Retirement Planning Tips That Also Boost Longevity, According To Experts

Planning for retirement beyond basic food, clothing, and shelter needs is essential since your retirement lifestyle may ultimately determine your retirement success. Healthcare is often the elephant in the room when it comes to retirement planning, but it can be an important factor when considering both your financials and your longevity. According to a 2023 report from RBC Wealth Management, 80% of respondents noted that the cost of healthcare in retirement was a major concern. However, despite this, 44% admitted that they had not actually factored in the potential cost of healthcare into their financial planning. While those surveyed believed that $2,700 per year would be adequate for their needs as they age, per Fidelity Investments' annual Retiree Health Care Cost Estimate report, on average, a 65-year-old retiree should expect to spend as much as $172,500 on healthcare over the course of their entire retirement. This would mean almost $7,000 annually for a 25 year retirement.

When you retire can raise the possibility of you running out of money in retirement, but so can unexpected and unplanned medical expenses. For instance, per SeniorLiving.org, the median cost of assisted living, as of October 2025, was around $73,548 annually — with care in states like Alaska, Connecticut, and Delaware hitting over the $100,000 mark. 

One thing you can do to protect retirement savings and your longevity is to make more money throughout your lifetime. While easier said than done, there are actionable steps you can take to do just that, and you don't need an amount that allows you to retire rich in order to do it. Per a June 2025 study by The Senior Citizen's League, nearly two-thirds of seniors surveyed reported that their Social Security benefits were too low, and that COLA did not keep up with the rising cost of inflation. 

That's not just bad for your finances in the long run, but according to the National Council on Aging (NCOA), it can also have a direct impact on your longevity. Mortality rates double amongst seniors in the bottom 60% of wealth versus seniors in the top 20%. Plus, seniors in the bottom 20% of wealth died an average of nine years earlier than seniors in the top 20%. That said, you may want to consider how to talk to your employer about getting a raise. 

As you age, the potential for limited mobility to throw a wrench into your retirement plans increases, particularly if you fail to plan for it. The cost of aging for seniors who need to modify their homes — with changes like stair lifts, walk-in showers and bathtubs, accessibility ramps, and wider doorways — can be affected by geographic location, the amount of work required, the cost of materials, and even the layout of a home. For instance, as per Homeguide, the installation of an accessibility ramp for a wheelchair can cost, on average, anywhere from $1,000 to $6,000 for permanent installation, with bathroom modifications rising as high as $25,000, according to Matin Real Estate.

Acknowledging the possibility of these expenses and costing them into your retirement planning earlier can better prepare you for them, as can having a decent emergency fund. There is also financial help supported by the Americans With Disabilities Act (ADA) that can help with home modification costs. Federal grants like the Single Family Housing Repair Loans & Grants program offer loans of up to $40,000 to modernize homes and remove safety hazards, and grants up to $10,000 toward the same purpose. Home modifications are one of the best ways to use a military discount according to the U.S. Department of Veteran Affairs, thanks to Special Home Adaptation (SAH) and Specially Adapted Housing (SAH) grants offering up to $24,405 and $121,812 respectively.  

A 2024 study conducted by the National Poll on Healthy Aging via the University of Michigan Michigan Medicine found that 33% of older adults experienced loneliness or social isolation. This is significant for your wallet since this can lead to cognitive decline, heart disease, or even mortality in older populations. According to a Place for Mom, the cost of 24-hour memory care can climb as high as $24,024 per month, while full-time (44 hours) of memory care per week can add up to around $6,292 per month. As such, community isn't just essential to your mental and physical health, but also for your retirement savings.

According to the American Senior's Housing Association (ASHA) via SeniorStar, there can be potential financial advantages, as well as health benefits, to living in a retirement community versus aging at home. Just be sure to do your research so you don't end up looking at overpriced retirement communities that will only diminish your retirement savings. 

According to the Social Security Administration Elder Index, via AARP, there are 10 states where the average Social Security retirement benefit covers anywhere from 84% to almost 91% of basic monthly expenses. In order from lowest to highest percentage of monthly coverage, they are North Carolina, Arizona, Delaware, Michigan, Iowa, South Carolina, Tennessee, Alabama, West Virginia, and Indiana. Within some of these states, you can even find cities where retirees can live on Social Security alone.

This matters because, per an Urban Institute analysis of U.S. Census American Community Survey data, 21% of seniors 75 years and over spent over 50% of their income on housing costs in 2023. For those 65 to 74 years old, it was 17%. A trifecta of lower housing stock, affordability, and access to housing have only exacerbated the problem. Plus, over the past 20 years, the amount of seniors spending over half their income on housing has grown from 5.2 million to 11.7 million. This has also led to a higher share of unhoused seniors, with the percentage of seniors experiencing homelessness rising 37% between 2019 and 2022. If planning for retirement with longevity in mind, stay away from the most expensive cities to buy a house in the U.S., and instead focus on where your money will take you further. 

While there are a number of insurance products that aren't worth your money, long-term care insurance could be worth it. According to Genworth, the national median cost of in-home care in 2024 worked out to $77,792 per year, or around $6,483 per month. The national median cost of 24-hour nursing home care was an even steeper at $127,750 per year. At roughly $10,646 per month, it's important to also realize that long-term care in a nursing home is generally one of those costs that Medicare won't cover for seniors. Along with longevity comes the possibility of illnesses that can not only drastically impair lifestyle, mobility, or cognitive ability but also your retirement savings. Like all insurance plans, it's up to you to ensure that your policy covers your bases, especially since not all insurance products include long-term care.

Although Medicaid may offer a lifeline if you qualify for aid — it's one of the key differences between Medicare and Medicaid — it still requires that the long term care facility is willing to accept Medicaid as a first payer. However, per a May 2025 release by the Kaiser Family Foundation (KFF), Medicaid only covered around 44% of long-term nursing care costs in a facility in 2023, and 69% of home care. 

Your car may not seem relative to longevity, financial or otherwise, especially considering the cost of car insurance in your retirement years, but downsizing can save you money and might even add years to your life. According to a January 2025 U.S. Centers for Disease Control and Prevention (CDC) report, over 740 older adults are injured in car accidents every year. Of those people, 25 don't survive. Statistically, people over 70 years old have lower car crash survival rates per 1,000 crashes than drivers ages 35 to 54 do. That's a direct correlation where longevity is concerned.

If that's not enough of a reason to sell a second vehicle before retirement, perhaps the thought of it costing you double the money in fuel and maintenance might. According to Consumer Affairs, the average cost of maintaining a vehicle in the U.S. is around $900 per year. Plus, according to Mach 1 Services, the average driver spends around $2,000 per year on fuel, depending on your geographic location. Ditching one of your vehicles can turn that expense into savings, or the ability to put the money into investment opportunities that make financial sense for retirees.