u/McGeno19

Quick overview, I am 72, and my wife is 65 in poor health. Done well in the stock market, but I am at a point where I want to get more conservative. We collect $3800 in social security. I won't leave equities entirely but want to take a big step back. We have $275k taxable $540k tax deferred. A rental property which we are planning to liquidate which should net us another $300k

I am considering dropping $500k into 10 year treasuries or CDs which would bring in another 2k monthly. The rest in combinations in the likes of VOO, SCHD, perhaps a couple of midstream, reits and other income instruments JEPI and a couple of closed end funds. Hoping to get monthly income between $7-8k which is more than enough

Home is paid off, we have one car and live relatively modest lives.

Thoughts and suggestions welcome.

I have been trading options for 10+ years, and admittedly, I have only scratched the surface in my knowledge. From time to time, I check out this sub and other options groups on social media.

The one thing I have found is that there are a lot of "experts" out there who know very little. They post a few opinions, get a few upvotes, and it goes to their head. All of a sudden, they think they can advise every newcomer to the thread.

If you are new to options and asking questions like, "Should I buy or sell options?" or "I want to buy a LEAP; which stock should I do it with?"

You are not ready to trade options.

Being a profitable trader requires a detailed plan. Which strategy is appropriate for specific volatility environments, risk profile, and entry and exit plan, and a decent knowledge of the Greeks.

I am not an advocate of paper trading; lessons land much harder when you have skin in the game. That said, your first trade should not be a LEAP on GOOG or META; it should be a 1-lot covered call on F or a CSP on SOFI or some other low-priced stock that will not hurt too badly when it goes wrong. Learn how price action affects option price. Think for yourself about when to roll out or close. Dont rely on someone whose only claim to fame is 25 upvotes. Just my 2 cents.

I wrote a bear call credit spread on MSFT about 10 days ago. Oct. 2: 510/515, 149 credit. The underlying blew through my short position (513 at this writing). My thought is to write a Put spread to minimize loss while there is still extrinsic value to be had, thinking 490/485? The loss will not be a big deal; just looking for best practices?

If you are freaking out because your underlying blew through your strike price, you don't know what you are doing.