How Much Do You Need in These 3 Monthly Dividend ETFs to Double Your Average Social Security Check?

Following the 2.8% cost-of-living adjustment that started in January, the typical retired worker now receives about $2,071 each month from Social Security. To double this check, one would need to generate approximately $4,142 each month from other income sources, which adds up to nearly $49,700 annually. Three monthly ETFs stand out as potential options for this income goal: the JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI), the JPMorgan Nasdaq Stock Premium Income ETF (NASDAQ:JEPQ), and the Virtus InfraCap U.S. Preferred Stock ETF (NYSEARCA:PFFA).

These funds produce income through distinct methods. JEPI and JEPQ utilize a strategy of selling index call options alongside holding stock portfolios, passing the premium received as monthly distributions to investors. In contrast, PFFA invests in preferred securities and employs borrowed capital to enhance repayments. This creates a varied landscape of yield levels, requirements, and risk profiles for those aiming to match or surpass their Social Security income.

JEPI: Conservative Core Holding

JEPI combines a selection of large-cap U.S. stocks with equity-linked bonds that write out-of-the-money S&P 500 calls. The equity component is designed to be less volatile than the overall index, while the call overlay transforms market fluctuations into cash flow. Its top ten holdings are diverse, with Broadcom at 1.8%, alongside Ross Stores and Amazon at 1.7%, plus names like Apple, Alphabet, NVIDIA, Eaton, AbbVie, and EOG Resources. Notably, no single stock contributes more than 2%, which helps minimize single stock risk.

Currently priced near $58, the fund offers approximately $4.40 per share annually, yielding about 7.6%. To hit the annual income target, an investor would need around $650,000 in JEPI. This is the highest capital requirement among the three options, reflecting the cost of the least volatile package available. Over the past year, the fund has seen about a 12% return, including dividends, while its expense ratio stands at 0.35%.

The trade-offs are fairly clear. During market rallies, the limitations imposed by call writing can increase, leading to variability in monthly payments based on option premiums. Expected distributions for 2026 range from $0.34 to $0.45 per share, making it hard to rely on fixed monthly figures. JEPI could be attractive to retirees who prefer equity-linked income with less volatility than the S&P 500, albeit requiring a larger initial investment.

JEPQ: How to Achieve Maximum Yield with Little Capital

JEPQ follows a similar strategy with its Nasdaq 100 focus. Because tech stocks tend to have higher implied volatilities, the fund can sell higher premiums on calls, offering dividends significantly above those of JEPI. Recent months have shown this difference clearly, with the August 2026 payout at $0.70 per share, an increase from July’s $0.64, while both numbers are notably higher than the $0.44 to $0.47 range back in summer 2025.

At approximately $60 per share, it now projects an annual distribution of about $8.46, yielding around 14%. To achieve an income goal similar to doubling Social Security, one would need about $351,000 invested in JEPQ—roughly $300,000 less than what would be required for JEPI. Despite its technology-heavy nature, it stands out as the highest-yield option on the list.

However, JEPQ carries its own risks due to its underlying volatility. Over the past year, it has delivered a total return of 21%, which, while satisfactory in a rising market, raises concerns about potential downturns. Investors using JEPQ as an income cornerstone should prepare for their monthly distributions to fluctuate and for their account value to be more volatile than with JEPI.

PFFA: Contrarian Preferred Stock Selection

PFFA is somewhat of an outlier on this list, which is partly why it deserves attention. This fund invests in preferred securities across banks, REITs, midstream operators, and utilities, employing moderate leverage to boost dividends. Interestingly, it handles approximately $606 million in debt relative to $2.35 billion in net assets, covering over 300 individual preferred positions. Major holdings include Flagstar Bank, Bank of California, Energy Transfer, First Citizens Bancshares, and KKR Preferred Stock, with each comprising about 2% of the assets.

It distributes monthly payments of $0.1725 per share, equating to annualized distributions of about $2.07 per share, yielding close to 10% at a price around $21. For doubling Social Security income, PFFA would require about $501,000, spreading investments between JEPQ and JEPI for better capital efficiency.

The distinctiveness of PFFA lies in its income generation. Preferred distributions are mainly driven by interest rates and credit conditions rather than option premiums. Therefore, the fund’s income remains relatively stable without the volatility often seen in stock markets. Monthly payments have gradually risen from $0.15 in 2020 to the current $0.1725, showcasing a level of stability that covered call funds may lack. The expense ratio is 2.11%, indicating the costs associated with running a leveraged, actively managed portfolio, with the potential for both increases and decreases in leverage impacting returns. In a stable interest rate environment, higher returns are likely, while wider credit spreads could lead to price dips. The fund’s focus on financials and REITs adds an additional layer of cyclicality that isn’t fully present with JEPI’s diversified equity approach.

Choose from Three

The three funds occupy different positions along a spectrum. JEPQ requires the least initial investment while offering the most potential upside, but it also comes with volatility reflective of the Nasdaq. On the other hand, JEPI commands the highest initial outlay and provides the most steady investment experience, which can benefit long-term investors who are adverse to significant account balance fluctuations. PFFA falls somewhere in between, with dividends that are less tied to stock market volatility and more sensitive to interest rates and credit conditions.

For those who already have considerable equity exposure and seek a diversifying element, PFFA might be the most appealing option. Conversely, individuals starting an income portfolio from scratch and comfortable with tech volatility could find JEPQ effective for meeting their income objectives with a smaller capital requirement. Lastly, those pursuing a more defensive equity income strategy, willing to invest more upfront, would likely choose JEPI.