Retirement isn\u2019t just about how much you\u2019ve saved; it\u2019s about how smartly that money works for you once the paychecks stop. Relying on a single income source can feel a little like putting all your eggs in one very fragile basket.<\/p>\n
Read Next: I Retired a Millionaire \u2014 The Best $30,000 I Ever Spent Preparing for Retirement<\/a><\/p>\n Learn More: 5 Clever Ways Retirees Are Earning Up To $1K per Month From Home<\/a><\/p>\n According to Gallup<\/a>, about 6 in 10 Americans report that they have money invested in a retirement<\/a> savings plan. GOBankingRates spoke to Josh Katz, CPA, founder of Universal Tax Professionals<\/a>, for his top recommendations for building a retirement income mix that\u2019s steady, flexible and built to last<\/a>.<\/p>\n Relying solely on Social Security or a pension is akin to building a house on a single pillar, per Katz. \u201cIf it shakes, the whole structure is at risk,\u201d he said.\u00a0He explained that longevity risk, inflation and unexpected market downturns can catastrophically erode a single source.<\/p>\n \u201cThe core philosophy I instill in my clients is to build an income floor and only then layer on growth,\u201d he said. He explained that your guaranteed sources (Social Security, pensions, annuities) form an unshakable foundation that covers non-negotiable living expenses.<\/p>\n Everything above that, such as investments, rental income and part-time work, provides the flexibility for lifestyle and growth and acts as a buffer against volatility<\/a>.<\/p>\n This layered strategy turns retirement from a period of scarcity into one of security and possibility.<\/p>\n Check Out: How the Average Retirement Account Compares to the Top 10% of Savers<\/a><\/p>\n