April Dividend Income

After 37 years of clocking in and out of work and religiously saving at least 10% annually in my 401K every year, my countdown to financial independence is in sight. Each month is a step closer and let’s look at how this past month is getting me there.

For the month of April I made $4,407.44; an increase of 14.42% versus this time last year.  Not too shabby and well above my 12.5% target.

Regarding raises, I received 6 dividend raises from BHB, IBM, JNJ, PG, PSX & SO that added $121.97 to my forward annual income.

In regards to my portfolio positions, my M1 finance accounts were fully transferred to Fidelity and I can finally close that chapter.  I still have some cleanup work to do but overall happy it went as smoothly as possible.  On the investing front I will no longer be adding any funds to my brokerage account and all investing will be limited to my Roth IRA and 401K.  Starting in May any surplus cash will be saved in a money market to build a cash pile for retirement which is rapidly approaching.

Last month in my “On the Home Front” section I told you my company was going to have significant layoffs on May 1. When the big day came I was passed over.  I volunteered for the layoff to save someone else’s job but what I did not know was 3 other people in my group did the same.  My manager had enough volunteers to meet a quota and choose to keep me on.   I cannot speak for the rest of my company but for my group everyone that needed a job got to stay and that is what matters. 

Enough of me babbling, here are the numbers:

Dividends Received

Date	Symbol	Company	Amount
4/1/24	AGR	AVANGRID	$26.05
4/1/24	ARCC	ARES CAPITAL CORP	$588.39
4/1/24	AVGO	BROADCOM INC	$10.97
4/1/24	DIVO	AMPLIFY ETF TR CWP ENHANCED DIV	$129.29
4/1/24	GRMN	GARMIN LTD	$80.69
4/1/24	IDVO	Amplify International Enhanced Dividend Income ETF	$85.31
4/1/24	KHC	KRAFT HEINZ CO	$10.47
4/1/24	LMT	LOCKHEED MARTIN CORP	$29.59
4/1/24	PEP	PEPSICO INC	$68.58
4/2/24	BEPC	BROOKFIELD RENEWABLE CORP	$81.43
4/2/24	KMB	KIMBERLY-CLARK CORP	$18.77
4/4/24	IRM	IRON MTN INC	$525.53
4/4/24	TU	TELUS CORPORATION	$68.19
4/5/24	MRK	MERCK &CO. INC	$171.18
4/11/24	BBY	BEST BUY CO INC	$24.56
4/15/24	EPR	EPR PROPERTIES	$88.59
4/15/24	NEWT	NEWTEKONE INC	$206.55
4/15/24	O	REALTY INCOME CORP	$87.80
4/15/24	PKG	PACKAGING CORP OF AMERICA	$24.67
4/15/24	WPC	WP CAREY INC COM	$486.59
4/16/24	ACRE	ARES COMMERCIAL REAL ESTATE CORP	$206.93
4/17/24	BCE	BCE INC	$462.33
4/17/24	CPT	CAMDEN PROPERTY TRUST	$15.80
4/18/24	PSEC	PROSPECT CAP CORP	$98.13
4/23/24	MAIN	MAIN STR CAP CORP	$45.14
4/26/24	OGE	OGE ENERGY CORP	$164.14
4/29/24	AMNF	ARMANINO FOODS DISTINCTION INC	$200.36
4/29/24	NUSI	ETF SER SOLUTIONS NATIONWIDE NASDQ	$20.92
4/30/24	BNS	BANK OF NOVA SCOTIA	$42.62
4/30/24	UTG	REAVES UTILITY INCOME FUND	$239.99
4/30/24	XRMI	GLOBAL X FDS S&P 500 RISK	$28.44
4/30/24	XYLD	GLOBAL X FDS S&P 500 COVERED	$69.44

Dividend Changes

SYM	2024	2023	Difference	% Change	Notes
ACRE	$206.93	$252.35	-$45.42	-18.00%	dividend cut
AGR	$26.05	$24.81	$1.24	5.00%
ALL	$0.00	$5.46	-$5.46	-100.00%	Sold Position
AMNF	$200.36	$0.00	$200.36	100.00%	Includes special div
AQN	$0.00	$206.66	-$206.66	-100.00%	Sold Position
ARCC	$588.39		$588.39	100.00%	2023 Payout in Mar
AVGO	$10.97		$10.97	100.00%	2023 Payout in Mar
BBY	$24.56	$22.90	$1.66	7.25%
BCE	$462.33	$430.45	$31.88	7.41%
BEPC	$81.43	$73.91	$7.52	10.17%
BNS	$42.62	$38.94	$3.68	9.45%
CPT	$15.80	$15.34	$0.46	3.00%
DIVO	$129.29	$110.98	$18.31	16.50%
EPR	$88.59	$85.49	$3.10	3.63%
GRMN	$80.69	$79.55	$1.14	1.43%
GSK	$0.00	$94.02	-$94.02	-100.00%	Sold Position
IDVO	$85.31		$85.31	100.00%	New Position
IRM	$525.53	$500.07	$25.46	5.09%
KHC	$10.47		$10.47	100.00%	2023 Payout in Mar
KMB	$18.77	$18.00	$0.77	4.28%
LEG	$0.00	$311.45	-$311.45	-100.00%	Sold Position
LMT	$29.59		$29.59	100.00%	2023 Payout in Mar
MAIN	$45.14	$38.57	$6.57	17.03%
MPW	$0.00	$222.94	-$222.94	-100.00%	Sold Position
MRK	$171.18	$162.29	$8.89	5.48%
NEWT	$206.55	$148.85	$57.70	38.76%
NUSI	$20.92	$0.00	$20.92	100.00%	2023 Payout in May
O	$87.80	$11.32	$76.48	675.62%
OGE	$164.14	$150.31	$13.83	9.20%
PEP	$68.58		$68.58	100.00%	2023 Payout in Mar
PKG	$24.67	$23.86	$0.81	3.39%
PSEC	$98.13	$98.13	$0.00	0.00%
TU	$68.19	$60.70	$7.49	12.34%
UTG	$239.99		$239.99	100.00%	New Position
WMT	$0.00	$15.01	-$15.01	-100.00%	Sold Position
WPC	$486.59	$589.85	-$103.26	-17.51%	dividend cut
XRMI	$28.44	$0.00	$28.44	100.00%	2023 payout in May
XYLD	$69.44	$0.00	$69.44	100.00%	2023 payout in May
M1 Finance	$0.00	$59.75	-$59.75	-100.00%	account closed
Total	$4,407.44	$3,851.96	$555.48	14.42%

March Dividend Income

After 37 years of clocking in and out of work and religiously saving at least 10% annually in my 401K every year, my countdown to financial independence is in sight. Each month is a step closer and let’s look at how this past month is getting me there.

For the month of March I made $6,442.24; an increase of 10.52% versus this time last year.  The income would have been more, but Good Friday pushed 6 dividend payouts to April.  Well, at least April is shaping up to be a winner!

Regarding raises, I received 7 dividend raises from AMNF, EPR, NEWT, O, QCOM, WPC, & WSM that added $183.95 to my forward annual income.

