Future retirees need to manage their funds to live comfortably Many baby boomers nearing retirement are feeling some anxiety concerning their financial standing. That's natural. Hanging up those work boots can be difficult, especially considering most people have to budget carefully to live comfortably in their post-employment days.Retirees should shy away from high-risk investment, Kendrick Wakeman, CEO of the financial education company FinMason, told Daily Finance ."As you get closer to retirement, the risk of loss in the stock market looms larger since there will not be much time to recover after a crash," said Wakeman. Retirees in the later stages of their life should look to make investments with a sensible amount of money, not a sum that could break financial dreams if the investment falls apart, Jeffrey Tomaneng, a financial advisor based in Massachusetts, told CNBC .But Tomaneng said finding such a "reasonable yield with a reasonable amount of risk" isn't easy in the current economic environment. He added many portfolio managers he knows are now looking at real estate investment trusts, commodities and hard assets when looking to invest.Craft a solid base for retirement Anand Rao knows the drill. Rao worked with the Retirement Income Industry Association to find a better approach for baby boomers. Rao worked with the Retirement Income Industry Associatioon to develop a concept called "building a floor." In this investment approach, people building a nest egg put money toward housing and a reserve portfolio for emergencies, according to CNBC."With life expectancy increasing, you really can't afford to put the bulk of your discretionary money into just bonds or low-yielding vehicles," Rao said."Building a floor" should contain low-risk options that can generate wealth, such as annuities and treasury bonds.Count on the last decade of work People from age 55 to 65 should pay special attention to their finances while approaching retirement, Mari Adam, a financial planner, told U.S. News & World Report . Those years can make a huge difference in allowing for comfortable living during retirement, she said.Once a person hits 55, they should consider closely examining their financial standing to see how close they are to reaching their retirement goals. At this time, people should have six to eight times their annual salary stowed away for their post-employment years, Adam said. If they are short of this mark, they'll need to cut back on expenses and increase their savings in order to avoid any retirement pitfalls.Simple steps such as going out to dinner less, cutting back on travel or moving into a smaller home can pay dividends down the line, U.S. News said."It's about choices," Linda Lubitz Boone, president of the Lubitz Financial Group in Miami, told U.S. News. "Nobody wants to cut back on the lifestyle expenses. But it's the thing that they have the most control over."Some people are spending way too much living a lifestyle they can't afford, Micahel Chadwick, CEO of Chadwick Financial Advisors, told Daily Finance. They hire landscapers and maids when they could simply do the housework themselves. Others indulge too often on spa days and such.Cutting back on some of those expenses can help those nearing retirement keep their nest egg intact later on in life.. How Boomers Can Avoid Going Bust in Retirement. Will your retirement plan provide enough income?. Saving Strategies for People Between Age 55 and Retirement The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.