- Invest in a mix of assets: Investing money in bonds and stocks equally, can deliver returns high enough to provide revenue without subjecting you to any high losses.
- Dividend stocks: Investing in companies that pay a regular dividend to their shareholders can create a regular source of retirement income for you, as they share the profits with their investors.
- Withdrawal rate: The withdrawal rate from your retirement income should be set high enough to obtain an acceptable level of income and to avoid the burnout of the assets in the early retirement.
- Real estate investment: Investing in real estate is a good option as the value of the property increases with inflation.
- Getting introduced to IRAs: Opening an IRA and investing money in it is easy and advantageous as you will be provided with tax benefits irrespective of you being a fresher or experienced trader.
Grow your retirement income
Planning for income to be received after retirement is your responsibility, especially since the traditional employer-funded retirement plans and their popularity is fading. With a high-powered lifestyle and growing needs, Social Security benefits may not be enough to insure a comfortable life after retirement. Without a retirement plan, you could face a future that will be full of financial uncertainties and hardships.
But you can overcome these financial uncertainties and hardships. How? By investing your retirement income in a broad range of assets that can offer not just current income but advance in funds as well.
Strategy to follow to generate regular income
Today, there are many investment methods available, which carry minimal or no risks and are tax efficient too. You can implement an effective and more stable strategy for generating sustainable retirement income in following ways
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