Time and again we hear people say that their biggest retirement fear is running out of money. Its an understandable concern. With increasing lifespans and higher health care costs, retirement is often longerand more expensivethan it used to be.

Planning ahead will go a long way in feeling more confident to take on a retirement that may last upwards of three decades. If youre thinking about retiring within the next few years, now is the time to get your financial ducks in a row. Here are our top tips to help ensure youre prepared.

Taking the time to think through the realities of your retirement lifestyle helps you align your values (whats most important to you) with your financial goals. If your ideal retirement consists of living in your current home, tending to your garden and volunteering at your local library, your financial needs will likely be very different from someone who seeks to spend their retirement visiting the worlds best 5-star resorts. Your financial plan should be constructed to reflect those differences in lifestyle.

We encourage you to scrutinize your employer benefits in the years leading up to retirement. Items to consider: Have you updated your 401(k) to include the Catch-up provision that allows workers 50+ to contribute an extra $6,000? Does your company offer special post-employment benefits (airline, retail discounts)? Are your employer-sponsored insurance policies portable? Are they worth the additional expense?

Over last 15 years, the S&P 500 returned 8.19 percent annually. If you invested $100,000 and earned that 8.19 percent, youd have over $325,000. The average equity investor over the same period only earned 4.67 percent, giving them $198,000 if they invested the same $100,000. Why are they underperforming? There are a number of excuses, such as loss aversion, denial and falling under the spell of media influence. We believe the best way to avoid behavioral mistakes is to offload investment management to an objective and professional third party like a financial adviser.

To avoid running out of money, its important to not only reach a savings goal, but also chart out what your spending may look like. This is where the value of a financial adviser with expertise in retirement income planning comes in. Based on your family history, health, savings, and other factors, we can help determine an appropriate time horizon and average withdrawal rate for you and we can suggest small changes that may extend your savings.

One of the surest ways to keep more of your hard-earned money is to employ tax planning. If your savings and investments arent divided into taxable, tax-deferred and tax-free categories, you probably arent minimizing your tax burden which means you could end up paying more in taxes than you really need to. Enlisting the expertise of a tax planner could help make the most of your money.

Youve worked hard for your retirement; you deserve to enjoy it. Following these five points will not only help you seek a more comfortable retirement, itll also help assuage any concerns you have about a lack of preparedness.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indexes are unmanaged and may not be invested into directly.

Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of Your Money on News Radio 830 WCCO on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Securities offered through LPL Financial, Member FINRA/SIPC. Advisory services offered through Wealth Enhancement Advisory Services, LLC, a registered investment advisor. Wealth Enhancement Group and Wealth Enhancement Advisory Services are separate entities from LPL Financial.

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Your Money: Your easy 5-point retirement checklist - TwinCities.com-Pioneer Press