Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Saturday, November 2, 2013

Maximizing Income During Retirement


Many Americans are worried about outliving their income during retirement.  Here are a few steps baby boomers should implement to help maximize their post-retirement income: 

  1. Continue Working.  Unless your job is too stressful, seek to extend employment as long as possible.  The last years of work are usually the highest income-earning years and can hopefully be devoted largely to savings because most of life’s major expenses should be over.  And recent studies say the risk of dementia drops the longer you work.
  2. Delay Social Security Benefits.  Payments are permanently reduced if you receive them before retirement age.  Delaying benefits until after age 70 makes the most financial sense.
  3. Reduce Investment Risk.  Once you begin to withdraw money from your savings for living expenses, it’s time to reduce the investment risk of your savings. 
  4. Stabilize Investment Income.  To ensure steady income, consider adding master limited partnerships (MLPs) and real estate investment trusts (REITs) to your portfolio.

See Mike Lewis, 4 Strategies to Maximize Income During Retirement, Forbes, Oct. 28, 2013.


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