In regards to my selling and consolidating positions I placed this activity on hold to tend to other matters by rolling over my M1 finance accounts to Fidelity.  This took 2 weeks to accomplish with the whole shares coming over in week 1 and then the fractional shares were liquidated and sent to me at the end of week 2.   Once lagging dividend payouts are moved over (last one should be May 13) then I will restart the consolidation process.

One other area of investing note for me was my 401K.  I have been using that account to establish all my emergency funds and by mid-January I hit all my targets.  All new contributions going forward will be invested to generate income and an ETF will be my weapon of choice.  I used this opportunity to enhance my portfolio as it was light on international companies and as such have chosen the Amplify International Enhanced Dividend Fund (IDVO) as the new regular investment for my 401K.  IDVO made its first payout for me in March and I have a long term ambition to get to $200 per month before I hit retirement.

Last month in my “On the Home Front” section I told you my company lost yet another significant development contract which will inevitably lead to more layoffs.  An update on that front and the layoffs are coming sooner than anticipated.  We were briefed by our President who said numbers have not been solidified yet but said everyone affected will be notified by May 1.  Office rumors and speculation are running rampant among the workers.  While I appreciate the transparency, listening to my coworkers talk about it incessantly every day is becoming depressing, distracting, and at times annoying.  Wish they would just rip the band-aid off and tell everyone now.  If I lose my job then so be it, I have a contingency plan ready to go if it happens.

Enough of me babbling, here are the numbers:

Dividends Received

Date	Symbol	Company	Amount
3/1/24	ALE	ALLETE INC	$196.42
3/1/24	DIVO	AMPLIFY ETF TR CWP ENHANCED DIV	$126.51
3/1/24	IDVO	Amplify International Enhanced Dividend Income ETF	$68.53
3/1/24	PNW	PINNACLE WEST CAPITAL CORP	$237.05
3/1/24	PSX	PHILLIPS 66	$33.46
3/1/24	SJM	SMUCKER J M CO	$20.86
3/4/24	VLO	VALERO ENERGY CORP	$38.52
3/5/24	ENB	ENBRIDGE INC COM	$283.97
3/5/24	JNJ	JOHNSON &JOHNSON	$213.88
3/6/24	SO	SOUTHERN CO	$77.44
3/7/24	AMGN	AMGEN INC	$13.95
3/7/24	CMI	CUMMINS INC	$48.53
3/7/24	DFS	DISCOVER FINANCIAL SERVICES	$18.56
3/8/24	UPS	UNITED PARCEL SERVICE INC	$402.70
3/11/24	CVX	CHEVRON CORP	$36.09
3/11/24	IBM	INTERNATIONAL BUS MACH CORP	$169.28
3/11/24	SNA	SNAP-ON INC	$45.35
3/12/24	MMM	3M CO	$64.84
3/12/24	WBA	WALGREENS BOOTS ALLIANCE INC	$41.10
3/14/24	MSFT	MICROSOFT CORP	$83.66
3/14/24	OGN	ORGANON &CO	$6.86
3/14/24	PRU	PRUDENTIAL FINANCIAL INC	$616.72
3/15/24	AVA	AVISTA CORP	$172.84
3/15/24	BHB	BAR HARBOR BANKSHARES	$63.66
3/15/24	EPR	EPR PROPERTIES	$85.49
3/15/24	O	REALTY INCOME CORP	$87.20
3/15/24	R	RYDER SYSTEM INC	$68.84
3/18/24	DUK	DUKE ENERGY CORP	$75.27
3/20/24	PSEC	PROSPECT CAP CORP	$98.13
3/20/24	VYM	Vanguard High Dividend Yield	$230.87
3/21/24	QCOM	QUALCOMM INC	$189.33
3/22/24	UL	UNILEVER PLC SPON ADR	$61.26
3/25/24	NUSI	ETF SER SOLUTIONS NATIONWIDE NASDQ	$21.45
3/25/24	SCHD	SCHWAB US DIVIDEND EQUITY ETF	$985.95
3/26/24	XRMI	GLOBAL X FDS S&P 500 RISK	$28.37
3/26/24	XYLD	GLOBAL X FDS S&P 500 COVERED	$65.15
3/27/24	MAIN	MAIN STR CAP CORP	$100.67
3/28/24	BEP	BROOKFIELD RENEWABLE PARTNERS PARTNERSH	$311.28
3/28/24	CCI	CROWN CASTLE INC	$42.39
3/28/24	CSWC	CAPITAL SOUTHWEST CORPORATION	$117.13
3/28/24	CTO	CTO RLTY GROWTH INC	$472.21
3/28/24	TROW	PRICE T ROWE GROUPS	$28.06
3/28/24	UTG	REAVES UTILITY INCOME FUND	$238.27
3/28/24	WM	WASTE MANAGEMENT INC	$54.14

Dividend Changes

SYM	2024	2023	Difference	% Change	Notes
ALE	$196.42	$180.21	$16.21	9.00%
AMGN	$13.95	$13.20	$0.75	5.68%
ARCC	$0.00	$588.39	-$588.39	-100.00%	2024 Payout in Apr
AVA	$172.84	$159.42	$13.42	8.42%
AVGO	$0.00	$9.61	-$9.61	-100.00%	2024 Payout in Apr
BEP	$311.28	$295.94	$15.34	5.18%
BHB	$63.66	$56.72	$6.94	12.24%
BP	$0.00	$10.40	-$10.40	-100.00%	Sold Position
CCI	$42.39		$42.39	100.00%	New Position
CMI	$48.53	$45.35	$3.18	7.01%
CMP	$0.00	$28.65	-$28.65	-100.00%	Sold Position
CSWC	$117.13	$96.14	$20.99	21.83%
CTO	$472.21	$97.37	$374.84	384.96%
CVX	$36.09	$25.48	$10.61	41.64%
DFS	$18.56	$15.89	$2.67	16.80%
DIVO	$126.51	$112.02	$14.49	12.94%
DUK	$75.27	$70.74	$4.53	6.40%
ENB	$283.97	$255.49	$28.48	11.15%
EPR	$85.49	$85.49	$0.00	0.00%
FAF	$0.00	$171.40	-$171.40	-100.00%	Sold Position
FAST	$0.00	$15.10	-$15.10	-100.00%	2024 Payout in Feb
GM	$0.00	$13.55	-$13.55	-100.00%	Sold Position
IBM	$169.28	$160.63	$8.65	5.39%
IDVO	$68.53		$68.53	100.00%	New Position
JNJ	$213.88	$202.94	$10.94	5.39%
KHC	$0.00	$10.01	-$10.01	-100.00%	2024 Payout in Apr
LMT	$0.00	$28.18	-$28.18	-100.00%	2024 Payout in Apr
MAIN	$100.67	$68.05	$32.62	47.94%	Inc special div
MMM	$64.84	$63.79	$1.05	1.65%
MSFT	$83.66	$75.65	$8.01	10.59%
NUSI	$21.45	$16.46	$4.99	30.32%
NWL	$0.00	$25.56	-$25.56	-100.00%	Sold Position
O	$87.20	$10.33	$76.87	744.14%
OGN	$6.86	$6.43	$0.43	6.69%
PEP	$0.00	$61.96	-$61.96	-100.00%	2024 payout in Apr
PNW	$237.05	$222.66	$14.39	6.46%
PRU	$616.72	$561.85	$54.87	9.77%
PSEC	$98.13	$98.13	$0.00	0.00%
PSX	$33.46	$32.18	$1.28	3.98%
QCOM	$189.33	$177.49	$11.84	6.67%
R	$68.84	$59.68	$9.16	15.35%
SCHD	$985.95	$498.92	$487.03	100.00%
SJM	$20.86	$19.93	$0.93	4.67%
SNA	$45.35	$39.50	$5.85	14.81%
SO	$77.44	$72.22	$5.22	7.23%
TROW	$28.06	$26.39	$1.67	6.33%
UL	$61.26	$60.39	$0.87	1.44%
UPS	$402.70	$385.12	$17.58	4.56%
UTG	$238.27		$238.27	100.00%	New Position
VLO	$38.52	$36.72	$1.80	4.90%
VYM	$230.87		$230.87	100.00%	New Position
WBA	$41.10	$73.51	-$32.41	-44.09%	Dividend Cut
WEYS	$0.00	$26.99	-$26.99	-100.00%	Sold Position
WM	$54.14	$50.53	$3.61	7.14%
XRMI	$28.37	$54.32	-$25.95	-47.77%	2023 double payout
XYLD	$65.15	$147.23	-$82.08	-55.75%	2023 double payout
M1 Finance	$0.00	$108.69	-$108.69	-100.00%	account closed
Total	$6,442.24	$5,829.00	$613.24	10.52%

