Safe Retirement Income

Your Retirement Depends on It

Tim Barton, Chartered Financial Consultant

Pepin Wisconsin
715-220-4866

February 19, 2015 by Tim Barton Leave a Comment

The 3 Sources of Retirement Income

  What Are the Available Sources of Retirement Income?

When you retire and your earning power ceases, you will have to depend on three primary sources for your retirement income:

 

Social Security

  • According to the Social Security Administration, the average retired worker in 2015 receives an estimated $1,328 monthly benefit, about 40% of average preretirement income. As pre-retirement income increases, however, the percentage replaced by Social Security declines.

Employer Sponsored Plans and IRAs

  • You may be eligible to participate in a retirement plan established by your employer and receive pension income at your retirement. You may also be able to contribute to an individual retirement account (IRA) to supplement Social Security and pension benefits.

Home Ownership and Personal Retirement

  • For many people, there is a gap between the retirement income they can expect from Social Security and employer-sponsored plans/IRAs and their retirement income objectives. Home equity can be used to bolster retirement security.
  • Personal retirement savings, including bank and brokerage accounts and insurance and annuity contracts, can be used to bridge a retirement income gap.

If sufficient retirement income is not available, will you defer your retirement age, or will you choose to reduce your standard of living?

 

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Filed Under: Retirement Planning Tagged With: business, finance, investing, lifestyle, Money, Retirement, retirement income, retirement planning, social security

About Tim Barton

Growing up during the 60s and 70s Tim saw the real-life effects of sure thing stock investments gone sour. It seemed all the adults around him who did not keep their money in safe investments like insurance, banks and government bonds lost most of it. While they were young, they felt invincible, but as age crept up, their conversations turned to the gloomy reality of lost retirement funds.
In 1976 all those memories started Tim along his career path dedicated to helping people avoid the pain of losing their hard earned dollars. Tim decided to enter the retirement planning business vowing never to cause anyone to lose money. He has kept that promise by focusing on insurance based planning.

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