Industry experts say that you should have at least 80% of pre-retirement income to maintain your current standard of living post-retirement. For many, especially individuals in higher income brackets, this is a challenge because retirement plans and group insurance plans place limits on contributions, layouts and tax advantages causing a retirement income gap.What is the retirement income gap?
If you are a highly paid executive or a business owner you may face an income gap, especially if you are relying on Social Security and qualified plans exclusively. This income gap could mean that you are receiving as little as 30% of your current income in retirement, which is what creates the income gap.
Retirement Income Gaps Don't Just Close Themselves
At KeyAdvisors, we can help you avoid the retirement income gap by advising your business on Executive Benefits. We will work with you to determine the strategies that work best with your specific financial objectives and tailor an easy to implement plan that allows you to pursue those goals.
With our executive benefits review meetings, we can help you to connect the dots between your employer benefits and your financial goals with each paycheck. This would include a review of your 401(K) plan, employer stock programs and insurance benefits while providing a holistic approach to your retirement, tax and estate planning goals.
Many employees and executives we meet spend so much time at the office managing sales, systems, people and products, they sometimes neglect managing their own personal finances. Does this sound like you?
KeyAdvisors has a long history of working with current and retired small business owners, executives and employees. We also work with many city & state retirees, medical practices and business owners.
Our cornerstone approach to Financial Planning can help you wisely manage and protect your wealth, health, family, retirement and estate while negotiating the financial barriers that unavoidably arise in every stage of life before or after you retire.
Whether you already have a retirement plan in place, or you’re looking to change your existing plan, we can help. Get in touch with one of our team members to start planning for your financial future now.