Only decades ago, people were expected to retire and only live for a few years, where they could simply spend down their savings. However, as life expectancies continue to increase, many  people can expect to enjoy 30 years or more in retirement.

That’s why it’s become imperative for anyone over 50 to establish their own renewable streams of income to cover the cost of enjoying more time in retirement. You might think this means you need a bigger lump sum of money to retire. But for most people, the more sensible approach is to try to maximize the amount of interest and dividends that a lump sum can help generate.