9 Ways to Fund Your Retirement

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eggs in basket 150x150 9 Ways to Fund Your RetirementAccording to a recent Gallup/Wells Fargo survey, most Americans’ retirement income comes from a number of different sources; a recent USNews.com Money report provides these nine ways to pay for your retirement:

Social Security – the most common form of retirement income; research shows 83 percent of Americans will count on it to fund the major portion of their retirement income.

Retirement savings accounts – 81 percent of retirees have an IRA, 401(k) or other retirement savings account, but only one-third say withdrawals from these will fund a majority of their retirement.

Pension – nearly half of retirees count on a private pension as a significant retirement income source.

Home equity – you can use the equity in your home to help fund your retirement by moving to a smaller home or condo, or taking out a reverse mortgage.

Stocks and mutual funds – the Gallup survey found that about one-third of retirees will count on the performance of stocks and mutual funds to fund their retirement.

Part-time job – while many people say they plan to work part-time in retirement to get some extra cash and because they enjoy working, only about 29 percent of retirees today have part-time jobs.

Savings accounts and CDs – one-quarter of retirees get the majority of their income from savings accounts and CDs, and another 50 percent list these as a minor contributor to retirement income.

Annuities and insurance plans – less than 20 percent of retirees say they get a significant portion of their income from these financial products.

Inheritance – approximately six percent of retirees list an inheritance as the source of a major part of their income.

For help in making good decisions on how you will fund your retirement, contact our Newport Beach estate planning law firm.

Contact us today for individualized planning strategies to meet your unique needs.

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