5 Signs You May Run Out of Money in Retirement

Picture this: You’ve worked hard your entire life, diligently saving for retirement. But what if your savings don’t last as long as you need them to? It’s a scary thought, but it’s something everyone approaching retirement faces.

Following are a handful of warning signs that could signal you’re at risk of running out of money in retirement, and more important, what you can do about it. They may not all work for you, but some will, so be sure and read out the entire list.

1. You’re not getting expert help

Obviously, you need as much growth and income as you can squeeze from your retirement savings. That may require a second set of eyes.

A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional advisor. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisors in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an advisor can help lower your tax burden, create a comprehensive financial plan, maximize your Social Security, help with estate planning and making sure you’re on the right track. They can also be there in case one day, you’re not.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.

Nothing to lose and lots to potentially gain. Take a minute and check it out right now!

2. You can’t get cash from your home

If you purchased a home in the past 10 years, you likely have significant home equity — equity you could harness to improve your home, pay down high-interest debt or accomplish a million other things.

The problem? Traditional home equity loans require a long approval process, interest and monthly payments.

That’s where Unlock Technologies comes in. Their home equity agreement (HEA) allows you to tap your equity without the hassles of a traditional home equity loan.

You can see how much equity you can unlock in less than a minute. No credit score impact. No strings attached.

Unlock could offer you cash in exchange for a portion of your home’s total value. Because an HEA isn’t a loan, there are no monthly payments or interest charges. The Unlock HEA has a 10-year term, and has flexible repayment conditions.

Unlock currently operates in these states: Arizona, California, Colorado, Florida, Michigan, Minnesota, New Jersey, North Carolina, Oregon, South Carolina, Tennessee, Utah, Virginia and Washington.

If you’d like to tap your equity without going into debt, check out Unlock.

3. Interest on debt is consuming your savings

Sarah is a hardworking mother of two who found herself trapped in a vicious cycle of debt. Sleepless nights, constant stress, and the incessant ringing of creditors’ calls was her life. She felt helpless and alone, wondering if she would ever break free from the crushing weight.

Then Sarah discovered the power of credit counseling. With the guidance of a compassionate and knowledgeable team at Freedom Financial Network, Sarah changed her life. Freedom helped her create a personalized plan to tackle her debts head-on, negotiating with creditors and finding solutions that fit her unique situation.

Today Sarah’s a different person. Her debt is gone. No more dodging calls. No more sleepless nights. Her hope was renewed and now she has the confidence to take control of her money and her life.

If you’ve got more than $10,000 in debt, or know someone who does, do something. Contact Freedom Debt Relief. Have a free chat with a counselor.

Get some peace of mind. Remember, you only live once. There’s no reason to live it buried in debt.

Take a minute and contact them right now.

4. You didn’t anticipate big-ticket expenses

The cost of car repairs is skyrocketing. One shop told Consumer Reports that a decade ago, their average repair was $1,600. These days, the average bill is $4,000.

If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with a CarShield auto warranty.

CarShield provides extended warranty plans of up to 24 months, and allows you to choose from at least six different plans, so you’ll only pay for the coverage you need. They cover cars up to 20 years old and offer flexible month-to-month plans so you’re not locked in for years.

CarShield has a network of thousands of ASE-certified repair shops, and they pay the repair bill. All you cover is the deductible. All their warranties include 24/7 roadside assistance and rental car benefits while your vehicle is being repaired.

ConsumerAffairs calls CarShield “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.

Take a minute right now and get a quote.

Same with your home: Whether it’s a leaky roof or a broken appliance, your castle can quickly crumble and cost you hundreds, or even thousands.

Unless, that is, a home warranty company has your back. Example? First American will protect you from giant bills by covering everything from home appliances to electrical, plumbing, heating and cooling systems — even pools and spa equipment.

They also allow you to customize your plan, so you only pay for what you need.

When something goes wrong, just call First American, day or night. The company has a network of prescreened technicians and typically dispatches an independent contractor within 48 hours.

Hey, if you’re handy and like to repair stuff yourself, that’s obviously the cheapest route. But if that’s not you, a penny spent now could save you big bucks later.

Get your free First American quote in 30 seconds.

5. You don’t have a plan for long-term care

According to the U.S. Department of Health and Human Services, 7 in 10 people who turn 65 today will probably need some kind of long-term care.

“But won’t Medicare take care of all that?” Nope. Medicare doesn’t cover long-term custodial care — and paying thousands for it out of pocket could take a huge chunk of your retirement savings.

Solution? Long-term care insurance.

Without it, an extended-care nursing home stay could deplete your savings, leaving you less to live on, and little to nothing to leave to your family.

One place to find it is GoldenCare. (Unless you live in the four states where GoldenCare doesn’t operate: Alaska, Florida, Hawaii and Washington.)

At least check it out and see if it’s a fit. Because a little planning today could mean a far more secure tomorrow.