Searching for Income in Retirement?
Where are you going to get the income to live on in retirement? People in their 60s and early 70s are looking for cash flow—money coming into their checkbook every month. If you need $25,000 or more a year to live on beyond what you’ll get in Social Security benefits, what’s your plan?
“The search for yield is hard,” says Michael Harris, CFP, CLU, ChFC and a senior educational advisor with the Alliance for Lifetime Income. Many retirees have seen growth in their portfolios as the stock market climbed from the 2008 financial crisis as well as the pandemic lows of 2020. Yet the amount of yield—or income—that wealth can earn is disappointing as yields are still at historic lows.