Besides savvy saving and investing, what else can I do to help ensure I don’t run out of money once I retire?
A: One of the best, and most overlooked, ways to avoid this, besides, of course, having a rich aunt who leaves you her fortune, is to look at retirement as a fluid (and not a static) period of life.
Simply, just because you may have stopped working doesn’t mean your work is done.
Enough Savings for Retirement
It may sound simple, but people who view retirement in relation to everything else that is going on in the world, the recessions, gas prices and interest rates, my experience has been that these are the people who are the least likely to run out of money. Here’s something I often tell people: see yourself as a business. Each month and every year, continue to ask yourself: "What does the world look like today?" Then make the modifications and adapt your spending and perspective the way savvy businesses do.
Most people fear that they’ll run out of money when they retire. The technical and mathematical parts of conserving and accumulating money are one thing—you should always get credentialed, qualified advice from a financial professional—but the philosophical part of retirement is not only up to you, it’s where most of us can make the biggest improvement.
There are no guarantees in life, but a multi-pronged approach to retirement, including a fluid and proactive approach to the philosophy of spending and saving, this can go a long way toward helping make sure that you don’t run out of money once you retire.