These 15 Genius Hacks Will Help Make Your Retirement Savings Last

People are living longer, which means having a well stocked nest egg is imperative to living your golden years in happiness. More folks are living well into their 90s, which means having enough cash before you retire is vital to a happy, stress-free retirement.

Some moves you can make before you retire include maxing out your 401k, stocking your emergency fund, and protecting your investments from risk. Once you reach that magical age when you can retire, here are a few steps you can take to keep the money flowing for years to come. You might learn a new language for the hack on page 14.

1. Envision what retirement looks like

Couple calculating

Alwways have a plan. | Wavebreakmedia/iStock/Getty Images

Create a realistic budget before you ride off into the sunset. You can use this worksheet to assess your ongoing and one-time living expenses. Don’t forget to take your age, income, and savings value, including pensions and investments into consideration, CNN reports.

“To feel reasonably secure that you won’t outlive your savings, I’d think you’d want to see an estimate of 80% or better that your savings will last a lifetime,” according to personal finance editor and author Walter Updegrave. “Generally, if you start with an initial annual withdrawal equal to 3% to 4% of savings — or $30,000 to $40,000 for a $1 million nest egg — and then adjust that amount each year for inflation to maintain purchasing power, you’ll likely come in close to that 80%-or-better target.”

Next: Go smaller.

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