With Social Security facing challenges, living costs on the rise, and longer life expectancies, it’s natural to feel apprehensive about retirement. A recent poll by analytics and advisory firm Gallup revealed a level of pessimism among non-retired Americans regarding their prospects for a comfortable retirement, not witnessed since 2012.

However, proactive planning can alleviate some of these pressing concerns. Here are four prevalent retirement worries and strategies to effectively address them.

The primary concern voiced by retirees and pre-retirees, according to Jordan Gilberti, a senior financial planner at Facet, is the fear of depleting their savings. This apprehension has evolved over time, as savers previously relied on defined-benefit plans such as pensions, which have become less prevalent. Consequently, individuals now must depend more on their personal savings for retirement, Gilberti explains.

While retirement income requirements vary, experts generally recommend aiming to replace approximately 80% of your pre-retirement income. Despite this guidance, a Bankrate survey published last year found that 56% of workers feel they are falling behind on their retirement savings.

Given the significant concern surrounding retirement finances, Gilberti emphasizes the importance of creating a retirement income plan. According to Fidelity Investments, such plans should encompass essential expense coverage, long-term growth potential, and flexibility for plan adjustments.

“Understanding your current financial situation and identifying any gaps in your retirement plan is crucial,” says Gilberti. “It’s challenging to gauge the longevity of your savings solely based on your 401(k) balance and to determine whether your spending aligns with your retirement goals.”

When your retirement savings are invested in financial markets, witnessing significant price fluctuations in your portfolio can induce stress. While market volatility ranks among the primary retirement concerns, Gilberti advises a strategic approach: accumulating investments during your working years and transitioning to a decumulation phase in retirement. This entails adjusting your portfolio from riskier assets with higher potential returns, such as stocks, to lower-risk assets providing fixed income, like bonds.

However, reacting impulsively to market downturns by withdrawing your investments is unwise. A recent analysis by J.P. Morgan Asset Management reveals that missing the S&P 500’s 10 best days over the past two decades would halve investment returns. Therefore, resisting the urge to panic-sell during market downturns is crucial for long-term investment success.

The inability to afford long-term care represents another significant retirement concern, given that seven out of 10 individuals will require such care at some stage in their lives, according to data from insurance company Genworth. The median monthly cost for an in-home health aide is $6,292, while for a private room in a nursing home, it rises to $9,733, as indicated by the data.

As the expense of long-term care continues to escalate, Gilberti underscores the importance of stress-testing your retirement income plan. If your plan appears robust, does it remain viable when factoring in the cost of long-term care in your later years?

“If a long-term care event could potentially devastate your retirement plan, you should explore risk-mitigation strategies such as long-term care insurance,” Gilberti advises. Options include considering hybrid life insurance policies incorporating long-term care coverage or establishing a dedicated savings account specifically earmarked for long-term care expenses.

In tandem with long-term care expenses, healthcare costs persistently escalate. Early retirees, in particular, are greatly concerned about health insurance expenses, notes Gilberti, given that Medicare eligibility begins at age 65 and older.

Health savings accounts (HSAs) can serve as a valuable tool to address this savings shortfall. If eligible and opting for a high-deductible plan is feasible, fully utilizing an HSA is typically advisable, especially for those considering early retirement, suggests Gilberti.

Feeling anxious about retirement expenses is common, given the soaring costs involved. However, there are methods to ensure you’re on target with your savings and tools available to address any gaps in your retirement income plan.