Turning Assets Into Income
One of the most common questions facing retirees once they leave the workforce is “How am I going to replace my income?” Social Security is one source, but it hardly replaces your full income. Furthermore, you may be retiring before full retirement age and want to wait to collect a larger Social Security check. Therefore, what will you do? Widows often face the same issue when a spouse dies, particularly if that spouse was the primary earner in the family. Oftentimes life insurance and other assets have been used in the planning process, but they usually provide a lump sum. How will you turn that into income?