2836: Why You Need Multiple Sources of Retirement Income by Darrow Kirkpatrick of Can I Retire Yet

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Episode 2836:

Generating income from multiple sources in retirement, much like packing for unpredictable weather, ensures stability and security against financial risks. Darrow Kirkpatrick highlights how a diverse portfolio that includes stocks, annuities, and Social Security can protect against longevity risk, inflation, market fluctuations, and solvency issues, providing a balanced and resilient retirement plan.

Read along with the original article(s) here: https://www.caniretireyet.com/why-you-need-multiple-sources-of-retirement-income/

Quotes to ponder:

"Some types of retirement income are good for a lifetime, but lock you into a set cash flow. Some protect against the menace of inflation, but cost more up front."

"The only way to obtain true security in a modern retirement is to generate income from multiple sources which, taken together, protect you from the range of financial risks."

"Wealth building is about transparency and simplicity. Spend less than you make, grow the savings, and don’t lose it."

Episode references:

Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds: https://www.ssa.gov/OACT/TR/

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