Saving for retirement was easier in yesteryear, when many workers had pensions to look forward to — and lived shorter lives, too, requiring less in the way of retirement savings. Here in 2016, though, relatively few people have pensions, and life spans have lengthened. So, how can you make your money last through your entire lifetime? Here are three suggestions.

Brian Feroldi: The best way to ensure your nest egg lasts for as long as possible is to cut down on your monthly expenses. One of the biggest costs we all face is keeping a roof over our heads. If you’re able to reduce what you spend on housing, it will be far easier for your money to last a long time. That’s why I’m a big believer in paying off your mortgage early — especially before you reach retirement age.

Sadly, a recent report from the Consumer Financial Protection Bureau shows that an increasing number of seniors are choosing to retire while they still carry debt on their house. In 2014, an estimated 30% of retirees were still paying off a mortgage, up from 22% in 2001. Retirees in this situation can have trouble continuing to make their payments when their income drops, as it typically does in retirement.

 

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