3 Ways to Guarantee A Steady Income Line As You Near Retirement Age

Nothing in life is for sure, except death, inevitably. However, since you’re not dead today, it’s important that you’re preparing for your life as time passes and you near retirement age. You’ve been working your entire life, feeding money into a system that you may or may not see money from in your future.

Although it’s unfair that you might not see the money you’ve been paying to the government the whole of your adult life, you have no choice but to take action. In fact, if there is one thing you must do to ensure that you retire with sufficient money to live comfortably in the good years, and have enough buffer to cover the cost of elder care (learn more at www.chelseaseniorliving.com/locations/new-jersey/warren/) when the time comes, it is to take responsibility for your own finances.

So, here are 3 ways to guarantee a steady income line as you near retirement age:

Invest in Annuity

There are many things that you can do on your own to ensure that you retire with a steady stream of income coming in, but if you prefer a rather hands-off approach and would prefer to pass on the responsibility to somebody else, you can always invest in a company that pays out an annuity. There are many different options to select from, so be sure to do your research to see which company will fit your particular case the best. Annuity guarantees that income is being paid out to you, but it is a service you have to pay for to receive. If you would prefer other methods, consider doing this:

Invest in Real Estate

Of course, no investment is a for sure winner, but if you spend your life obtaining real estate properties, there is a pretty solid bet that you’ll be seeing steady income rolling in as you near retirement age. Of course, the more properties you own, the more money you will have coming in, but that’s something that takes time to acquire. Start now with a small studio, or townhome, and move into bigger realms of real estate and watch as the money rolls in residually, without you having to do much work at all.

Be A Penny Pincher

Spending money is easy to do, but that doesn’t mean you have to fall prey to it. If you exercise discipline now, and you’re frugal with your money, you’ll find that as you near retirement age, you have more money than you really know what to do with. Say no to the daily coffees and eating out every week. Make your life a bit more modest now and later, you’ll be thanking yourself.

Put away the money you’re saving in a bank account that will compound interest over time, and when you go to reach into that fund, you’ll be excited at what you see.