A pension, Social Security and some personal savings: A few decades ago, this was all most retirees needed to fully enjoy their golden years. Fast-forward to today, one of those three pillars has largely vanished. In 1975, 27.2 million workers had a pension plan through their employer, according to the Congressional Research Service, but by 2019, that number had dropped to just 12.6 million.
With fewer retirees having a steady stream of pension income to rely on, it’s crucial to create alternative income sources to use in retirement. While this is a big responsibility for retirees and their financial advisers, I believe it also provides more opportunity for growth and creative strategies that can help you thrive financially during your golden years.
