7 Places to Find Income Once You Retire
Try these sources of income in retirement to help cover expenses from health care to spoiling your grandchildren.
By Scott Hanson, CFP, for Kiplinger
“Where are you going to find income once you retire? Even if you’ve got a trunk load of cash saved, you can’t just live off the principal. Because with interest rates stuck in low gear, just to keep up with inflation your money’s going to have to earn income.
And then there’s all those unexpected health care expenses, along with your grandchildren’s college educations.
What should you do?
Here are seven places to find income once you stop working, with a tip added to each to help nudge your thinking toward the future.
- Retirement Savings Account
- Social Security
- A Diversified Investment Portfolio
- Reverse Mortgage