Retirement planning is an pretty emotional subject. Many folks people fear they are not saving enough. Others are confused about investment options or they're unsure if their savings are being invested aggressively enough. Still others may be investing and saving wisely, but they are concerned that they may have started too late. But for everyone, there is a 10-year period of time, "the five years before and the five years after retirement" that is especially critical.

This 10-year period has been dubbed as "The Retirement Zone".

The Retirement Zone is a particularly important time when it comes to managing risks, because for many, it's the time they can least afford those risks. And it's especially significant for women who tend to have fewer retirement resources of their own and who are way more likely to be on their own at some point in their retirement years.

Retirement planning is all about managing risks, risks such as the risk of inflation eroding your retirement savings, the risk of a unexpected market downturn depleting your needed assets, the risk of a major illness or disability, or even a longevity risk (the risk of outliving your retirement assets). All planners know the value of consulting a dedicated long term care insurance broker representing several top insurance carriers.

So what you can do to prepare now?

• Seek professional advice.

• Consider your long term care needs realistically. Inevitably, the majority of us will need some sort of long term care at some point. The right long term care insurance plan can help you protect your retirement funds and give you the flexibility in decisions about your future care. Now, the cost of long term care insurance depends on several factors like your age, the benefits you select, the length of coverage, among other factors.

• Consider life insurance. Take stock of everything you do for your family so you can understand the value of what you provide in addition to your income. Life insurance can help ensure your family will be taken care of and continue to let you be part of their future if you were no longer around.

• Create a cash reserve. Cash reserves are sometimes an overlooked component in the plan. It's a good idea to set aside cash that can carry you for several years.

• Review your accounts every six to 12 months, and maintain a healthy balance between investments and cash reserves.

• Investigate annuities. An annuity with a guaranteed lifetime payout can help insure you against poor returns on other investments and help protect you against the risk of outliving your assets. As with every potential scenario, there are personal variables, but the combination of delaying Social Security and purchasing an annuity can be a powerful solution to manage longevity and investment return risks.

• Consider a reverse mortgage. If your home is paid up when you retire, and you choose to remain in it, you may consider a reverse mortgage. Reverse mortgages pay you an income out of your equity, and the money doesn't have to be repaid as long as you live in the home. Upon your death, the loan would be paid out of the proceeds from the sale of your home.

There is no generic, one-size-fits-all solution for retirement planning. Most of us need professional support to create a plan that will maximize and protect retirement assets. Meeting with a qualified financial professional now can help you map your intentions and safely navigate the "Retirement Zone" when the time comes.

One thing we know for sure is that long term care can occur at any age, so this risk is best addressed as the bedrock of every plan.