Apart from marrying a very wealthy person, or correctly guessing the winning lottery numbers, there are some helpful ways to ensure that you will be likely to have enough to live on in your retirement years:
Get a realistic estimate of how long you’re going to live. Try www.livingto100.com for example. This will give you an idea of how long your money must last.
Next, consider the 4% rule of thumb: you can reasonably expect to be able to withdraw 4% of your retirement savings each year. If you’re likely to live longer than a normal life expectancy, maybe less than 4%. There are different opinions on that number as being an appropriate one.
Have some flexibility in your withdrawals. If investment values are down, try to restrain your spending.
Review the allocation of your investments among the various categories, to make sure you have the proper balance for your age and risk aversion.
Keep your accounts simple- avoid having a large number of accounts. you can usually cover all investment categories with just a half dozen or so funds.
Consider retiring later. A statistic, for what it’s worth, indicates that waiting until age 70 will give you a very high percentage likelihood of success in stretching out your retirement savings, while retirement at 62 reduces it significantly.
Of course, the golden rule: spend less, save more.