Throughout much of our lifetime, we receive income from a single source: our job. That changes when we retire. Most retirees receive income from a variety of places, including Social Security, retirement account withdrawals and increasingly a part-time job, according to a recent Gallup survey of more than 2,000 U.S. adults, including 636 retirees. "Obviously retirement these days is expensive, and you probably need to draw on as many different sources as you can," says Jeffrey Jones, managing editor of Gallup Poll. Here are 10 of the most common ways to pay for retirement:
Financial planning to age 120: Society of Actuaries says Americans need to plan for living longer. The Society of Actuaries found that more than half of Americans underestimate their life expectancy, and that their financial planning time horizons are too short. Once folks get the notion that half of people will outlive the average life expectancy of their age group they need to revisit their financial planning time horizon. The Society found that retirees’ horizons are not long enough for adequate retirement planning.