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RETI REMENT I NCOME
– W HI CH ARE THE
ONES?
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In the U.S., a person’s major source of . ,
when he or she retires, their source of income tends to come from different andmultiple sources.
This would include payments by theSocial Security administration, part-time
jobs or savings accounts that were
es gna e as re remen accoun s. equestion is – Which are the most popular
least to most popular.
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It is ok to have a major portion of your
does not necessarily make it the idealsource.
with rental income such as investmentportfolio and IRAs.
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2. Annuities or Insurance. These are
purchaser payments for as long as theylive. There are about 8% of both thosepresently working and retirees that
anticipate having annuity payments orinsurance plans playing a significant rolein their retirement strategy.
owever, re rees s ou e cau ousabout the wordings and expenses
.
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Annuities are not for older people due to
up purchasing them.
Prior to buying these financial products,
review the annuity paperwork orcontract.
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3. Inheritance. What better way to
you retire than inheriting a huge amountof ro erties and cash.
amount of wealth through inheritancecomprises 9% of the current working
population.
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Yet, only 3% of the presently retired
for their retirement.
The reality is, inheritance don’t always
live longer than expected and mayrequire the wealth for whatever purpose
they may serve.
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4. Part-Time Work. Some future-
when the time comes, especially thosewho fail to save enou h assets.
About 17% anticipate that they will beworkin art-time in retirement.
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This has gone up from 9% in 2001. On,
wants to work, must be able to find a jobfirst hen be able to kee the ob andhealthy enough to continue working.
The fact is, only 4% of retireesresponded to the survey that they are
currently working part-time.
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5. Home Equity. If you have a home,
can use this to pay for your retirement.
This, however, is less popular now
29% in 2007 down to 19% in 2011) andis as low as it was in recent history. This
20% precisely equals the number of retirees doing just that.
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However, utilizing home equity to pay for
funding should be approached with arain of salt.
bottom of the list due to the risksinvolved and that is losing a roof over
your head as well as losing the propertyyou might wish to leave to your kids.
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6. Stocks and Stock Mutual Funds. At,
are looked at as a way to generateincome when one retires.
that stocks and mutual funds will supplya major part of their retirement income.
In 2007 there was 24% that thought thesame or 4% more than the current.
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Currently, only 13% of present retirees
of their living expenses. Also, when youinvest on stocks ou defer an taxpayments until you sell them.
When retirees make withdrawals fromtraditional 401k and IRA accounts, theymust pay regular income taxes. In short,
av ng an accoun a s pay ng qua edividends and long-term capital gains,
have outside of a retirement account.
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7. Savings Accounts and CDs. A small
using money tucked away in savingsaccounts and certificates of de osits tofund retirement.
On the other hand, 21% current of workers pray that strict savings habits
will provide for a solid source of retirement income.
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If somehow, a retiree decides, against
the stock market, it is recommended thatthe kee between two ears and fouryears of living expenses in the form of
cash in case the stock market dives oncemore.
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8. Pensions. Workers who are
retirement have hit a rock bottom of 22% and lower from the 31% in 2007.
Workers who are just entering the
workforce are finding fewer companiesthat offer pensions and they are alsolooking at less generous payouts than
e r pre ecessors. n y a ou othose retired are getting pension income.
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10. Social Security. A survey made on
known for its political surveys revealsthat out of 1 000 Americans 53 ercentof retirees say Social Security payments
comprises a big chunk of their income.
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Workers who are currently working also
their retirement.
This is the highest ratio ever recorded by
This is also up by 7 percentage pointssince 2007.
http://briggymoney.com/