A clear picture of every income source helps you (and eventually your power of attorney) understand your actual financial position.
Common sources to inventory
- Social Security
- Pension income, if applicable
- Retirement account withdrawals (401(k), IRA)
- Investment or rental income
Write out a simple one-page summary of every source and amount — update it annually and store it with your other key documents.
This article is general information, not financial or legal advice. Rules, costs, and program details vary and change over time — confirm current specifics with a licensed financial advisor or elder law attorney before making a decision.