Studies show that nearly half of investors fear outliving their savings, and with people living longer and requiring more specialized care—along with the elimination of many pensions—that percentage is likely to rise before it falls.

It takes some planning before your retirement years, but you can make a plan to ensure this doesn’t happen.

Buffalo Center for Rehabilitation and Nursing has three ways to reduce the risk of outliving your savings.

  1. Follow the 4% Rule

Financial analysts say to not withdraw more than 4% of your total nest egg in the first year of retirement, and then just adjust that amount for inflation for each subsequent year. By following that plan, you should be set, but you’ll need to revisit your withdrawal rate every year because losses in the market can affect the total value of your accounts.

  1. Buy “Longevity Insurance”

A deferred-income annuity, also referred to as longevity insurance, will start paying you a guaranteed lifetime income if you reach a certain age—typically, 80 or 85. Just remember that inflation can reduce the value of those payments, and you lose access to the money you spend on the annuity for years.

  1. Delay Taking Social Security Benefits

By waiting until the age of 70, you can maximize the amount of money you get each month from Social Security. And the longer you wait, inflation is taken into account, which is an added bonus. Some people also choose to work well into their 60s so they can not only keep contributing to accounts, but delay having to take from them as well.

To learn more about Buffalo Center for Rehabilitation and Nursing and all of the services they offer, visit http://buffalo-center.facilities.centershealthcare.org.