by Gary Foreman

If you’re afraid you’ll outlive your savings, you’re not alone. It’s the most common fear among retirees. We get expert advice.

According to SeniorLiving.org, the most significant financial fear of retirees is not having enough money for retirement. And that is true for high-net-worth retirees, too.

So we wanted to get some ideas on how to address this problem. We turned to Bryan Slovon, CEO of Stuart Financial Group in Washington, DC.

Q: Many (most?) retirees are afraid that they’ll outlive their income. Is this a rational concern? Or are they worrying without a good reason?

Mr. Slovon: Yes, especially when there is stock market volatility; if monies are not allocated adequately along with living within your means, this can be a tremendous problem for retirees.

Q: Are there certain traits or activities that are common among people who outlive their income?

Mr. Slovon: Undisciplined, with no plan would be among the top traits.

Related: Do You Need a Financial Advisor in Retirement?

Q: Are there any early warning signs that someone is about to outlive their income? And, if recognized, is there anything the retiree can do to prevent that outcome?

Mr. Slovon: Warning signs may be excessive worry, spending down of all the assets, and people wanting to do planning only at the last moment rather than when it should have been implemented years before.

Q: Are there habits and/or techniques that will tend to prevent a retiree from outliving their income?

Mr. Slovon: Yes, working with a qualified income planner who strictly focuses in this area. It is a specialization and requires focus on a budget, lifestyle, and investments.

Q: What happens when a retiree outlives their income and Social Security isn’t enough to cover their needed level of care?

Mr. Slovon: Maybe look at a reverse mortgage or a major lifestyle change like renting an apartment, scaling down, etc.

• How Confident Can You Be In Your Retirement Savings?
• Reducing Expenses After Retirement
• Give Your Finances a Pre-Retirement Check Up
• How To Not Outlive Your Retirement Savings

Reviewed October 2023

About the Expert

Bryan Slovon is the founder and CEO of Stuart Financial Group Stuartfg.com, a boutique financial planning firm exclusively serving retirees and soon-to-be retirees in the District of Columbia metro area. He is a financial planner specializing in retirement planning and wealth preservation to a select group of clients. He currently holds his Series 65 license and is a Registered Financial Consultant as well as a Comprehensive Wealth Manager offering investment advisory services through Global Financial Private Capital, an SEC registered investment advisor.

About the Author

Gary Foreman is the former owner and editor of the After50Finances.com website and newsletters in 1996. He's the author of How to Conquer Debt No Matter How Much You Have and he's been featured in MSN Money, Yahoo Finance, Fox Business, The Nightly Business Report, US News Money, Credit.com and CreditCards.com.