60s & Beyond Best Practice: Generate Income

In retirement most people will receive income from several sources. Social Security is only a piece of the pie and you may need to turn your other assets into income. You will need a plan for generating cash flow to cover your expenses and balancing the need to keep your assets growing. Three types of accounts will help you meet your immediate needs and long term goals:

A cash account for daily expenses
An emergency fund for the unexpected expenses
Long term assets for growth throughout a long retirement

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