What to do if you run out of money in retirement

Other than the useless suggestion that you should have saved more, traditional financial advice doesn’t offer much guidance if you outlive your money.

We tend to think of 65 as the traditional age for retirement, but the Morningstar Center for Retirement & Policy Studies reports that retiring at 65 might be jumping the gun. According to Morningstar’s research, nearly half of American households will run out of money in retirement if they leave the workforce at age 65.