to start winding down my work life and getting into more of a retirement mindset. I have quite a bit saved and it's currently in a sort of generic mix of stocks and funds.
I would like to live off income my investments can generate. I do not want to withdraw from the balance but instead just live off dividends, interest, etc.
My problem is that I don't want to think about it. I want to just invest the money then have the income it generates transferred to my checking account almost like a salary. I know this probably sounds awful to the very active investors I have seen while browsing this forum but I'm just not the type to care or want to care about markets, strategies, etc. I get that that's probably not in my best interest but I am just being realistic with myself as I know I just won't do it.
I have looked at places like Vanguard that have the managed payout funds but have seen mixed reviews about such things.
So, I guess I have two options:
If you put yourself in my place as someone who just doesn't want to think about it: which approach would you take?
I would like to live off income my investments can generate. I do not want to withdraw from the balance but instead just live off dividends, interest, etc.
My problem is that I don't want to think about it. I want to just invest the money then have the income it generates transferred to my checking account almost like a salary. I know this probably sounds awful to the very active investors I have seen while browsing this forum but I'm just not the type to care or want to care about markets, strategies, etc. I get that that's probably not in my best interest but I am just being realistic with myself as I know I just won't do it.
I have looked at places like Vanguard that have the managed payout funds but have seen mixed reviews about such things.
So, I guess I have two options:
- Go to a place like Vanguard, pick a managed payout fund and/or various income-focused funds. Invest the money then kick back.
- Hire a financial planner to actively manage the portfolio and give him or her free reign to do as they please.
If you put yourself in my place as someone who just doesn't want to think about it: which approach would you take?