Multiple Income Streams

by Jeff C. Johnson

Older couple reviewing bills

In my last post, I offered five questions—an assignment, really—for your consideration. Several questions were nonfinancial-related, which sometimes are the hardest to answer. If you’re still thinking about those five questions, stick to it and give them more consideration until you are satisfied with the answers.

Having the confidence to enjoy your retirement is often about feeling the freedom of knowing you have adequate, reliable income. And it often comes from multiple sources: Social Security, pension (if you’re lucky), rental income, dividends and interest, retirement account withdrawals, etc.

Organize your thinking and list your sources of income on the worksheet below. Yeah, I know it’s old-school, and you should definitely use a state-of-the-art, technology-driven tool to carefully analyze and project your future income, as well as to estimate your level of confidence in the assets and income you have in place.

(Download a high-resolution PDF of the worksheet.)

But having a self-prepared, visual illustration of your various sources of income could make your move into the future “haze” of retirement a more comfortable phase of life, giving you a sense of financial confidence. 

This worksheet and other valuable retirement planning tools are incorporated into my book The Extreme Retirement Planning Workbook.