ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Retirement Income: Retirement income can include social security benefits as well as any benefits from annuities, retirement or profit sharing plans, insurance contracts, IRAs, etc.

Detailed explanation-2: -Social Security benefits are the primary source of lifetime income for many of today’s retirees. Although you can start receiving Social Security benefits as early as age 62, or defer your benefits until age 70, the monthly payment amount you receive varies based on your retirement age.

Detailed explanation-3: -Define Fixed Income Sources for Retirement Pensions are like Social Security and are also considered to be fixed income. Lifetime annuities are fixed income and a great way to guarantee that you won’t run out of money in retirement . There are many types of fixed income investments that may be used for retirement.

Detailed explanation-4: -Investments such as annuities, real estate investment trusts (REITs) and income-producing equities can offer additional retirement income beyond Social Security, a pension, savings and other investments.