One of the greatest financial concerns for retirees is running out of money. With people living longer and the cost of living continuing to rise, careful planning is crucial to make your retirement savings last.

Below are some key strategies to help safeguard your financial future:

Create a Realistic Budget

Develop a comprehensive budget that includes essential expenses, discretionary spending, and potential unexpected costs. Regularly review and adjust it as needed to stay on track.

Plan for a Long Retirement

It’s wise to plan for a longer lifespan than you anticipate. Even if you don’t expect to live into your 90s, having enough savings to support you for several decades can provide peace of mind.

Maintain a Diversified Investment Portfolio

A well-balanced mix of investments—including stocks, bonds, and other assets—can help provide both income and growth. Align your portfolio with your risk tolerance and long-term financial goals.

Delay Claiming Social Security When Possible

Waiting to claim Social Security benefits until full retirement age—or even beyond—can significantly increase your monthly payments, giving you a more stable income later in life.

Consider Annuities for Steady Income

Annuities offer a guaranteed income stream for life, which can help cover your essential living costs and reduce financial stress.

Withdraw Savings Cautiously

Following a conservative withdrawal strategy—typically 3-4% of your savings annually—can help ensure your funds last throughout retirement.

By implementing these strategies, you can minimize financial worries and enjoy a secure, comfortable retirement. The key is to plan ahead and make proactive decisions that support long-term financial stability.