The Top 4 Ways to Close An Income Gap Leading Into Retirement

(don’t forget to checkout the video of this blog too)

What do you do when your retirement plan says you aren’t going to have enough retirement income⁉️

It’s definitely not a comforting feeling…

Fortunately, there are a lot of financial planning tools available to make-up a retirement income gap.

Here are the top 4 ways to close the gap:

✅ Work a bit longer

Nobody wants to hear this but holding onto your income for a couple of extra years can make a HUGE difference in retirement.

Not only do you have more time to accumulate assets….

You are also withdrawing income from your portfolio for a shorter period of time.

✅ Save a bit more

People often underestimate how much some additional savings will help in hitting retirement goals.

And a LOT of people do the majority of the retirement saving in the 10 years leading up to retirement (when their income is as high as it’s ever been).

✅ Earn Better Returns (hopefully)

Depending on how close you are to retirement in might make sense to take on a bit more risk in the market….

Earning an average 8% instead of 6% per year can increase your total retirement savings by more than 30% over a 10-year period‼️

✅ Maximize Your Retirement Withdrawal Rates

Relying solely on the market for income typically means you are bound by “The 4% Rule”.

This is typically a VERY expensive way to retire…

You can often increase your retirement income by 50% (or more) by simply leveraging an insurance company and the right type of income annuity.

Not only does this provide you with guaranteed, lifetime income to supplement your Social Security Income…

It also allows you to take larger withdrawals from the market as well.

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