Retirement should be a phase of life of greater freedom and less stress, not lingering financial worry. Yet, so many seniors share the same concerns: Will my savings last? What if inflation erodes my income? How much risk can I or should I take now? What happens if the economy takes a downturn and I lose value in my investments? What about aging issues? Do I need long-term care insurance? Do I consider a group situation or aging at home?

These questions are not a sign of poor planning; they are a sign of thoughtfulness. The good news is that with clear priorities, experienced guidance, and a realistic game plan, you can potentially reduce uncertainty and increase your financial confidence for the years ahead. Let’s break it down.

One of the biggest worries for seniors is longevity risk and the chance of living longer than their resources. A good exercise is understanding where your income comes from, perhaps investments, social security, pensions, and annuities, and comparing those to your essential expenses like housing, food, utilities, and health care. Knowing how much your costs are covered by anticipated income can bring immediate relief. Having a withdrawal strategy can help your money support you for the long haul.

Don’t let inflation quietly undermine you. Inflation may not feel that high in recent years, but over the last decade, everyone has felt the loss of purchasing power. Seniors with fixed incomes are especially vulnerable. Social security benefits do rise, and retirement funds invested can increase over time, helping offset inflation.

It is reasonable to have an investment strategy change from growth to income-focused in retirement. How much investment risk is appropriate is personal to each investor, but having no risk is risky too. This is where a professional, like an accountant or a financial planner, can help you understand and map out what is reasonable for you.

A well-balanced portfolio often includes a mix of safer assets for stability and growth-oriented investments to support long-term growth needs. The goal is not to chase returns; it is to create resilience so your finances can weather different market conditions without constant worry.

Market downturns, recession, and unexpected expenses are part of life. What matters most is preparation. An emergency reserve, separate from long-term investments, can help cover sudden costs without forcing you to sell investments at a bad time. Diversification and thoughtful planning can reduce the impact of economic shocks and help you stay focused on the bigger picture, although there is no guarantee that a diversified portfolio will enhance overall returns or outperform a nondiversified portfolio. Diversification does not protect against market risk.

Many seniors hope to age in place, staying in their own homes as long as possible. Consider potential costs for in-home care and exploring options early. Long-term care insurance and dedicated savings or family support can protect both your independence and your finances.

Perhaps the most essential step is not purely financial: Don't do this alone. Having a valued person, whether a financial adviser, family member, or other professional, to talk through concerns can bring clarity and confidence. Together, put together a road map.  It should outline income, spending, investments, contingency plans, and care preferences. Written plans give confidence, improve your decision-making, and can always be modified and updated.

Financial peace in retirement does not come from guessing right; instead, it comes from planning well. By addressing longevity, inflation, economic uncertainty, and long-term care needs, and by leaning on valued conversation, you can replace anxiety with confidence and create enjoyment for the time and energy you have left.

Sarah Carlson is a certified financial planner and the owner and founder of Fulcrum Financial Group LLC, of Spokane. She can be reached at 509.747.2075.