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Retirement is one of the most important financial goals for many people. It is important to have a complete picture of what your retirement will look like. Some variables that must be considered are: how much will you need to save, how to invest savings effectively and how to make your money last as long as you live? Consider these top nine trepidations regarding your retirement and you will be well on your way to a worry-free future.

Take inflation into consideration. Inflation can take a large bite out of your purchasing power if your income does not keep pace with the cost of living.

Consider long-term care. Many people do not factor the need of long-term care into their retirement plans. If you cannot afford to self-insure a prolonged long-term care situation, you should consider owning LTC (long-term care) insurance. A lengthy stay in a care facility can decimate a retirement portfolio.

Be clear on sources of retirement income. What will be your primary source of income, what other income sources can you draw on? Which investments should be used first?

Plan for a surviving spouse. It is critical that a plan is in place in the eventual death of one spouse before the other. What income sources will they have? Will they be able to maintain their current lifestyle? Can they afford to maintain the current debt load?

Plan for a longer life. Life expectancies are increasing and many retirees will live long beyond these statistics. Outliving your savings can be a very real concern.

Saving enough. Have you tried to estimate how much money you will need for retirement? Underestimating income needs can be a real concern in the future.

Understanding your investments. Employees with company retirement savings plans are largely responsible for managing their own investments. It is important to know what asset class the investment is, as well as the risk tolerance. Your choice should be reviewed at least annually.

Obtain proper advice. Utilize the years of knowledge and experience of a financial advisor to guide you through this and all life stages.

Be prepared. Do you have a plan if you receive a pink slip next week? You often have the choice of leaving your pension with the company or transferring to an account under your direction. A retiring allowance can also be eligible for a tax-free transfer to a locked in plan that is managed by you. Consult a financial advisor, is there a good reason to leave your pension with the company that you no longer work for?

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