Goodbye M1 Finance…Hello Fidelity

After 6 years of investing through M1 Finance I am rolling over my accounts into my existing Fidelity account.

I originally opened the account in 2018 and at the time the advantages of pies, dollar cost averaging (DCA), free trading, fractional stocks, and a $10 minimum balance to invest outweighed the little issues I had with the platform.  At the time I believed this was a great platform for investors with little available cash to invest and a long investment horizon.

However, this is no longer 2018 and the competition has caught up.  On the investing side M1 only made very minor updates to the investing experience and instead chose to focus on other financial products (credit cards & high yield savings) which I simply did not need or were already equal to or inferior to what I had. 

While the M1 investing experience was stagnate Fidelity used the time to catch up.  First they moved to free trading.  Next, they introduced fractional shares and auto transfers.  The final piece added was recurring investments which would allow me to achieve the same DCA and pie like effect and it is a free.  With these new features in Fidelity the little annoyances in M1 I once overlooked became more annoying and my motivation to transfer my accounts to fidelity.

In regard to Fidelity, if anyone is not familiar with how to set up recurring investments here is a summary:

After logging into your Fidelity account choose the “Accounts & Trade” menu and then “Transfers”.

On the Transfer screen choose “Manage recurring transfers”.

Click on the Create new activity menu and setup up your recurring transfer and then setup your recurring investments. The recurring investments will be in dollar amounts so you can spread your cash transfer into multiple investments which will achieve the DCA and Pie effect.

February Dividend Income

After 37 years of clocking in and out of work and religiously saving at least 10% annually in my 401K every year, my countdown to financial independence is in sight. Each month is a step closer and let’s look at how this past month is getting me there.

For the month of February I made $3,322.95; an increase of 25.83% versus this time last year.

Regarding raises, I received 11 dividend raises from AVA, BBY, BCE, BEP, BEPC, CPT, CVX, GRMN, MMM, PEP, & PRU that added $279.99 to my forward annual income.

In regards to my selling and consolidating positions, I sold Compass Minerals (CMP) after their lithium mining project was brought to a halt due to Utah regulators.  I sold the last of my General Motors (GM) position, I sold the bulk of the stock 2 years ago and held a small position in case their Cruise technology took off, but that bet was not paying off.  I sold my position in Hasbro (HAS), my patience was running out with the turn-around, so I took my profit and ran. All proceeds were reinvested into SCHD. Finally, I sold a third of my Omega Healthcare (OHI) position to reduce risk from a possible dividend cut. The proceeds from the OHI sale stayed in the REIT sector and were reinvested into CTO Realty Growth (CTO).

On the home front there have been a few things going on.  First the good news my oldest daughter who lost her job in December when the start-up she worked at closed their doors permanently. After 2 months she landed a job and is now a scientist working for Yale University.

The other big news on the home front was my job.  My company lost yet another significant development contract which will inevitably lead to more layoffs.  Considering my age & salary I may be a target.  I was hoping to go out on my terms and not be pushed out early but if it happens, I am prepared at least financially. 

And the final big news I have is after running all my annually updated expenses & assets I can retire 11 months earlier than I had planned.  I was nervous if what I was seeing was wrong but as per my previous post, I subscribed to NewRetirement to double check & verify.  I am now confident I will be retiring in November 2025! 

Enough of me babbling, here are the numbers:

Dividends Received

Date	Symbol	Company	Amount
2/1/24	DIVO	AMPLIFY ETF TR CWP ENHANCED DIV	$123.32
2/1/24	GIS	GENERAL MILLS INC	$112.19
2/1/24	T	AT&T INC	$366.61
2/1/24	VZ	VERIZON COMMUNICATIONS INC	$184.16
2/12/24	APD	AIR PRODUCTS AND CHEMICALS INC	$80.56
2/15/24	ABBV	ABBVIE INC	$358.87
2/15/24	EPR	EPR PROPERTIES	$85.49
2/15/24	HAS	HASBRO INC	$64.08
2/15/24	IBCP	INDEPENDENT BK CORP MICH	$69.73
2/15/24	O	REALTY INCOME CORP	$86.77
2/15/24	OHI	OMEGA HEALTHCARE INVESTORS INC	$722.72
2/15/24	PG	PROCTER AND GAMBLE CO	$126.49
2/20/24	MAIN	MAIN STR CAP CORP	$44.37
2/20/24	PSEC	PROSPECT CAP CORP	$98.13
2/23/24	ARTNA	ARTESIAN RES CORP	$229.09
2/23/24	WSM	WILLIAMS-SONOMA INC	$17.57
2/27/24	NUSI	ETF SER SOLUTIONS NATIONWIDE NASDQ	$20.99
2/28/24	XRMI	GLOBAL X FDS S&P 500 RISK	$28.29
2/28/24	XYLD	GLOBAL X FDS S&P 500 COVERED	$60.60
2/29/24	FAST	FASTENAL	$16.83
2/29/24	SBRA	SABRA HEALTH CARE REIT INC	$90.32
2/29/24	UTG	REAVES UTILITY INCOME FUND	$200.54
2/29/24	M1 Finance	M1 DIVIDEND GROWTH ACCOUNT	$135.23

