You may have heard retirement income referred to as the three-legged stool. This is because traditionally retirement income comes from 3 resources: pensions, Social Security as well as your own retirement savings. Well, the three-legged stool is looking pretty lopsided for many people these days as pensions become extinct and Social Security changes take place.

In the past, pensions were a common benefit offered by companies, and people could actually depend on getting a decent pension advantage when they retired, especially if they worked for a company for 20, 30 or even 40 years. Today, with individuals living longer, pension benefits are too costly for companies to consider, so pensions were substituted for 401K plans, or no retirement benefits at all. While our parents and grandparents had the luxury of a lifetime income stream from a pension, younger generations must look for other options for retirement income.

Social Security even now makes up a large portion of people's retirement income today, but we're constantly being bombarded with stories about how precisely Social Security will be broken in the near future if we do not fix it, so expect changes down the pipeline. Changes we can expect to see include having to wait longer to collect benefits, and reduced benefits. We've already seen the full retirement age creep up; expect it to continue to go higher to help keep Social Security afloat. Almost all finance experts don't expect Social Security to actually disappear, but there will be changes, so you may not be able to rely on Social Security as much as your parents and grandparents did.

Considering the lack of pensions as well as the expected adjustments to Social Security, that means that you will need to rely on your own savings for retirement more than ever. As a result, it's important that you've a better understanding about how precisely to save lots of for retirement. Take the time to learn about investing in a 401K, when you can take Roth IRA withdrawals, how to diversify your portfolio for both investment and tax purposes, so to take advantage from your retirement savings.

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