How to Spot Hidden Gaps in Your Retirement Planning Strategy, Ep #218

Common gaps can derail even the best-laid retirement plans—no matter how much you've saved, how well you've managed your finances, or how prepared you feel. This week, I explain how missing one critical detail—like not having a withdrawal strategy or not keeping both spouses involved in financial decisions—can put your retirement dreams at risk, and how you can fill those gaps to protect your financial future. You will want to hear this episode if you are interested in... [06:56] Importance of financial preparedness [08:44] Guidance for surviving spouses [14:12] Impact of reduced Social Security [16:38] Social Security claiming considerations [21:11] Intentionally balancing retirement finances [25:21] Roth IRA conversion considerations [26:13] Understanding variable annuities and IRAs Finding the Gaps in Your Retirement Planning Gaps in retirement planning exist everywhere, from high-net-worth individuals to those just starting to save for retirement. Identifying these gaps to taking your car to a mechanic. On the surface, your vehicle (or financial plan) may seem to be running smoothly, but an expert looking "under the hood" may find problems that could become catastrophic if not addressed early. These range from minor inefficiencies to critical issues, a bit like a worn-out timing belt that could destroy your engine if it fails at the wrong time. Preventative maintenance helps fill in some of those gaps, and inviting a second opinion and being open to outside perspectives on your plan is invaluable. The Danger of Multiplying by Zero You can make all the right moves for decades, but one overlooked detail—an estate planning error, a lack of withdrawal strategy, or a severe market event—can take your result back to zero. For example, maybe one spouse manages all family finances and then passes away unexpectedly, the surviving spouse may have little understanding of investments, account locations, or the broader retirement plan, leading to confusion and poor decisions at a time of extreme stress. The result is that a lifetime of sound financial choices can be undone quickly if gaps are left unchecked. Relying Too Heavily on Social Security Another important gap is relying on the misconception that Social Security alone can provide a comfortable retirement. The average benefit in 2026 is expected to be $2,081 per month, or about 40% of most people's retirement income. For those with higher net worth, Social Security represents a smaller percentage; for those with less, it might be nearly everything. I knew of a couple with no children who planned to deplete their 401(k)s by age 70 to maximize their Social Security checks—but hadn't considered what would happen if one spouse died early or a major expense arose. With little in savings, their plan left scant flexibility and a wide "gap" in their financial security. How to Identify and Close Your Gaps You need to proactively look for gaps in your plan. This could mean consulting a professional for a second opinion, or simply being willing to revisit and reassess your goals and strategies as your life changes. Addressing these blind spots can be tricky, but the payoff is lasting financial independence and peace of mind. Always dream big—but be sure those dreams are supported by a strong, gap-free foundation! Resources & People Mentioned 3 Steps to Retirement Planning Connect With Gregg Gonzalez Email at: Gregg.gonzalez@lpl.com Podcast: https://RetireStrongFA.com/Podcast Website: https://RetireStrongFA.com/ Follow Gregg on LinkedIn Follow Gregg on Facebook Follow Gregg on YouTube Subscribe to Retirement Made Easy On Apple Podcasts, Spotify, Google Podcasts