Save for ‘Retirement’? Generate Lifetime Income Instead

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Let’s blow up the New Year’s financial resolution delusion. Instead, set a life-changing plan.

Rather than saving money for “retirement,” aim to generate a specific future monthly income that can be a springboard for how you really want to spend your time.

Here’s how to realistically plan for and generate a lifetime income.

Remember the 2 main ways of generating lifetime income

For reasons we’ll discuss in a moment, we’re considering the two primary ways of generating long-term cash flow: spending savings or buying an income stream.

Spend to the end

Your nest egg is a long-term savings stash you’ve diligently amassed over time. It’s a 401(k), individual retirement account, investment account or cache of cash hidden in the basement. And it’s a

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This article was written by Hal M. Bundrick, CFP® and originally published on www.nerdwallet.com