If you're stressed about running out of money in retirement, you're not alone.

More than half (57 percent) of American workers think they're behind where they should be on their retirement savings, according to Bankrate's Retirement Savings Survey. Fueling the stress about retirement income needs are worries about inflation, a weakening job market and the struggle to funnel more money into a retirement savings plan while trying to cover day-to-day essentials.

Having a well-thought-out income strategy for retirement can alleviate much of this stress. Part of that is understanding the various sources of retirement income -- and how to effectively use them -- for a stable and comfortable future. A financial advisor can help you craft an investment plan to ensure your savings and other sources of income generate enough money to comfortably cover your future expenses.

Types of retirement income

Social Security

Social Security is a cornerstone of retirement income for many Americans. Benefits are based on your highest 35 years of earnings, and you can start claiming as early as age 62 or delay until age 70 to receive higher payments.

Although Social Security is a reliable income source (and it is adjusted annually to account for inflation), it typically covers only a portion of retirees' expenses. Your earnings history, the age you start collecting benefits and whether you continue to work during retirement are all factors that can impact your benefit amount. (For more, see these tips to get the most out of Social Security.)

Pension income

Pension income comes from employer-provided defined-benefit plans, which provide a fixed monthly payment based on your salary and years of service. Pensions offer stability and predictability, often with inflation adjustments.

Pension income is typically calculated using a formula that considers your years of service, final average salary and a multiplier. However, with most employers switching to defined-contribution plans (like 401(k)s and 403(b)s), fewer workers even have access to pension plans, and those who do have faced concerns about the financial health of certain pension funds.

Annuity income

Annuities are financial products that can offer guaranteed income for life or a specified term. Annuities can be a reliable income source, especially when paired with other retirement income streams. You can purchase annuities with a lump sum or through periodic payments. Payout timing and how investment returns are calculated are based on the type of annuity you buy:

Immediate annuities start paying out an income almost immediately.

Deferred annuities begin payments at a future date.

Fixed annuities provide a guaranteed rate of return.

Variable annuity payouts depend on market performance.

Keep in mind that annuities come with higher fees than other investment products, so be sure to fully understand any annuity product before purchasing one.

Investment income

Investment income in retirement can come from various sources, including dividends from stocks, interest from bonds and capital gains. Bonds offer steady income with lower risk, while dividend-paying stocks provide regular income along with the potential for capital appreciation. (See below for how to invest in these assets.)

A diversified portfolio can balance risk and return, helping ensure a stable income stream throughout retirement. You should regularly review and adjust your investment strategy -- aka, rebalance your portfolio -- to align with your income needs and market conditions.

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5 top retirement income strategies

1. Invest in bonds and dividend stocks

Investing in bonds and dividend stocks can create a stable retirement income. Bonds provide regular interest payments, and building a bond ladder with staggered maturity dates can help guarantee income. Dividend stocks offer the potential for capital appreciation and regular income through dividends.

Best practices for investing in these assets include diversifying your holdings, regularly reviewing your portfolio and considering tax efficiency. Once you're retired, you'll likely hold a greater portion of fixed-income investments in your portfolio, but stocks can still help to provide growth and outpace inflation.

2. Be strategic about retirement account withdrawals

Managing your withdrawals from retirement accounts is crucial to maximizing income and minimizing taxes. The 4 percent rule provides a rough calculation of the amount of your savings you can withdraw each year while ensuring you won't outlive your savings.

There are several withdrawal strategies you can use to optimize your income strategy. One is to make proportional withdrawals, where you withdraw from taxable, tax-deferred and tax-exempt accounts based on their proportion of overall savings.

There is also the traditional approach of using taxable accounts first, followed by tax-deferred and then tax-free accounts, and capital gains management. Consulting with a financial advisor can help tailor these strategies to your specific situation.

3. Consider an annuity

Annuities can provide a guaranteed stream of payments and are particularly useful for ensuring you don't outlive your savings.

Fixed annuities give predictable payments, while variable annuities offer the potential for higher returns based on market performance.

4. Add exposure to real estate income

Real estate investments can provide a steady stream of retirement income through rental properties and real estate investment trusts (REITs). Both methods can be valuable components of a retirement income strategy, offering tangible assets that appreciate over time.

Rental properties offer positive cash flow, tax advantages and a hedge against inflation. However, owning rental property requires active management and exposes you to risks like market fluctuations and unexpected expenses.

REITs -- where you pool your money with other real estate investors -- are a more passive investment option. With a REIT you receive regular dividends and are diversified across multiple properties.

5. Use a combination of income tactics

A combined approach to retirement income can offer the best of all worlds -- integrating various methods, such as interest and dividends from bonds and stocks, and generating guaranteed income from annuities and rental income from real estate. The result is a diversified stream of income that spreads out your exposure to risk.

Utilizing a combined approach can help ensure a steady cash flow to cover essential and discretionary expenses. It's important to personalize this strategy based on your individual needs and preferences, leveraging both investment and insurance tools to build a reliable and sustainable retirement income plan. You may want to consider working with a financial advisor to help you create a plan that takes into account your individual situation and retirement goals.

Bottom line

Creating a plan for your retirement income is crucial to feel confident that you will have a stable and comfortable retirement. By understanding the various potential sources of retirement income and implementing effective strategies, you can create a plan for a reliable income stream to cover your expenses.

Still, it is essential to regularly review and adjust your strategy to align with your changing needs and market conditions. With proper planning and a diverse approach, you can enjoy a worry-free retirement.

Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation