Housing and life insurance are so important to your retirement income that other investments can be ignored as you review your assets. This statement is false .
Social Security benefits, as well as any benefits from annuities, retirement or profit sharing plans, insurance contracts, IRAs, etc., can all be considered as sources of retirement income. Taxation on retirement income might be either full or partial.
Social Security replaces a portion of your pre-retirement income based on your professional earnings. Social Security replaces a varied amount of your pre-retirement pay depending on your income and when you elect to start collecting benefits. This replacement depends on your highest 35 years of earnings.
A 401(k) is funded by the employee, but a pension plan is funded by the business. (Some employers will contribute to your 401(k) in a similar manner.) A pension plan does not give you the same level of control over your fund contributions as a 401(k).
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