How Middle-Class Retirees Can Make Their Money Last 25 Years or Longer

Core Insights - The average retired American is expected to live longer than previous generations, necessitating more savings for potentially 25 or more years of retirement [1][2] Group 1: Retirement Planning - Financial advisors recommend that middle-class retirees calculate their financial needs to ensure savings last for 25 or more years [3] - It is crucial to make conservative projections to avoid running short on funds during retirement [4] - A detailed retirement spending plan should be created, distinguishing between essential and discretionary expenses [5] Group 2: Withdrawal Strategies - The traditional 4% withdrawal rule may need adjustment due to longer retirements and market uncertainties, with a suggested withdrawal rate of 3% to 3.5% [6] - Delaying Social Security benefits can significantly increase lifetime income, with an approximate 8% increase in benefits for each year delayed until age 70 [7]