There are risks and costs to action. But they are far less than the long-range risks of comfortable inaction.

— John F. Kennedy

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Few of us enjoy thinking about risks, but if we ignore them, we can end up in a world of hurt. Knowingly or unknowingly many retirees are facing certain risks that can derail their financial futures, putting their retirements on shaky ground.

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Here are some risks to think about and to factor into your retirement planning.

1. Risk of overwhelming healthcare costs

It’s no secret that healthcare is costly. It can be even more so in retirement, as our bodies tend to develop more issues when we’re older. You may not realize just how costly it might be, though. Consider this: According to Fidelity, a 65-year-old who retired in 2024 could expect to spend $165,000, on average, on medical and healthcare expenses throughout their retirement — and that doesn’t even include long-term care, over-the-counter medications, or most dental services. A married couple might assume an average cost of $330,000.

One way to deal with this is to try to get and stay as healthy as possible, to reduce your risk of needing costly care. There’s no guarantee, of course, but being healthy should help. You’ll also want to learn about and make smart decisions regarding Medicare, such as whether you want to opt for “original Medicare” or popular Medicare Advantage plans. Be sure to read up on them carefully, because each option has its pros and cons and switching between them may not be as simple or risk-free as you think.

2. Risk of inflation shrinking purchasing power

This is less of a risk and more of a guarantee: Over time, prices tend to go up. You may think that a $1 million nest egg will serve you well, but if you’re still just 35 years old, come retirement that $1 million in future dollars might only have the purchasing power of $500,000 in today’s dollars. Thanks to inflation, many expenses will cost much more in the future. Wells Fargo, for example, has noted that: “A dozen large eggs cost $1.37 in 2004; in 2024 the same dozen eggs cost $2.70. That’s an increase of 97% in 20 years.” (The price of eggs is far higher right now, but that might come down.)

You might prepare for inflation by including income-producing investments in your portfolio, such as dividend-paying stocks. Healthy and growing dividend payers tend to increase their payouts over time, often enough to keep up with inflation.

3. Risk of needing long-term care

Long-term care is another topic many don’t think about enough. According to the Department of Health and Human Services, “Approximately 70% of people turning age 65 can expect to use some form of long-term care during their lives.” That might mean needing help at home, such as with bathing, or needing to be cared for in a facility. Per the Center for Retirement Research (CRR) at Boston College, only 27% of respondents in a survey thought they’d need long-term care.

Meanwhile, long-term care can cost a lot. Per Statista, “In 2023, the annual median cost for long-term care in the United States ranged from 24,700 to 116,800 U.S. dollars, depending on the type of service.”

You might want to start saving for this possible need or to look into long-term care insurance. Note, too, that there are some hybrid annuities that will deliver some income for long-term care if and when it’s needed. A health savings account (HSA) can also help with these kinds of costs — and with other healthcare expenses.

4. Risk of living a very long life

This risk might seem like a good thing, but it has a scary side, too: If you live to, say, 95 or 100 or beyond, as plenty of people will, that means your retirement nest egg may need to help support you for 30 or even 40 years. That’s a big ask, especially when millions haven’t saved enough.

According to the Social Security Administration (SSA), “About 1 out of every 3 65-year-olds today will live until at least age 90, and 1 out of 7 will live until at least age 95.”

You might address this risk by studying various retirement withdrawal strategies, such as the flawed-but-informative 4% rule, which can help you determine how big a nest egg you’ll need based on your desired income. Also, think twice before shifting your portfolio out of stocks as you approach and enter retirement. If your retirement will be, say, at least 20 years long, you might still keep a meaningful portion of it in stocks for long-term growth. A low-fee S&P 500 index fund could be perfect for that.

5. Risk of Social Security underdelivering

Then there’s Social Security, which, as of February, was sending out average retirement benefit checks of $1,981 each month — about $23,800 over the course of a year. (Setting up a my Social Security account at the SSA website will show you how much you can expect.) The program is facing a funding deficit in the coming decade, with its trustees estimating that, if nothing is done to strengthen Social Security, beginning in 2035, beneficiaries will receive only 83% of what they’re due.

Making matters more worrisome, the Trump administration is floating ideas that could hurt the long-term viability of the program. Fortunately, there are multiple ways to fix this problem — some of which have had bipartisan support, too. Given all that, think hard about when to start receiving your Social Security benefits.

These are some of the big risks all retirees face. Do spend some time thinking about and preparing for them.

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Wells Fargo is an advertising partner of Motley Fool Money. Selena Maranjian has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.