Episode 21: [Income in Retirement] Streams of Income and Retirement Planning Gotchas

In this episode, we ask:

What are the possible streams of income in retirement?
What can you build up now, so you can rely on them later?
Would you like passive income? What is passive income?
What about passive income from Social Security?
What about defined benefit plans?
What about personal savings / investments?
What about annuity income and life insurance?
How much is the average Social Security check?
What is the maximum SS amount for this year?
What are the best things about Social Security?
What do you have set up with your employer?
What are the restrictions on defined benefit plans?
What are RMDs (Required Minimum Distributions)?
When do you have to start taking RMDs?
Which plans are considered qualified plans?
What is the penalty for not taking RMDs?
How does qualified plan savings affect Social Security?
What happens at age 70.5? How much does the IRS charge each year in retirement?
Who sets the interest rates?
How do you allocate your assets to become income providing?
What are dividends? How do they help generate income?
What streams of income are taxable?
What about CDs?
What are some efficient ways to generate income?
What about cryptocurrency?
What about Whole Life Insurance and Annuities?
What about Bank on Yourself?
What income is guaranteed?
What about interest rates and dividend rates?
What did Mark find at the Oriental Institute on the University of Chicago’s campus?
What are some helpful annuities for guaranteed income in retirement?