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4 major sources of retirement income include
What’s your biggest retirement fear? If it’s running out of income in retirement, you’re not alone. According to a recent study from Transamerica, the number one fear for Baby Boomers is outliving their assets and running out of income.1 Boomers aren’t alone. Generation X is also projected to be far behind on their retirement savings, with an average balance of only $64,000.2
These numbers may explain why 52% of workers expect to work beyond age 65. Among Boomers, that figure jumps to 68% who expect to or are already working past age 65.3
Continuing your career into your late 60s or even early 70s is one way to accumulate more savings and protect your retirement income. However, it’s not the only option. Depending on your goals and needs, you may just need slightly more income to reach your objectives.
Below are four creative ways to stabilize your income in retirement:
Life insurance for college students
Do you have an old permanent life insurance policy that has accumulated cash value? Having an unused life insurance policy isn’t a bad thing. It’s certainly better than the alternative.
However, your needs today may not be the same as they were when you purchased the policy. You may have purchased your life insurance when you were younger. Perhaps you had young children in the home or a spouse who relied on you for financial support. Maybe you were still in the early stages of your career and saving for the future.