Retirement Income Strategies

Securing a retirement income plan involves dedicated resources and a solid understanding of your personal finances. That’s why working with a retirement income advisor may potentially help alleviate the stress when it comes to your future. At Oxford Advisory Group, our team provides retirement income advice, as well as other financial services.

Balancing Guaranteed and Growth Potential Income

Your retirement income hinges on several different factors including both guaranteed and growth potential income. By allocating assets to guaranteed income strategies like annuities and bonds, as well as growth potential investment strategies like stocks, you may be able to shape your retirement the way you want.

Common Retirement Income Sources

Your retirement income hinges on several different factors including both guaranteed and growth potential income. By allocating assets to guaranteed income strategies like annuities and bonds, as well as growth potential investment strategies like stocks, you may be able to shape your retirement the way you want. 

Common Retirement Income Sources

When people think about retirement income planning, they might have a narrow view of the many different sources available to them. Your retirement income can (and should) consist of more than just a corporate 401k or a social security check.

Social Security

In the United States, you can begin benefiting from Social Security by age 62. However, the “full retirement age” is actually 67, which means that if you wait until then to start receiving benefits, your monthly allowance will be greater. Deciding when to claim social security is a huge part of retirement income strategies.

Pensions

A pension fund is determined by your employer. Throughout your time as an employee, your employer contributes to this fund so that it can be available to you after retirement. Pensions can be a great source of guaranteed (or fixed) retirement income. 

Investments

Is your investment portfolio primed to serve you in your retirement? Our investment planning services can help you figure out the best avenues for growth potential retirement income. Whether you’re new to the market, or working with an existing portfolio, investments can be a very beneficial part of your retirement income plan. 

Personal Savings

Saving money each month as you work toward retirement should be a crucial part of your retirement income strategy. The goal is to have enough money saved up to help you live comfortably after leaving the workforce. Experts say to make sure you have 70–80% of your pre-retirement income stashed away in savings.

Annuities

Annuities are a big part of guaranteed retirement income planning because they provide you with a fixed “paycheck” when you’re done working. Annuity investments are usually secured through an insurance agency, which is why they sometimes go hand-in-hand with life insurance policies. 

Bonds

From treasury bonds to EFTs, there are several different options that can benefit your retirement income strategy. Bonds are different from other investments like stocks because they have a specific interest rate and maturity date. With bonds, you’re essentially lending money to the government or another entity, with the promise of a return on your loan plus interest in the future—like when you’re ready for retirement!

 

Start Planning for Retirement Today!

Don’t leave your retirement income up to chance! You can start planning for retirement today by working with a financial advisor who understands the complexities of savings, investments, social security, and more. Contact us to find out which retirement income strategies work best for your future.