With or without the threat of a dividend-tax increase, investors with a dividend-heavy portfolio should consider balancing their approach by adding something as simple as a broad-market index fund, Mr. Dickson says.

WSJ: Upside: Preparing for a Dividend-Tax Hike

That would make a U.S.-based stock index, such as the broad-market Russell 3000, an appropriate measuring stick for the fund, Mr. Gogerty says.

WSJ: Advisers Discover 'Managed ETF Portfolios'

Invest your savings in a broad stock market index fund, and your wealth will most likely grow over the long-term at a rate that will allow you the freedom to do more with your life later on.

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