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Avoid these mistakes with discretionary income in retirement

When it comes to planning for retirement, people are typically told to first make sure they have enough money to meet their basic needs and then try to have some left over for those nice, but not necessary, extras.

As a result, the typical advice goes something like this:

Retirees should cover basic, ongoing living expenses with Social Security and any pension benefits. If these sources aren’t enough, they are sometimes advised to cover the rest by using assets to purchase guaranteed sources of inflation-adjusted income, most often by using bond ladders or fixed annuities which have a zero value at the end of life.

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