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Created: June 29, 2026
Modified: June 19, 2026

How Long Will My Money Last in Retirement?

Have your question answered on the Money Wisdom Question Series!

One of the biggest questions people face as they approach retirement is whether their savings will last. The answer can mean the difference between moving forward with confidence and facing the future with uncertainty.

But before you can answer that question, you need a retirement income plan. In this week’s Money Wisdom Question Series, Heath Grossman, CFP® outlines a few essential areas to understand before building that plan.

1. What Are Your Monthly Expenses?

To determine how much income you’ll need in retirement, you first need a clear picture of what your lifestyle will cost. How do you imagine spending this next chapter of your life? Will your ideal retirement include traveling, relocating, starting a business, working part-time, etc.?

From there, list out your expected expenses, including any debt, mortgage payments, or everyday living costs. This will give you a solid foundation for building your monthly retirement budget.

2. What Are Your Guaranteed Income Sources?

If you expect to receive income from a pension or Social Security, understand how much those sources will provide. From there you can identify any gap between your guaranteed income and expenses. A well-designed retirement plan can provide strategies for generating the additional income needed.

3. How Much Have You Saved, and How Are Those Assets Invested?

Next, assess both the growth potential and risk exposure within your portfolio. Retirement is generally not the time to take unnecessary risk. Instead, your priority should be earning a steady, consistent rate of return, minimizing downside risk, and generating income.

4. How Will Inflation Affect Your Purchasing Power Over Time?

As life expectancy increases, your retirement income may need to support you for 20 to 30 years or longer. At an average inflation rate of 2.5%, $50,000 today could have the purchasing power of roughly $30,000 in 20 years. And without an employer providing raises, you’ll need to increase your income over time so you can keep pace with rising costs.

5. What Is Your Plan for Healthcare and Long-Term Care Costs?

Healthcare can be one of the most significant expenses in retirement, so it’s crucial to factor into your plan. A 65-year-old couple retiring today may spend an average of $345,000 on healthcare expenses throughout retirement. And that figure does not include the potential cost of long-term care or nursing home care.

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Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.

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