Most high dividend stocks are matural companies that has no other ways to deploy their cash. It sounds really ensuring for people with very low risk tolerancy, but in reality it's never a good strategy to value safety or short term stability over growth in stock market.
It's a very simple comparison of 3y/5y/life total return between JEPI and VOO, you can see the high dividend and selling covered call strategy under-perform VOO by a lot. The perceived persistent income is really just a mirage of weaker take on volitile market. If market goes down the high dividend stocks also go down, about the same if not more than other growth stocks. So what you get from dividend is actually just a return of capital to some extent. Also the covered call strategy is proved to be growth limiting when market is good. You get some meager return with the cost of limiting the upward growth, sometimes explosive growth, which actually where most money is made. So it's a sucker's game to sell covered calls because you lose the highest growth opportunies, and it doens't protect you from a deep selling crash.
Like somebody said, you can sell stock with any number of shares, even fraction of shares, so the best long term strategy is what WB did so you keep your money in quality companies and harvest the loss for reducing your tax liability.
You can never be safer in a high dividend stock regardless you are young or old. If you value safety the most and don't want to take any short term downside risk, just buy treasury and higher grade mini bonds.
