Make your retirement savings last longer with these expert tips

Retirement, like everything else, is getting more expensive. And more Minnesotans are worried they could outlive their savings.

For Tom Smith, retirement planning comes down to one thing.

"Start now. Don't start next month, next week. Start today and be consistent," said Smith, of Minneapolis.

Now 69-years-old and retired for three years, Smith says getting serious early made all the difference.

"First company, first 401k jumped in for the full amount. That got me off to a good start," he said.

But a new Northwestern Mutual study shows many people feel they still have a long way to go. The study found that people in the Twin Cities now believe they need an average of over $1.4 million to retire comfortably. That's up over $100,000 from last year.

"We find over half of the people that were polled were worried about running out of money is actually their biggest fear," said Elizabeth Miskovich, financial advisor and owner of KRM Generational Wealth Advisors, a Northwestern Mutual private client group.

Miskovich says there's no one-size-fits all number but there are a few common rules of thumb people can use to estimate retirement needs.

"The 4% rule really looks at that safe withdrawal rate. Thinking through what is the amount that we can withdraw from our accounts and successfully not run out of money. That's typically 4%," Miskovich said.

Another is the 25x rule: aiming to save 25 times your expected yearly retirement spending. If you plan to spend $50,000 a year in retirement, you'd need $1,250,000 saved.

Miskovich says people who feel behind still have options.

"One is you can change when you're going to retire. If you said I want to retire at 65, maybe we look at 67 or 68. We can increase savings rate or look at the tax sensitivity of where you're saving money," Miskovich said.

For Smith, the payoff is time with family.

"Now I get to spend a lot of time with my grandkids when they're young. I really enjoy that," Smith said.

Financial advisors say health care costs remain one the biggest expenses retirees underestimate when planning for retirement, which is why they suggest working with a professional.