Fired my 401k and at 70 built this income portfolio. Feedback requested.
I am transitioning into retirement and recently took control of my portfolio. When I finally dug into what my 401k was doing, they had me in over 18 different mutual funds that averaged $500+ a year in fees and involved constant trading.
Three years ago, at age 67, I didn’t even know what the S&P, Dow, or Nasdaq were. I opened an IRA, Roth and taxable brokerage accounts and started a deep dive into investing!
According to generic advice I have "too many covered calls."
My current DIY allocation is:
Core Dividend Growth: 25% SCHD, 10% DIVO, 4% IDVO, 4% SCHY
Business Dev & Hard Assets: 10% ARCC, 8% AMLP, 6% VICI, 5% MLPI
Covered Call/Income Sleeves: 10% SPYI, 6% JEPQ, 2.4% QQQI
Cash & Hedges: 6% SGOV, 6% IAUI
I turned off DRIP on IAUI and take the cash distributions to manually redirect into SCHD and DIVO.
For those of you who have retired or near it, and manage your own income-focused portfolios, do you see any blind spots, or do you have a better tactical idea for rebalancing that I might have missed?