While purchasing an annuity can provide guaranteed lifetime income, consumers also can take additional steps to help make retirement dollars last.

1. Enroll eligible individuals into federal and state benefits programs. Eligible older adults leave $30 billion in benefits unused each year
2. Educate individuals about the best time to file for Social Security. 49% of pre-retirees underestimate their life expectancy by 5+ years
3. Improve long-term care coverage. Today’s 65-year-old has a 70% chance of needing some type of long-term care
4. Empower homeowners to leverage their home equity wisely. Home equity represents 60% to 80% of most older homeowners’ total net worth

As you start getting into your retirement years, you need to take into considerations multiple factors that can help make your retirement enjoyable and relaxing. By understanding these four ways, you can develop a strategy designed around your lifestyle needs.