Avoid Outliving Your Retirement Savings with These Essential Tips

Core Insights - Many Americans are concerned about outliving their savings due to uncertainties surrounding Social Security and rising living costs [2] - The primary reasons retirees run out of money are not poor investments but rather bad timing, inflexible spending, and inadequate planning [2] Group 1: Planning for Retirement - Planning is crucial to ensure sufficient savings before retirement; individuals should consult financial advisors to determine their needs [3][4] - Retirement planner calculations based on desired spending can help individuals save and invest adequately for retirement [4] Group 2: Time Horizon Considerations - Economic fluctuations during retirement can impact savings; withdrawing from accounts during market downturns can significantly reduce savings [5] - It is advisable to keep five years of income needs in safer assets to avoid forced withdrawals from stocks during unfavorable market conditions [6] Group 3: Expense Tracking - Many retirees underestimate their spending, leading to premature depletion of their savings; tracking expenses is essential [8] - The most common mistake is guessing retirement spending without actual tracking, which can result in running out of funds earlier than expected [8]