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Commitment to Our Readers<\/p>\n
GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by There is a lot of information out there about how to save for retirement.<\/p>\n What isn\u2019t talked about as much, however, is how to spend in retirement<\/a>. In other words, how to make your money last for 30 years or more. GOBankingRates asked ChatGPT how to make retirement money last 30-plus years<\/a>.<\/p>\n Plan Your Withdrawals<\/p>\n To make sure that you don\u2019t outlive your money, you need to base your withdrawals<\/a> on your account balance. The wisdom of living within your means is even more important in retirement.<\/p>\n<\/p>\n The 4% rule is a good starting point. There is, however, the possibility that you will be unlucky and end up with negative returns and high inflation in the first few years of retirement. For this reason, ChatGPT identified a more conservative option of withdrawing 3% to 3.5% per year.<\/p>\n Watch Your Asset Allocation<\/p>\n Conventional wisdom says to invest more conservatively as you age. That said, you don\u2019t want to be too conservative, because that means you could miss out on a market rally that could really boost your portfolio right when you need it.<\/p>\n ChatGPT suggested 50% to 65% in stocks, 25% to 40% in bonds and 5% to 10% in cash.<\/p>\n Watch Out for Three Risks<\/p>\n ChatGPT cited three risks that can torpedo a retiree\u2019s well-thought-out spending plan.<\/p>\n Inflation: Plan for 2.5% to 3% annual inflation, and know which steps to take to combat higher-than-average inflation.![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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\nHealthcare: Costs for healthcare typically increase as you age. Using the funds in a health savings account can be a good way to use pretax money for healthcare, so max out your contribution to that if you can.\u00a0
\nTaxes: Pay attention to your taxes as you withdraw money from your retirement savings.
\nGet the Most You Can From Social Security<\/p>\n