When you determine how much income you'll need in retirement, you may base your projection on the type of lifestyle you plan to have and when you want to retire. However, as you grow closer to retirement, you may discover that your income won't be enough to meet your needs. If you find yourself in this situation, you'll need to adopt a plan to bridge this projected income gap.
Saving for retirement is not easy, but using your retirement savings wisely can be just as challenging. How much of your savings can you withdraw each year? Withdraw too much and you run the risk of running out of money. Withdraw too little and you may miss out on a more comfortable retirement lifestyle.
If a reduction in Social Security benefits has you worried, strategizing multiple sources of income and planning ahead is key. Here are 5 ways to help fill the gap.
It may seem like an obvious answer, but there is more to optimizing social security benefits than many retirees might think. Most conversations on when to start social security benefits focus on "maximizing" social security benefits. However, it is more important to determine how to "optimize" your social security benefits.