Tips For Closing The Retirement Income Gap

Retirement Options Murrieta CA

Preparing For A Blissful-Retirement

Many individuals view the retirement phase of life as the time to live life to the fullest and enjoy all that you were unable to do when tied up at the office. However, if your estimated retirement income is less than your estimated expenses, you can experience a retirement income gap that either prohibits you from enjoying retirement to the fullest or requires you to return back to work one day down the road. We want to make sure that neither of these happen to you, which is why we have gathered a few helpful tips for reducing your retirement income gap:

  • It is extremely important that you consult with a financial professional who can help to explore your investment strategies and help you better understand your lifetime sources of income, including Social Security. They will also help you explore ways to maximize your income through your retirement savings.
  • Before you retire, you will want to pay off any withstanding loans and make efforts towards reducing your expenses. It may be advantageous for you to reduce any ongoing expenses by looking into refinancing options.
  • If you have the financial means to do so, try to maximize your participation in your employer-sponsored retirement plan while simultaneously contributing to an individual retirement arrangement (IRA). It is best to utilize the availability of catch-up contributions before you reach 50 years old.
  • When viewing your financial professional as one of your best allies, you can achieve ultimate security and confidence regarding your retirement planning. They will help to address problem areas before they arise so that you can fully enjoy retirement.

Please do not hesitate to give us a call if you need assistance closing your retirement income gap. Contact CorMarc Insurance Services in Murrieta for all of your California insurance needs. We will go above and beyond until you are protected to the fullest.