Just because you’re done with the 9-to-5 daily grind doesn’t mean your income stream has to come to a screeching halt. These days, many retirees are focused on creating multiple sources of passive cash flow to supplement their hard-earned retirement savings. After all, a little extra money coming in never hurts when you’re living on a fixed income. Consider This: 5 Ways To Make Money in Retirement Without Going Back To Work Full Time Read Next: 6 Big Shakeups Coming to Social Security in 2025 GOBankingRat ...

Workplace plan sponsors are increasingly doing more than just overseeing 401(k) accounts. New research from Fidelity shows that many are evolving into full-service financial planning resources for employees — a shift advisors say could have significant implications for the broader wealth management industry. The survey of 1,144 plan sponsors found their primary concern is whether their plan is adequately equipping participants for financial security in retirement. In addressing this concern, plan advisors ...

Key Points Making mistakes when claiming Social Security can affect your income. You should coordinate with your spouse before you claim benefits. It's also important to do your break-even calculation and understand factors affecting your benefits. The $23,760 Social Security bonus most retirees completely overlook › For many seniors, there is only one source of guaranteed lifetime income: Social Security benefits. Social Security is protected against inflation, and you will have these benefit ...

Tax Policy - Most states offer at least one tax break to retirees [1] - Some states exempt multiple forms of retirement income [1] - Eight states have no income tax at all [1]

French retirees officially bring in more income than their working-aged counterparts, as Americans are struggling to find the funds to retire and support their post-employment lifestyle. Due to France’s relatively young retirement age, lofty governmental spending on pensions, and high wage replacement rate, they’re now out-earning citizens with jobs as the country’s officials try and make unpopular changes. While boomers in the U.S. and UK are being forced to go back to work because they can’t afford to ...

Group 1 - The article emphasizes the importance of dividend investing for retirees, particularly those of traditional retirement age, highlighting a focus on quality blue-chip stocks, BDCs, and REITs [1] - The author expresses a long-term investment strategy, aiming to supplement retirement income through dividends within the next 5-7 years [1] - There is a goal to assist lower and middle-class workers in building investment portfolios that consist of high-quality, dividend-paying companies [1] Group 2 - The article does not disclose any current stock or derivative positions in the companies mentioned, nor does it plan to initiate any within the next 72 hours [2] - The opinions expressed in the article are solely those of the author and are not influenced by any business relationships with the companies mentioned [2] - The article serves educational purposes and encourages readers to conduct their own due diligence regarding investments [2]

Retirement Planning & Investment - 24% of retirement plans are considering adding alternative assets in the next year to enhance diversification and offset downside risk and inflation [1][2] - Adding alternative assets has the potential to enhance retirement income by about four years or more [2] - The average 55-year-old American has less than $50,000 saved, which is woefully short of recommended savings [2][3][4] - It's crucial for individuals to seek professional financial advice to navigate their personal retirement journey, considering their risk tolerance and retirement vision [4][8][9][10] - Over 11,000 Americans are turning 65 every day, creating a retirement challenge as people are living longer but not necessarily saving more [5][6] Credential Financial's Role - Credential Financial sees the retirement challenge as a significant opportunity to provide solutions, advice, and tools to meet customers where they are [6][7] - Credential Financial has 3,000 financial advisors available to help people navigate their financial journey [4] - Credential Financial emphasizes that it's never too late to seek financial advice, regardless of how prepared individuals feel [8][9][10] Life Insurance - There is a $12 trillion life insurance gap in the country, indicating a need for greater awareness of its importance in financial portfolios [12] - Life insurance is viewed as the foundation of a financial house, providing protection in the event of an early death and building generational wealth [11][12] - Credential Financial is the largest life insurer in the country and leans into life insurance awareness and education [10][11][12]

Core Insights - Almost all retirees in the United States rely on Social Security retirement benefits as a significant income source, but these benefits may not meet their financial needs [1][10] - The average Social Security benefit varies by age, with higher benefits for older retirees, reflecting the impact of delaying claims [4][9] - Social Security benefits are designed to replace only about 40% of pre-retirement income, while retirees typically need to replace around 80% to 90% of their income [11][12] Summary by Sections - **Average Social Security Benefit** - The average benefits for retirees increase with age, with specific amounts listed for ages 62 to 70 [8] - As of June 30, the average benefits are as follows: $1,377 at age 62, increasing to $2,188 at age 70 [8] - **Income Replacement** - Social Security is not intended to be the sole source of income for retirees, as it only replaces a portion of their earnings [11] - The benefits formula is progressive, favoring lower earners, which means higher earners may receive a larger benefit but still insufficient for living expenses [12]

Key Points Annual increases from Social Security are vital, but they're generally not huge. They may not keep up with the actual inflation faced by seniors. Plan around Social Security, setting up other income streams. The $23,760 Social Security bonus most retirees completely overlook › There's a lot to love about Social Security. For one thing, it lifts millions out of poverty and it's the main source of retirement income for many millions. A key benefit that lots of people overlook is that it' ...

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