Retirement savings could be preserved by following five planning steps

Experts say keeping about five years of income in safer assets and closely tracking spending can reduce the risk of exhausting retirement savings.

Many Americans worry they will outlive their retirement savings, and certified financial planners say running out of money is a real risk. Advisors Melissa Caro and Michael Espinosa describe bad timing, inflexible spending, and incomplete planning as common contributors. They discussed a set of strategies aimed at making income more resilient across market cycles and later life costs. Key points: - Experts recommend keeping about five years of income needs in safer assets such as cash, CDs, or short-term bonds so a market drop does not force sales from long-term investments. - Both advisors reported that retirees often underestimate actual spending because habits and needs can remain steady or rise with travel, hobbies, housing, and health care costs. - The Social Security trust fund that covers retirement benefits is projected to be depleted by 2033, with ongoing payroll receipts estimated to cover roughly 77% of scheduled benefits afterward; experts said policy adjustments are possible. Summary: The practices described are reported as intended to reduce the chance of premature portfolio depletion and to make retirement income more adaptable to changing markets and expenses. Experts also reported that Social Security changes could affect future benefit levels but are not described as an immediate disappearance of benefits. Undetermined at this time.