A recent study by the Society of Actuaries found an increased need for risk management and financial advisement in retirement planning.

The study surveyed respondents on a variety of retirement-related risks. According to the results, retirees’ and pre-retirees main concerns include keeping the value of investments up with inflation, income varying due to changes in interest rates, the affordability of health care and long term care, outliving assets, and maintaining a reasonable standard of living.

Although concerns are numerous for retirees and pre-retirees, when it comes time to make important financial decisions, many do not look far enough into the future. The typical retiree has a planning horizon of just five years, while the average pre-retiree has a 10-year planning horizon. Just 7 percent of retirees and 13 percent of pre-retirees look 20 years or more into the future when making financial decisions.