Avoiding The Retirement Income Gap

Tips For Increasing Your Retirement Income

With market fluctuations, increased lifespans, and economic shifts, many individuals entering retirement are finding themselves victim to the retirement income gap. This means that you are left with the difference between your retirement income and your actual expenses during retirement. Keep these tips in mind for avoiding this shortfall:

  • Discuss the possibility of falling into the retirement income gap with your financial adviser so that they can give you a detailed explanation of how to conquer this problem.
  • There are a variety of ways to combat the retirement income gap, including increasing your pre-retirement savings, working for longer than first planned, and delaying your Social Security payments. The best option will depend on your exclusive needs.
  • Consider investing your discretionary spending into assets such as stocks and mutual funds. These investment tools allow you to account for rising costs and be better prepared for unexpected expenses.
  • Have you ever considered getting an annuity? An annuity will provide you with a consistent income for the rest of your lifetime.

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