Every individual wants to plan his or her finances such that there is a steady flow of income even after retirement. Retirement benefits could be one of the sources, but it is usually not a large sum for most people. In situations like these, where one cannot depend on retirement benefits alone for income flow, there are other techniques that can be put to good use.
Here are some alternative sources that can be explored while planning for retirement income.
A lot of people across the globe win lottery draws on a daily basis. You can buy lottery tickets from trusted sites like Lottoland, which is one of the leading online platforms for international lotteries as well as other games like casino and scratch cards. With the help of such sites, you can start investing a portion of the finances in lotteries and other games. You should do this strategically in order to ensure that there is some form of income available for retirement.
Casino games like blackjack and poker require technique and use of skills. You can consider these games as a form of investment that can reap huge benefits once there is comfort around the rules and tricks to be used. Planning for retirement can be easy once you are able able to lay your hands on the prize money via such games. In case of a win, you need to be careful about the kind of investment that can earn a sustainable flow of income.
Investing Prize Money
Lottery tickets, scratch cards and casino games can help in winning big. But, when it comes to planning for retirement, you need to be extra cautious about the form of investment you make after earning the prize money. There are a lot of financial advisors who could help in pointing towards the right form of investment depending on the need. Hiring such professionals could give some form of assurance about the safety of the prize money. Once you make a long-term investment, it can easily result in a regular flow of income post retirement.
Annuity vs Lumpsum
A lot of people opt for lumpsum prize money when they win a lottery ticket. This can be a good option, especially if professionals like tax and financial consultants are involved but could be challenging if you do not have a clear plan about the usage of money. In such cases, it is ideal to go for annuity payments, which could guarantee a decent flow of income post retirement. The annuity also carries tax benefits and hence should be considered while planning for retirement income.
Every alternative source of income, which is meant for retirement purposes, has to be carefully considered because there has to be some form of guarantee about the flow of income. As long as you are sure about the benefits, it becomes easy to consider the choices available. As retirement approaches, the risk appetite also reduces and hence retirement planning should be done well in advance.