Generating Retirement Income
October 23, 2019
Each day, more than 10,000 Americans celebrate their 65th birthday. It’s a milestone, and for some, it signifies the beginning of retirement. Your friends, family, and coworkers may know you’re planning to retire. Some might even ask “When’s the big day?” If you have concerns about maintaining retirement income, you may not know whether you’re ready.1
While it’s ideal to have targets in mind when creating your retirement strategy, there is always the possibility for the unforeseen. If you believe you might come up short, there are some choices for closing the gap.
Waiting to retire is another direction and an increasingly popular one. If you can continue at your current job for a few years, those are years where you aren’t spending retirement income, which may allow you to continue accumulating money in your retirement accounts or other investments. Your work life doesn’t need to continue at the same pace, either. You might shift to part time with your employer. There’s also the option to pursue a part-time job in another line of work, perhaps something that lets you follow your passions or pursue an interest.
There’s also delaying Social Security. The longer you wait, the more you stand to collect. In fact, if your strategy includes some combination of personal investments, working longer, and collecting Social Security later, that gap in retirement income may be smaller. Naturally, this all depends on your specific needs and desires. However, as you strategize retirement spending, it’s always good to consider your choices.1