Usually, before a person "runs out of money", they have done what they wanted to do, and they can see it coming 2-3 years out anyway and can cut back. The danger, I think, is becoming in such poor health that you have to enter a full time care facility. I have some insurance for that possibility, my wife does not. It's expensive insurance.
For better or worse, my ancestors were long lived, generally. Several that I know of went past 100, my uncle hit 104. His ambition was to get past his grandmother who died at 102. I think my Dad would have made it also but he had some ailments that caused his decline that aren't genetic.
The other major health related item is being able to walk. We walk a lot, and being able to walk basically opens a lot of doors. My wife has had three hip replacements, but she does pilates three times a week. My major advice on retirement is to go somewhere where you will like to walk about a lot.
