Chuckanut
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Like many here, I will have several sources of income in retirement. In my case there are three: Pension, SS and personal savings (IRA and non-IRA).
Many people consider tax consequences to decide if they should take SS early and conserve the personal savings, or use up personal savings to increase the SS payment later in life. Or delay a pension and and take earlier SS. Or delay SS and take the pension earlier, etc.
But, I am also thinking that diversification of income sources needs to be a consideration. Over the 30+ years many of us plan to be retired, nobody knows for certain what will happen: the pension could be reduced, SS could be reformed in a way that results in a cut, and personal savings could be damaged by a bad market and poor economic conditions. Having diversified sources would help buffer a retiree from one source doing badly or being cut off.
I would enjoy hearing other's thought on this and how you diversify income sources, or why you decided not to do so.
Many people consider tax consequences to decide if they should take SS early and conserve the personal savings, or use up personal savings to increase the SS payment later in life. Or delay a pension and and take earlier SS. Or delay SS and take the pension earlier, etc.
But, I am also thinking that diversification of income sources needs to be a consideration. Over the 30+ years many of us plan to be retired, nobody knows for certain what will happen: the pension could be reduced, SS could be reformed in a way that results in a cut, and personal savings could be damaged by a bad market and poor economic conditions. Having diversified sources would help buffer a retiree from one source doing badly or being cut off.
I would enjoy hearing other's thought on this and how you diversify income sources, or why you decided not to do so.
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