A recent MarketWatch article discussed how to manage retirement risks that included:
- Outliving One’s Assets
- Loss of a spouse
- Declining Health
- Medical Expenses
The only risk that is difficult to manage (if you really can) is inflation. No matter how old you are or where you live, the costs of living continue to rise. Seniors are driving less because they are feeling the pressure of gas increases. Sometimes that might mean driving two days a week rather than three. The other items are manageable and can be address at a much younger age if one is prudent in planning. The sad fact is that nobody is planning for the latter four items until its really too late to do anything meaningful.