May is a season of renewal — but for many retirees and those approaching retirement, there’s a question that lingers beneath the surface: Will my savings last?
It’s a valid concern. A U.S. resident born in 2024 has an average life expectancy of 79 — up more than half a year from 2023. ¹ And for those already at retirement age, a 65-year-old man today can expect to live to around 84, while a 65-year-old woman is expected to reach about 86. ¹ That’s wonderful news — but it means your financial plan needs to be built for the long haul.
Understanding Longevity Risk
The biggest financial threat most retirees face isn’t a bad market year — it’s outliving their money. Nearly two out of three U.S. adults report being more worried about running out of money in retirement than they are about dying. ² The numbers are sobering: extending a retirement by just five years — from 30 to 35 years — increases the risk of depleting savings by 41%. ³ Yet most Americans underestimate both their odds of living to 100 and the financial demands that kind of longevity brings. ³
Cover the Essentials First
One of the most effective frameworks for retirement income planning is separating your needs from your wants. Essential expenses — housing, food, utilities, and healthcare — should be covered by guaranteed or reliable income sources such as Social Security, a pension, or annuity income.
Experts recommend shifting some assets toward guaranteed income streams on top of Social Security, which is designed to replace approximately 40% of pre-retirement earnings. ¹ When your non-negotiable expenses are covered, market downturns become far less stressful.
Balance Growth with Liquidity
It’s equally important to maintain access to liquid assets for emergencies — medical costs, home repairs, or unexpected needs can arise at any time. A healthy retirement income strategy balances three buckets: short-term liquidity for near-term needs, medium-term assets for lifestyle spending, and long-term growth investments to outpace inflation over decades.
Explore Lifetime Income Solutions
For many retirees, a lifetime income solution — such as an annuity structured to pay for life — is one of the most powerful tools available. Research shows that retirees with annuitized income report higher happiness levels and reduced financial stress. ¹ As one expert put it: “We insure our homes, cars, and health. Why wouldn’t we insure against running out of money in retirement?” ¹
Start the Conversation
The most important step you can take this May is to start the conversation with a trusted financial advisor. Research consistently shows that those who plan for longevity feel more confident about retirement. ⁴ Longevity is a gift — with the right income strategy in place, it can be one of the most financially secure chapters of your life. Don’t leave that to chance.
Ready to Build a Plan That Lasts?
Longevity is a gift — and with the right income strategy in place, it can be one of the most financially secure and fulfilling chapters of your life. Don’t leave that to chance. Call us at 419-872-0204 to schedule a complimentary consultation, or visit citizenadvisory.com to learn more about how we can help you retire with confidence — and with your health and finances working together.
Sources
¹ PLANADVISER / National Center for Health Statistics, What Record Life Expectancy Means for Retirement (2026) ² Allianz Life Insurance Company of North America, Annual Retirement Study (2024) ³ Nationwide Retirement Institute & American College of Financial Services, Century Club (2025) ⁴ American Century Investments, Longevity Risk Retirement Survey (2025)
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