How To Generate Income in Retirement

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Continuing to earn money after your retirement helps to alleviate stress and gives you the financial flexibility to do the things you want to do. Here are some of the best retirement income strategies to ensure that you have what you need even after retirement.

Retirement is a time that many people look forward to their entire lives. After working so hard for so long, retirement finally offers the opportunity to sit back and simply enjoy life without having to worry about anything. But that’s not always the case, as money is often a concern, even after retirement.

The average retirement age in the United States is 62 years for women and 65 years for men. In that age range, the average retirement savings is about $182,000. It’s also important to note that you cannot collect full Social Security benefits until you are 67 years old (if you are born after 1960). That’s why it’s important to generate retirement income, even after you’re done working. In this article, we’ll share some tips for how to generate income in retirement. 

Best Investments for Retirement Income

Continuing to earn money after your retirement helps to alleviate stress and gives you the financial flexibility to do the things you want to do. Here are some of the best retirement income strategies to ensure that you have what you need even after retirement:

Annuities

Purchasing an annuity is a great way to ensure that you have a reliable income stream during retirement. When you purchase an annuity, you pay a lump sum that is then paid out to you over a certain period of time. Often, annuities are paid through the rest of your life, meaning that you will always have a dependable source of money. Annuities are also not affected by stock market fluctuations or changing interest rates, making them a safe option.

Strategic Systematic Withdrawals

Another important tip for generating income during retirement involves strategic systematic withdrawals. This means only withdrawing the money you need instead of all of it at once. In this way, you can cover your current expenses and also keep your savings in a secure place where they continue to work for you and increase in value.

Laddered Bonds and Certificates of Deposits

Two other options for ensuring income streams in retirement are laddered bonds and laddered certificates of deposit. Bond ladders involve purchasing multiple bonds that mature at varying intervals. This strategy results in a low risk of loss, consistent returns, and protection from call risk

A certificate of deposit (CD) ladder is similar to a bond ladder and involves purchasing multiple CDs. These CDs should have different maturity dates, meaning that each CD should mature later than the previous CD. Once a CD matures, you should then purchase a new one. This strategy is generally best for short-term income needs.

While it’s not exactly a way to generate income in retirement, a great way to save money once you’ve retired is by moving into a senior living community. Doing so can provide you with many benefits, including being a part of a community, dining options, recreational activities, any assistance you may need, and no wasted money since everything is included.

At Celebrate Senior Living, we are committed to celebrating the moments, victories, and memories that will last a lifetime for our residents and their loved ones. We are a Midwest-based foundation that serves Illinois and Indiana residents by offering Independent Living, Assisted Living, Memory Care, and Skilled Nursing living options. We also provide three delicious, healthy meals a day to ensure our residents get the nutrients they need!

If you or a loved one are interested in senior living options, schedule a tour with us today! You can also learn more by exploring our communities, which include South Holland, Niles, and Fort Wayne, or by contacting us with any other questions!

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Doreen Triber
Doreen Triber
A friend of mine found Celebrate Senior Living for me after touring multiple Independent Living facilities. I eventually transitioned to Skilled Nursing here at Celebrate and I like that I didn't have to leave this community. I've been in skilled nursing for about 5 years now. Since I cannot walk, they have helped me with a lot. The nurses are great! They are truly wonderful! I am currently doing therapy 3 times a week and they are wonderful and nice to work with. I really enjoy the chef's salad and the best part is that you can order it for any meal. I've found my best friend here, Beth! We spend every afternoon together catching up in the parlor.
Vanessa Leon
Vanessa Leon
Had the pleasure of attending the Easter event! My family and I had a great time despite the weather. My daughter really enjoyed the live bunnies, they were too cute! 🐰 They had all sorts of treats and yummy hot chocolate! Definitely attending again next year!
Monica Moran
Monica Moran
Visited this facility during their annual easter event and it was a great experience! We loved that the easter bunny made an appearance as well to take family photos! They even brought real bunnies and the kids were able to pet them. Super cute! Great place to have an Easter egg hunt, it was super spacious. The facility was nice and everyone there was super friendly ☺️
Hilda Chavez
Hilda Chavez
We had the pleasure of attending their annual Easter Egg Hunt and we had such a good time, despite the terrible weather! My kids definitely enjoyed hunting for eggs, especially the Golden ones. They had a variety of treats and hot drinks and everyone was so welcoming, from the residents to the staff. They also had an Easter Bunny so the little ones were able to get some pictures with the Easter Bunny. I highly recommend everyone to attend next year! Overall, we had a great time and looking forward to next year’s Easter Egg Hunt.
fabian robledo
fabian robledo
Had a chance to visit this facility during their annual easter event, and all the staff were amazing! The facility is very well maintained and clean. They had snacks and drinks for everyone to enjoy and also an easter egg hunt for the kids! The easter bunny made an appearance as well to take family photos! Great place to be and an even greater time spent!
mat kanno
mat kanno
Therapy and rehab on my hip and back have been going great. The therapists I have are very knowledgeable and caring and although it will take me a few months for me to feel much better, the progress I’m making with them has been extremely helpful.
Cecelia Albregts
Cecelia Albregts
All the therapists in this facility have been very encouraging and supportive on my journey to assisted living. They opened a whole new world of possibilities, challenges, and goals which I thought I could never achieve, but I did and much more than I could ever expect. When I was learning to climb stairs, the therapist taught me techniques to do so, I trusted the therapist and said, "let's do it!" That's been my mantra ever since. Now, I can climb a while flight of stairs. Through the exercises, I'm getting stronger! Assisted living has become a reality for me only because of my therapist's hard work and faith in me. May God reward all of you for all you have done for me and continue to do for me.
Valeriy Sagalovich
Valeriy Sagalovich
I have been living in this house since February 2022. My apartment fully meets all my needs. The food prepared for residents is very diverse and tasty. The cooks and waiters are polite, patient and friendly. All staff, from directors to maintenances and cleaners is very professional, attentive and caring. I can confidently recommend this house for comfortable stay to every person.
Kathleen Madej
Kathleen Madej
So many people who work there show the utmost compassion and caring for my father who is a resident there - if I have questions they look to find the answers- if I have needs they look to fulfill them- I feel like it is family every time I go there -

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