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As Labor Day approaches on September 1st, 2025, it’s a perfect time to pause and think about your retirement.

For our clients at Davenport & Associates, the fear of outliving your savings is real—51% of people worry about it.

With the holiday season nearing, this blog explores why this concern matters and offers simple strategies to thrive.

If you’re asking “How can I avoid outliving my savings?” or “What are my retirement goals?”, read on for thoughtful ideas.

Why Outliving Savings Is a Top Worry

More than half of retirees (51%) fear running out of money, especially with lifespans increasing—average life expectancy now hits 79.

Labor Day’s shift from work to leisure sparks this reflection.

Common Question and Answer: “Why do people worry about outliving savings in 2025?” – Longer lives, healthcare costs ($172,500 for a 65-year-old couple), and inflation at 3% erode funds.

The Numbers

• Longevity Risk: 25% of 65-year-olds live past 90.
• Healthcare: $315,000 in out-of-pocket costs over retirement.
• Savings Gap: 43% think they need $1.26 million, but only 20% have it.

Strategies to Thrive in Retirement

Here are simple ways to make your money last:

• Delay Social Security: Wait until 70 for 8% annual increases, boosting income by 24% over age 62.
• Annuities: Buy a fixed annuity ($200K for $1,000/month) for steady cash flow.
• Reduce Spending: Cut 10% (e.g., $500/month on a $5,000 budget) to stretch savings.
• Part-Time Work: Earn $10K–$20K/year to supplement income, popular with 15% of retirees.
• Emergency Fund: Save 6–12 months ($30K–$60K for $5K/month needs) for unexpected costs.

Common Question and Answer: “How to avoid outliving my savings in 2025?” – Delay Social Security, use annuities, and cut spending wisely.

A Thought-Provoking Question

As Labor Day nears, ask yourself: “What does a comfortable retirement look like for me?” Is it travel, family time, or peace of mind?

With 43% unsure of their needs, planning now shapes your future.

Common Question and Answer: “What are my retirement goals?” – Define them (e.g., $80K/year) and match strategies to them.

Common Concerns and Answers

• Do I have enough to retire? Check if $1.26 million fits your lifestyle; 20% fall short.
• How will I spend my time? Part-time work or hobbies can fill days and funds.
• Is my health suffering? Plan for $172,500 in healthcare to avoid stress.

Plan Before the Holidays Hit

Labor Day is your cue to act—51% regret delaying.

Common Question and Answer: “Strategies to thrive in retirement 2025?” – Start with Social Security timing and a consultation.

Contact Davenport & Associates for a free consultation today or take our retirement ready quiz to see where you stack up! Happy Labor Day!

References

1. Northwestern Mutual 2025 Planning & Progress Study – 51% fear outliving savings, 43% unsure of $1.26M need, 25% live past 90.
2. Fidelity Retiree Health Care Costs Estimate – $315,000 out-of-pocket costs, $172,500 for a 65-year-old couple.
3. SSA Social Security Benefits Planner – 8% annual increase delaying to 70.
4. Annuity.org Fixed Annuity Guide 2025 – $200K for $1,000/month income.
5. AARP Retirement Income Options – 15% of retirees work part-time.