As we grow, we start thinking about boring things that we were once oblivious to… insurance, for one. I know you’re covered there… you’re getting this newsletter from me, so I know you’re in good hands.
However, something that I’ve been thinking about more and more lately is … retirement. I know I’m not getting any younger, and in my field I’ve seen many cases of not being prepared for the future. It’s smart to have a plan.
Thinking about retirement and planning for the future isn’t the most fun way to pass the time, but it deserves our attention. Many people think they have the savings they need for a comfortable retirement, but aren’t actually protected against one of its biggest threats: the retirement income gap.
The retirement income gap is the financial gap between your expected income sources, such as a pension or Social Security, and your actual retirement expenses. Not long ago, these sources of guaranteed income could cover most retirement needs. But in our world today, that’s not the case.
Between longer life expectancy, rising cost of living, and the changing economic environment, there are many present-day factors that can cause an income gap during retirement.
No matter what you’re planning for your retirement, you should educate yourself as much as possible about your options. With all the changes in our economy and society, you owe it to yourself to make sure you’ve got the retirement you need when the time comes.