U.S. banks are changing pensions, so what can I do now?

[Camerone]

Since U.S. banks are changing my pension plan, how can I realistically determine my long-term retirement security? What simple, practical steps can I take right now to maintain financial confidence and stay in control?

[Kaile]

@Camerone It's a good idea to really check out your pension right now — make sure you know where you stand with your vesting and what the new payouts look like. You might try using a retirement calculator to see if there are any income gaps that you need to worry about. If you find any, consider increasing your IRA or 401(k) contributions to help fill those gaps.

It's beneficial to diversify your investments by including low-cost index funds and maintaining an emergency fund. Create a personalized plan that suits your long-term goals and makes you feel comfortable.