Social Security

Social Security is your first line of defense against outliving your savings because these payments will continue for the rest of your life and are adjusted for inflation each year. Anyone who qualifies for Social Security will never completely run out of money, but could have to cut their standard of living to survive on their Social Security payment if they exhaust all other sources of income. Since this is the only guaranteed source of income most retirees have, it's a good idea to try to increase the amount you will get. Common strategies for boosting your Social Security payments include making sure you have at least 35 years of covered earnings, claiming spousal payments, and delaying claiming up until age 70. "Get your [online] Social Security statement from the Social Security Administration and then go through that information and use it to decide when to claim Social Security," advises Troy Von Haefen, a certified financial planner for Von Haefen Financial Management in Nashville.