Dividend Changes

SYM	2024	2023	Difference	% Change	Notes
ABBV	$358.87	$234.68	$124.19	52.92%
APD	$80.56	$73.67	$6.89	9.35%
ARTNA	$229.09	$215.05	$14.04	6.53%
DIVO	$123.32	$113.44	$9.88	8.71%
EPR	$85.49	$85.49	$0.00	0.00%
FAST	$16.83		$16.83	100.00%	2023 Payout in Mar
GIS	$112.19	$102.68	$9.51	9.26%
HAS	$64.08	$60.93	$3.15	5.17%
IBCP	$69.73	$53.94	$15.79	29.27%
MAIN	$44.37	$37.97	$6.40	16.86%
NUSI	$20.99	$16.03	$4.96	30.94%
O	$86.77	$8.16	$78.61	963.36%
ODC	$0.00	$37.13	-$37.13	-100.00%	Sold Position
OHI	$722.72	$722.72	$0.00	0.00%
PG	$126.49	$122.81	$3.68	3.00%
PSEC	$98.13	$98.13	$0.00	0.00%
SBRA	$90.32	$88.35	$1.97	2.23%
T	$366.61	$343.08	$23.53	6.86%
UTG	$200.54		$200.54	100.00%	New Position
VZ	$184.16	$108.71	$75.45	69.40%
WSM	$17.57	$14.92	$2.65	17.76%
XRMI	$28.29		$28.29	100.00%	2023 Payout in Mar
XYLD	$60.60		$60.60	100.00%	2023 Payout in Mar
M1 Finance	$135.23	$102.85	$32.38	31.48%
Total	$3,322.95	$2,640.74	$682.21	25.83%

NewRetirement Review

I am sitting here looking at a calendar with a date circled and my mind begins to fill with doubt.  Am I right?  Have I made a mistake? Did I miss something?  That circled day on the calendar is my expected retirement date and it is quickly approaching. 

For the last 12 years I have been developing and evolving a DIY financial plan.  Not surprisingly, my DIY plan lives primarily in spreadsheets and over those 12 years my spreadsheets have grown significantly in scope & breadth.  Over time I have incorporated everything I have experienced and learned into long complex formulas spanning hundreds of cells and multiple worksheets. One small mistake with a formula could cascade throughout entire worksheets resulting in bad calculations.  With each evolution or addition of a new scenario or assumption, the risk of making a mistake dramatically increases.   I am not even sure at this point if I make a mistake that I would even find it.  Doubt has firmly crept in; I am hitting the max I can do with a spreadsheet without fear of losing integrity of the data.

One benefit of being mature & experienced is recognizing when to reach out for help and that is what I did.  My choices were to reach out to a financial planner or buy a software package.   In the end I decided to go with a software package over a financial planner.  My reasoning was not that I can do a better job but simply because I love the learning process.  A software package would help alleviate the spreadsheet doubts I have been having, lessen the workload for maintenance, and allow me to focus on other topics.  After looking at reviews and videos of various software packages I settled on a $120 subscription to NewRetirement.

On the surface, NewRetirement looks like any other retirement calculator that spits out a percentage-based chance of success using inputs of your assets and expenses.  One might wonder why anyone would pay for this when you can get it for free from sites like Empower. 

Where New Retirement really shines (at least for me) is on the financial planning side.  Here is a summary of all the strengths of this software package you will not find in any free software:

• Forecasted medical expenses (including long term care)
• Federal and State income tax projections by year
• Forecasted IRMAA (Income Related Medicare Adjustment Amount)
• Social Security explorer (how claiming at different ages impacts the plan)
• Roth Conversion explorer (identifies opportunities for Roth conversions by year and tax bracket)
• Generate & print a financial plan (or save to pdf)
• Ability to create multiple plans (referred to as scenarios)

Now that you understand why I chose this package let me share my actual experience using the software.

Entering expenses and linking financial accounts was easy and from there I added information about my home or other real estate, debts, social security, and income sources.  Once I finished all the basics, I returned to the expenses area and added medical & long-term care expenses which they help walk you through which types of insurance you can choose, your current health.  In my case I chose Medicare with a Medigap plan and for long-term care I chose the option to sell my home to cover expenses.   The final piece was defining my profile which essentially is defining how long my spouse and I will live, in this case I entered age 85 for myself and age 90 for my wife.  In all, this process took about an hour to complete, and my plan was up & running from there.

I spent the next month tinkering with the software adjusting assumptions and once it was to where I felt confident, I compared it to my existing plan.  The following is a summary of the biggest differences between the two.

Starting off with expenses for core or general expenses, my original plan was within 5% for any given year from beginning to end.  I was pleasantly surprised my manual calculation and theirs was so close.  However, medical expenses were a different story.  For the first few years the numbers were close but going out 15 years NewRetirement was 50% higher than what I originally planned.  Looking at my original plan I was at fault. Without enough information about insurance premiums, I was more or less guessing in my original plan.  This was a gap I had forgotten about and was glad to see the issue now rather than 10 or 15 years down the road where I might not have the wiggle room for a course correction.

For lifetime federal taxes, the software was just over 12% more than what I was predicting.  As I dug into the software and what type of income was being taxed each year, I discovered the reason was how distributions were being applied by account type.  According to NewRetirement, the software uses a fixed order of withdrawal as follows:

1. Taxable savings & brokerage accounts
2. Tax-Deferred accounts
3. ROTH accounts
4. HSAs

For the first 17 years of retirement, the software did not include any IRA or 401K tax deferred withdrawals.  Later in the out years this drastically increased my RMDs moving me into higher tax brackets earlier than planned which resulted in a higher lifetime tax paid.  In my original plan I was taking tax deferred withdrawals beginning in year one up to the 12% federal tax bracket.  My strategy was to maintain staying in a specific tax bracket and using a spreadsheet allowed me to vary distributions for optimization. 

For lifetime state taxes the differences were much larger as the software had me paying 26% more in lifetime taxes.    When comparing the two plans the biggest difference was in the first 15 years of the plan where I calculated minimal taxes of $300-$400 per year and the software calculated $3600 to $4000 per year.  It was here I recognized the difference where the software was applying the max state tax rate and did not adjust for no taxes paid on retirement income based on your federal adjusted gross income (AGI).  I reached out to the NewRetirement support team to let them know of a 100% tax exemption for my state if AGI is less than $100,000 and here is their response:

“We will be updating state taxes over the next few months. We do not currently model granular retirement income exclusions.”

And there it is.  The software does not model retirement exclusions for state taxes and it appears they have no future plans to incorporate it. 

There are a lot of other areas I am glossing over (like monthly cash flow) because I thought it performed adequately. I did not want to repeat what many other reviewers of NewRtirement have already covered.

This sums up the largest differences between my original plan and using the new software.  The software tool offers more features I plan on using near term to stress test other scenarios. Out of the box I thought it was simple to use and now I know its limitations I have a better feel on how to use it going forward.  The purpose of this evaluation was to determine if was suitable to replace the majority of my spreadsheets and take maintenance work off of me.  To this end, I give it a passing grade.

January Dividend Income

After 37 years of clocking in and out of work and religiously saving at least 10% annually in my 401K every year, my countdown to financial independence is in sight. Each month is a step closer and let’s look at how this past month is getting me there.

For the month of January I made $4,222.11; a decrease of -3.38% versus this time last year. The decrease has been expected as I have been selling positions and consolidating the funds into ETFs or other positions that payout at the end of quarter.

Regarding raises, I received 7 dividend raises from ALE, APD, FAST, IBCP, TROW, UPS & VLO that added $81.68 to my forward annual income. Of all the raises APD & TROW came in shockingly low and will be more closely monitored quarter to quarter going forward.  The UPS raise also came in significantly below its normal growth rate.  However, I expected a small raise as expenses increased from union negotiations and inflation as well as declining revenue following a post COVID boom and increased competition from Amazon delivery service.  Overall, a disappointing month for announced dividend raises.

