One of the most beneficial things that you can do in order to prepare yourself for retirement is to get income streams from different places. You can do this by picking up a part time job and saving that money for an emergency fund. You also can claim social security benefits when you hit a certain age which will give you a monthly payment. Finally, a pension can be very helpful as it is a regular payment that is based off your work history and income.
Key Takeaways:
- Social security is an income stream that helps as a retirement fund and there are online tools that can show you how much you’re set to earn.
- The longer you wait to claim social security benefits, the more money that you will get. You can wait until you’re age 70 for example to maximize benefits.
- A pension is a regular payment that you get while you’re retired and it is based on the income and history of your work. It also can be paid in a lump sum.
“There are many retirees that may be ready to retire from a full-time career but are still interested in working at least part-time.”
Read more: https://www.thebalance.com/multiple-income-streams-1289876
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