Americans are living longer, and the topic of retirement can be stressful for many individuals. According to a Gallup poll, the average retirement age is 66, up from age 60 in the 1990s. According to the Society of Actuaries, a couple (where both are age 65) has a 50% chance of at least one person living until age 93. There’s a 25% chance of one surviving spouse living until age 98. With the Social Security age increasing and low cost-of-living adjustments, it is pertinent to plan for income that will last up to 30 years (or possibly longer).

In order to navigate successfully through retirement, it’s critical to understand the different risks that can erode—or completely eliminate—savings. These seven risks include living too long, inflation, low interest rates, healthcare costs, preparing for higher taxes in the future, and market volatility. After a shift from pensions in the 1980s to defined contribution plans, Americans understand accumulation but have minimal assistance on distribution.

Learning Objectives:

• Determine the risks to consider for retirement


• Recognize the new Social Security retirement age of 67 in 2022


• Define the three buckets in retirement planning


• Express how the wrong financial advisor can ruin retirement