Retiring? Consider These 3 Things to Avoid Running Out of Money

March 16, 2016, 8:50 PM UTC / Updated March 16, 2016, 8:50 PM UTC

By Sharon Epperson, CNBC

The majority of Americans don't think they are saving enough and are worried their savings won't last as long as they do.

Only 31 percent of workers who participate in an employer-sponsored retirement plan, such as a 401(k), 403(b) or 457, are "extremely confident" or "very confident" that they will not outlive their money — and the rest aren't so sure, according to a new survey by BlackRock.

If you're worried, take these three steps to make sure you don't run out of money in retirement:

Be ready for inflation

Prices have more than doubled in the last 30 years. As a new report from Wells Fargo Investment Institute points out: "Today, you need more than twice the number of dollars you would have needed in 1985 to buy the same amount of goods and services — despite relatively modest inflation during that time."

Historically, U.S. consumers have seen price increases of about 3 percent a year. Using that figure as your guide, plan on having double the amount of money you have today to maintain the same standard of living in 20 years.

Check out the impact of inflation on your retirement with Bankrate's online retirement calculator.

Continue investing in stocks

Even in retirement, the potential return from stocks over time is more likely to outpace inflation when compared to the long-term returns from cash or bonds, according to the Wells Fargo report.

Some experts say you should have 40 percent or more of your portfolio in stocks during retirement.

"My personal goal is to have enough in retirement savings that I can sustain my standard of living on a 3 percent sustainable withdrawal rate for a 30- to 40-year period," said financial advisor Manisha Thakor, director of strategies for women at The BAM Alliance. She plans to do so by investing 60 percent of her portfolio in stock funds and 40 percent in individual bonds at the start of retirement and moving to a 50-50 split in later years.

"That's a pretty lofty goal, but that's what I'm aiming for," she said.

Put off collecting Social Security

You can claim benefits as early as age 62, but if you wait until at least age 70, your monthly check could be nearly twice as much.

For example, if your benefit at the current full retirement age of 66 is $1,000 but you opt to claim at 62, it would be reduced to $750. If instead you wait until age 70, it would be $1,320, a nice increase. Yet less than 2 percent of men — and only 3 percent of women — wait that long to claim their benefit.

If you are healthy and able to work, put in a few more years on the job to increase your earnings and delay taking Social Security benefits.

Sharon Epperson, CNBC

As CNBC's personal finance correspondent and senior commodities correspondent, Sharon Epperson reports on personal finance for the network and also covers the global energy, metals and commodities markets from the floor of the New York Mercantile Exchange.

In addition to reporting for CNBC and CNBC.com, Epperson is a regular contributor on NBC's Today and Today.comand appears frequently on NBC Nightly News, MSNBC and NBC affiliates nationwide. She also frequently reports for Public Television's "Nightly Business Report," which is now produced by CNBC.

Her book, "The Big Payoff: 8 Steps Couples Can Take to Make the Most of Their Money—and Live Richly Ever After," was a finalist for the Books for a Better Life Awards, honoring works that have "changed the lives of millions." She also was a contributing writer for "The Experts' Guide to Doing Things Faster."

Epperson's personal finance expertise has been featured in numerous publications, including USA Weekend, The Wall Street Journal, The Washington Post, The Boston Globe, Self, Essence, Ebony and Time, where she had covered business, culture, social issues and health as a correspondent prior to joining CNBC.

She is committed to improving financial literacy, particularly in underserved communities. She has been invited to the White House to speak about financial literacy and to moderate a public meeting of the President's Advisory Council on Financial Capability at the U.S. Treasury Department. She also speaks frequently at conferences and events for local and national organizations, colleges and universities about many facets of personal finance.

Epperson has received the Vanguard Award for her distinguished career in business and personal finance reporting from the National Urban League Guild, the All-Star Award from the Association of Women in Communications and the Gracie Allen Award from the American Women in Radio and Television for a series of reports on female CEOs. She also has won awards from the New York Festivals, the New York Association of Black Journalists and the National Association of Black Journalists.

An adjunct professor at Columbia University's School of International Public Affairs for more than a decade, Epperson enjoys teaching the importance of budgeting and building long-term savings as part of her course on professional development for graduate students interested in media careers.

Epperson received her bachelor's in sociology and government from Harvard University, and a master's of international affairs degree from Columbia University. A Pittsburgh native, Epperson lives with her husband and two children in Westchester County, N.Y.