The Guide To Retirement Income
Overview
Whether your retirement plans are traveling the world, developing new hobbies, or enjoying time with your loved ones, the last thing you should worry about is how you will afford it.
To ensure you have the necessary retirement income, the first step is to evaluate your expected cost of living and your available income streams. Since not all income streams are created equal, you must know which ones to access and when.
Things To Consider
How much will your retirement cost? There are four factors to consider.
- Non-Discretionary Spending
- Discretionary Spending
- The Impacts of Inflation
- Investment Time Horizon
Your income for retirement can come from various sources and knowing which to access and when can be game-changer for your retirement strategy.
- Examples of non-investment income sources include pensions, salary, social security, business and real estate.
- Examples of investment income sources include bond coupons, stock dividends, tangible assets (Rental Property), REITs, MLPs, and put strategy.
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