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Many Ways to Manage Risk

When you ask people what they think risk management means, they'll generally tell you insurance. That's not a bad answer because much of our risk is contracted out to a third party like an insurance company. But true risk management touches all parts of life.

If following September 11, 2001, you went out and purchased items for your home that provided additional security, you engaged in risk management. We do it all the time and don't think twice about it. We fasten our seat belts, we install childproof cabinet locks, and we have our teeth cleaned. Much of what we take for granted in our daily lives is actually a form of risk management. What we need to do now is assess risk and the management of that risk as it applies to our retirement savings.


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