Tough times call for tough choices. Many of us were just cruising along towards retirement with our accounts growing each year with little or no thought involved. Then something happened! Our economy crashed with little notice and little time to react. Before we could think, our precious retirement accounts had dwindled significantly. Now we are having to rethink and refocus with new priorities in mind.  We must clearly define our goals for retirement. Will our retirement account be our main source of lifetime income? Will it  be needed to  supplement our other income producing assets? Will it just pass on to our children and heirs?

All of these questions must be considered along with our investment goals and risk tolerance in order to best determine where our retirement funds should be invested. Evaluate your goals on a scale of 1-5 with 1 being safe, secure and guaranteed and 5 being a scenario where you could lose the whole investment. If retirement is not in your near future, you may want to assume more risk. If you are within 10 years of retirement you may want look at more safe and secure investments so as not to lose your principle. As the current economy remains in a state of flux, my personal preference at this time is safety and security-preserve what you have until the economic picture stabilizes and the current unknowns become clearer. Below is a list of what may be considered “safe” investments

1. Bank Savings Accounts
2. Certificates of Deposit
3. Government issued securities
4. Money Market Accounts
5. Guaranteed Fixed and Indexed Annuities-if your main goal is income, there are some exceptional products currently available

1. Bank Savings Accounts

2. Certificates of Deposit

3. Government issued securities

4. Money Market accounts

5. Fixed and Indexed Securities- if you are looking for retirement income, there are some exceptional products available.

Take a moment to discuss your situation with your adviser. It will be worth the time spent!