Sources of income for retirement may include social security, retirement accounts, such as a 401(k) or IRA, pension payments from a previous employer, stock profits or annuity investments, according to U.S. News & World Report. Retirees may opt to acquire a part-time job or pull funds from a savings account.Continue Reading
Home equity can also be used as retirement income if individuals have utilized a reverse mortgage or sold a home with additional equity invested, according to U.S. News & World Report. An inheritance from a friend or family member may provide a boost to retirement income as well as funds from rental property or intellectual property.
Individual savings and investments are also primary sources of retirement income, states the Las Vegas Review-Journal. Retirees can pull funds from money market funds and certificates of deposit, regular savings bonds or corporate, government or municipal bonds. Equity ownership in preferred stock or convertible bonds within a personal portfolio or mutual fund provides additional income for retirement. Common stock in precious metals, such as silver or gold, within mining companies can produce profit, too.
Social security is one of the most common sources of income during retirement. As of 2014, 88 percent of retirees reported relying on social security payments, with 55 percent reporting social security as a primary source of income, according to U.S. News & World Report.Learn more about Financial Planning