A Boomers’ guide to income in retirement

If you’re heading into retirement, the last thing you want to worry about is how you’ll continue to make money.

Generating income without working can be complicated for older adults, but it’s not impossible. It’s essential to understand your options and be aware of potential scams. Unfortunately, older adults are the main target for financial scams.

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Social Security, pensions and investments are common sources of income for older adults, but many additional possible income streams exist. From annuities and bond ladders to reverse mortgages, the options below may not fit every person but are an excellent place to start exploring what may be possible.

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When purchasing a retirement annuity, you can do so as an immediate or deferred option. For most older adults, immediate annuities are more popular because they start paying out within a month of being purchased.

Retirement Annuities

Strategic withdrawal includes a method for withdrawing your money and using it as cash flow in addition to allowing what you still have in savings to continue to work for you.

Strategic Withdrawal

Bonds are issued by companies or government entities but can be purchased as investments. Bond laddering is when you purchase a variety of bonds that all have differing mature dates.

Using a Bond Ladder

Pension plans are employee benefit plans that provide retirement income upon ending your career until the day you die.

Pension Plans

A reverse mortgage allows you to take the equity in your home and turn it into cash. For older adults who own a large portion of their home, a reverse mortgage can be used as a source of retirement income without risking the roof over your head.

Reverse Mortgages

Every paycheck you receive has a small amount taken out that goes into Social Security for most individuals. You also earn credits for the number of years you pay into Social Security.

Social Security Benefits

When considering government assistance for those facing retirement, most people do not think beyond Social Security and Medicare, but there are a variety of additional offerings to aging adults.

Government Resources and Public Assistances