Retirement Risks To Plan For

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Discover key retirement risks to plan for and secure your future. Learn more about safe money alternatives today! Visit SafeMoney.com. Editor’s Note: This is Part 1 of a two-part series on retirement risks that we should definitely plan for. For more information on potential retirement money mistakes and how you can enjoy a comfortable retirement lifestyle, you may find helpful answers in  The New Retirement Report . You can find Part 2 of this series here .  Top Ten Lists were a signature of David Letterman’s Late Night and Late Show legacies. Now that he’s 70, if Letterman were to prepare such a list today, it might look something like this: “The Top Ten Retirement Risks I Didn’t See Coming, But Should Have.” While three decades on TV may give Dave the aplomb to tackle top retirement risks with more leniency, this isn’t the case for everybody. Not everyone can be blasé about what they face as they enter and move through retirement. To help you look ahead—and plan accordingly—we offer these Top Ten Retirement Risks You CAN See Coming. Retirement Risks to Plan for Here are some risks to consider when thinking ahead to your retirement future: #1: Longevity Risk This is definitely a “good news and bad news” risk. The good news? Statistics show you are going to live longer than previous generations have. The bad news? That means you will need more resources to fund your longer lifetime. According to the Social Security Administration, a man reaching age 65 today can expect to live, on average, until age 84.3. A woman turning age 65 today can expect to live, on average, until age 86.6. But here’s the catch, those are just averages! About one in every four 65-year-olds today will live past age 90. And one out of 10 will live beyond 95. In the chart below, we can see how life expectancies from age 65 have gradually increased over time.  It’s time to calculate what you may really need for basic living expenses, medical costs, long-term care costs, and any other retirement spending projections. #2: Health & Disability Risk We all may anticipate the likelihood of needing more medical care as we age. But we may not foresee the impact of a sudden change to our health, including the advent of a disability. In