Best Financial Advisors in Blue Springs, MO

Savvy retirees know the importance of having multiple streams of income in retirement. Multiple income sources help ensure financial stability and peace of mind. We know the importance of having a diversified portfolio, but diverse income streams are even better! You don’t want all your nest egg(s) in one basket. It’s best to analyze all potential income sources first thoroughly. Then, you can craft a comprehensive financial plan to meet all your retirement needs. Why do you need multiple income streams? You probably already have a couple of retirement income streams with your 401(k) and Social Security. Very few people have ever been upset they had more sources of income. When retirement income comes in from several sources, you can weather recessions and down markets, implement strategies to maximize tax savings, fight against inflation, and reduce the risk of outliving your money. Longevity risk is simply the risk of outliving your money. In other words, how do you avoid running out of money if you live longer than expected? This can be tricky, but if you plan carefully, you can mitigate this. You’ll want to optimize income streams like Social Security, which lasts your lifetime. Some pensions and other annuity-style income streams could also help fight this risk. The bottom line is you want to ensure you’re covered no matter how long you live.