Three steps to a financially safer retirement

What are the best pieces of advice to help guarantee a more financially secure retirement?

Prudential Financial's new "Achieving Retirement Security in an Age of Uncertainty," written by Christine Marcks, the president of Prudential Retirement, suggests three straightforward moves: bringing back guaranteed but flexibile income, improve investing and saving behavior and optimizing Social Security decisions.

Retirement, Marcks notes, is a much tricker proposition than it was more than a decade ago. The National Retirement Risk Index, created by the Center for Retirement Research at Boston College, suggests workers face 50-50 odds of not being able to maintain their pre-retirement standard of living, a number that was just 30 percent back in 1989.

On the guaranteed income front, Marcks' paper proposes that employers offer guaranteed income solutions, such as annuities, within their workplace retirement plans. Individuals could also add guaranteed products to their personal portfolios.

To improve saving and investing behavior, a suggestion is to allow more employees to have access to workplace retirement plans, through tools such as the Multiple Small Employer Plan. Enrollment and automatic contribution calculation escalation feature.



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