New TV: what to do with TOSLINK optical output

Thanks for the input everyone, really appreciate it.
@tls49 its this tv https://www.amazon.com/LG-Electronics-OLED55C8PUA-55-Inch-Ultra/dp/B079TSV11D?psc=1&Subscription...
I found this guide for audio-out, looks like it is supported okay: https://www.lg.com/hk_en/support/product-help/CT20136005-1437129397190-others

@caphill, thanks for your lengthy reply! I have been avoiding HDMI switching since they are more expensive, I only have 2 speakers and only a small number of inputs to the tv (ps4 & laptop) . Is it better to use an AVR instead of taking the audio out of the tv? With an AVR, what happens to OTA signal audio?

A few votes for a small toslink to rca converter, seems like the easiest/cheapest way forward until I’m ready to upgrade the amp. I’ll start the coin jar for it now...

I'll grab one of those FiiO converters; I'd love the Hegel but I'm not sure I'll hear the difference and would rather save the cash. Thanks much for all your help tls & uberwaltz