5 Ways To Make Your Retirement Savings Last Until You’re 100

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The American life expectancy rate increases every decade, according to the Centers for Disease Control (CDC) however, the cost of living is steadily increasing. As people get older, and life becomes more expensive, retirement doesn’t look as relaxing as it should. 

A Corbridge Financial study from May of 2023 showed that 66% of respondents fear running out of money more than death. While these numbers may seem jarring, the security that retirement used to bring has changed. Ensuring you still have money as your age reaches triple digits is now the priority. 

Here are five options you should know to have your savings last until you’re 100.

Budget at the Grocery Store

Opting to make more meals at home instead of eating out is a safe way to save money over time, but knowing how to budget at the grocery store is a skill to master.

Making a shopping list and meal-prepping are tried-and-true methods. Knowing what to buy in bulk though, is still up for debate. Items may be more cost-efficient in bulk, but non-perishable items should be the only items to stockpile. Produce and dairy often expire within days, so buying these in bulk isn’t the best option. 

Rather than overspending, make a list of only what you need and will use to shop smart and save money.

Invest

Investing is a great way to have passive income, especially in retirement. Whether you are looking to do short-term or long-term methods, it’s worth considering putting money into stocks, bonds, real estate or exchange-traded funds (ETFs).

It’s also advantageous to start planning for retirement before even reaching that milestone. Some of the best options to start investing in now are a 401(k) or an individual retirement account (IRA). Both are tax-free until you start withdrawing, which is why they are great to invest in on a regular schedule.

Wait to File Social Security 

Social Security is an income replacement benefit for retirees, as well as individuals with a disability, that is based on annual earnings from a previous job, according to the Social Security Administration (SSA).

The earliest you can apply for social security is 62; however, you will not claim the full retirement benefit. At this age, the SSA lists a 70.0% benefit after reduction. On the other hand, waiting until you’re 70 earns you, and your spouse if you are married, more money since there is a lower reduction and higher monthly payments.

One more thing to know when applying for Social Security is that it can take months to receive approval, so make a plan in advance to know when you can start receiving your benefits.

Improve Your Health 

As we age, our bodies do too. Implementing an exercise routine and a healthy diet to counter the negative effects of aging can save you future medical bills. Improving your bodily health takes time and effort, but self investment will save more than just time and effort in the future.

It is fine to start small with going for a daily walk, and then working up to activities like cycling, fitness classes or swimming. While these activities may seem difficult for someone reaching the centennial age, meeting with a personal trainer and following a workout plan can help. 

Living healthier does not have to be a solo activity either–you can encourage your family and/or friends to join you on the self care journey. 

Work Part-Time

Not everyone who retires wants to stop working completely, especially those who might not be ready to give up the structure or profits of having a career. Car service jobs like Uber or Lyft can be low-impact forms of part-time work to consider for supplemental income. Other part-time work that does not require a strict schedule or physical exertion are roles like a customer service representative or tutor. 

Working part-time in retirement can give you the chance to pursue an interest you never had time to before. If you are not looking for a binding contract, temporary/seasonal or freelance roles might be the best option for you.

The Bottom Line

Rather than waiting until the age of 100 to make important financial decisions, you can start planning now so that you can enjoy your milestone in comfort. Whether you are in your 30s or your 70s, start considering the different ways to ensure that your savings will follow you into your golden years and beyond. 

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