How to invest to get $35,000 annually in income

Q: I have recently been made redundant at age 60 and need to generate a net annual income of approximately $35,000 for the next three to five years until my other pensions kick in. Currently, my wife (who is 62) and I each have approximately $200,000 in our RRSPs and about $90,000 each in our TFSAs. All four accounts hold the following ETFs:

BMO Low Volatility Canadian Equity ETF (ZLB)— 25%

Vanguard S&P 500 Index ETF (VFV)—25%

First Asset Morningstar International Momentum Index ETF (ZXM)—25%

BMO Long Corporate Bond Index ETF (ZLC)—25%

Can you advise on the best way to generate the investment income we need and still preserve most of our capital?

– Jerry W

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