Income Sources You Can Diversify

Why Retirement Income Sources so Important?

Today, we are going to talk about possible income sources in retirement. We’ll also discuss why a properly diversified  income plan important. Now, we believe success in retirement is tied to your retirement income. Think, do you have a paycheck in retirement that you can rely on, like a pension?  If the answer is no, then you need to develop a regular paycheck to receive in retirement. But, what’s the best way to do it?  That’s why we’re talking about creating income sources that will continue during retirement. In reality, diversifying your income sources is probably in your best interests.

Most of you have heard of the term “diversification.” It’s used very loosely across the industry, and in a nutshell, it’s talking about making sure that you don’t have too much of your money invested in a single spot. We want to give you a roadmap for the different vehicles that you can use today to generate retirement income, how each one works, and the risks involved,

The bottom line is this, it is very easy to focus on wealth and how much you have saved. In fact, most of the marketing focuses primarily on rate of return-based decision making. After all, when you were working all those years and trying to put money away it was easy to take more aggressive risk approach with your investments. But there are a few key factors that go away when you enter retirement, and these factors change almost all of the rules for you:

No regular or systematic withdrawals are needed then

but they could be needed now. When you are not in need of a regular withdrawal, it’s easy to take more risk.

You’re not of age yet to even spend these dollars

if they are qualified accounts, like IRAs and 401(k)s. As you probably know, the magic age is 59½ years old before you can spend this type of money

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