There are several risks that retirees need to consider when planning their income for retirement. These include longevity risk (outliving your savings), inflation risk (the rising cost of living), market risk (fluctuations in the market affecting investment returns), and healthcare costs.

Retirees can manage longevity risk by ensuring they have a diversified investment portfolio, considering purchasing annuities that provide guaranteed income for life, and planning for healthcare costs that may increase as they age.

Retirees can mitigate inflation risk by investing in assets that have historically outpaced inflation, such as stocks and real estate. They can also consider adjusting their withdrawal rate based on the rate of inflation each year.

Retirees can protect against market risk by diversifying their investment portfolio across different asset classes, maintaining a long-term perspective on their investments, and considering strategies like dollar-cost averaging to mitigate the impact of market fluctuations.

Retirees can plan for rising healthcare costs by purchasing long-term care insurance, setting aside a health savings account, and researching Medicare options to ensure they have adequate coverage for their medical expenses.