Quick ReadGenerating $4,800 monthly requires $1.8M in SCHD at 3.2% yield, but only ~$576K in JEPQ at its 11% covered-call yield. A 3.2% yield growing 8% annually doubles the income paycheck in nine years, while a static 11% yield with NAV erosion does not. Two retirees, same $1 million, same 4% rule, buy one finished with $1.4 million, the other hit $0 in 12 years. A 67-year-old aiming for $4,800 a month in dividend income is targeting $57,600 a year. To generate $57,600 at a 3.2% yield, a retiree needs roughly $1.8 million.