You’ve taken the time to establish exactly what your ideal retirement will look like and how much you need to save in order to make it a reality. You’ve crafted a retirement savings plan that will help you reach your long-term financial objectives. These are two major steps on the road to retirement, but there is a third step that many retirement savers tend to overlook: making sure you’re on track by calculating your retirement wealth gap.
The retirement wealth gap is the difference between where you stand financially right now and where you need to be to achieve your ideal financial future. This article from Kiplinger is focused on business owners, but anyone can use this calculation to determine their retirement wealth gap.
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