Because Treasury yields are below 4%, there is no truly safe investment yielding that much, says William Baldwin, managing director at Argent Wealth Management.

There are, however, good ways to capture a substantial amount of income, he says.

Consider, for instance iShares U.S. Preferred Stock ETF (PFF), which has a yield of 5.67% (as of July 19, 2018). PFF tracks the investment results of the S&P U.S. Preferred Stock Index.

"It has no real upside and involves some risk of decline in principal, but it does trade within a fairly narrow range," says Baldwin. "It currently sells at the lower end of its 52-week price range."

Top 10 Holdings

BlackRock Cash Funds Prime SL Agency Shares

Becton Dickinson & Co. Deposit Repr 1/20th Cum Conv Pfd Registered Series A

GMAC Capital Trust I Trust Pfd Secs 2011-15.2.40 Gtd Series 2 Fltg Rt

Barclays Bank PLC 8 1/8 % Non Cum Callable Dollar Pref Shs Sp Am Dep Receipt Repr 1 Non Cum Cal Dlr

Citigroup Capital XIII Tr Pfd Secs 2010-30.10.40 Global Fltg Rt

Wells Fargo & Company Deposit Shs Repr 1/40th 8 % Non Cum Perp Pfd Sh A Series J

Crown Castle International Corp 6.875 % Cum Conv Red Pfd Registered Series A

Wells Fargo & Company Deposit Shs Repr 1/1000th 5.85 % Non-Cum Perp Pfd Shs A Series Q

Citigroup Inc. Deposit Shs Repr 1/1000th Non-Cum Perp Pfd Shs Series K

PNC Financial Services Group, Inc. Deposit Shs Repr 1/4000th Non-Cum Perp Pfd Shs Series P

Source: ETF.com

Baldwin also suggests considering closed-end municipal bond funds, which got hammered in January when the municipal bond market declined. "As a result of the new tax law, which reduced corporate tax rates, banks and insurance companies shed their muni bonds," he says

One to consider: The BlackRock Muni Intermediate Duration Fund (MUI), which seeks to provide common shareholders with high current income exempt from federal income taxes. The fund seeks to achieve its investment objective by investing at least 80% of its assets in municipal bonds exempt from federal income taxes (except that the interest may be subject to the federal alternative minimum tax).

Under normal market conditions, the fund invests at least 75% of its assets in municipal bonds rated investment grade and invests at least 80% of its assets in municipal bonds with a duration of three to 10 years at the time of investment. The Fund may invest directly in such securities or synthetically through the use of derivatives.

MUI sells at a 12.82% discount to NAV (as of July 18, 2018) and yields 4.12% free of U.S. income tax.

Top 10 Holdings

TOB 5 735389D54 PTSGEN 144A

NEW JERSEY ST TRANSN TR FD AUT 5.5 06/15/2031

CHICAGO ILL O HARE INTL ARPT R 5 01/01/2023

TOB 5 13063DFM5 CAS 144A

GOLDEN ST TOB SECURITIZATION C 5 06/01/2033

NEW JERSEY ST TPK AUTH TPK REV 5 01/01/2032

NEW JERSEY ST TRANSN TR FD AUT 5.25 06/15/2032

NEW JERSEY ST TRANSN TR FD AUT 5.25 06/15/2031

ATLANTA GA WTR & WASTE WTR REV 5 11/01/2032

PUCS 2.88 CTSMED 20774YYF8

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