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Outside the Box: This retirement strategy creates steady income if you don’t have a pension

When I first entered the retirement industry, planning was commonly described in terms of a three-legged stool. The “legs” were the three traditional retirement income streams: Social Security; pensions and personal savings.

Today this analogy feels outdated. Americans can’t rely solely on Social Security to pay bills in retirement. Few private companies even offer pensions, and many corporate and governmentpensions are woefully underfunded. Most Americans have some personal savings by the time they retire, but dozens of studies show that these savings fall short.

In order to more effectively meet retiree’s spending needs, savvy financial planners and other investment professionals are looking to diversify income beyond the old three-legged stool approach.

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