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The Role Of Passive Income In Retirement Planning

Passive income is an essential component of retirement planning. Passive income can help you maintain your standard of living during retirement, provide a financial cushion, and even help you achieve financial independence earlier. In this blog we will explore various roles of passive income in retirement planning.
July 10, 2024
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Why Passive Income Matters in Retirement?

Passive income can play a key role in retirement planning by providing a steady stream of income without the need to actively participate or work. Although traditional retirement plans such as retirement plans, 401(k) plans, and Social Security provide retirees with reliable sources of income, they may not be enough to cover all expenses during retirement. Passive income sources can supplement traditional retirement planning and provide a buffer to ensure retirees can maintain their desired standard of living. Some examples of passive income sources include rental properties, dividend-paying stocks, bond funds, and annuities.

One of the benefits of passive income is that it continues to generate income even after the retiree stops working. For example, rental income from real estate investments can be a reliable source of income for many years, even after the initial investment has been paid off. Another benefit of passive income is that it can provide some financial independence and flexibility during retirement. By having a reliable source of passive income, retirees can better control their financial future and reduce their reliance on outside sources of income. It is important to note that creating a passive income stream requires planning and patience. This is not a get-rich-quick sch

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