Retirement Income

You spend your life working and saving, but in retirement everything turns upside down as you transition to a life of leisure and need to turn those savings into reliable retirement income.

There are different ways of determining how much retirement income you will need and many different strategies for securing that income.

Your retirement income may come from a mix of savings withdrawals, Social Security, pensions, passive income, annuities, retirement jobs, and more.

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low interest high return investments

14 Low-Risk, High-Return Investments: How to Make Money in a Low Interest Rate Environment

When you are retired, or near retirement, it is generally a good idea to have a percentage of your savings in investment vehicles that are lower in risk.  However, it can be difficult to find low-risk, high-return investments — especially now with Certificate of Deposit (CD) and savings account rates at less than one percent.…

February 18, 2021
average retirement income 2021

Average Retirement Income 2021: How Do You Compare?

How are you going to pay for retirement? How is everyone else doing it? What is the average retirement income for 2021? Has it changed a lot from past years with the pandemic? Are you anywhere close to average? 2020 was a devastating year for the finances of many households. And surprisingly, it was also…

February 10, 2021

Early Retirement Income: 5 Ways to Make Penalty-Free Withdrawals from Your Retirement Accounts BEFORE You Turn 59.5

Early retirement is a dream for many. However, a really early retirement is fairly rare. According to research published on LIMRA, only about 20% of all Americans retire in their 50s or before — with most of those happening after age 55. For those that do retire early, figuring out how to fund expenses can…

February 4, 2021
real estate investing for retirement

8 Ways to Invest in Real Estate for Retirement

Let’s get real about investing in real estate for retirement. Investing of any kind can be complicated at any point in your life. However, investing in or near retirement can be especially arduous. At retirement you need your assets to be relatively free of risk while keeping pace with inflation. In many cases, you need…

January 20, 2021

Podcast: Dana Anspach — Retirement Income Planning

The 50th NewRetirement podcast! This time, Steve Chen is joined by guest Dana Anspach — Certified Financial Planner™, author, and the founder of Sensible Money — and discusses her practice and approach to retirement income planning. Listen Now: Don’t miss out on future episodes: subscribe on iTunes subscribe on Stitcher And, join our private Facebook…

December 17, 2020
effects of low interest rates

What Are the Effects of Low Interest Rates on Your Retirement?

You may have seen the news: Interest rates in the United States are at historic lows. That sounds great. But is it really? What are the effects of low interest rates on your retirement? Read on to see the pros and cons of low interest rates on your retirement plan. And, how to make the…

October 29, 2020
tax withholding in retirement

How Are Different Retirement Income Sources Taxed? And, How Does Tax Withholding Work in Retirement?

Retirement tax planning is a critical part of preparing for a secure future. The good news is that with so many possible retirement income sources, you have many different opportunities to potentially reduce your tax burden. And, you may even discover that reducing taxes can enable you to retire a little earlier than you might…

October 29, 2020
tax free retirement income

7 Sources of Tax-Free Retirement Income

You’ve worked diligently and paid your taxes along the way. When retirement finally arrives, you deserve to collect at least some tax-free retirement income without Uncle Sam coming back for more. With a bit of strategic planning, it’s possible to enjoy much or even most of your retirement income tax-free. The following seven sources are…

September 18, 2020
retirement withdrawals

Your Guide to Developing a Retirement Withdrawals Strategy

You’ve spent your entire working career saving and investing for retirement. Now it’s time to develop a retirement withdrawals strategy. When you are thinking about withdrawing money from your retirement accounts, it’s important to come up with a strategy that ensures that your savings are going to last for a lifetime, are used efficiently, and…

July 7, 2020
how to make money in retirement

How to Make Money in Retirement: 14 Real and Really Easy Ways to Boost Income

Regardless of where you are in life, it’s always nice to make some extra money.  And that is especially true in retirement. But, how to make money in retirement when you’re supposed to be simply enjoying the easy life?  The retirement gigs listed below won’t be quite enough to cover retirement expenses, but they won’t…

July 5, 2020
retirement target date fund

Pros and Cons of a Target-Date Fund

A retirement target-date fund is a  professionally-managed mutual fund that is strategically reallocated over time to achieve both growth and security for your assets. The key goal for a target-date fund is that your money will be available for withdrawal on a  targeted retirement date in the future. When you invest in a target-date fund,…

