Read the full PDF here.

Retirement is often viewed as a time of freedom and fulfillment.

But for many, it also brings uncertainty—particularly the fear of outliving one’s savings. In fact, a 2025 study by SeniorLiving.org found that more than half (53%) of Americans aged 55–64 worry they won’t have enough saved for retirement. And this anxiety isn’t limited to those with modest means—even financially successful couples can feel unsure.

Below is a case study that illustrates how even high-earning, financially successful couples can feel uncertain, and how thoughtful planning can bring clarity and peace of mind.

Meet the Couple

Let’s look at a couple I recently worked with:

• Husband (65) and Wife (60)
• Combined income: $500,000/year
• Annual spending (excluding taxes): $240,000
• Mortgage: $3,000/month (4% interest), paid off in 5 years
• Investible Assets: $3,000,000 in retirement and investment accounts
• Health: Both healthy, expect to live to at least 90
• Social Security (at 67): Wife $3,500/month, Husband $3,200/month

Despite their strong financial position, they were afraid to retire. Their concerns included:

• Running out of money
• Needing to pay off the mortgage first
• Covering medical insurance before Medicare (for the wife)
• Not knowing when to take Social Security

They were planning to work another five years until the mortgage was paid off—but they were tired. They came to us with a simple but deeply personal question: Could we retire next year instead?

Our Planning Approach

Rather than starting with numbers alone, we began by listening. We talked about their goals, values, and what retirement meant to them beyond finances. Then we built a plan that addressed their biggest concerns and showed them how their resources could support the life they wanted.

“We need to pay off the mortgage first.”

Not necessarily. With a low interest rate and a sizable investment portfolio, carrying the mortgage into early retirement was not a barrier to financial stability. We also discussed the emotional aspects of being debt-free and left room for them to revisit this decision later.

“What about health insurance before Medicare?”

The gap between retiring and Medicare eligibility is a common concern. In their case, we explored ACA options, COBRA, and using HSA funds. By estimating costs conservatively, we ensured health insurance would be fully covered in the budget without jeopardizing their long-term plan.

“When should we take Social Security?”

Timing can have a significant impact on long-term outcomes. We modeled various scenarios and ultimately recommended they delay until age 67. While age 70 would offer the highest possible benefit, this approach balanced their retirement timing with a strong income floor and long-term sustainability.

“What if we live longer than expected?”

We planned for a long retirement—well into their 90s. The plan included adjustments for inflation, healthcare expenses, and market fluctuations, giving them confidence that their money would last as long as they needed it.

The Outcome

After reviewing the plan, the couple felt confident that they could retire the following year knowing they had a clear, flexible plan in place. They didn’t have to wait five more years.

Takeaways for Anyone Planning Retirement

Whether you have $400,000 or $4 million, the fear of running out of money is real. But with thoughtful planning, it’s also manageable. A few lessons from this case:

1. Know Your Spending: Understand what your lifestyle costs—and be realistic.
2. Plan for Longevity: Better to overestimate how long you’ll live than underestimate.
3. Rethink Debt: A low-interest mortgage doesn’t automatically need to be paid off before retirement. Focus on cash flow and flexibility
4. Bridge the Healthcare Gap: Consider all options and build those costs into your plan.
5. Time Social Security Strategically: Small changes in timing can make a big difference.
6. Stress-test your plan: Simulate different market and longevity scenarios to build confidence in your plan.

Final Thoughts

Retirement isn’t just about numbers—it’s about peace of mind. If you’re feeling uncertain, you’re not alone. The good news is, with careful planning and the right guidance, you can move forward with clarity and confidence.

At Morton Wealth, our goal is to help clients feel empowered about their future—not just financially, but personally.