Since I first retired back in 2014 I have lived off of the Dividends we make off our Stocks in our Brokerage account. The stocks have changed over the years and some have stayed the same. Some will change in the future if we need to make changes. We did sell some of them when we bought our house in 2016. We both are not fans of Debt so we wanted to have our house paid off.
Be sure to that that I am not giving you Financial Advice. This is just our story of what we are doing. There is no guarantee it would work for you. You should always seek a Financial Advisor or Accountant if you are not Financially trained. Financial education is really important I feel and wish they covered it more in our kids Schools. We constantly keep working with the boys on their Financial education.
We have Stocks in our Brokerage Accounts and in our IRA Accounts we have some. But most in our IRA Accounts we have EFT’s and Mutual Funds. I am not a fan of all the expenses Mutual Funds have but I am being more conservative with those accounts.
Our long-term goal with the Dividend stocks is that I could live off the Dividends until I reach 70 or older. My goal is to not start taking out my Social Security until age 70 so I can max out my Monthly Benefit. Also, I want to wait to touch my IRA Accounts to the last resource to let them build. I know things can come up in life and we may have to use it sooner but we are hoping for the best and if something comes up we will decide then what path to take. We could always downsize some day for more money if we would need to. For now it is nice having a big house for the family and for our visitors during the year.
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