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10 Financial Moves to Make Now if You Plan to Live to Be 100

Here's how to stretch your savings and supplement Social Security for a long life.

By Adam Palasciano

Edited by Ellen Cannon

Updated Jan. 22, 2025

Planning for a long retirement is more important than ever as life expectancy rises. If you're aiming to live to be 100, making smart financial decisions today is crucial to ensuring your money lasts.

This goes beyond simply saving for retirement. It's about maximizing income, cutting costs, and making smart investments to supplement Social Security.

Here are 10 key financial moves to help you prepare for a long and financially secure future.

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Max out retirement savings

One of the best ways to prepare for a long life is by maxing out your contributions to retirement accounts like a 401(k) or IRA. These tax-advantaged accounts help you build a solid nest egg over time. For those over 50, catch-up contributions allow you to invest even more.

By maximizing these opportunities now, you'll have more savings to draw from in your later years.

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Invest in low-cost funds

Investing in low-cost index or exchange-traded funds (ETFs) can help grow your retirement savings while minimizing fees that eat into your returns. Over decades, high management fees can significantly reduce your portfolio's value.

Low-cost funds offer diversification and long-term growth potential, which is essential if you're planning to live to 100.

Live frugally

Adopting a frugal lifestyle now will help you save more for your future and make your money last longer in retirement. This doesn't mean depriving yourself but finding ways to reduce unnecessary spending, such as dining out less, driving a more affordable car, or downsizing your home.

A frugal mind-set early on ensures you'll have enough money to live until 100.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

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Keep yourself fit and healthy

Good health is one of the best financial moves you can make. Staying fit and healthy helps reduce medical costs in retirement, which is especially important as health care expenses can skyrocket in your later years.

Regular exercise, a balanced diet, and preventive health care can help you avoid costly medical bills, giving you more financial flexibility.

Work as long as you can

Working beyond age 62 — the age at which you're first eligible to collect Social Security — not only boosts your benefits but also helps delay drawing from your retirement savings.

Every additional year you work allows your investments to grow and compound. This extra income can go a long way toward ensuring you won't outlive your savings.

Diversify income streams

If you're planning to live to 100, relying solely on Social Security or one income source isn't wise.

Diversify your income streams by investing in rental properties, dividend-paying stocks, or starting a small business.

Multiple sources of income will help you weather financial uncertainties and give you more flexibility as you age.

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Plan for long-term care

Perhaps one of the biggest financial risks of living to 100 is the cost of long-term care, such as assisted living or in-home care. Planning for this expense early can save you from depleting your savings in your later years.

Consider long-term care insurance or setting aside a specific portion of your savings for health care needs.

Keep learning about finance

Staying financially literate is crucial if you expect to manage your money over a long retirement. Continuously educating yourself about personal finance, investments, and tax strategies can help you make informed decisions.

Keeping up with financial trends and strategies will ensure your wealth continues to grow as you age.

Rebalance your investment portfolio regularly

As you age, your risk tolerance may change, especially if you're planning for a long life. Rebalancing your portfolio periodically ensures that your investments align with your goals and risk tolerance.

As you near and enter retirement, you may want to shift more toward conservative investments, such as bonds, while maintaining some growth-oriented assets.

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Delay major expenses

If you're expecting to live a long life, you need to be strategic about when and how you spend your money.

Avoid making large, unnecessary purchases that can drain your savings. This includes big-ticket items like luxury cars or lavish vacations. Instead, focus on experiences that bring value without putting a dent in your retirement funds.

Bottom line

Living to 100 means making thoughtful financial choices now to ensure your money lasts as long as you do. By focusing on maximizing retirement savings, managing health care costs, and maintaining diversified income streams, you can avoid wasting money and make the most of your financial future.

Are you prepared to financially sustain a long and healthy life? Start planning now so you can enjoy your golden years without the stress of outliving your savings.

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