Don't Want to Run Out of Retirement Savings? You May Have to Work Until This Age

Running short of retirement savings is a top fear for most Americans, and unfortunately it's a justifiable concern, as many people have too little saved for their later years. In fact, the Center for Retirement Research has warned that around half of all households throughout the country run the risk of outliving their savings.

If you've got a long time left until retirement, you can avoid this undesirable fate by making sure you're saving a substantial amount for retirement -- around 15% of income or more. But if you're nearing retirement, you may not have time to bulk up your savings account to ensure your money lasts.

Whether you find yourself struggling to save more or you're too close to retirement to change course, there is one thing you can do to significantly reduce your chances of running short of cash: Work until you're 70.

Source Fool.com