Despite these threats to your retirement budget, it's possible to plan for a gap. A financial professional can help review your retirement plan and suggest strategies to avoid retirement income gaps.

Strategies such as boosting pre-retirement savings, planning on working longer, or delaying Social Security payments can all help decrease the likelihood of a shortfall, says Time.

It's also important to understand which sources of income you'll use toward essential expenses, such as food and housing, and which you'll use for non-essential discretionary spending.

Experts at Time and Kiplinger recommend earmarking guaranteed retirement income streams, such as Social Security or pensions, toward essential expenses. An annuity is another good way to secure a steady stream of lifetime income to cover essential expenses during retirement. By combining an annuity with other guaranteed sources of retirement income, you can have peace of mind knowing your essentials are covered.

The funds you've designated for discretionary spending can be invested in assets with greater market exposure and opportunity for growth, such a stocks, Exchange Traded Funds (ETFs), or mutual funds, says Kiplinger. This can enable you to keep up with rising costs and better handle unexpected expenses. And by having multiple sources of retirement income, you reduce the overall risk to your budget should any single source falter.

Income gaps in retirement can't always be foreseen, but there are ways to reduce the risk that they'll affect your budget. And with a little planning, you can have greater comfort and financial freedom during your golden years.