Give your spending some structure
Begin with two lists: expenses that keep your household running and spending that makes retirement your own. Housing, food, insurance, and utilities belong in the first conversation. Travel and hobbies may allow more flexibility. Use your own recent spending as a starting point, then note what could change after retirement.
Map each source of income
List expected Social Security, pension payments, and other income separately. Use benefit estimates from the Social Security Administration and current pension documents rather than a general rule of thumb. Note the start date for each source and whether its amount may change. A payment expected in three years cannot cover a bill due next month.
Treat the difference as a planning question
Subtract dependable monthly income from planned monthly spending. A positive difference is an income gap to explore, not a diagnosis or a product recommendation. Savings, investment withdrawals, different spending choices, and the timing of retirement may all be part of the conversation. Record which assumptions are estimates so you can revisit them.
A question to take with you
Bring a one-page list of spending, income sources, and start dates to your next planning conversation.
Try the income-gap calculatorFurther reading
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