ENGLEWOOD CLIFFS, N.J. (8/13/2013)--In the wake of Detroit's bankruptcy filing and the threat of pension cuts to public-sector workers and retirees, many Americans are worried about their future pensions (CNBC Aug. 5).
Detroit isn't the only entity with heavy debt and public pension obligations. A number of state and local governments are in the same position, as are some private pensions.
Don't let the unsettling headlines shake confidence in your retirement security. Here's what you can do to take responsibility for your financial well-being:
You might not be able to affect potential changes to your pension plan, but you can manage your expectations and make adjustments so you don't outlive your money. Plan to spend less, save more, work longer, and retire on less income.
For related information, read "Four Key Steps to 'No Regrets' Retirement" in the Home & Family Finance Resource Center.