In this video I want to talk about creating retirement income and how you can increase your retirement income with these retirement income strategies.
When you are doing your retirement planning and calculating out retirement income needed, looking at these three retirement income strategies will help you with your retirement planning.
So what are three ways that you can increase your retirement income?
1. Maximize your Social Security benefits This is the simplest way to increase your retirement income. Social Security benefits in claiming Social Security is one of the biggest decisions in your retirement. Why do you take Social Security at 62, 67, or 70 is determined by your individual retirement plan. This needs to be a decision that is carefully thought out and planned out in your retirement income strategy.
2. Catch-up contributions If you’re over the age of 50 and you have a 401k or an IRA, you have the ability to add extra money into your retirement plan. These values change on an annual basis but what you need to know is that you have the ability to add extra money to your retirement investments once you are over the age of 50. This will help increase your retirement investing accounts and increase your retirement income because your retirement investing accounts have grown.
3. Work Part Time/Side Hustle This is probably the most controversial tip when increasing your retirement income. Once you retire most individuals want to stay retired. They don’t want to go back to work. But this is a way, working part time or having a side hustle, where you can increase your retirement income but allow your retirement investments to continue to grow. I would encourage you to work part time at something you enjoy and retirement.
Creating retirement income and retirement income strategies are very important especially when you’re thinking about retirement. I hope these three tips have helped you plan out your retirement income. Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator.
Whether you are wanting to know strategies for “retirement planning at 30”, “retirement planning at 40”, “retirement planning at 50”, or even “retirement planning at 60” understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called “Your Financial EKG™.” What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50’s, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn’t be complicated. They should just be done right.
**Free Retirement Download: The Roadmap to Retirement:** 📊 https://yourfinancialekg.com/#download
**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall ** ☎️
❌ **Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 813-807-5060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.** ❌