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Successfully managing this shift is vital to avoid depleting your savings prematurely, particularly for those with long lifespans. Here are five strategies for creating a sustainable retirement income stream:

📌 Bucket Strategy: Divide savings into three "buckets" – now (cash for immediate needs), soon (conservative investments for short-term goals), and later (growth-oriented investments for long-term needs). This approach ensures liquidity, stability, and growth over time.

📌 Dividend Stocks and Bonds: Invest in income-producing assets like dividend stocks and bonds to generate a steady income stream without depleting principal

📌 Diversified Income Streams: Maintain multiple income sources to optimize tax efficiency. Combine taxable, tax-free (e.g., Roth accounts), and tax-advantaged income streams

📌 Annuities for Guaranteed Income: Use annuities to secure guaranteed income for essential expenses, supplementing variable sources like dividends

📌 Part-Time Job: Working part-time in retirement not only supplements income but also preserves investment portfolios by delaying withdrawals