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Optimal Finance Daily - Financial Independence and Money Advice
2731: [Part 1] Running Low in Retirement - Income Strategies by Darrow Kirkpatrick of Can I Retire Yet
May 19, 2024
Financial expert Darrow Kirkpatrick discusses retirement income strategies beyond traditional methods, emphasizing the importance of annuities for stable income. He explores enhancing retirement income safely, leveraging annuities for better payouts, and utilizing tools like reverse mortgages and finance apps for efficient financial management.
12:04
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Quick takeaways
- The fear of running out of money in retirement can be alleviated by exploring income strategies like fixed annuities.
- Utilizing assets such as investments and home equity, in addition to annuities, can enhance financial security in retirement.
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Solutions to Running Low in Retirement
One of the biggest fears for retirees is outliving their savings, especially for those without guaranteed pensions. To address the risk of running low in retirement, fundamental solutions involve reducing expenses and increasing income. While cutting discretionary spending and downsizing can help on the expense side, exploring income-based strategies becomes crucial for financial independence. However, relying on working, inheritances, or stock picking may not be the most reliable. An alternative approach involves leveraging assets like investments or home equity to pursue secure income-generating strategies, such as purchasing fixed annuities and considering reverse mortgages.
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Discover
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