'It's So Sad' — Retiree, 65, Asked if Anyone Had Actually Run Out of Money During Retirement. It Turned Out Plenty of People Had and Will

'It's So Sad' — Retiree, 65, Asked if Anyone Had Actually Run Out of Money During Retirement. It Turned Out Plenty of People Had and Will

Adrian Volenik

Sun, July 26, 2026 at 8:00 PM GMT+3 6 min read

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Retirement is supposed to be the reward for decades of hard work and careful saving. But for many Americans, one question never really goes away: what happens if the money runs out before they do?

That question sparked a revealing discussion on Reddit recently after a 65-year-old retiree asked whether anyone had actually exhausted their retirement savings.

The man, who said he retired at 63 while his wife is 61, wondered whether the fear is bigger than the reality. "Most financial advisors seem to be planning on us guys living until we're 90," he wrote. "Has anyone on here run out of money?"

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Long-Term Care the Biggest Financial Threat

Many shared heartbreaking personal stories of parents, relatives, or spouses who exhausted their savings. One of the most common reasons wasn't extravagant spending or bad investments, but the soaring cost of long-term care.

One commenter shared a painful memory of a loved one who developed dementia. "Yes. Ran out in 80s," they wrote. "Went to Medicaid nursing home. By that time had dementia so they never really saw/felt the financial demise. But it was very hard on the rest of the family."

Another wrote that their 95-year-old mother-in-law, who also suffers from dementia, is "about to run out of money."

"I'm not sure anybody expects to live to 95," they said. "It's so sad because she was very comfortable and when she went into assisted living, then nursing care, it sucked finances and happiness so quickly."

Others described how strokes, failed surgeries and other serious medical conditions resulted in years of nursing home stays or around-the-clock home care that quickly drained retirement savings.

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One person said their friend had been living comfortably until a failed back surgery left her needing nursing home care.

"It took less than a year for all her assets to get drained and to go on Medicaid," they wrote. "She gets $35 a month for her personal needs – that's all you're allowed in California."

Several people also pointed out that professional in-home care can cost tens of thousands of dollars per month, making it difficult for even well-prepared retirees to preserve their savings if they need years of assistance.

Some Simply Lived Longer Than Expected

Not every story involved illness. Some retirees simply underestimated how long they would live or made financial decisions assuming they wouldn't need decades of retirement income.

"My father did," one person wrote. "He retired at 58, took a lump sum from his pension and ran out at 85. He never thought he'd live that long."

Others blamed years of overspending on expensive homes, boats, RVs and generous financial gifts to family members. Some admitted their parents had relied almost entirely on Social Security and assumed everything would somehow work out.

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Many people said their parents eventually had to rely on their children for help, whether that meant paying bills, moving in together or helping cover the cost of nursing home care after retirement savings disappeared.

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This article 'It's So Sad' — Retiree, 65, Asked if Anyone Had Actually Run Out of Money During Retirement. It Turned Out Plenty of People Had and Will originally appeared on Benzinga.com

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