Retirement and Supplemental Income
Retirement and Supplemental Income: How Can You Have Both?
When you are considering your overall financial plan, there are going to be a number of different things that you will want to keep in mind. First, there's retirement: when you are thinking about your overall financial plan it is essential to think about the income that you are going to need to have available once you have retired and there is no longer a steady paycheck coming in from your employer (so that you don't need to go out and find a new employer).
However, although having income for retirement is important, it's also a good idea to make sure that you are not making too many sacrifices now. There are going to be times when you are looking for supplemental income. When you need supplemental income before retirement, you are likely to start looking at all of your options. Whether you are looking for supplemental income because of an unexpected medical expense, you need help paying for your child's tuition or there is a major home repair that you need to make, there may be times when you look to your retirement savings and think "I wonder if that could be a way to get the money that I need."
Retirement income is something that you should try to avoid tapping into when you need supplemental income, however, in times of financial hardship it may be the only option that you have. Still, before you risk some of your retirement savings for the sake of supplemental income it is essential that you have a strong understanding of what the effects of tapping into your retirement savings will be - and that means looking beyond the tax penalties or other costs that you will discover.
When it comes to retirement and supplemental income, here's what you need to know: it is entirely possible to develop an understanding of how each withdrawal that you make from your retirement savings is going to affect the income available to you when you retire. It is also possible to make a few adjustments to your savings and investment strategies so that you will know that any amount that you withdraw now will not be detrimental to you later on.
One tool that will allow you to evaluate your retirement and supplemental income in this way is the retirement calculator that you can download - at no cost - from the bottom of this page. With it, you will be able to look at your savings, to look at your investments and to ensure that you have both retirement and supplemental income. And, because when you download the retirement calculator your contact information will be forwarded to a financial advisor in your area, you will also be able to ask questions, get answers and choose the course of action that is best for your needs.
With the right tools and the right advice, having both retirement and supplemental income is possible - and neither will be negatively impacted by the other. Why not take the time to take control of your finances? Simply click to download the free retirement calculator to get started.