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Glossary > Finance > Financial Advisory > Financial Planning
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Retirement Income

Retirement Income refers to the money you receive during retirement to cover living expenses after you stop working. This income can come from various sources such as pensions, social security benefits, investments, savings, or part-time work.

Example #1

For example, if you receive a monthly pension payment from your former employer after retiring, that is considered part of your retirement income. Another example is receiving regular withdrawals from your retirement savings account to sustain your lifestyle in retirement.

Misuse

Misuse of retirement income can occur when individuals are misled into investing in risky schemes promising high returns in retirement. It is crucial to protect against such misuse to safeguard one's financial security in the retirement years.

Benefits

One of the benefits of retirement income planning is ensuring a steady and reliable source of funds to support your lifestyle after retiring. Properly managed retirement income can provide peace of mind and financial stability in your later years.

Conclusion

Retirement income planning is essential for ensuring a comfortable and secure retirement. By diversifying income sources and planning ahead, individuals can build a strong financial foundation for their post-work years.

Related Terms

Financial PlanningWealth ManagementIncome StatementAsset Allocation

Last Modified: 4/29/2024
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