How to Make Your Money Last in Retirement

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Older Americans are living longer than ever with a record high life expectancy of nearly 79, according to the latest research from the National Center for Health Statistics. Women generally live longer than men, to an average of 81. That means for many couples, at least one spouse will live into their 80s, 90s or even to beyond 100. If that happens, you want to make sure you don't run out of money when you're 85. How can you ensure that your nest egg will last through your final years? 1. Plan for at least two or three decades in retirement. The most recent NCHS data show someone now 65 is expected to live at least 19 more years. It's likely you could live that long, or longer, if you are in good health and your parents and grandparents lived a long life. 2. Save as much as you can in your tax-advantaged retirement accounts -- 401(k)s and IRAs -- as well as taxable accounts for long-term investments. A married couple can stash away up to $36,000 in 401(k)s this year (up to $48,000 if they are 50 or older.) Maxing out on regular or Roth IRAs will add another $11,000 to a couple's nest egg in 2015, or $13,000 if you're both 50 or older. But few Americans can save that much every year. Many are facing a retirement savings shortfall: A recent EBRI survey shows for those on the verge of retirement savings deficits can vary from about $19,000 to nearly $63,000. 3. Some financial advisers suggest buying longevity insurance, a type of deferred annuity that offers guaranteed income for life, to help supplement retirement savings later in life.