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In previous guides, we examined details related to planning for retirement
income. We found that in retirement, the main income sources are:
- Your government (Social Security, federal and state pensions, veteran's
benefits)
- Your employer (pension and tax-deferred savings and benefits plans)
- Your savings and investments (IRA(s), Keoghs, SEPs, insurance, stocks
and bonds, mutual funds, mutual fund or bank money market accounts,
real estate, savings accounts, rental income, commissions, fees, business
and/or farm income)
- Your assets (your home; vehicles; collections: coins, art, and antiques;
anticipated gifts and/or inheritance)
- Additional earnings (from full or part-time employment after you
and/or your spouse retire)
Traditionally, retirement funds came from what is called the three-legged
stool: Social Security, employer-sponsored plans, and personal savings and
investments. Unfortunately, many women's "stools" aren't supported by three
strong legs or, in some cases, even by two.
Let's look at retirement income sources more closely to understand why
it is so important for women to make long-range plans for financial security
in their later years.
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