During your working years, you’ve met the costs of living through your salary. But once you retire, where will the money come from?
To gain some retirement “paychecks,” you’ll need to manage your income sources effectively.
For example, instead of reinvesting your dividends and interest payments, you could have them paid directly to you. And choose an appropriate withdrawal rate for the rest of your investments – you don’t want to risk outliving your portfolio.
You can also maximize your Social Security by delaying your payments as long as possible.
Here’s another possibility: Consider purchasing an annuity, which can provide you with an income stream for life. Check with a financial professional to determine if an annuity is right for you.
Finally, don’t rule out the possibility of earned income through part-time work, consulting or opening your own business.
By exploiting all your opportunities, you can build a retirement income plan that could meet your needs.
This content was provided by Edward Jones for use by Daniel Pellerin, your Edward Jones financial advisor at 189 East Main Street Suite G, in Newport, (802) 334-6261.
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