Retirement Income Strategies
Have you thought about how you’ll pay for the things you need and want after you retire? If not, it’s probably time to come up with a few retirement income strategies.
According to this article on Kiplinger, “For a 65-year-old couple, there’s a 25% chance that one spouse will live until age 97, yet fewer people are retiring with pensions, and Social Security covers only a small portion of most people’s expenses.”
So if relying on things like Social Security or a pension won’t cut it, what will?
Some additional possibilities include:
- Withdrawals from your retirement funds
- Interest from CDs and savings accounts (which seems a little laughable now, but who knows what the future will be like)
- Interest from treasury bonds or municipal bonds
- Payments from annuities
- Dividend income from stocks
- Money earned from passive income ideas
- Money earned from a part time job
- Money thrown off by rental properties
Basically — just like when you aren’t yet retired — the more sources of income you can come up with, the better off you are likely to be.
No matter which options you choose, remember that the money has to last for an unknown length of time, so be careful not to eat into your principal.