If you’re heading into retirement, the last thing you want to worry about is how you’ll continue to make money.
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.
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.
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.
Pension plans are employee benefit plans that provide retirement income upon ending your career until the day you die.
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.
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.
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.