Talk me out of ULTY
So here is the situation:
I have a very good pension, it should pay roughly 70,000$ a year, it is indexed to the cost of living up to 3.5%.
I have two non-tax advantaged investment accounts worth around 200,000$ in total where I hold a mix of ETFs, mostly growth ETFs.
I have three RRSPs, one that I manage worth 70,000$, it mostly has high dividend ETFs which I reinvest into growth ETFs. It’s growing well, one that is managed by CL that gets a 6%-6% salary contribution from me-2nd employer. The last is managed by Desjardins and is just there growing.
My house is completely paid off.
I am 40 and would likely work until the age of 62, when I can take my pension without any penalties.
My TFSA holds just a little under 300,000$, I want to invest the lot into a very high dividend ETF (ULTY) and invest the proceeds into a second ETF that yields less, that would then go into a third that is safer, and all the way down to bonds. The point being to build kind of a complex drip starting with the riskiest position. If I did this, I’d have 3100$-3500$ a week to invest. When I retire, the dividends would be 30% reinvested, the rest I’d withdraw as income. The goal is to leave the principal untouched in retirement and pass on my wealth to my family as an income bearing trust.
If my plan works and my modelling is correct, I’d have income well into my safe spending zone and have little financial restrictions during my retirement.
Given my sound financials, is my plan a good one or should I be talked out of it?