How to Make Sure You Do Not Outlive Your Retirement Savings
Do Not Choose When to Claim Social Security Based on One Calculation Alone
Shanti
10/16/20262 min read
How to Make Sure You Do Not Outlive Your Retirement Savings
Meta description: Prepare for a more secure retirement by planning for a longer life, reviewing when to claim Social Security, and understanding health care and long term care costs.
Many of us save for retirement, but fewer of us stop to ask, “If I live longer than I expect, will my money last?”
No one can know exactly how long they will live. Still, planning around a shorter lifespan could mean running out of retirement savings while you are still alive. Preparing for the possibility of a longer life can help you plan for a future that may look very different from your life today.
Plan for Your Future Self
It can be hard to picture life at 70, 80, or 90, but thinking about it may help you make better financial decisions today. Ask yourself: Where will my income come from at that age? How much might housing, health care, and everyday expenses cost? If I need help with daily activities, what resources will I have?
A retirement plan should also allow for change. Expenses may rise, your health may change, and unexpected events can alter your plans. Building some flexibility into your plan can help you prepare for these changes.
Do Not Choose When to Claim Social Security Based on One Calculation Alone
In the United States, eligible people can begin receiving Social Security retirement benefits at age 62. Claiming early usually lowers the monthly benefit. Waiting until after full retirement age can increase the monthly amount, and that increase continues until age 70. The exact reduction or increase depends on your birth year and individual circumstances.
Some people compare only the “break even point”: how long you would need to live for the total benefits from waiting to exceed the total benefits from claiming earlier. This calculation may be one part of your decision, but it does not tell the whole story. Your current need for income, health, marital situation, and work history also matter.
Do Not Overlook Long Term Care Costs
Retirement expenses include more than rent or mortgage payments, food, and utilities. As they get older, some people may need help with everyday activities such as getting dressed, bathing, or transportation.
Long term care is different from short term treatment or skilled medical care. Medicare generally does not cover nonmedical long term care, so it is important to think ahead about how you might pay for these services.
A Simple Review to Get Started
To begin planning, you can review the following:
• List your potential sources of retirement income, including Social Security and savings.
• Estimate your monthly expenses and debts.
• Consider when to claim Social Security based on your circumstances.
• Account for health care costs and the possibility of needing long term care.
• Review your plan regularly and after major life changes.
Retirement planning is not about predicting the future precisely. It is about becoming better prepared for different possibilities.
This article is for general educational purposes only and does not constitute financial or legal advice. Social Security benefit amounts and the right time to claim them depend on each person’s circumstances. For a personal estimate, use the official tools and information provided by the Social Security Administration.
Contact Us
Reach out anytime for personalized support
Phone
© 2025. All rights reserved.