What Kind of Retirement Income Is Right For You? | Retirement ...

The vast majority of people who have planned for retirement use a combination of their options to live on once they retire.

But how do you figure out which are right for you? That depends on several things. Following is a list of considerations to keep in mind when trying to determine what kind of income you want coming to you during your retirement years.

1. When you start planning for retirement.?

If you start in your twenties or thirties and invest toward retirement consistently and frequently, you can plan on receiving a passive income from such products as annuities, mutual funds or (if you make enough) savings.

However, if you ignore retirement until you are in your fifties, you will probably need to plan on working part-time after you retire from your full-time career.

2. Your willingness to take risks.

If you are extremely conservative, annuities would be the way to go. If you can handle the fluctuation of the stock market, mutual funds will bring you a higher retirement income. If you enjoy taking larger risks, perhaps you want to include Real Estate as part of your portfolio.

3. The standard of living you want after retiring.

If you want to retire to southern California or New Hampshire or to Europe, you will need to be more willing to make risks with your investing. Why? Such areas are more expensive to live in, and socking away money in a bank account will do little to help you meet this goal. You will need a higher retirement income than if you decided to live in Arizona or Kansas.

4. The lifestyle choices you will make.

Are you going to live in a rural area and be a homebody, or live in a city retirement community and travel the world every year? Generally speaking, the more money you want to be able to spend after you retire, the less conservative your investments will be. You may also be more inclined to try to grow a business in multi-level marketing before you retire.

To sum up, the options you select for retirement income depend on your vision of life during your senior years.

Learn more about increasing your retirement income at more-retirement-income.com.

Source: http://phonesb.com/retirementplanning/what-kind-of-retirement-income-is-right-for-you/

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