Solution: Plan for a Long Retirement
It’s impossible to predict the future. But the Social Security Administration does have a life expectancy calculator that will show you the average number of years you can expect to live based on your gender and date of birth. You can use this figure as a starting point when calculating how long your retirement savings need to last.
To be safe, though, your plan needs to provide you with enough income to meet your needs for potentially 30-plus years, Geary said. If you’re not on track to have enough savings, you might need to delay retirement.