Estate

Retirement security: Prioritizing in the fog of uncertainty

Retirement security looms large over the heads of most people, yet many are unsure about how to protect themselves. One of the first things you need to do is develop a retirement plan, but even this may be in question if you don't know how much money you'll need. Take the time to actually plan your retirement and ensure you have enough money saved up so you don't have to worry about it. Next, consider retirement income. If you're able to generate regular income during retirement, that's great. If not, you may want to consider complex financial products or annuities that provide income. Make sure you fully understand the terms and risks involved before making a decision. Once you have a good understanding of how much money you need and what you need to do in order to secure your retirement, you can move on to retirement savings. Make sure you have a good mix of savings vehicles, from traditional 401k's to Roth IRA's. You'll want to have enough money saved up in order to cover your basic needs, plus some extra for incidents that happen along the way. Once you have saved up your money, make sure you have a solid Social Security plan in place. Social Security will be your biggest income earner