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Curious about retirement planning

What are the options for creating a steady stream of income during retirement?

Curious about retirement planning

There are several options for creating a steady stream of income during retirement, including:

Annuities: An annuity is a contract between an individual and an insurance company that provides a guaranteed income stream for a set period of time, or for life. An annuity can be a fixed or variable annuity, and can offer different payment options.

Social Security: Social Security provides a monthly income to retirees, which can be a significant source of income for many people.

Retirement accounts: Retirement accounts such as 401(k)s, IRAs, and other savings accounts can be used to create a regular stream of income during retirement. Depending on the type of account, withdrawals may be subject to taxes and penalties.

Rental income: Rental properties can provide a steady stream of income during retirement, but also require significant maintenance and management.

Part-time work: Many retirees choose to work part-time during retirement to supplement their income.

It is important to consider a variety of options and create a diversified retirement income portfolio to help reduce risk and ensure financial stability during retirement. Consulting with a financial advisor can also help you determine the best strategy for your individual situation.

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