5 Biggest Retirement Mistakes You Will Regret Forever

2. Underestimating Life Expectancy

Outliving your retirement savings is a real concern. Living longer than expected can easily deplete your savings. Delaying the start of social security benefits is a strategy to consider, as each year you postpone from age 62 to 70, the benefits increase by approximately 7% to 8%. This increase ensures a guaranteed stream of income which cannot be outlived or lost due to a stock market decline.

It is also important to note that life expectancy is longer than many people realize. The average U.S. life expectancy is just under 79 years, but this is calculated from birth. If you make it to age 65, you can expect to live another 20 years or more.

Half of all women currently in their mid-50s will live to age 90, as will one in three men, according to the Society of Actuaries. Those who live healthy lifestyles and have higher levels of education tend to have longer than average lifespans.