July 3, 2020
Happy Retirement

Surprising Tips for a Happy Retirement

After the stress of building careers and raising kids, most people’s happiness seems to start increasing at around age 65. And, we keep getting happier until it peaks at around age 85. Want to do a little extra to make sure you have a happy retirement? Try these tips: Think About Your Death Yes, you…

July 1, 2020
Early retirement

5 Steps for Defining Your Retirement Drawdown Strategy

If you’re reading this, you’re likely someone who: saves money, has built up some assets, and is starting to think about how to create a retirement drawdown strategy – a plan for how to turn your assets into income that will last for life. Having a sound retirement drawdown strategy and keeping to it is…

June 29, 2020
Retirement

Retirement 101: What is Fixed Income?

The term “fixed income” can be confusing. Many adults of all ages have a reasonably steady income, whether from a salaried work position or dependable work at an hourly job. But a fixed income, at least as it applies to budgeting and investing for retirement, is something different. A fixed retirement income might sound great…

June 28, 2020
retirement income

How to Build a Retirement Income Plan

“The most important thing you can do for your retirement is have a plan, specifically a retirement income plan. A plan covers far more than what investments to pick. Investments are the last part of the plan; the icing on the cake. They should come only after you have the main meal menu in place,…

June 6, 2020
pension vs. lump sum

Lump Sum vs. Pension: What is the Better Option?

A very common question from pension recipients is: “Our employer gives us a choice of either a pension or a lump sum when we retire. What is the better choice for me?” Choosing the Pension Option How is the Pension Being Funded? Your pension may be an annuity purchased from an insurance company by your…

June 1, 2020

Podcast: Glen Nakamoto — Building a Retirement Paycheck

Episode 41 of the NewRetirement podcast is an interview with Glen Nakamoto — retired cyber security analyst and financial planning enthusiast. They discuss how Glen built his own lifetime retirement paycheck with a guaranteed income floor using immediate annuities. Glen outlines how he built his plan and paycheck. Listen Now: Don’t miss out on future…

May 28, 2020
Using an income floor for financial freedom

Building a Retirement Paycheck Through Retirement Income Planning

This deep dive into the concept of using an income floor to establish a three bucket plan for retirement income needs comes from Glen Nakamoto. First of all, just to make clear, I am not a financial advisor or anyone who has any background in financial planning. Before I retired, I was a cybersecurity analyst…

May 11, 2020
retirement income strategies

Retirement Income Strategies: 18 Ideas for Lifetime Wealth and Peace of Mind

We’ve spent our whole lives working, spending the money we earn and hopefully saving a little too. When we retire, everything we have ever experienced about managing our own finances gets turned upside down. We no longer earn as much or any money from work. We have to figure out how to make do with…

February 19, 2020
will i run out of money in retirement

Knock Out Worries About Running Out of Money! Give Your Retirement Plan the 1-2 Punch it Needs!

Believe me, you are not alone if you have nervously asked yourself, your spouse or even a financial advisor: “will my retirement savings last as long as I do?”  Concerns about running out of money in retirement are almost universal — no matter how much money you have.  After all, there are many unknowable variables…

July 23, 2019

The Retirement Switcheroo: 6 Tips to Flip Your Mindset from Saving to Efficient Spending!

Retirement is a big deal and a huge life change. You have a whole new lifestyle and need a very different way of thinking about your money. In fact, your financial mindset needs to get flipped upside down. You need to go from a focus on accumulation (saving, saving, saving) to spending (efficient use and…

February 6, 2019
retirement income conference

9 Powerful Insights from the Retirement Income Summit

Earlier this week I traveled to Chicago to attend the Retirement Income Summit — a financial advisor industry conference focused on the latest ideas about how to improve and secure retirement income. I saw presentations, met up with insiders in the financial services industry and found a few ideas to help you have a better…

May 3, 2018

Retirement Planning: 5 Ways to Make Sure Your Retirement Income Lasts as Long as You Do

Whether retirement means kicking up your feet, pursuing a new career or enjoying a favorite hobby, there’s one looming concern most Americans share: running out of money. A study from Allianz Life Insurance found that most Americans fear running out of money in retirement more than they fear death. Sixty-one percent of all respondents said…

December 10, 2014

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