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Planing your Retirement Income

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    IDEAS Planing your Retirement Income

    In late midlife, i created diversified income streams to supplement traditional income from investments. Here is what its:

    1. Define the life you want
    2. Get clear about your expenses based on the life you want
    3. List the set amounts such as social security or retirement plans that pay income
    4. Determine the gap
    5. Calculate the amount of income you’ll get from your investments
    Do not confuse this with total return from stocks!
    6. Explore ways to increase your income from both alternative income investments and nontraditional retirement ideas
    Tip - Remember that you don’t want too much income, will trigger more taxes. Find balance between appreciation and income



    #2
    We’ve spent our whole lives working, spending the money we earn and hopefully saving a little too. When we retire, everything we have ever experienced about managing our own finances gets turned upside down. We no longer earn as much or any money from work. We have to figure out how to make do with and maximize what we already have. Instead of saving as much as possible, the new objective is retirement income planning — creating predictable retirement income out of what we have.

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      #3
      i am planing on saving for my retirement, i earn about 800usd and i intend to save 50usd every month for 5 years, and i believe that would be a good amount after some time for my retirement.

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        #4
        Originally posted by Edulet View Post
        i am planing on saving for my retirement, i earn about 800usd and i intend to save 50usd every month for 5 years, and i believe that would be a good amount after some time for my retirement.
        Its always a good idea to save money for security purposes. It gives us the confidence and stability in times of crisis. Sometimes it is difficult to discipline oneself to be thrifty but we must be reminded to save. Its a values that need to be imposed at an early age. It is good to be responsible and always ready for any circumstances in life.

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