In regards to my selling and consolidating positions, I took a breather in January to focus on updating my financial plan.  I also purchased a “NewRetirement.com” subscription to assist with my financial planning.  As such, I spent much of the month working with that software package. I will do a follow-on post about why I chose a commercial retirement planner and my experiences with it.

Enough of me babbling, here are the numbers:

Dividends Received

Date	Symbol	Company	Amount
1/2/24	AGR	AVANGRID	$25.73
1/2/24	ALL	ALLSTATE CORP	$5.46
1/2/24	BBY	BEST BUY CO INC	$23.76
1/2/24	DIVO	AMPLIFY ETF TR CWP ENHANCED DIV	$120.29
1/2/24	WEYS	WEYCO GROUP INC	$28.39
1/3/24	BEPC	BROOKFIELD RENEWABLE CORP	$76.53
1/3/24	KMB	KIMBERLY-CLARK CORP	$18.16
1/4/24	IRM	IRON MTN INC	$525.53
1/4/24	TU	TELUS CORPORATION	$68.48
1/5/24	PEP	PEPSICO INC	$68.58
1/8/24	MRK	MERCK &CO. INC	$171.18
1/12/24	LEG	LEGGETT &PLATT INC	$335.15
1/12/24	NEWT	NEWTEKONE INC	$193.05
1/12/24	O	REALTY INCOME CORP	$86.40
1/16/24	EPR	EPR PROPERTIES	$85.49
1/16/24	MAIN	MAIN STR CAP CORP	$94.38
1/16/24	PKG	PACKAGING CORP OF AMERICA	$24.49
1/16/24	WPC	WP CAREY INC	$483.78
1/17/24	ACRE	ARES COMMERCIAL REAL ESTATE CORP	$264.68
1/17/24	CPT	CAMDEN PROPERTY TRUST	$15.34
1/17/24	UTG	REAVES UTILITY INCOME FUND	$93.58
1/18/24	BCE	BCE INC	$449.67
1/18/24	PSEC	PROSPECT CAP CORP	$98.13
1/26/24	AMNF	ARMANINO FOODS DISTINCTION INC	$48.51
1/26/24	OGE	OGE ENERGY CORP	$157.11
1/29/24	NUSI	ETF SER SOLUTIONS NATIONWIDE NASDQ	$20.85
1/30/24	XRMI	GLOBAL X FDS S&P 500 RISK	$55.20
1/30/24	XYLD	GLOBAL X FDS S&P 500 COVERED	$119.85
1/31/24	BNS	BANK OF NOVA SCOTIA	$42.60
1/31/24	CM	CANADIAN IMP BK COMM	$345.15
1/31/24	M1 Finance	M1 DIVIDEND GROWTH ACCOUNT	$76.61

Dividend Changes

SYM	2024	2023	Difference	% Change	Notes
ACRE	$264.68	$252.35	$12.33	4.89%
AGR	$25.73	$24.57	$1.16	4.72%
ALL	$5.46	$5.18	$0.28	5.41%
AMNF	$48.51	$44.10	$4.41	10.00%
AQN	$0.00	$344.36	-$344.36	-100.00%	Sold Position
BBY	$23.76	$21.67	$2.09	9.64%
BCE	$449.67	$403.52	$46.15	11.44%
BEPC	$76.53		$76.53	100.00%
BNS	$42.60	$39.24	$3.36	8.56%
CM	$345.15	$309.85	$35.30	11.39%
CPT	$15.34	$14.42	$0.92	6.38%
DIVO	$120.29	$113.33	$6.96	6.14%
EPR	$85.49	$85.49	$0.00	0.00%
GATX	$0.00	$55.27	-$55.27	-100.00%	Sold Position
GRMN	$0.00	$78.93	-$78.93	-100.00%	2023 Payout in Dec
GSK	$0.00	$92.07	-$92.07	-100.00%	Sold Position
IRM	$525.53	$500.07	$25.46	5.09%
KBAL	$0.00	$2.54	-$2.54	-100.00%	Sold Position
KMB	$18.16	$17.54	$0.62	3.53%
LEG	$335.15	$307.57	$27.58	8.97%
MAIN	$94.38		$94.38	100.00%	Includes special div
MPW	$0.00	$217.82	-$217.82	-100.00%	Sold Position
MRK	$171.18	$162.29	$8.89	5.48%
NEWT	$193.05		$193.05	100.00%
NUSI	$20.85	$15.89	$4.96	31.21%
O	$86.40	$3.34	$83.06	100.00%
OGE	$157.11	$148.72	$8.39	5.64%
PEP	$68.58	$61.56	$7.02	11.40%
PKG	$24.49	$20.37	$4.12	20.23%
PSEC	$98.13	$98.13	$0.00	0.00%
TU	$68.48	$58.84	$9.64	16.38%
UTG	$93.58		$93.58	100.00%	New Position
WEYS	$28.39	$26.71	$1.68	6.29%
WMT	$0.00	$14.75	-$14.75	-100.00%	Sold Position
WPC	$483.78	$587.14	-$103.36	-17.60%	Dividend cut
XRMI	$55.20	$52.92	$2.28	4.31%
XYLD	$119.85	$141.73	-$21.88	-15.44%
M1 Finance	$76.61	$47.65	$28.96	60.78%
Total	$4,222.11	$4,369.93	-$147.82	-3.38%

December Dividend Income

After 37 years of clocking in and out of work and religiously saving at least 10% annually in my 401K every year, my countdown to financial independence is in sight. Each month is a step closer and let’s look at how this past month is getting me there.

For the month of December I made $6,236.06; an increase of 8.39% versus this time last year and for all of 2023 my annual dividend income grew 8.1%.  While 8.1% is far behind my 12.5% target I am still ahead of my projections because of the massive gains I had in 2021 from aggressively buying stocks throughout 2020 during the market crash.

Regarding raises, I received 4 dividend raises from AMGN, AVGO, O, & WM that added $183.56 to my forward annual income but received one cut from WPC which brought my forward income down $492.50.  That WPC cut hurt, hopefully 2024 will be kinder.

Continuing an effort to reduce my holdings, I sold Weyco (WEYS) and reinvested the funds into SCHD.  I also sold Leggett & Platt (LEG) as I have concerns going forward about dividend coverage and will be redirecting those funds into existing Verizon (VZ) position.  Going forward into 2024 I will primarily be buying into ETF funds SCHD & VYM for income and topping off an investment into the iShares MSCI USA Quality Factor ETF (QUAL) for long term growth.

On the home front it was all family & friends enjoying the holidays with lots of food and desserts.  This was a nice change from the holidays past as there were no health emergencies and no family infighting.  But with all the good eating I now need to work on my weight lol.

