The theme this week on the Retirement Quick Tips Podcast is: Top Challenges Retirees Face In 2023

Today, I’m talking about what is consistently at the top of my list of top concerns and challenges that my own clients face in retirement - too big of an income gap.

Too big of an income gap (pension, SS, and what savings can reasonably cover will not keep up with retirees income wants and needs). 

[Example of prospective client early in my career] - The math clearly didn’t work out. He was retired but had been a doctor and was used to a certain income and standard of living. But he didn’t save nearly enough for his retirement, but he kept spending at the same rate. By the time he was in his early 70s, he was spending down about 10% of his portfolio annually and was on track to run out of money by his 80th birthday. I was up front with him about the real risks that he faced if he didn’t significantly cut back, but he was unwilling to make any changes to their spending. 

I often see an unwillingness to compromise. We live in a culture of instant gratification and expectations about a certain standard of living. But when your finances encounter reality, that may not be what you were hoping for, so if you don’t plan and ensure that you have adequate income and breathing room in your finances, the result - dwindling assets, more financial reliance on family later in life, outliving savings 

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.  

----------

>>> Subscribe on Apple Podcasts: https://apple.co/2DI2LSP

>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs

>>> Visit the podcast page: https://truenorthra.com/podcast/ 

----------

Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance