More people are living to 100, and that means longer retirements. Being able to enjoy a long retirement might sound like a luxury, but it will also stretch your savings, and you may need to adjust your financial plan as you age.

Improvements in healthcare and medicine have led to longer lifespans, and the number of Americans living to age 100 and beyond is expected to quadruple in the next 30 years, according to a Pew Research Center analysis of U.S. Census Bureau data.

In 2024, there were an estimated 101,000 centenarians in the U.S. By 2054, the number is expected to reach 422,000.

"The truth is, living to 100 isn’t rare anymore," said Joe Petry, founder and certified financial planner at Mayfair Financial. "Thanks to biotech innovation, healthier lifestyles, and good genes, more people are hitting the triple digits. That means your retirement could last 30 or even 40 years — basically, a second adulthood without the 9 to 5."

While you may not necessarily be able to accurately predict whether you'll live until age 100, you want to be prepared if you do. A longer lifespan means you'll need a larger nest egg for a longer retirement.

A study by Nationwide, an insurance provider, found that healthy, higher-income retirees were significantly more likely to live to advanced ages. The report found that for healthy couples, there was a 20% chance that one partner would live past the age of 100.

So if you're a healthy individual with no pre-existing conditions, you might consider working a few years past retirement age to build up your retirement savings. You may also consider delaying Social Security to maximize your benefits.

"Every year you wait past full retirement age up to age 70, your benefit grows by about 8%," Petry advises. "That’s guaranteed, inflation-adjusted income for life — like giving your future self a raise."

You could work with a financial planner to find the smartest way to handle your retirement accounts. They may advise you to convert a traditional IRA or 401(k) into a Roth IRA, which offers tax-free growth.

"As people live longer, strategies such as traditional IRA and 401k conversions to Roth IRA and planning around Medicare premium brackets become more valuable," said Byrke Sestok, a CFP at Moneco Advisors.

A financial planner can also help you choose assets that continue to generate returns. "A 30-plus year retirement is a long time to reduce the power of compounding returns," Sestok says. "Today, we advocate for a conservative portion of retirement savings that will fund the next two to three years of cash flow needs and keep the rest of your money working for you."

Reaching your 100th birthday is a milestone, but there is a good chance you'll need some help along the way. You may need help getting to doctor appointments or assistance with daily living tasks such as eating, bathing, and walking.

One way to pay for these needs is with long-term care insurance. This insurance helps pay for the costs of aids assisting you in your home, and you can also use long-term care insurance to pay for adult day care or nursing home care.

Costs vary depending on your age and gender. According to estimates from the American Association for Long-Term Care Insurance, a single man at age 55 would pay an annual premium of $950 for a long-term policy of $165,000. A single 55-year-old woman would pay an annual premium of $1,500 for the same coverage.

As with any type of insurance, it is smart to comparison shop for the best deal. Take some time to review long-term care insurance offers from different companies.

Good eating habits and regular exercise can keep you healthy as you age. Being active and engaged in your community will help you stay connected with others.

Many retirees get involved with a house of worship or a local community center. Hobbies, such as traveling or music, offer alternative ways to make your retirement years a fun and fulfilling time in your life.

If you're hoping for a long retirement, you'll need to make sure your finances are in order. Putting off retirement and delaying Social Security benefits can help ensure you have enough money to retire. A financial planner can also help you continue to enjoy the power of compounding returns.

Don't forget to enjoy life, too. Remember to eat healthy and exercise, stay connected with the community, and pursue your hobbies and passions. With a bit of luck and careful planning, you can enjoy your many retirement years to the fullest.