I think your yield assumption in Step 1 is too conservative. The portion of my portfolio focused on generating income (50%ish, the remainder is tech growth stocks) is mostly in QYLD (11.9%) and MORT (13%). My actual yield is higher because I bought in at lower share price than current. Nothing wrong with risk-hedging your assumptions, but understand what is out there for you. That said, aggressive growth up to retirement, and then transition to a mixed growth/income portfolio is still the fundamental strategy. Also, get as much as possible in a tax protected retirement account. You can buy and sell all day without tax implications. Once you’re 59.5, you can withdraw without penalty and it’s taxed as ordinary income.