5 ways to make your retirement savings last

If you’re about 65, you can expect to live until you’re 84.3 if you’re a man and 86.6 if you’re a woman, according to the Social Security Administration. A 2017 GOBankingRates study revealed, however, that only 29 percent of respondents had more than $100,000 in retirement savings. Breaking down the retirement savings by age, 29 percent of baby boomers still had nothing saved, and more than half had less than $100,000 saved.

To avoid retiring with nothing to live on, you need to start saving now — and start planning how you’re going to stretch those funds to last you through your golden years. Read on for five ways to make your retirement savings last.


Instead of cutting off your career completely — especially if you’re taking early retirement — keep working on a part-time basis even if you’ve reached retirement age; this way, you can take retirement for a test drive. By continuing to earn at least a portion of what you’re used to making, you can reduce or eliminate the chances you’ll need to tap into your retirement fund early and you can postpone claiming your Social Security so you’ll receive higher benefits down the road. In addition to providing a continued stream of income for yourself to reduce how much of your nest egg you need to tap, phasing your way into retirement can help ease your transition from working full-time to not working at all.

“My advice is to get a feel for your income versus expenses and gradually add the activities that you have looked forward to into the income and expense flow,” said Frank Drago, president of Citizens Securities Inc.


If you decide to keep working, consider not collecting your Social Security benefits until you turn 70. Delaying them until this age can mean up to an 8 percent higher annual payout in your benefits.

Although you can begin collecting Social Security benefits nearly a decade earlier at age 62, if you’re healthy, able to work and have a job, don’t be so quick to cash in those benefits if you don’t need to. That said, the Social Security Administration won’t give you any extra credit for delaying your benefits once you’re over 70.


Contributing money to a Roth IRA or Roth 401k allows your money to grow tax-free — and your qualified distributions to come out tax-free — in retirement. With traditional accounts, you receive a tax deduction for your contributions, but you pay income taxes on your distributions.

In addition, Roth IRAs don’t force you to take required minimum distributions as long as you’re alive, which allows your money to keep growing tax-free in the account until you need it.


Many financial advisors us the bucket approach, which involves budgeting by category — you categorize cash into buckets for different short- and longer-term needs. For shorter-term needs, like your living expenses and emergency fund, you put the money in very conservative vehicles, such as cash and money market accounts. You can invest more aggressively for your longer-term needs.

“The first (bucket) is short-term needs — assets you have designated for targeted short-term expenses and six to 12 months’ (worth) of safety money,” Drago said. “Generally this is money that has a one- to three-year timeline. The second bucket is three- to five-year, or mid-term money. These are generally in more conservative investments such as bonds and CDs. Also, the second bucket replenishes the first bucket as you deplete those assets for immediate needs.”

“The third bucket is your long-term planning money,” Drago said. “The goal is to grow the assets and use them in the future to generate income or replenish the other two buckets.”


More than 25 million Americans who are 60 and over are economically insecure, living at or below 250 percent of the federal poverty level, which is $29,425 for a single person, according to the National Council on Aging. Almost half of American seniors might be just one accident or unexpected expense away from being unable to stay in their homes, according to Amanda Andere, CEO of Funders Together to End Homelessness.

Moving to a cheaper area or smaller space can cut costs significantly.

Reader Comments ...

Next Up in Community

'Dance Moms' star Abby Lee Miller diagnosed with cancer, doctors say
'Dance Moms' star Abby Lee Miller diagnosed with cancer, doctors say

Former “Dance Moms” reality TV star and Pittsburgh native Abby Lee Miller has been diagnosed with cancer. People Magazine is reporting Miller has been diagnosed with non-Hodgkin’s Lymphoma a day after undergoing emergency spinal surgery. >> Read more trending news  Doctor’s originally thought she had a severe infection...
Charges could be announced in Prince opioid investigation two years after his death
Charges could be announced in Prince opioid investigation two years after his death

Authorities in Carver County, Minnesota, could announce charges Thursday in the investigation into the opioid-related death of legendary entertainer Prince two years after he died, according to news outlets. >> Read more trending news  Prince was found unresponsive at his Paisley Park home in Chanhassen on April 21, 2016, and was later pronounced...
3 TO SEE: Hatsume Fair, Heart & Soul Fest, Mireya Mayor lecture
3 TO SEE: Hatsume Fair, Heart & Soul Fest, Mireya Mayor lecture

There’s always something to do in The Palm Beaches! That’s why every week, the Cultural Council of Palm Beach County helps you with three ideas — one that’s free, one that’s affordable and one that’s a splurge. Your events curator is the Cultural Concierge, a free service that provides customized cultural recommendations...

April 4, 10 a.m., The Birthplace at JFK Medical Center: Hensley Blanc enters the world with a head of brown curls, a sweet squeal and 7 pounds, 4 ounces of handsome. The first words he hears come from labor and delivery nurse Janis Miller, who exclaims: “We got a boy! Great job, Mama!” Hensley and his mama, Erna Francois, are in some of...
What are 3 TRAITS of top nurses?

We asked Jane Forsythe, chief nursing officer at JFK Medical Center, and Maggie Primeau, director of Women’s and Children’s Services at JFK, what they look for in the nurses they hire, besides technical skill and medical experience. Here’s what they said: THEY LISTEN: “A good nurse is a good listener,” Forsythe says. &ldquo...
More Stories