ST. LOUIS – There are some questions that a person needs to ask themselves in order to help them decide if they have enough money to retire or not.
People must know their income gap. People must know their expenses. This includes fixed expenses and entertainment expenses. Calculate that number. Then calculate your fixed income from social security and pension. The difference between the two is your income gap.
Expenses – fixed income = income gap
People can bridge the income gap by taking money out of their investment portfolio.
Marvin Mitchell, senior financial planner and president of Compass Retirement Solutions, explains further.
Get Marvin’s free book by visiting RethinkingRetirement.net.