Americans are living longer these days, and while that’s a good thing in theory, it poses a certain challenge from a retirement savings perspective. Since the typical senior can’t survive on Social Security alone, it’s critical to develop an income strategy for retirement. Here, we’ll review some of the best ways for retirees to generate income when they need it the most.
1. Max out your 401(k) or IRA
One of the best ways to guarantee monthly income in retirement is to save enough during your working years to allow for generous monthly withdrawals. Whether you have an IRA or an employer-sponsored 401(k), maxing out your contributions will give you the most flexibility when the time comes to use that money.