If you’re retired or approaching retirement in Toledo, Perrysburg, Sylvania, Maumee, or anywhere in Northwest Ohio, one of the most important questions is simple:

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Will your retirement income be enough to support the life you want?

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Many retirees ask:

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• How much income will I need in retirement?

• Will Social Security and my pension cover my essential expenses?

• What happens if there is an income shortfall?

• How much can I safely withdraw from my investments?

• Could inflation increase the gap over time?

• Do I need to make changes before I retire?

 

At Serious Money Ohio, we use institutional-grade retirement planning technology to help identify potential income gaps and evaluate strategies for addressing them.​

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What Is a Retirement Income Gap?

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A retirement income gap is the difference between the income you expect to receive and the income you may need to support your retirement lifestyle.

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For example, your retirement income may include:

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• Social Security

• Pension income

• Investment income

• IRA or 401(k) withdrawals

• Annuity income

• Other sources of retirement income

 

​When expected income doesn’t fully cover expected expenses, an income gap may exist.

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Understanding that gap is an important part of retirement planning.

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Essential Expenses vs. Lifestyle Expenses

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Not every retirement expense carries the same level of importance.

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Essential expenses may include:

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• Housing

• Utilities

• Food

• Healthcare

• Insurance

• Taxes

 

Other expenses may include travel, hobbies, gifts, entertainment, and other discretionary spending.

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Separating these expenses can help answer an important question:

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How much reliable income do you need to cover the expenses you can’t afford to miss?

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How We Analyze Your Retirement Income

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Our retirement planning process can help you evaluate your expected income and expenses under different circumstances.

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We can examine questions such as:

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• How much income will I have when I retire?

• How much will I need?

• How large is my potential income gap?

• How could inflation affect that gap?

• How long could my assets need to provide income?

• How might different withdrawal strategies affect the plan?

• What role could guaranteed income play?

 

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What If You Have an Income Gap?

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Discovering an income gap doesn’t automatically mean you need to buy a financial product.

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Depending on your circumstances, potential strategies may include adjusting spending, changing the timing of retirement, modifying investment or withdrawal strategies, evaluating Social Security decisions, or considering additional sources of guaranteed income.

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The important first step is understanding how large the gap may be and what is causing it.

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If guaranteed income may be appropriate for your situation, you can learn more about how we approach that decision through our Annuity Decision Process™.

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Frequently Asked Questions

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What is a retirement income gap?

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A retirement income gap is the difference between the income you expect to receive and the income you may need to cover your retirement expenses.

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How do I know if I have a retirement income gap?

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A detailed retirement income analysis can compare your expected sources of income with your projected expenses and identify potential shortfalls.

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Can Social Security and a pension cover all of my retirement expenses?

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For some retirees they may cover a substantial portion of essential expenses. For others, additional income from investments or other sources may be necessary.

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Can an annuity help with a retirement income gap?

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An annuity may provide a source of guaranteed income, depending on the product and your circumstances. It should be evaluated as part of your overall retirement plan rather than automatically assumed to be the solution.

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Do you provide retirement income planning in Toledo, Ohio?

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Yes. Serious Money Ohio works with retirees and pre-retirees throughout Toledo and surrounding Northwest Ohio communities.

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Is Your Retirement Income Enough?

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Retirement planning isn’t just about accumulating assets.

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It’s about determining how those assets and other income sources can support the life you want to live.

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At Serious Money Ohio, we help retirees and pre-retirees evaluate their retirement income, identify potential gaps, and understand their options.

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Schedule your complimentary Retirement Income Checkup today and take a closer look at your retirement income plan.