If you want to live comfortably during your retirement, you need to consider substantial means of income to help you maintain your current lifestyle. While social security used to be the primary source of income for retirees, times have changed. Even if retirement is a decade or more away, you’ll need to consider a different strategy.
Income Sources for Retirees
There are several options available to retirees to generate consistent income. Here are a few possible sources to consider:
- 401K plan: employer-matched savings plan
- IRA: Government funded personal savings plan
- Pensions: Regular payments provided during retirement by a previous employer
- Real estate investment trusts: Property investments in mortgages or direct equity position s
- Annuities: Investment contract with an insurance company that guarantees return at a fixed, variable, immediate, or deferred rate
- Preferred stocks: Stocks that have a fixed dividend and provide different rights to shareholders.]
- Consulting: Income source from offering expertise in a specific industry
While social security has provided for the basic needs of retirees for years, future generations will need to tap into other resources to stay afloat. Many people will need to utilize more than one of the income resources listed above.
401K plans and pensions are the most common source of income for retirees, but an annuity, preferred stock, REIT, or consulting job can help pad your savings and provide enough funds to keep you comfortable in your golden years.
Financial Consulting for Retirement Income
While it is ideal to start saving for retirement early on in your career, it’s never too late to start. If you are well into your 50s and do not have a secure plan for generating income in your retirement, a financial advisor can help. Marvel Wealth Management can help you identify and make the most of the resources you already have.Read More About How To Generate Income During Retirement