Tips for Managing Retirement Risks


Not every risk can be avoided. But most can be minimized, and many can be reduced through preparation. Again, planning is the best way to prepare for — and endure — the unexpected.

  1. Consider a Part-Time Job

Working part-time in retirement has multiple benefits, from increasing your financial resources to keeping you engaged with the world. Many retirees find their jobs to be fulfilling ways to spend their time.

  1. Open a Health Savings Account

If you have a high-deductible health insurance plan, you likely have the option of a health savings account (HSA). This allows you to set aside pre-tax money to cover medical costs. HSAs also roll over from year to year, so any money you don’t spend is available in later years, potentially in retirement. And unlike 401(k) money, HSA money isn’t taxed as long as it’s used on eligible medical bills.

  1. Purchase Annuities

Guaranteeing income for life, annuities can be an effective way to insure against the risk of outliving your savings.

  1. Take Care of Your Health

By maintaining good health, you can lower your risk of becoming sick and incurring high medical bills. Eat healthy, exercise and visit your physician regularly.

  1. Maintain Communication

You’ll be more likely to avoid financial scams and receive support in the event that you experience any sort of cognitive impairment if you stay in close contact with family members or other trusted advisors.

  1. Diversify Your Assets

Make sure your savings are in a variety of investments so you won’t lose everything if one of them loses value. Diversification allows you to reduce your financial risk by creating a portfolio that contains assets that respond differently to events that cause market volatility. Your financial planner can work with you to build a diverse investment portfolio.

  1. Maximize Your Retirement Savings

While you’re still working, contribute as much as you can to your retirement accounts. Make sure you take advantage of any employer matching funds. If you want to save more than the allowable limits on 401(k)s or IRAs, you can purchase an annuity.

  1. Long-Term Care Insurance

Long-term care insurance covers nursing homes, assisted living facilities and in-home care. A long-term care insurance policy may save you and your family hundreds of thousands of dollars. If the cost of a policy is too restrictive, consider the lower-priced option of adding a long-term care rider to an annuity.

Go to and download your retirement planning workbook so you can begin TAKING ACTION toward your retirement.

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