FUNDING YOUR RETIREMENT

10 Ways to Retire with Money

According to a recent Gallup/Wells Fargo survey, most Americans’ retirement income comes from a number of different sources; a recent Money Report provides these ten ways to pay for your retirement:

1) Start a small business - Work at home can be very profitable. Hobbies can be worthwhile as you get paid to enjoy your hobby.

2) Social Security – the most common form of retirement income; research shows 83 percent of Americans will count on it to fund the major portion of their retirement income.

3) Retirement savings accounts – 81 percent of retirees have an IRA, 401(k) or other retirement savings account, but only one-third say withdrawals from these will fund a majority of their retirement.

4) Pension – nearly half of retirees count on a private pension as a significant retirement income source.

5) Home equity – you can use the equity in your home to help fund your retirement by moving to a smaller home or condo, or taking out a reverse mortgage.

6) Stocks and mutual funds – the Gallup survey found that about one-third of retirees will count on the performance of stocks and mutual funds to fund their retirement.

7) Part-time job – while many people say they plan to work part-time in retirement to get some extra cash and because they enjoy working, only about 29 percent of retirees today have part-time jobs.

8) Savings accounts and CDs – one-quarter of retirees get the majority of their income from savings accounts and CDs, and another 50 percent list these as a minor contributor to retirement income.

9) Annuities and insurance plans – less than 20 percent of retirees say they get a significant portion of their income from these financial products.

10) Inheritance – approximately six percent of retirees list an inheritance as the source of a major part of their income.