Editor’s note: This is a transcript of the audio file.

The best-laid retirement plans can fall short unless you manage your risks.

I’m Barbara Whelehan with the Bankrate.com personal finance minute.

By the time we’re facing retirement, we understand life is full of risks. But we don’t really want them to affect our retirement savings.

Becoming a victim of fraud is a risk that former clients of Bernie Madoff are all too familiar with. Fraud can happen no matter your age or mental state, but financial predators often target retirees. If you’re hiring financial professionals to help you handle your accounts, make sure you understand how they’re getting paid and what incentives work for or against you.

Inflation is another risk. Even with benign inflation of 3 percent annually, you lose half your purchasing power after only 20 years. Inflation is inevitable, but investing in inflation-protected securities and investments that gain in value can help you fight inflation and maintain that purchasing power.

Other risks include outliving your savings, and losing your principal to market fluctuations. To get an idea of to manage these and other risks, check out Bankrate’s special feature on Managing Your Income in Retirement.

For more on this and other personal finance information, visit Bankrate.com. I’m Barbara Whelehan.