Enough of me babbling, here are the numbers:

Dividends Received

Date	Symbol	Company	Amount
12/1/23	ALE	ALLETE INC	$186.48
12/1/23	DIVO	AMPLIFY ETF TR CWP ENHANCED DIV	$116.49
12/1/23	PNW	PINNACLE WEST CAPITAL CORP	$234.28
12/1/23	PSX	PHILLIPS 66	$33.17
12/1/23	SJM	SMUCKER J M CO	$20.86
12/5/23	ENB	ENBRIDGE INC	$271.45
12/5/23	JNJ	JOHNSON &JOHNSON	$213.88
12/6/23	SO	SOUTHERN CO	$76.69
12/7/23	CMI	CUMMINS INC	$48.53
12/7/23	DFS	DISCOVER FINANCIAL SERVICES	$18.56
12/8/23	AMGN	AMGEN INC	$13.20
12/8/23	UL	UNILEVER PLC	$60.68
12/11/23	CVX	CHEVRON CORP	$33.43
12/11/23	IBM	INTERNATIONAL BUS MACH CORP	$167.56
12/11/23	SCHD	SCHWAB US DIVIDEND EQUITY ETF	$990.33
12/11/23	SNA	SNAP-ON INC	$45.35
12/12/23	MMM	3M CO	$64.41
12/12/23	WBA	WALGREENS BOOTS ALLIANCE INC	$77.31
12/14/23	GM	GENERAL MTRS CO	$13.55
12/14/23	MSFT	MICROSOFT CORP	$83.66
12/14/23	OGN	ORGANON &CO	$6.69
12/14/23	PRU	PRUDENTIAL FINANCIAL INC	$585.84
12/14/23	QCOM	QUALCOMM INC	$189.33
12/15/23	AVA	AVISTA CORP	$165.22
12/15/23	BHB	BAR HARBOR BANKSHARES	$63.03
12/15/23	EPR	EPR PROPERTIES	$85.49
12/15/23	O	REALTY INCOME CORP	$85.83
12/15/23	R	RYDER SYSTEM INC	$68.84
12/15/23	WM	WASTE MANAGEMENT INC	$50.53
12/18/23	DUK	DUKE ENERGY CORP	$74.50
12/18/23	MAIN	MAIN STR CAP CORP	$42.70
12/19/23	PSEC	PROSPECT CAP CORP	$98.13
12/20/23	CMP	COMPASS MINERALS INTERNATIONAL INC	$28.65
12/20/23	FAST	FASTENAL	$16.39
12/20/23	VLO	VALERO ENERGY CORP	$36.72
12/21/23	VYM	Vanguard High Dividend Yield ETF	$197.28
12/26/23	NUSI	ETF SER SOLUTIONS NATIONWIDE NASDQ	$20.12
12/28/23	ARCC	ARES CAPITAL CORP	$588.39
12/29/23	AVGO	BROADCOM INC	$10.97
12/29/23	BEP	BROOKFIELD RENEWABLE PARTNERS PARTNERSH	$295.94
12/29/23	CCI	CROWN CASTLE INC	$36.15
12/29/23	CSWC	CAPITAL SOUTHWEST CORPORATION	$114.14
12/29/23	CTO	CTO RLTY GROWTH INC	$243.31
12/29/23	GRMN	GARMIN LTD	$80.69
12/29/23	KHC	KRAFT HEINZ CO	$10.35
12/29/23	LMT	LOCKHEED MARTIN CORP	$29.59
12/29/23	TROW	PRICE T ROWE GROUPS	$27.30
12/29/23	UTG	REAVES UTILITY INCOME FUND	$92.93
12/29/23	M1 Finance	M1 DIVIDEND GROWTH ACCOUNT	$121.14

Dividend Changes

SYM	2023	2022	Difference	% Change	Notes
ALE	$186.48	$171.21	$15.27	8.92%
AMGN	$13.20	$11.94	$1.26	10.55%
ARCC	$588.39	$625.16	-$36.77	-5.88%	2022 Incl Special Div
AVA	$165.22	$150.98	$14.24	9.43%
AVGO	$10.97	$9.61	$1.36	14.15%
BEP	$295.94	$280.59	$15.35	5.47%
BEPC	$0.00	$70.08	-$70.08	-100.00%	2023 payout in Jan 24
BHB	$63.03	$56.25	$6.78	12.05%
BP	$0.00	$9.45	-$9.45	-100.00%	Sold Position
CCI	$36.15		$36.15	100.00%	New Position
CMI	$48.53	$45.07	$3.46	7.68%
CMP	$28.65	$28.65	$0.00	0.00%
CSWC	$114.14		$114.14	100.00%	New Position
CTO	$243.31	$88.27	$155.04	175.64%
CVX	$33.43	$23.96	$9.47	39.52%
DFS	$18.56	$15.79	$2.77	17.54%
DIVO	$116.49	$114.78	$1.71	1.49%
DUK	$74.50	$70.07	$4.43	6.32%
ENB	$271.45	$246.48	$24.97	10.13%
EPR	$85.49	$85.49	$0.00	0.00%
FAF	$0.00	$169.77	-$169.77	-100.00%	Sold Position
FAST	$16.39	$0.00	$16.39	100.00%	Special Dividend
GRMN	$80.69		$80.69	100.00%	2022 Payout in Jan 23
GM	$13.55	$13.55	$0.00	0.00%
IBM	$167.56	$158.87	$8.69	5.47%
JNJ	$213.88	$201.66	$12.22	6.06%
KHC	$10.35	$9.92	$0.43	4.33%
LMT	$29.59	$28.01	$1.58	5.64%
MAIN	$42.70		$42.70	100.00%	New Position
MMM	$64.41	$63.12	$1.29	2.04%
MSFT	$83.66	$75.44	$8.22	10.90%
NEWT	$0.00	$578.85	-$578.85	-100.00%	2024 Payout in Jan
NUSI	$20.12	$15.53	$4.59	29.56%
NWL	$0.00	$25.56	-$25.56	-100.00%	Sold Position
O	$85.83	$1.46	$84.37	5778.77%
OGN	$6.69	$6.37	$0.32	5.02%
PFE	$0.00	$243.02	-$243.02	-100.00%	Sold Position
PNW	$234.28	$220.15	$14.13	6.42%
PRU	$585.84	$533.20	$52.64	9.87%
PSEC	$98.13	$98.13	$0.00	0.00%
PSX	$33.17	$29.46	$3.71	12.59%
QCOM	$189.33	$177.49	$11.84	6.67%
R	$68.84	$59.25	$9.59	16.19%
SCHD	$990.33	$129.63	$860.70	663.97%
SJM	$20.86	$19.80	$1.06	5.35%
SNA	$45.35	$39.24	$6.11	15.57%
SO	$76.69	$71.50	$5.19	7.26%
TROW	$27.30	$25.68	$1.62	6.31%
UL	$60.68	$55.21	$5.47	9.91%
UPS	$0.00	$358.39	-$358.39	-100.00%	2023 payout in Nov
UTG	$92.93		$92.93	100.00%	New Position
VLO	$36.72	$35.28	$1.44	4.08%
VYM	$197.28	$0.00	$197.28	100.00%	New Position
WBA	$77.31	$72.65	$4.66	6.41%
WM	$50.53	$46.92	$3.61	7.69%
M1 Finance	$121.14	$86.37	$34.77	40.26%
Total	$6,236.06	$5,753.31	$482.75	8.39%

November Dividend Income

After 35 years of clocking in and out of work and religiously saving at least 10% annually in my 401K every year, my countdown to financial independence is in sight. Each month is a step closer and let’s look at how this past month is getting me there.

