Where can I invest 50k that will pay me monthly

[mpaper345]

58 but retired. Downsizing and I want to put the profits into something that will pay me some cash every month. Options?

 

[cwall]

@mpaper345 XEI.to or something similar.

 

[kittyio]

@cwall Yeah if you want stock, xei is probably best bet with the tax advantage you will get from a lot of the income being eligible dividends.

There are also income funds like Canoe Income, those may have more stable income but very low growth prospects.

 

[cwall]

@kittyio Agreed. I thought xei would be better then a income fund because OP is only 58 years old.

 

[zianizinou]

@cwall What would be the advantage to this over cash.to that is just .1% lower dividend return without the risk of underlying stock value? Or is the point that the stocks will appreciate as well, instead of just dividends?

 

[mamabear2000]

@zianizinou I think the appreciation as well.

 

[aspiller1998]

@cwall What else is out there that is similar to XEI ?

 

[christian6000]

@aspiller1998 Look at the Blackrock site. XDV, XPF, CDZ, VDY, FIE all on Toronto.

 

[poppylavender]

@mpaper345 How much do you anticipate this paying out? Because most estimates would say that this would grow at a rate of about $200 a month.

 

[jo412]

@poppylavender Was going to say this too - 50k doesn't spin off a lot of monthly income without taking a decent amount of risk.

 

[valewv]

@mpaper345 EIT.un but only in a FTSA

 

[andysm]

@mpaper345 REITs are an option. They come with risk. Many have performed poorly since interest rates increased, and post pandemic conditions have decreased office and retail demand. Yet, this has also inflated their yields to above normal rates. You might see this either as a big red flag or an opportunity in the long run. I personally see some opportunity, but you'll have to be selective for well managed REITs, and be very patient.

 

[chariskay]

@mpaper345 VRIF.TO

Vanguard Retirement Income ETF Portfolio seeks to provide a combination of consistent income with the possibility of some capital appreciation by investing in equity and fixed income securities.

 

[iampassionate]

@mpaper345 Place all in Black, thank me later.

 

[smuv]

@mpaper345 You didn’t mention your risk tolerance

 

[mpaper345]

@smuv Low, this is to supplement a pension that will pay approx. $1200 less a month of my current take home pay

 

[smuv]

@mpaper345 Look at cash.to on Wealthsimple or other brokerages. Or maybe a GIC with monthly pay out.

 

[dan0101]

@mpaper345 Covered call ETF

 

[klara6]

@mpaper345 EIT pays 10 cents a share. They are about 13.60 a share.

 

[cmq8775]

@mpaper345 $50k isn't enough to live off of. At 5% that gets you $2500 per year or $200 per month. And that's assuming that rates stay at 5%.