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Ways To Generate Retirement Income for Yourself
A retirement is retiring from work but it does not have to be retirement from income. Apart from retirement plans, there are various ways you can actually try and generate retirement income for you.
1. Certificate of deposits-
A CD is issued by a bank, and is a safe form of investment. The rate of interest is directly proportional to the term of the CD.
2. Laddered Bonds-
You can buy bonds (or CDs) now so that they mature at various future points when you are most likely to need the income. There are many types of bonds so you can choose safe government issued bonds, or higher yielding corporate issued bonds. You can also buy municipal bonds that will provide you tax free income.
3. Stock Dividend Income-
The dividend in stocks grows every year and some stocks allow you to invest in a group of these stocks all at once. Many companies pay out qualified dividends which are taxed at a lower rate than interest income.
4. High Yield Investments-
Investments like private lending programs, closed-end funds, or master-limited partnerships give higher yield. But sometime higher the pay out, higher the risk too. So its advisable to be careful.
5. Systematic withdrawals from balanced portfolio-
Systematic withdrawals provide an automated way of selling a proportional amount of what is in the account each year so you can withdraw from the account to meet your retirement income needs. You will be able to generate reasonable amount of inflation-adjusted lifetime income if you do this carefully.
6. Immediate Annuities-
Contracts issued by insurance companies are called Annuities. With an immediate annuity in exchange for a lump sum deposit you receive income for life. It has a guaranteed lifetime income, no matter the age you live up to.
7. Income for Life Model-
This approach is an intelligent combination of how much to invest in safe investments and how much to put in growth-oriented investments. It uses time segmentation to match up your investments with the point in time they will bel needed.
Choose the best options suited as per your need to see your retirement income grow.
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
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