With the lackluster start to 2020, how can you ensure that your finances remain secure? People feel more uncertain due to the increasingly chaotic world. In turn, the lack of assurance leads to increased levels of fear and anxiety.It doesn't have to be this way. Understanding the problem is the single most effective step toward resolving your fears. Knowing more about what makes Americans fearful can help you become better prepared. Most financial concerns fall into one of several categories, all of which become less intimidating only if you equip yourself with knowledge.For our spotlight segment today, we have Chris Payne, a financial adviser at Payne Capital Management. He’ll tell us about how getting a second opinion is essential in safeguarding your portfolio.If you want to prepare for the top financial concerns of 2020, listen now to today’s podcast.Financial Security in RetirementAll of us will retire someday. However, many people aren't doing enough to develop their retirement portfolios. Others, meanwhile, fall prey to misconceptions that can cost them dearly. How can you adequately prepare for your retirement?[2:18] – Retirement is the number one fear that many Americans have when it comes to their finances.[2:41] – Even people who have multiple savings and investment accounts fear retirement. They don’t know how much they’ll get when they reach old age. They also fear ballooning medical costs. [3:43] – The best way to resolve your fear of retirement is to get accurate projections of your finances.[4:44] – Make sure that your investments are generating the returns that you need. There are ways to manage risk while securing your investments and improving your income stream from them.[5:30] – People are also concerned about how market downturns can decimate their portfolio. Taking too much risk increases your exposure to adverse market conditions. Even a single significant decline can ruin your retirement portfolio.[6:39] – Many financial advisors don't have firsthand experience in a bear market. They recommend junk bond funds that can suffer when the interest rate climbs.[7:26] – Bond funds don’t give out fixed income, which is something you need as you approach retirement. Don’t depend too much on bond funds, since their return can vary based on market conditions. Controlling SpendingAnother pain point for many Americans is spending. If you don’t control your spending, you risk endangering your funds for retirement. What can you do to minimize your expenses? [7:53] – Large expenses are another big concern for Americans. No one wants to outlive their money.[8:06] – You need to start assessing your spending, especially when you’re close to retirement. Your spending rate now will be very close to your spending rate during retirement. Don’t increase your savings just because of bull runs, which won’t last forever.[8:55] – You'll spend more than your parents since you'll probably live longer than them.[9:06] – Take advantage of tax optimizations. Taxes slowly eat away from your earnings.Emotions and Financial DecisionsEmotions and rational thinking don’t get along well. We see markets tumble with just about any newsworthy event. If you let emotions control your financial decisions, you’re exposing yourself to unnecessary stress. So how do you avoid that risk? [14:03] – Many people aren't aware of how much their emotions factor into their financial decisions. Most people think that they make rational decisions for the essential parts of their lives.[15:01] – External events, like elections, can distract people. Many investors pulled out of their portfolios even though the market continued to have a bull run.[16:49] – Having a plan should allow you to make more rational decisions, regardless of market conditions. It’s not about having a good or a bad portfolio, but how you react to events.[18:02] – Sometimes, it's better to make suboptimal decisions if they help calm you down. A rule of thumb is to aim to make decisions that