PANEL TWO: DEBT MANAGEMENT AND BUDGETING
01.Core Concepts
SPENDING NEEDS CHANGE OVER TIME (2 of 2) PANEL TWO: DEBT MANAGEMENT AND BUDGETING SOURCES OF INCOME Most common sources of income traditionally have been Social Security, pension income, and income from personal savings. • The “three-legged stool” Additional sources may include (not limited to): • earned income from part-time or full-time work • nonqualified deferred compensation • income from selling a business • rental income from owned properties • income from cash value built up in life insurance policies • income from home equity (e.g., a reverse mortgage) Planners can model sources of income w ith financial planning software and address any shortfalls with alternatives.