Make It Last

This isn't the retirement of old when you were promised a pension, health insurance, and a steady stream of social security to get you through until the grim reaper showed up on your doorstep.  Couple that with the fact that people are living about 20 years longer than their predecessors and you can see why it's important to make your retirement savings go as far as it can.

According to Bankrate.com, there are five relatively easy tips for stretching out your retirement savings.

• Buy longevity insurance
• Delay taking social security
• Ladder your bonds
• Get a job
• Consider long-term care insurance

Longevity insurance allows you to put up a relatively small sum of money and have the insurance company invest it for you so that at a predetermined time, you get monthly payouts until you pass on. This can greatly extend your retirement savings. Delaying social security benefits (if you get them at all) is a no brainer—the longer you wait, the more you're eligible for. When you purchase bonds as your security net, stagger them so that you have cash coming in at different times. Consider a fun hobby job for your later years—such as selling on e-bay or crafting—anything that earns a little extra income in retirement. And finally, consider that long-term care can eat away at your savings when the time comes. Be prepared with insurance and you can stretch your money further.

Do you have any of these tactics in place? What other options have you considered to make your retirement savings last?