If you feel trapped “grinding out” dividend income with classic 3% or 4% payers, you can double your payouts (or better) immediately by moving to closed-end funds, or CEFs. In fact, you can often make the switch without actually switching investments. You do need to make sure you avoid five common mistakes when doing so – which I’ll explain in a moment. But first, let’s explore the stock-for-CEF trade. For example, American International Group’s (AIG) investors can potentially trade in their 2.2% dividend yields for the Gabelli Dividend & Income Trust Fund’s (GDV) 7% payout. AIG is GDV’s largest holding amongst a list of blue chip dividend payers plus growers like Wells Fargo (WFC) and Verizon (VZ) . Superstar money manager Mario Gabelli runs his namesake... Read more