Subject: Re: Portfolio for a 90 year old
"Buy a BAC or WFC preferred. Paying 6% yield. Done and done."

6% yield, or 6% coupon? Yield isn't what goes into your pocket; coupon is.

Coupon is what goes into your pocket. Yield is coupon divided by the price.

WFC-PL, coupon $75/yr. price 1,219.62. Yield 75/1,219.62 = 6.14945639%
52 wk low: 1133.00, yield 6.619594%

BAC-PB, coupon $1.50/yr. Price 25.07. Yield 5.98324691


Yeah, yield is weird. I go over this all the time in talking to "Dividend Champions" people when they talk about "yield on cost".
Stocks and bonds don't pay a yield. They pay a dividend or coupon.
Yield is just a number we calculate to use in making comparisons.