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  • Mark Fonville, CFP®

The Best Investments for Income in Retirement


Best investments for income in retirement

You've worked hard for your money. Now it's time to enjoy it.

Finding the best investments for income in retirement will be paramount to your success.


Even with a investment review cheat sheet, making your money last won't be easy.

According to the most recent longevity data from the Social Security Administration, a 50-year-old male can expect to live another 30 years, while a 50-year-old female can expect to live for 33 more years.

At age 60, men and women can expect to live another 22 and 25 years, respectively. These statistics highlight the jarring reality that retirees will most likely need to sustain income for decades.

Reaching retirement is a significant milestone and also a time of powerful financial and investment changes. One of those changes is converting your growth portfolio into an income portfolio.


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So, what are the best investments for income in retirement? Here's what we'll cover to help answer that question:

Overview





The best investments for income in retirement should help you create sustainable income for the rest of your life.


Your investments should also help you maintain financial security.

To accomplish these goals, you’ll need to construct an investment portfolio with different investments, each working to complement the other. Unfortunately, there is no single investment that will solve your retirement income problems.


After helping people invest for nearly twenty years, I know this from experience.

The good news is that once you know what you're trying to accomplish, finding the best investments gets a little easier.


While every situation is different, each investment you select should serve as a building block to improve your overall portfolio in the five areas below:


  • Risk

  • Return

  • Cost

  • Taxes

  • Income


For example, ask yourself the following questions:


  • How does the investment I'm considering help me better manage the risk in my portfolio?

  • How does the investment I'm considering help me get the returns I need?

  • How does the investment help reduce my costs?

  • Is the investment tax efficient?

  • How does the investment help my portfolio create the income I need to maintain my lifestyle?