You work for your state or municipal government. Your pension is safe, secure and guaranteed. Think again!

Mark Scolforo of the Associated Press published the article “Study: States Must Fill $1 Trillion Pension Gap,� which indicates that states may be forced to reduce benefits, raise taxes or cut government services to deal with this staggering funding shortfall in their public-sector retirement benefits, this based on a survey from the Pew Center on the States.

The gap may even be even larger than $1 trillion, as the study didn’t factor in the extent of investment losses in late 2008, nor did it include many city, county and municipal pension plans, which are thought to have similar problems with underfunding.

What does this mean to you? It means you need to talk with your agent or financial professional and plan for your retirement years now! What you receive in pension benefits may be less than you expect. Prepare for the unexpected with proper planning. Ask how life insurance, annuities and long-term care insurance can be used to make your retirement safe and secure with guarantees.