Fill Your Retirement Income Gaps – and Then Some

When drawing up your retirement income plan, you need to be prepared to cover these three different income gaps. If you don’t, you’d better be ready to cut back on your lifestyle or your legacy plan.

A woman pulls money out of a red wallet.
(Image credit: Getty Images)

I have some friends who developed a wonderful estate plan for their kids that involves the purchase of a large survivorship life insurance policy. However, because of today’s lower interest rates, the projected premiums on their policy have increased significantly. That means some of the money they were putting into a 529 plan might have to be diverted to pay those rising premiums.

This raises a common question about future legacy vs. finding money for shorter-term needs: Which one should take priority? (They are both important; there will have to be some trade-offs, but thoughtful planning can lead to less disruption than you might assume.)

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Jerry Golden, Investment Adviser Representative
President, Golden Retirement Advisors Inc.

Jerry Golden is the founder and CEO of Golden Retirement Advisors Inc. He specializes in helping consumers create retirement plans that provide income that cannot be outlived. Find out more at, where consumers can explore all types of income annuity options, anonymously and at no cost.