Make Your Money Last in Retirement

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Discover strategies to make your money last in retirement with safe money alternatives. Plan effectively for a secure future. Learn more at SafeMoney.com. Related Articles Safe Money Retirement | Retirement Planning Working In Retirement Survey | Retirement Planning Us Debt Threatens Retirement | Retirement Planning Safe Money | Retirement Planning Key Takeaways Start planning early to maximize your retirement savings and ensure financial security. Consider fixed annuities as a reliable source of guaranteed income in retirement. Utilize retirement calculators to assess your financial needs and goals. Diversify your investments to mitigate risks and enhance your retirement portfolio. Consult a SafeMoney certified advisor for personalized retirement planning strategies. Quick Answer To make your money last in retirement, consider delaying Social Security benefits until age 70 and utilizing safe money alternatives like fixed annuities to fill income gaps. These strategies help ensure a stable income stream throughout your retirement years. SafeMoney Editorial Team  |  Reviewed by Licensed Financial Professionals  |  Updated Regularly Understanding the Spend Safely in Retirement Strategy As Americans reach retirement age, the challenge of ensuring their savings last becomes increasingly important. The Spend Safely in Retirement Strategy, developed by experts from the Stanford Center on Longevity and the Society of Actuaries, provides a structured approach to managing retirement income. This strategy emphasizes delaying Social Security benefits until age 70 to maximize monthly income, while using required minimum distributions (RMDs) from retirement accounts to supplement income. Filling the Income Gap Before Age 70 For those who retire before age 70, creating an 'income bridge' is essential. This involves setting aside a portion of your savings in safe money alternatives, such as fixed annuities, to cover expenses until Social Security benefits begin. This approach ensures that you have a reliable income stream without prematurely tapping into your retirement accounts. Maximizing Social Security Benefits Delaying Social Security benefits is a key component of the Spend Safely in Retirement Strategy. By waiting until age 70, retirees can receive a signi