7 IMPORTANT Retirement Income Streams

Your retirement income portfolio should contain several of these important retirement income streams. The objective of most people is to have a diversified source of income for their retirement needs. Identifying these streams of income is the first step in capturing them for yourself. This video identifies the most common retirement income sources so that you can build them yourself.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

[JLW]

0:36 #1 Social Security
1:20 #2 401k or IRA
1:50 #3 Pensions
2:16 #4 Personal Savings
2:31 #5 Paper Assets (Stocks and Bonds, Mutual Funds)
4:19 #6 Non-Tradtional Investments (Real Estate, Annuities)
5:17 #7 Hobby Income (Collections)
5:55 Teaching

[rchn]

1) social security
2) 401k / IRA
3) pension thru employer
4) personal savings (rainy day funds)
5) stocks, bonds (incl dividends), mutual funds
6) Non-traditional investments (real estate, ...) (your own house(s)?)
7) Annuities (complicated)
8) Hobby income
9) Teaching (PT work) / Side Gig

#6 could be an income source from downsizing or Reverse Mortgage for high equity homes.

LTC insurance can effectively be a pseudo source of income when needed. Without LTC insurance, then you need a higher income to pay for those costs. So in effect, it could be considered a source under certain scenarios. Under Medicaid, it would be considered a source of income.

[thomaskelly]

Not to long ago it seemed like financial advisors were all saying you couldn’t retire unless you had a million dollars. It was easy to add up your savings and 401k but how could you put a lump sum value on your pension and social security? That’s when I devised this formula. Divide your monthly benefit by $ 60 and then multiply the result by $10, 000 the answer is an approximate lump sum value for that benefit. It is based loosely on the monthly amount you would receive if you annuitized that lump sum. I hope that makes sense.

[lindagurnish]

Can you do a video on pros and cons of anniuaties

[russellmania]

I knew my pension was not that great and it would not increase much before I retired. So I decided to make sure I was debt free before I retired which I did. I have pension, savings, IRA, rental income, and savings bonds. Enough to maintain my lifestyle in all I need.

[lindawilkinson]

Idea for a video. Take us through what percentages of your income that YOU personally invest in (without figures for privacy)… you are one smart cookie!

[williammccaslin]

I have 4 streams of income for retirement, but don't feel that's enough to leave my wife in case I die, she's younger than me. But I have the itch to start a buisness to grow my investments, it was always my dream, not working for others as I had to do till 62. I know what my passion is, but have seen others get burned out when it grew into a more than full time job, so doing my homework, an will see what the future holds, thx for the vid an always willing to listen to what you have to say.

[dipaknadkarni]

Thanks.
Keep up the great job.
You are blessed by the Lord.

[tomm]

I tried to think of what the common revenue "INCOME" streams would be before watching. I came up with: SS, Pensions, Tax Deferred Retirement Account Draw, Interest, Dividends, Capital Gains, Rental Property Income and then while not always the case Part Time Work.

I was surprised this video listed "Savings" as your savings accounts are NOT "income" at all. As a CPA I would think he'd know this. It's a source of money, sure, but not an income stream.

Multiple income streams is important to develop in your life, not just for retirement. When you don't rely on one source of income you have options that open up to you.

[tyronedeasbrailsford]

What are your thoughts on precious metals (gold, silver)? Thanks

[doubletake]

A lot of us over 65 years of age have lets say $1.5 mil in our 401k/IRAs and we need to transition from equity based risk to capital preservation (i.e., income streams). Would you please consider taking us through the process of selling stock and reinvesting the proceeds into dividend and interest bearing investments. Precisely, what percentage of account value should be in what types of investments and please give real world examples. Thanks in advance for your consideration.

[namastemcl]

Thoughts on Fundrise for commercial real estate investment.

[deltauniformtangocharlieho]

I'm not sure I would call drawing down savings a form of "income" but perhaps that is just nomenclature. I generally look at non-tax sheltered investment income, tax- sheltered investment income, real estate rental income, other rents and royalties, social security and hobby/side job/parties work (including mentoring, tutoring, teaching, coaching) as the big retirement income buckets.

[gregj]

Good information. Do you have a specific video on annuities? Like you said, most including myself don’t fully understand them.

[patricksunn]

I heard recently that California will pay low income seniors a $500 monthly stipend. What do you know about this?

[garyvancamp]

😊 Great video's and thank you for them. 👍 The new term is called "Side Hustle" meaning something on the side to make money, one of the easiest tax free ways is selling your old items at a garage sale. 😊 I have actually heard of people going professional at this, meaning they are buying at garage sales to sell at there own sale. 💰 You really have to find something to keep you busy and if you can make money doing it that is great.

[vinnyg]

Geoff, You mentioned 6 months of cash and I know that's what working people should have but when retired shouldn't a person/couple have a few years worth of cash in case the market turns down and replenish that cash when the markets are up?

[princesskaitlinhazelwood]

You should have listed all the streams in the comment section.

[danhamilton]

Great informative videos. Could you present a video on reverse mortgage. Its pros and cons and your thoughts about reverse mortgage. Thank you.

[ericwagner]

What about Permanent Life insurance dividends, or scheduled surrenders?