Many workers from our parents’ generation could count on a financially secure retirement thanks to a guaranteed lifetime pension from their employers. That’s no longer the case. Nowadays, workers must take responsibility for their own retirement. At this point you should have quite a bit of savings tucked away in a 401(k), and IRA or some other type tax-deferred retirement plan. If not, it’s not too late to get going. Most of these plans have a so-called “catch-up” provision that allows you to contribute extra money to your retirement plan. For example, the $15,500 maximum annual contribution to a 401(k) plan rises to $20,500 once you turn 50.

Make sure your retirement investments are well diversified in a broad mix of stocks and bonds. Many workers unwittingly allow their own company’s stock to take up a dangerously large portion of their retirement accounts. Companies often encourage this by offering their stock for sale to employees at a discount or by using it to match retirement plan contributions. But if you’re receiving a regular paycheck – not to mention health insurance and other benefits – from a company, a great deal of your personal financial security already rides on the fortunes of that firm. Don’t compound that risk by making its stock a large part of your retirement portfolio.