For the month of November I made $3,421.56; an increase of 11.98% versus this time last year and just shy of my 12.5% growth target.

Regarding raises, I received 6 dividend raises from ARTNA, CM, GM, MAIN, MRK & SNA that added $140.14 to my forward annual income.

Continuing an effort to reduce my holdings I sold Allstate (ALL) and Oil-Dri Corp of America (ODC) as well as the WP Carey spin-off of NLOP.  All funds from the sale were consolidated into SCHD.  I also made my regular monthly purchase of ETFs SCHD & VYM and completed my position in Realty Income (O) with one last small purchase.

On the home front there was nothing special except for enjoying a Thanksgiving meal with family and friends.  I’m going to keep this short so here are the numbers:

Dividends Received

Date	Symbol	Company	Amount
11/1/23	DIVO	AMPLIFY ETF TR CWP ENHANCED DIV	$113.07
11/1/23	GIS	GENERAL MILLS INC	$112.19
11/1/23	T	AT&T INC	$360.04
11/1/23	VZ	VERIZON COMMUNICATIONS INC	$116.66
11/13/23	APD	AIR PRODUCTS AND CHEMICALS INC	$80.54
11/13/23	IBCP	INDEPENDENT BK CORP MICH	$66.09
11/15/23	ABBV	ABBVIE INC	$239.36
11/15/23	EPR	EPR PROPERTIES	$85.49
11/15/23	HAS	HASBRO INC	$63.05
11/15/23	O	REALTY INCOME CORP	$72.57
11/15/23	OHI	OMEGA HEALTHCARE INVESTORS INC	$722.72
11/15/23	PG	PROCTER AND GAMBLE CO	$126.49
11/17/23	MAIN	MAIN STR CAP CORP	$42.46
11/20/23	PSEC	PROSPECT CAP CORP	$98.13
11/24/23	ARTNA	ARTESIAN RES CORP	$227.53
11/24/23	FAST	FASTENAL	$15.10
11/24/23	ODC	OIL DRI CORP OF AMERICA	$38.75
11/24/23	WSM	WILLIAMS-SONOMA INC	$17.57
11/28/23	NUSI	ETF SER SOLUTIONS NATIONWIDE NASDQ	$19.45
11/29/23	XRMI	GLOBAL X FDS S&P 500 RISK	$27.22
11/29/23	XYLD	GLOBAL X FDS S&P 500 COVERED	$52.44
11/30/23	SBRA	SABRA HEALTH CARE REIT INC	$89.89
11/30/23	UPS	UNITED PARCEL SERVICE INC	$395.95
11/30/23	UTG	REAVES UTILITY INCOME FUND	$92.36
11/30/23	M1 Finance	M1 DIVIDEND GROWTH ACCOUNT	$146.44

Dividend Changes

SYM	2023	2022	Difference	% Change	Notes
ABBV	$239.36	$221.47	$17.89	8.08%
APD	$80.54	$73.25	$7.29	9.95%
ARTNA	$227.53	$213.99	$13.54	6.33%
CM	$0.00	$291.76	-$291.76	-100.00%	2023 payout in Oct
DIVO	$113.07	$108.62	$4.45	4.10%
EPR	$85.49	$85.49	$0.00	0.00%
FAST	$15.10	$13.29	$1.81	13.62%
GIS	$112.19	$102.68	$9.51	9.26%
HAS	$63.05	$60.25	$2.80	4.65%
IBCP	$66.09	$51.13	$14.96	29.26%
MAIN	$42.46		$42.46	100.00%	New Position
NUSI	$19.45	$15.69	$3.76	23.96%
O	$72.57		$72.57	100.00%	New Position
ODC	$38.75	$36.81	$1.94	5.27%
OHI	$722.72	$722.72	$0.00	0.00%
PG	$126.49	$122.01	$4.48	3.67%
PSEC	$98.13	$98.13	$0.00	0.00%
SBRA	$89.89	$87.91	$1.98	2.25%
T	$360.04	$338.00	$22.04	6.52%
UPS	$395.95		$395.95	100.00%	2022 Payout in Dec
UTG	$92.36		$92.36	100.00%	New Position
VZ	$116.66	$106.86	$9.80	9.17%
WSM	$17.57	$14.92	$2.65	17.76%
XRMI	$27.22	$53.42	-$26.20	-49.05%	2022 had 2 payouts
XYLD	$52.44	$141.30	-$88.86	-62.89%	2022 had 2 payouts
M1 Finance	$146.44	$95.69	$50.75	53.04%
Total	$3,421.56	$3,055.39	$366.17	11.98%

Tax Brackets are Key to My Financial Planning

Every December I prep to update my financial plan and November is the month I start gathering all relative tax information that can impact my planning. With inflation as high as its been, the new tax bracket numbers are pretty nice.

Starting off is next year’s IRAs & 401Ks which get a $500 boost but catch-up contributions remain unchanged. I’ll need to move some money around but will definitely hit the increase Roth IRA max plus catch-up for both me and my wife. But I definitely will not be hitting the 401K max never mind the catch-up.

2024 IRA & 401K Contribution Limits
	2024 Max Contribution	Over 50 Catch-up
IRA & Roth IRA	$7,000	$1,000
401K & Roth 401K	$23,000	$6,500

Next up are long term capital gains and qualified dividends which increased the 0% rate for my tax filing status by $4,850. This is an important number as 15% of my income will be coming in the form of qualified dividends from my taxable account. Knowing I can take in almost $5k more a year without incurring taxes is a relief.

2024 Long Term Capital Gains Tax Brackets
Tax Bracket/Rate	Single	Married Filing Jointly	Head of Household
0%	$0 – $47,025	$0 – $94,050	$0 – $63,000
15%	$47,026 – $518,900	$94,051 – $583,750	$63,001 – $551,350
20%	$518,901+	$583,751+	$551,351+

The standard deduction went up by $1500 for my wife and I. Hard to believe this deduction is approaching $30K which represents 44% of my planned expenses in retirement. But more importantly, this will allow us an additional $1500 IRA to Roth IRA conversion without taking a big tax bite.

2024 Standard Deduction
	2023	2024
Single or Married Filing Separately	$13,850	$14,600
Head of Household	$20,800	$21,900
Married Filing Jointly	$27,700	$29,200

And the final Federal tax numbers are the income tax brackets themselves. Combined with the new standard deduction it looks like my wife and I are firmly in the 12% bracket for retirement.

2024 Income Tax Brackets
Tax Rate	Single	Head of Household	Married Filing Jointly
10%	$0 – $11,600	$0 – $16,550	$0 – $23,200
12%	$11,600 – $47,150	$16,550 – $63,100	$23,200 – $94,300
22%	$47,150 – $100,525	$63,100 – $100,500	$94,300 – $201,050
24%	$100,525 – $191,950	$100,500 – $191,950	$201,050 – $383,900
32%	$191,950 – $243,725	$191,950 – $243,700	$383,900 – $487,450
35%	$243,725 – $609,350	$243,700 – $609,350	$487,450 – $731,200
37%	Over $609,350	Over $609,350	Over $731,200

Of course I cannot leave out state taxes. I live in Connecticut, one of the highest taxed states and if I end up staying here I need to factor this in as well. First up is a new law that was initiated in 2021 that will phase out taxation on pensions, IRAs, & 401Ks over a four-year period as follows:

• 25% exemption in taxable year 2023
• 50% exemption in taxable year 2024
• 75% exemption in taxable year 2025
• 100% exemption in taxable year 2026 and thereafter.

