Core Retirement Income Sources
These are the foundational streams most retirees rely on:
- Social Security Benefits
Guaranteed lifetime income with cost-of-living adjustments. Delaying benefits until age 70 increases payouts. - Defined Benefit Pensions
Steady monthly income based on years of service and salary. Less common today but still valuable. - 401(k), 403(b), and IRAs
Tax-deferred or tax-free growth depending on account type. Can be rolled over or converted to Roth for tax efficiency.
🛡️ Insurance & Guaranteed Income
These help manage longevity and market risk:
- Annuities
Provide guaranteed income for life or a set period. Options include fixed, variable, and indexed annuities. - Cash Value Life Insurance
Whole or universal life policies may allow tax-free withdrawals or loans from accumulated cash value.
Real Estate & Home Equity
Tangible assets that can generate income or liquidity:
- Rental Properties
- Reverse Mortgages or HELOCs
- Non-Traditional & Flexible Sources
These add variety and adaptability:
- Part-Time Work or Consulting
- Royalties, Freelancing, or Passive Business Income
- CD Ladders