Am I Going to Run Out of Money In Retirement?

You don't need to have everything figured out, says a Certified Financial Planner. You just need a clearer way forward.

By

Jacqueline Schadeck, CFP

 
Published August 28, 2026
Photo illustration of a person sitting on large stacks of hundred-dollar bills against a bright red background
AARP (Getty Images, 2)

A recent AARP survey found that nearly 60% of women over 40 feel anxious about their financial future.

Not because they’re careless, but because so much of the system makes clarity hard to come by.

I know that anxiety. I’ve lived it.

I remember sitting at the kitchen table, watching my mom cry, surrounded by unopened bank statements and a half-finished cup of coffee. The room felt heavy with fear and uncertainty—the kind that settles in when something you trusted starts to fall apart. You couldn’t see it, but you could feel it everywhere. Financial anxiety.

Her advisor hadn’t given her a real plan—no guidance on withdrawals, no conversation about risk, no preparation for what could go wrong. When life did take a turn, she lost nearly everything. That experience is what led me to become a Certified Financial Planner professional, the kind I wish she’d had. Someone who could have helped her understand the full picture and move forward with confidence.

If you’ve ever felt that tightening in your gut when you open a bill or wondered if financial peace is really possible for you, pause for a moment. You’ve already made it through so much. You’ve figured things out when it wasn’t easy. That matters. You don’t need to have everything solved—you just need a clearer way forward.

I’ve seen people retire with modest savings and still build retirements they truly enjoy.

Not because they hit some perfect number, but because they had a plan. Retirement isn’t a single destination—it’s the point where you get to decide how you spend your time. That’s what real wealth looks like.

Here are three small steps to help you move toward that clarity:

Step One: Name your numbers. Write down what you think you’ll need for retirement, even if it’s just an estimate. Seeing it on paper gives you something real to work with and something you can refine over time.

Step Two: Focus on what matters now. Ask yourself, “What’s one thing I can do this week for my finances?” It might be paying down debt or contributing a little more to your retirement account. Keep it simple and take action.

Step Three: Find someone you trust to talk with. If you don’t already have a planner, consider looking for a Certified Financial Planner professional or exploring the Foundation for Financial Planning, where you can find free consultations. You don’t need to have all the right questions—you just need to start.

I once worked with a client, a teacher named Marcia, who was convinced she’d never be able to retire. She told me, “I’ve worked my whole life, and I still feel like I’m behind. How am I supposed to retire when I can barely keep up right now?” But when we laid everything out—her pension, her 403(b), and her Social Security—it became clear she was closer than she thought. Much closer.

The truth is that Marcia’s fear wasn’t unique. More than 4 in 10 women 50-plus could not cover a $400 emergency expense using the money in their bank accounts alone, according to AARP — and more than 8 in 10 older women expect Social Security to be part of their income in retirement, with nearly 30 percent relying on it as their only source. So many women are carrying this weight quietly, convinced they’ve run out of time or options. Marcia felt the same way until she got the facts she needed.

Today, she spends her mornings in her garden, coffee in hand, under the tree she planted years ago. She still has a mortgage she’s working to pay down, but she travels a couple of times a year and spends as much time with her grandchildren as her heart desires. Not because everything was perfect, but because she finally created a plan that was built around her life.

Sister, that’s what this is all about—turning fear into freedom. Every step you take toward understanding your finances isn’t just about money. It’s about creating calm and confidence in your life.

Money, and retirement especially, isn’t a straight path. It’s a journey—one built on courage, clarity, and compassion. We may not have control over how our legacy began, but we have the power to shape what comes next.

After witnessing her family fall victim to poor financial advice, Jacqueline made it her mission to be the trusted guide she wished they'd had. That mission grew into a career leading an investment advisory firm and sharing her expertise with millions as the host of the PBS show My Money Mentors. She has dedicated her life to making sure no woman has to navigate her financial future alone.