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Are you planning for the three financial risks of retirement?

Many people look forward to retirement as a time to rest and enjoy life. It is, hopefully, a time when you can experience the positive benefits of all that you have worked for in life. But retirement does come with financial risks, and you can mitigate those risks through early care planning.

The first risk is of investment. This has to do with the fact that no investment you can make is 100 percent guaranteed. Diversifying your investments -- and your long-term plans -- helps reduce this risk. You can also invest in peace of mind through tools such as long-term care insurance, which can help reduce stress later if monetary investments don't perform as expected.

The second risk is of longevity. What if you live longer than expected? Certainly, this is a good thing, but it does pose problems if you run out of money during retirement because of it. Working with a financial planner and saving appropriately throughout life can help reduce the chance of the risk coming to pass.

A third risk of retirement is unplanned, and very large, expenses. Such expenses, often related to health care, can create shock waves that devastate your retirement plans and funds if you don't have appropriate tools in place. This is another instance where long-term care insurance and similar plans can be of great benefit.

Working with an attorney experienced in care planning can help you understand the risks of retirement and how to balance them with more positive aspects. By planning now, you can help ensure a better chance of enjoyment later in life.

Source: Forbes, "The Importance of Planning for Long-Term Care," Wade Pfau, accessed Jan. 15, 2016

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