Most advisors understand the role inflation can play in retirement but they should consider framing it in terms other than cost-of-living riders, Treasury Inflation-Protected Securities (TIPS) and the like.

Precious metals, including gold and silver, are one of the most common hedges against inflation. Some may prefer to hold it in physical form ... like Uncle Scrooge with his vault ... but that can prove costly and burdensome, especially when ETFs like the GLD and SLV make it easier to get exposure. For advisors looking to generate some income in addition to hedging, there are also a number of gold and silver mining companies that pay dividends -- Rio Tinto (RIO), Newmont Mining (NEM) and Silver Wheaton (SLW) for example.

Another often overlooked hedge against inflation is personal real estate. This is an attractive option, particularly if the mortgage is paid off.  Real assets like property hold their value better than paper assets, the value of which is easily eroded by inflation. Like gold, real estate tends to retain its intrinsic value even during periods of inflation. But unlike gold, it is possible to earn a regular income on real estate.

Owning a home eliminates the need to pay rent and any rent increases, and if you have a fixed-rate mortgage (the largest household expense for most) or have a paid off mortgage, inflation isn't a factor. This is a good reason to encourage clients concerned about inflation to pay off their mortgage before retirement. Finally, in the most extreme scenarios, with clients subscribing to a doomsday theory, remind them that they can't eat gold but can grow vegetables in the backyard.

Obamacare
With health care accounting for 18 percent of gross domestic product and 12 percent of the Standard & Poor's 500, the role Obamacare has on a client's portfolio is raising more concerns.

I've spent many hours researching opinions on who will be Obamacare's winners and losers. Will hospitals and insurers come out on top? Will medical device makers crumble?  And what about pharmaceutical companies?  Nobody really knows because there are just too many variables that need to be worked out. Sure, 30 million or more people will likely have health insurance in 2014, which will reduce the number of uninsured patients showing up at urgent care facilities, but hospitals will see smaller annual increases in Medicare payment rates.

With more people shopping and paying for health insurance, you'd think it would be a boon to the industry.  But insurers face hefty fees and restrictions because of the law, requiring them to pay annual fees starting in 2014 (some $8 billion that first year). The law also restricts how much insurers can vary their pricing based on factors such as age and pre-existing conditions.

It seems for every positive there's a negative, and that can be frustrating and stressful for both advisors and retirees trying to analyze this issue. Going forward, advisors may be well-advised to add value and perspective to their counsel by stepping outside of the rhetoric and leaving behind the traditional choice of either investing in, or hedging against, hospitals, insurers and pharmaceuticals.

Remember that investing and retirement planning is just as much art as it is science, and common sense can provide huge value. More patients may mean more doctor visits and hospital procedures but it also means more dirty linens, more medical waste, and the need for improved record keeping, cost containment, and billing, making companies such as Ecolab (ECL), Stericycle (SRCL), and McKesson (MCK) easy ways to hedge against the fees, taxes, penalties and other costs that people fear from this new legislation.

I have, in fact, owned many of the above mentioned investments and discussed them with clients in different phases of retirement and retirement planning. In many cases, retirees aren't prepared to pull the trigger on these types of hedges but you can feel their sense of relief when their concerns are validated and planning can ensue when they are ready. They like specific ideas and strategies designed to reduce the pain should they face any of these dire circumstances.

Therefore, advisors who want to establish themselves as retirement experts not only need to know how to help clients avoid running out of money, but also need to be able to help clients deal with their fears.