Five Sources of Retirement Income

  1. Social Security (should not be your sole source of income!)
  2. Make it, earn it, save it
  3. Marry it
  4. Inherit it
  5. Lottery ticket

As you approach retirement you may have questions and concerns about how you will generate predictable and reliable retirement income.  The key is understanding your lifestyle, priorities and future goals.  Once you realize what your future can (and may) hold then it’s time to do some advance planning if you want to make sure you don’t outlive your money.

Of course, retirement is not all about money, but ensuring that you have enough money, assets and resources for a retirement lasting twenty years or more that positions your assets to not only provide reliable income but also provides a hedge against inflation, taxes, the economy along with a degree of asset protection that you’ll certainly need in retirement.

Consider the following questions as they relate to how you feel you’re positioned today:

Will you have sufficient income to provide for your basic living expenses?

Will you have sufficient income for travel, leisure activities, and all the other fun you anticipate having during your hoped-for-retirement lifestyle?

Will you have sufficient income to help your aging parents, if necessary?

Will you have sufficient income to support your favorite charity into retirement?

Will you have sufficient income to handle any potential or unexpected health or chronic care costs?

Do you have a contingency plan if you can’t work as long as you intend to?

Chartered Life Underwriter (CLU) and/or Chartered Financial Consultant (ChFC) 

You’re going to need professional guidance if you want to create a plan based on a desire to enjoy a retirement lifestyle that enables you to relish your activities and family rather than constantly worry about your money and income. I recommend you engage a Chartered Life Underwriter (CLU) and/or Chartered Financial Consultant (ChFC), both designations considered to be the highest standard of knowledge in the financial planning industry.  Most offer a balanced step-by-step approach to provide a personal, proactive plan that ensures you are preparing for the future as you have imagined it today.

By | 2017-08-14T15:59:22+00:00 December 7th, 2015|Uncategorized|Comments Off on Five Sources of Retirement Income

About the Author:

Cheri S. Hill “Wealth Protection Diva”, has been a successful entrepreneur/business owner and premier business strategist for the past 22 years as President & CEO of Sage International Inc. She is a national speaker, best selling author of Incorporate & Get Rich!, and motivational teacher of financial education, business development and wealth protection strategies.