How to Safeguard Your Future

This is not your mother's world. In fact, after the recent economic shake- up, 2010 doesn't even remotely resemble two years ago, let alone 20. Today, women are just as concerned about -- and responsible for -- financial matters as men are. And it's more important than ever to be informed, to plan well, and to be resilient, resourceful, and optimistic. It's time to focus on what you have and really need -- not on what you lost. But just how can you safeguard your well-being in times of economic uncertainty?

For starters, look hard at how you fared during recent tumultuous financial times and try to "rightsize" your life, experts say. Rightsizing, a popular economic buzzword in the last decade or so, is a way to make sure that you have a good life that is also financially sound. It's like downsizing -- not living beyond your means -- but without the feeling of sacrifice that comes with cutting back. You're simply embracing a new, more efficient (but no less joyful) lifestyle where rule No. 1 is to be comfortable no matter what life (and the stock market) throws you. If we've learned anything from 2008 and 2009, it's that we need to be prepared for anything, and that the simple pleasures -- from not being overextended to having a safety net in place to care for loved ones -- are what makes us happiest.

Rightsizing requires some rethinking in a few crucial life areas:

• Your emergency cushion. One survey reported that less than half of us have a safety net of even one month's expenses, which could set up a catastrophic situation if you lose your job. Make sure you have a budget that details your monthly expenses so that you can calculate an emergency fund that best suits you.

• Your retirement plan. Research from the Employee Benefit Research Institute (EBRI) in 2010 reveals a considerable gap between expectation and reality when it comes to when people think they'll retire and how much money they'll need to live. And only 16 percent surveyed were confident they'd be able to save enough for retirement.

• Your family's future. Over 50 million adult Americans don't have adequate life insurance, studies show, and 40 percent have no life insurance at all. To learn more about why it is important to have income protection and to help calculate your needs, visit the MassMutual Life Insurance -- How Much Is Enough?