How to Avoid Going Broke in Retirement

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

Andrea Browne Taylor's avatar
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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.

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.

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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.

Andrea Browne Taylor
Andrea Browne Taylor
Contributing Editor

Browne Taylor joined Kiplinger in 2011 and was a channel editor for Kiplinger.com covering living and family finance topics. She previously worked at the Washington Post as a Web producer in the Style section and prior to that covered the Jobs, Cars and Real Estate sections. She earned a BA in journalism from Howard University in Washington, D.C. She is Director of Member Services, at the National Association of Home Builders.