What types of income can you use in retirement to support yourself?

Answer

Retirement income can be used to support oneself in a variety of ways[1]. The most common types of income used in retirement are Social Security, pensions, annuities, investments, and part-time employment[3]. Social Security benefits are an important source of retirement income available to individuals over the age of 62[1].

Pension benefits, which are typically based on years of service and salary, are also a common source of retirement income[3]. Annuities are payments made to individuals as a lump sum or a series of payments, usually until death[3]. Investments, such as stocks, bonds, mutual funds, and real estate can also be used to generate retirement income[7].

Finally, many retirees opt for part-time employment, particularly if they want to stay active and engaged in the workforce[7]. Employment income can be earned from working at a business, consulting, or providing freelance services[5]. Each of these income sources can provide financial security in retirement and it is important to consider which sources are best for each individual situation[7].

It is also important to discuss retirement goals with a financial advisor to ensure that a strategy is in place to generate the necessary income in retirement[5].

Websites

1. https://ww2.nycourts.gov/divorce/info_faqs.shtml
2. https://www.usa.gov/retirement
3. https://www.investopedia.com/retirement/how-to-manage-timing-and-sources-of-income-retirement/
4. https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/5-facts-about-the-earned-income-tax-credit/L6YfN8sCL
5. https://www.irs.gov/publications/p596
6. https://courts.alaska.gov/shc/family/supportfaq.htm
7. https://www.irs.gov/publications/p17
8. https://www.fidelitycharitable.org/guidance/philanthropy/charitable-remainder-trusts.html

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