To be eligible for this exemption, taxpayers filing individually must have a federal Adjusted Gross Income less than $75,000 or a federal AGI of less than $100,000 for married couples filing jointly. This is extremely important to me as 75% of my pre-social security retirement income will be coming from IRAs and post social security it will place me in the 4.5% tax bracket.

2024 CT Income Tax Brackets
Tax Rate	Single	Married Filing Jointly
2%	$0 – $10,000	$0 – $20,000
4.5%	$10,001 – $50,000	$20,001 – $100,000
5.5%	$50,001 – $100,000	$100,001 – $200,000
6%	$100,001 – $200,000	$200,001 – $400,000
6.5%	$200,001 – $250,000	$400,001 – $500,000
6.9%	$250,001 – $500,000	$500,001 – $1,000,000
6.99%	Over $500,000	Over $1,000,000

October Dividend Income

After 35 years of clocking in and out of work and religiously saving at least 10% annually in my 401K every year, my countdown to financial independence is in sight. Each month is a step closer and let’s look at how this past month is getting me there.

For the month of October I made $4,292.01; an increase of 16.89% versus this time last year. 

Regarding raises, I received 4 dividend raises from ABBV, CSWC, LMT & PNW that added $81.12 to my forward annual income. 

Continuing an effort to reduce my holdings I sold GlaxoSmithKline (GSK), BP (BP), and Algonquin (AQN) and reinvested the funds into existing positions ABBV & CVX and started a new position in Reaves Utility Fund (UTG).  I also made my regular monthly purchase of ETFs SCHD & VYM.  Outside of ETFs I continued to build my position in REITs O and CCI.  

On the home front we had more layoffs where I work.  My company let go of some highly skilled and extremely knowledgeable individuals, I am completely perplexed about the logic used to determine a layoff.  This just motivates me more to hit my FI goal.

On that note here are the numbers:

Dividends Received

Date	Symbol	Company	Amount
10/2/23	AGR	AVANGRID	$25.35
10/2/23	ALL	ALLSTATE CORP	$5.46
10/2/23	DIVO	AMPLIFY ETF TR CWP ENHANCED DIV	$114.96
10/3/23	BEPC	BROOKFIELD RENEWABLE CORP	$75.44
10/3/23	KMB	KIMBERLY-CLARK CORP	$18.16
10/5/23	IRM	IRON MTN INC	$525.53
10/5/23	TU	TELUS CORPORATION	$63.24
10/6/23	MRK	MERCK &CO. INC	$162.29
10/10/23	BBY	BEST BUY CO INC	$23.44
10/12/23	GSK	GSK PLC	$94.47
10/13/23	AQN	ALGONQUIN PWR UTILS CORP	$206.66
10/13/23	LEG	LEGGETT &PLATT INC	$335.15
10/13/23	O	REALTY INCOME CORP	$64.86
10/13/23	PKG	PACKAGING CORP OF AMERICA	$24.29
10/16/23	EPR	EPR PROPERTIES	$85.49
10/16/23	MAIN	MAIN STR CAP CORP	$42.21
10/16/23	WPC	WP CAREY INC	$602.47
10/17/23	ACRE	ARES COMMERCIAL REAL ESTATE CORP	$255.68
10/17/23	CPT	CAMDEN PROPERTY TRUST	$15.34
10/18/23	BCE	BCE INC	$437.49
10/19/23	PSEC	PROSPECT CAP CORP	$98.13
10/20/23	NEWT	NEWTEKONE INC	$186.98
10/27/23	OGE	OGE ENERGY CORP	$155.21
10/30/23	NUSI	ETF SER SOLUTIONS NATIONWIDE NASDQ	$17.73
10/31/23	AMNF	ARMANINO FOODS DISTINCTION INC	$48.51
10/31/23	BNS	BANK OF NOVA SCOTIA	$40.55
10/31/23	CM	CANADIAN IMP BK COMM	$317.97
10/31/23	UTG	REAVES UTILITY INCOME FUND	$77.92
10/31/23	XRMI	GLOBAL X FDS S&P 500 RISK	$27.26
10/31/23	XYLD	GLOBAL X FDS S&P 500 COVERED	$74.60
10/31/23	M1 Finance	M1 DIVIDEND GROWTH ACCOUNT	$69.24

Dividend Changes

SYM	2023	2022	Difference	% Change	Notes
ACRE	$255.68	$0.00	$255.68	10.00%
AGR	$25.35	$24.34	$1.01	4.15%
ALL	$5.46	$5.14	$0.32	6.23%
AMNF	$48.51	$44.10	$4.41	10.00%
AQN	$206.66	$338.60	-$131.94	-38.97%	Div Cut
BBY	$23.44	$21.38	$2.06	9.64%
BCE	$437.49	$388.63	$48.86	12.57%
BEPC	$75.44		$75.44	100.00%	2022 Payout in Sept
BGS	$0.00	$283.29	-$283.29	-100.00%	Sold Position
BNS	$40.55	$37.97	$2.58	6.79%
CM	$317.97		$317.97	100.00%	2022 payout in Nov
CPT	$15.34	$14.42	$0.92	6.38%
DIVO	$114.96	$100.86	$14.10	13.98%
EPR	$85.49	$85.49	$0.00	0.00%
GRMN	$0.00	$77.51	-$77.51	-100.00%	2023 payout in Sept
GSK	$94.47	$101.60	-$7.13	-7.02%	FX rate
IRM	$525.53	$500.07	$25.46	5.09%
KBAL	$0.00	$2.51	-$2.51	-100.00%	Sold Position
KMB	$18.16	$17.37	$0.79	4.55%
LEG	$335.15	$303.42	$31.73	10.46%
MAIN	$42.21		$42.21	100.00%	New Position
MPW	$0.00	$208.12	-$208.12	-100.00%	Sold Position
MRK	$162.29	$152.21	$10.08	6.62%
NEWT	$186.98		$186.98	100.00%	2023 payout in Sept
NUSI	$17.73	$15.71	$2.02	12.86%
O	$64.86		$64.86	100.00%	New Position
OGE	$155.21	$147.03	$8.18	5.56%
PKG	$24.29	$20.15	$4.14	20.55%
PSEC	$98.13	$98.13	$0.00	0.00%
TU	$63.24	$56.13	$7.11	12.67%
UTG	$77.92		$77.92	100.00%	New Position
WPC	$602.47	$583.13	$19.34	3.32%
XRMI	$27.26		$27.26	100.00%	2022 payout in Nov
XYLD	$74.60		$74.60	100.00%	2022 payout in Nov
M1 Finance	$69.24	$44.72	$24.52	54.83%
Total	$4,292.08	$3,672.03	$620.05	16.89%