Life as it is can never be fully determined. You can be at your surest today only to find yourself lost tomorrow. Retirement, unfortunately, as it is something you plan ahead and happens in the future, holds the same risks. In other words, retirement is something you plan today and hope to God you’ll be able to see its fruition. With that said, seniors should be forewarned that alongside your retirement plans come risks you also need to prepare for.
Every year, there are about millions of people crossing the so-called retirement doorstep. Some may have doubts, others are just plain confident they have enough in their pockets. Then there are those who just won’t stop investing their nest egg. These top five retirement risks, on the other hand, won’t hurt you if you consider them when planning for your retirement:
•    Underestimating your retirement years—and I mean literally. Ask yourself now, how many years are you expecting ahead? Even if you are suffering from cancer or other life threatening disease that doctors can easily stamp life-years on your forehead, there can be miracles which will save you now and even give you 20 or 30 more years. Question is, are you prepared for those additional life-years?
•    Price increase and other market movements. There is always a risk of what’s enough today won’t be good enough tomorrow. Even if we already made our nest egg nice and comfy, we still need to keep an eye on the ever-changing market climate and have a backup plan if and when it turns for the worst.
•    Medical expenses. One of the worst nest egg killers is medical expenses especially if stricken by a disease which needs long term therapies—or if indeed, someone in the family needs it. Expenses for healthcare prove to cost seniors too much, particularly for those who only depend on their nest eggs to tide them over.
•    Policy and laws concerning retirees. You know how fast laws and policies can change. One minute seniors stand to benefit, next thing you know, it already turned almost 360. If you ignore these things, chances are you will pay charges that do not apply to you any longer OR you end up paying charges and fees for not knowing exactly what you are doing.
•    Changes in your personal life. As trivial as it may seem, your capabilities as a couple is a mile-different from what it will be living a single life—and vice versa. Changes in your marital status can really affect your retirement life especially in terms of assets and liabilities.