3 Sources of Retirement Income You Probably Haven't Considered Yet
Are you worried you may not have enough retirement income to live on when that time finally comes? That's understandable, since Social Security only replaces, on average, about 40% of your work-based wages, according to the Social Security Administration.
Meanwhile, mutual fund company Vanguard reports that while the average size of 401(k) retirement accounts of the 65+ crowd currently stands at just under $280,000, that number is skewed sharply higher. The median figure (the number right in the middle of all of the average's underlying data points) is actually a little less than $88,000, which means half of all these accounts are worth less than $88,000. Either way, both of these numbers could prove limiting in terms of generating spendable income in retirement.
Fortunately, you have options. Assuming you're going to do the obvious things -- like owning dividend-paying stocks, interest-paying bonds, and certificates of deposits (CDs) -- and maximize any annuity or pension payments you're due, here's a closer look at three ways of generating retirement income you may not have yet considered.
Source Fool.com
