The 5 Unexpected Sources of Retirement Income

Saving for retirement is the ultimate goal of everyone, but you often find that it can be difficult to amass the funds to build your nest egg. Therefore, to help make things easier for everyone, Thomas J Powell of Resolute Capital Partners has shared the five unexpected sources of retirement income that can make your future safe. These sources are your best bet when saving for retirement, and may provide you with some extra cash to fund your retirement. Here are the five unexpected sources of retirement income you can rely upon:

1.     Social Security:

It’s not just a government handout – it’s actually your hard-earned money that you’ve been paying into the system throughout your working years. So don’t forget to claim your benefits when you retire.

2.     Pensions:

Even though pensions are becoming increasingly rare, if you’re lucky enough to have one, it can provide a nice supplement to your other retirement income sources.

3.     Investments:

This is a broad category that includes everything from stocks and bonds to real estate and collectibles. If you’ve been smart about investing throughout your life, you can cash in on those investments in retirement.

4.     Home equity:

If you own your home, you can tap into the equity to get extra cash in retirement. There are a few different ways to do this, such as taking out a reverse mortgage or selling your home and downsizing.

5.     Gifts and inheritances:

If you’re fortunate enough to receive gifts or inheritances from family or friends, that money can help boost your retirement income. Just be sure to take any taxes that may be owed on those gifts or inheritances into account.

Remember, Thomas J Powell says there are all sorts of ways to bring in extra cash during retirement – you just have to get creative. So don’t forget to explore all of your options and take advantage of the sources of retirement income that are available to you.

How to Save for Retirement?

There’s no one-size-fits-all answer to how much you should save for retirement, but there are some general guidelines you can follow. How much you need to save will depend on several factors, including your age, income, lifestyle, and the age at which you plan to retire.

Generally speaking, it’s a good idea to start saving for retirement as early as possible. The sooner you start, the more time your savings have to grow. If you’re not sure where to start, there are a few general rules of thumb you can follow. One popular guideline is known as the “10% rule.”

Under this rule, you would save 10% of your income each year, starting at a young age. If you stick to this plan, you should have enough saved up to cover your costs in retirement. Of course, saving 10% of your income may not be possible for everyone. If you can’t reach that level, don’t worry – any amount you can save will be beneficial.

There are a few other things you can do to make sure you’re on track for a comfortable retirement. First, take advantage of any employer-sponsored retirement savings plans, such as a 401(k).

Secondly, make sure you understand how Social Security works and how it can supplement your retirement income. Finally, consider working with a financial advisor to get personalized advice on how much you should be saving.

Saving for retirement may seem like a daunting task, but according to Thomas J Powell it’s important to start sooner rather than later. By following these tips, you can ensure that you have a comfortable retirement.