Michael Fish of Albany, New York, holds a bachelor’s degree in pre-law from the State University of New York Plattsburgh. While working with a major financial services company in Albany, New York, Michael Fish specialized in financial consulting and retirement planning.

In retirement planning, savings, alongside private pensions, and Social Security, makeup the traditional three-legs of retirement. As pensions become less common and Social Security benefit payouts are expected to decline, more retirees will rely on personal nest eggs during their non-working years. However, savings are vulnerable to inflation and emergency expenses. There are several strategies retirees can employ to protect their savings.

For example, savings may be placed into diverse vehicles with varying levels of risk. Depending on their income needs and life expectancy, retirees may opt to put the majority of their savings into low-risk but low return bonds or money market accounts. Working with a tax planner can also help defray unexpected taxes. Long-term care insurance can help cover the cost of nursing home or assisted living expenses. Reducing living costs by moving to a smaller home or relocating to an area with a lower cost of living can also stretch retirement savings.