20 Tips For Establishing Multiple Revenue Streams In Retirement
July 29, 2024 by Expert Panel
In the absence of a steady full-time paycheck, creating multiple income streams during retirement can ensure financial security and stability. Whether you’re approaching retirement age or just looking ahead, it’s important to understand your options and plan accordingly.
To help, 20 Forbes Finance Council members share practical tips to help retirees diversify their income sources. From investing in dividend-paying stocks to doing part-time consulting work, these strategies can set you up for a comfortable and sustainable retirement.
1. Ladder Annuities
Try laddering annuities. If, for example, you purchase three-, five-, and seven-year annuities instead of a single contract, you will have multiple streams of income. Not only does this ensure multiple income streams, but it guarantees that you will receive a paycheck every month, from each annuity, for the rest of your life—no matter how long you live. Plus, it’s tax-deferred! – Sheryl J. Moore, Wink, Inc.
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