We work our whole lives to build up assets, contribute to retirement plans and pay into the social security system. The reason we do this is to have income in retirement. The whole idea behind retirement is to not work while still having enough money to pay bills and enjoy our golden years.

So what are some ways that you can create retirement income? Listen to this segment from The Financial Physician as host Lou Scatigna, CFP® shares 12 different types of retirement income you can generate, along with how each is taxed.