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Making Your Money Last

How to Avoid Going Broke in Retirement

Try these tips for making your nest egg last as long as you do.

It’s no surprise that the biggest worry among retirees is running out of money. People are living longer than ever, yet pensions for life are a thing of the past. While you can’t guarantee your nest egg will last as long as you do, you can take steps to lower the odds of going broke in retirement.

See Also: 6 Ways to Avoid Outliving Your Retirement Savings

If you’re still working, save more. Once you turn 50, Uncle Sam even lets you make catch-up contributions to 401(k)s, IRAs and other retirement accounts.

Don’t be afraid to invest in stocks. The market’s wild swings can be scary, but you’ll need the growth potential offered by stocks to afford a retirement that might stretch 20 or 30 years.

If you’re already retired, spend less. Nearly half of retirees spent more in the first two years of retirement than they did just before retiring. A simple household budget goes a long way.

There are plenty of other things retirees can do to make their money last a lifetime. Take a look at even more ways to avoid going broke in retirement.