Weekend Money Watch: How to secure steady retirement income

Source: Tim Maurer, NAPFA-Registered Financial Advisor, USA Today

Q: What is the best vehicle for a steady income stream in retirement? A: The best vehicle for the creation of an income stream in retirement will depend on your retirement source, tolerance for risk, desire for flexibility, life expectancy and your inheritance plans. A "traditional" view of our sources of retirement income was a three-legged stool represented by: • Pension income • Social Security retirement benefit • Personal retirement savings Today, more workers have a 401(k) defined contribution plan and an IRA instead of a pension. While federal and state employees and a relative few corporate retirees will still enjoy all three legs, most are left with a pair of stilts: Social Security and personal retirement savings.

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