When it comes to retirement, you need to have enough money coming in to cover your expenses and meet your goals without running the risk of depleting your nest egg. However, not all forms of retirement income are the same in the eyes of the IRS. Some can be partially or even fully taxable, and some can impact the way your Social Security benefits are taxed. And that’s just for starters.
In this report, we’ll discuss the following:
1. What is retirement income?
2. What is a fixed-income investment?
3. Understanding fixed-income investments
4. What is an example of a fixed-income investment?
5. Types of fixed-income investments
6. What is the average retirement income?
7. What is a good monthly retirement income?
What is Retirement Income?
As many Americans are enjoying 20 to 30 years in retirement, it has become imperative for anyone close to retirement age to establish their own streams of income that they can count on to cover their living expenses and meet their goals in retirement. That’s basically what retirement income is all about: having enough money coming in each month so that you don’t have to tap into the principal balance of your retirement savings.
Retirement income can come from a wide range of sources, including:
• Social Security benefits
• Annuity payouts
• Retirement or profit-sharing plans
• Insurance contracts
• Pension plans
• IRAs, 401(k)s, and 403(b)s