No one likes to think about their own death. Many avoid the subject entirely. But here's the catch: if you don't face it, you might not realize how long your retirement could last. Ask yourself: can you afford to risk outliving your savings?

Ignoring this question can be a dangerous mistake. Unfortunately, many Americans are doing just that. A recent CNBC survey found that 64% of those saving for retirement are planning for just 20 years or less of retired life—or they aren't planning at all!

Twenty years might sound like a long time. But in reality, many Americans are spending 30-plus years in retirement. If you don't plan for that, you could run out of money when you need it most.

Do you worry about the skyrocketing costs of healthcare? If so, you're not alone. Research by the University of Michigan found that more than half of those 50 or older worry about how the spiking costs of medical care, long-term care, and prescription drugs will impact their retirement.

What about Medicare? There's a common belief that once you turn 65, Medicare will take care of most of these costs. The reality is, unfortunately, quite different. Medicare only covers a fraction of these often staggering expenses. Let's dive into what you can expect and how to plan for these costs in your retirement.

If you're tuning in, you're already taking your first steps towards a secure future.

There’s nothing easy about investing for retirement.

Market fluctuations can have an impact on your financial security, particularly as you approach retirement. Since retirement planning involves making decisions that will affect your long-term financial stability, it's important to carefully consider how market volatility may influence your investment strategy. Planning effectively can help you manage risks and work towards a more secure financial future. As a financial advisor, I understand these concerns. That’s why my message is always to focus on putting a solid retirement plan in place.

Listen to find out how to put a solid plan in place

You can save diligently your entire working life, but without a solid spending plan, those savings might not last. The process, called “decumulation”, is the gradual conversion of retirement savings into income.

Crafting that spending plan is no small feat. Nobel prize-winning economist Richard Thaler noted that “decumulation is a more difficult challenge than accumulation”. Financial planner David Agway noted that one wrong withdrawal in your retirement fund can ruin a decade of investing. So given this reality, how can you protect your financial future?

Listen to find out what to do

Many people assume that Medicare will cover most of their health expenses. That misconception leads them to believe that they don't need to worry too much about healthcare costs in retirement.

A 2022 survey by Fidelity Investments shows just how widespread this belief appears to be. According to the research, many people underestimate health expenses once they qualify for Medicare. The survey found people believed they’ll only require about $41,000 for out-of-pocket expenses over their entire retired life.

In fact, many people seem to be looking forward to Medicare, hoping they will finally be free from all these premiums and copays. Unfortunately, that's far from the reality.

Listen to learn about the reality and what to do about it.

Will you outlive your money? If this question keeps you up at night, you're not alone. According to the Transamerica Center for Retirement Studies, 50% of Americans fear running out of money before they die.

There is reason to worry. Outliving your money is one of the most significant threats to your financial future, even more perilous than a stock market crash or persistent inflation. Nobel prize-winning economist William Sharpe has dubbed it the "nastiest, hardest problem in retirement planning."

Listen to learn how to mitigate this risk