Financial advisor outlines key steps to guard against outliving retirement savings

MILWAUKEE (CBS 58) -- As Americans prepare for longer lifespans and rising living costs, many are increasingly concerned about outliving their retirement funds. Financial advisor Tom Neumann joined us on Thursday, May 15 to outline basic steps people can take to plan for a stable financial future.

Rising healthcare expenses and inflation are two major factors driving uncertainty, with medical costs projected to rise 8% in 2025. Neumann suggested beginning with a personal estimate of annual expenses and planning for a retirement that may span decades.

He also emphasized the value of long-term care insurance, diversified income sources and catch-up contributions for those over 50.