You have probably been planning for your retirement for many years now, and you have probably put a lot of work into ensuring that you have the money that you need to last you until the day that you die. However, you have to think about the medical expenses and other costs that could crop up as you get older, and you also have to think about the fact that Americans are living longer than ever before due to medical advancements. Therefore, you could be concerned that you will run out of money before you run out of life.

Luckily, there are a few things that you can do to help ensure that you don't run out of money in retirement. Consider one of these options to gain peace of mind and to ensure that you have the money you need as you get up in years.

Invest in a Longevity Annuity

A longevity annuity is designed specifically for this purpose. Basically, you pay money into your annuity now, and you can begin withdrawing payments once you get much older, such as after you turn 85. This can be the perfect time to start bringing in more income, because this is the age that many people find that their funds are starting to run low. There are obviously some disadvantages, such as the fact that there is no protection against inflation, but there are plenty of advantages as well. This is definitely a good option if you have a good retirement plan in mind to get you by until you are a much older senior.

Consider a Whole Life Insurance Policy

Signing up for a whole life insurance policy can be beneficial for a few reasons. First of all, it will help ensure that your loved ones have the money that they need to cover your final expenses when you do pass away. However, one of these policies will accumulate a cash value as you pay into it over the years, and you can access this money later on in retirement if you find that you need it.

One of your big fears might be to run out of cash when you are too old to work or do anything about it. Luckily, there are things you can do to help protect and prepare yourself. Try one of these ideas and you're sure to gain peace of mind, as well as options for the future.