It’s certainly not a pleasant thought to think about: traditional pensions are disappearing and Social Security is on the road to bankruptcy. Yet the biggest obstacles that can threaten your retirement funds aren’t always mentioned in the headlines.Setbacks like losing your job and life-threatening medical conditions are surprisingly common in later life.A recent Boston College study has found that the results can be particularly devastating for those nearing retirement. The college’s Center for Retirement Research studied people in their 50s and 60s and found that: Twenty percent of workers lost their jobs during the 1992 to 2002 study period. Among married couples, nearly one in three experienced job loss. - Forty-one percent of those studied were diagnosed with a major medical condition such as heart problems, diabetes or cancer. - Thirty-four percent experienced health-related limitations on their ability to work. - Eight percent were widowed, 7% experienced a severe disability and 4% divorced.Overall, the study found 6 out of 10 people in their 50s and 60s experienced some kind of serious negative shock that threatened their financial security.How to protect yourself:These are scary statistics, but they convey an important truth about retirement planning: you can’t assume everything […]

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