If you’ve ever watched a championship game, you know the winning team isn’t just talented. They’ve got a playbook — a strategy. They’re ready for the unexpected. Retirement works the same way. One misstep — a market downturn, a health care crisis or a tax surprise — can throw the whole game off balance. That’s why today’s retirees need more than a single product or idea. They need a coordinated playbook that addresses growth, safety, health care and taxes all at once.

Let’s walk through the four biggest risks to your nest egg — and the strategies that can keep you in the game for the long haul.

1. Longevity: Outliving your money

Here’s a sobering thought: Americans are living longer than ever. A healthy couple in their mid-60s today has a good chance of one spouse living into their 90s. That’s 30 years or more of needing steady income.

But while life spans have stretched, pensions have shrunk. Fewer than 20% of private sector workers have a traditional pension today. That leaves Social Security — and your personal savings — as the primary income engines.

The risk: Outliving your money. Running out of income is consistently ranked as retirees’ number one fear — higher than death itself.

The playbook move: Create guaranteed income streams. That might mean carving off a portion of your savings into an annuity that pays you like a personal pension. It might mean delaying Social Security to maximize benefits. The key is simple: Make sure a portion of your income is guaranteed for life, no matter how long that life is.

2. Market volatility: When the rollercoaster doesn’t stop

Remember 2008? Many retirees do — painfully. Watching accounts tumble by 30% or 40% just as you’re starting retirement can devastate your long-term security. Even a smaller dip, if it happens early, can trigger what experts call the “sequence of returns” risk. Withdraw too much during a down market and you may never recover.

The risk: Relying solely on growth-oriented investments for retirement income. The stock market has rewarded patient investors over time, but retirees don’t always have the luxury of waiting for a rebound.

The playbook move: Blend growth with safety. This means keeping a portion of your portfolio in investments that can grow and outpace inflation while also reserving assets in vehicles designed to preserve principal and provide stability. For many, that means mixing traditional investments with safer options like fixed index annuities or bonds. The goal isn’t to swing for the fences; it’s to keep advancing the ball without risking the whole game.

3. Health care costs: The hidden tsunami

Most people assume Medicare will cover everything once they hit 65. Unfortunately, that’s a half-truth. While Medicare covers hospital and doctor visits, it doesn’t fully cover dental, vision, hearing, or — most critically — long-term care.

The numbers sting. According to Fidelity, the average couple retiring today will need over $315,000 for health care costs alone, not including long-term care. A private room in a nursing home averages more than $100,000 per year. Home health aides can cost $60,000 annually. These aren’t small bills; they’re financial tsunamis.

The risk: Failing to plan for health care costs, especially long-term care. One extended illness can wipe out decades of careful saving.

The playbook move: Protect against health care shocks. That might include long-term care insurance, hybrid annuities or life policies with care benefits or setting aside specific savings for medical costs. The key is not to ignore the elephant in the room. Health care is often the single biggest unplanned expense in retirement — and the one that can derail even the best-laid plans.

4. Taxes: The silent partner in your retirement

Many retirees underestimate how much taxes can eat into their nest egg. Remember, the money in your traditional IRAs and 401(k)s hasn’t been taxed yet. Every withdrawal in retirement is taxable income. Add in Social Security and required minimum distributions, or RMDs, and suddenly you’re in a higher tax bracket than expected.

The risk: Assuming taxes will be lower in retirement. With rising government debt, many experts believe future tax rates could go up, not down.

The playbook move: Create tax diversification. Just like you diversify investments, you can diversify taxes. That means mixing pre-tax accounts (traditional IRA, 401(k)) with tax-free accounts (Roth IRA, Roth conversions, life insurance strategies). It also means being strategic about when and how you take income, so you don’t push yourself into unnecessary brackets — or trigger Medicare’s IRMAA surcharges.

Pulling it all together

Here’s the good news: You don’t need to tackle these risks separately. The best retirement strategies weave them together. Imagine a playbook where:

• Part of your money is generating guaranteed lifetime income.
• Another part is positioned for growth but buffered against downturns.
• You’ve got a plan for covering health care and long-term care expenses.
• And your tax strategy keeps more of your money working for you, not Uncle Sam.

That’s the power of a coordinated approach. It’s not about finding the “perfect” product. It’s about blending strategies so that when life throws a curveball, you’re ready to swing back.

The final whistle

Too many retirees go into this stage of life with just one play — hoping the market holds, Medicare pays and savings last. That’s like stepping onto the field with no game plan. You might get lucky, but odds are the other team — longevity, volatility, health care and taxes — will score more points than you can keep up with.

The truth is simple: Retirement isn’t won with hope. It’s won with strategy. The New Retirement Playbook is about preparing for every angle, so you can play with confidence.

So ask yourself: Do you have a playbook — or just a pile of plays? If the answer is the latter, now’s the time to build your strategy. Because in retirement, the stakes are higher, the season is longer and the scoreboard never stops running.

Lyle Boss, The REAL BOSS Financial, endorsed by Glenn Beck as the premier retirement advisor for Utah and the Mountain West States. Boss Financial, 955 Chambers St. Suite 250, Ogden, UT 84403. Telephone: 801-475-9400.