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Yet, about one-fifth of Americans plan to use Social Security payments tofund their entire retirements.
The best way to enjoy a comfortable retirement is to rely on numerous income streams.
Here are six sources of retirement income you should have beyondSocial Security benefits.
With a 401(k), part of your earnings are deducted and put into retirement savings.
Contributions come out of your paycheck before taxes are deducted, lowering your income tax obligation.
If your employer matches your contribution, it represents free money that builds your savings even faster.
In 2024, the limit for traditional 401(k) plans is $23,000.
Once your annual income hits $345,000, you could no longer contribute to the 401(k).
Even if you have a 401(k), adding an IRA can help broaden your portfolio.
With pensions, employers (and sometimes employees) contribute to retirement savings.
Its also important to keep a balanced portfolio to maximize returns and minimize risk.
Annuities
Annuitieshave become more popular in recent years because theyre designed to provide guaranteed income in retirement.
The main benefit is that they reduce longevity risk for retirees, but their structure can get complicated.
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