Could you live on retirement savings for 23 years? How long will your money last?

Precision isn’t always possible when it comes to retirement planning. That doesn’t mean you have to wing it and hope your savings don’t expire before you do.

Looking at the income, living expenses and life spans of today’s retirees can help you make the right financial moves so your golden years aren’t tarnished by an unexpected shortfall.

Government and Gallup data reveal a lot about what retirement is like for Americans today.

It starts at age 61, even though many tell Gallup they planned to work longer. And based on some morbid math – the average remaining life expectancy of someone who has made it to his early 60s (23.3 years), according to the Centers for Disease Control and Prevention – you should plan to be retired for at least a few decades.

How much does retirement cost?

The average budget for a retiree, according to Bureau of Labor Statistics data, provides even more color on what to expect when you retire.

Older households, defined as those headed by someone 65 or older, spend $46,000 annually, versus the $57,000 average spent by all U.S. households combined. The top three monthly expenses for those 65 and older are housing ($1,322), health care ($500) and food ($484).

On average, about half of a retired household’s income comes from Social Security and private and government pensions, according to the BLS, with personal savings and investment and rental income providing 6.9 percent.

An online retirement calculator can project a more accurate picture of your retirement readiness. It will use your current saving, spending and investment profile and some rules of thumb about historical investment returns, reasonable withdrawal rates and, yes, life expectancy. (Most calculators assume people will live into their 90s.)

Pad your paycheck in retirement

If you’re already retired and unretiring or waiting to file for Social Security aren’t feasible, there are other ways to make up for the shortfall between retirement income and expenses.

❚ Leverage your home. If you have substantial equity in your home, a reverse mortgage can turn that asset into income. You’ll receive a regular check as long as you live in the house. When you move elsewhere or go on to the great beyond, the checks stop and your estate must repay the loan.

❚ Shop for an immediate annuity. Although annuities are complex instruments – they’re essentially investments baked into an insurance policy – paying a lump sum upfront to get a guaranteed monthly payment for life may provide the income stability you need.

❚ Withdraw less money during down years. A common rule of thumb among financial pros is the 4 percent rule, which is based on research in all market conditions that shows a retiree can withdraw that amount annually from a portfolio invested half in stocks and half in bonds without depleting her financial reserves before she dies.

❚ Seek assistance. There are government, nonprofit and for-profit programs that provide benefits to struggling seniors. The National Council on Aging (NCOA.org) helps the 60-plus set navigate things such as Supplemental Security Income, Medicaid, debt management programs and subsidized housing.

Dayana Yochim is a personalfinance writer at NerdWallet, a personal-finance website.

NerdWallet is a USA TODAY content partner providing general news, commentary and coverage from around the web. Its content is produced independently of USA TODAY.