Redefining Retirement: Income Strategies for Today’s Savers
Exploring Alternative Retirement
People are looking for new ways to ensure financial security in retirement beyond pensions and Social Security. In today’s rapidly evolving financial landscape, there is a need to explore alternative retirement income strategies that go beyond traditional sources.
“Knowing alternative retirement options such as annuities, dividend-paying stocks, and part-time work can create a sustainable income stream.” Says Martin Walcoe, President and CEO of David Lerner Associates, “Seeking guidance from an investment counselling firm can provide expertise and personalized solutions tailored to individual goals and circumstances.”
The Role of an Investment Counseling Firm
Crafting a customized retirement income strategy that aligns with individual goals and circumstances can be complex. Seeking guidance from an investment counselling firm can provide valuable expertise and personalized solutions.
An experienced firm can help individuals with their retirement planning. They can assess risk tolerance and develop diversified investment portfolios. They can also guide people through the complexities of alternative retirement income options. Their knowledge and insights can help optimize retirement income potential, mitigate risks, and provide peace of mind during the retirement journey.
Non-Traditional Retirement Income Strategies
- Annuities
Annuities are insurance products that offer a guaranteed income stream for life or a specific period. They provide a sense of security by ensuring a steady income flow during retirement.
Fixed annuities offer a predictable income, while variable annuities provide the potential for growth based on underlying investments. Annuities may come with fees and restrictions.
It is important to review the terms carefully. We must understand the trade-offs between guaranteed income and potential investment returns.
- Dividend-Paying Stocks
Investing in dividend-paying stocks can be an attractive option for generating retirement income. Dividends are a portion of a company’s profits paid out to shareholders. These stocks provide regular dividend payments, which can supplement retirement funds.
Dividend stocks from stable companies with a history of consistent payouts offer the potential for income growth over time. By selecting solid companies with a history of consistent dividend payments, investors can create a source of passive income. Investing in stocks carries market risks. Careful research is needed to reduce volatility and ensure a reliable income stream.
Martin Walcoe, President & CEO of David Lerner Associates, stresses the need for conservative investing, “We follow the Sensible Middle Ground of investing. At David Lerner Associates we believe in building your portfolio through careful personalized service.”
- Part-Time Work
A recent study by AG found that almost half of all Americans age between 60 and 75 said that they planned to work part time after they retire. The research also revealed that 1/5 of Americans feel they’ll work past the age of 70 and that figure seems to be going up 12% said they don’t ever plan to stop working full time that’s doubled since 2019.
Continuing to work on a part-time basis during retirement can provide both financial and personal fulfilment. It can supplement retirement savings, bridge income gaps, and help maintain a sense of purpose and social engagement.
Part-time work options can vary from consulting and freelancing to pursuing a passion or starting a small business. Individuals should consider their physical and mental well-being when opting for part-time work as a retirement strategy. They should also consider the impact on their work-life balance.
Redefining Retirement through Expert Advice
Redefining retirement requires exploring alternative income strategies beyond traditional sources. Annuities, dividend-paying stocks, and real estate investments offer potential benefits for individuals seeking to secure their financial future. Part-time work also provides potential benefits and considerations for the same purpose. However, it’s important to thoroughly research and evaluate these options, considering risks, fees, market conditions, and personal circumstances.
Seeking guidance from an investment counselling firm can provide the expertise needed. This expertise can help create a customized retirement income solution. The solution should align with individual goals and help navigate the complexities of the financial landscape.
Individuals can redefine their retirement by embracing alternative income strategies. Leveraging expert advice can help to build a sustainable income stream. This will allow for a secure and fulfilling future.
Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice