Editor's note: You can't trust other people to look out for your retirement dollars...

Income Intelligence editor Dr. David "Doc" Eifrig often says that the only person who has your best interests in mind is you. As Stansberry Research's No. 1 retirement expert, Doc's goal is to empower retirees to take control of their finances... and sleep better at night in the process.

And if you're putting your money in someone else's hands and hoping for the best, Doc says your nest egg might be in danger...

In today's Masters Series, adapted from the March 4, 2016 and June 6, 2019 editions of his free Health & Wealth Bulletin e-letter, Doc offers a retirement account option that's safer than a pension... details why Social Security is failing... and reveals three ways to stretch your money in retirement...

Use These Tips to Take Retirement Into Your Own Hands

By Dr. David Eifrig, editor, Income Intelligence

Don't trust your employer to do what is best for your retirement.

In 2016, a report found that New York City's pension system – the fourth-largest in the U.S. – had few internal controls and lacked proper risk management for its $160 billion in assets.

The report stated, "Operational risk is very high and an operational failure is likely."

What this means is that the retirement money for more than 700,000 New York City current and former police officers, firefighters, teachers, and city employees could be in serious danger. The city's comptroller has previously characterized the system as "hanging by a thread."

And according to a report from the Pew Charitable Trusts – an independent research organization – released in 2015, state and local governments are short more than $1 trillion for their pension systems. Illinois, Kentucky, and Connecticut are less than 50% funded. Illinois is the worst... its pension is only 39% funded. Only South Dakota and Wisconsin are 100% funded, according to the report.

And it's not just government pensions...

In 2012, Hostess Brands – the once-bankrupt baked-goods company – admitted to using workers' pensions to pay for company operations. Not only was Hostess misusing retirement funds... the company missed more than $20 million in pension payments.

If you're more than 40 years old, you may have a pension, also known as a "defined-benefits plan." It's a retirement account that your employer funds and controls. When you retire, your employer agrees to give you either a lump sum of money or monthly payments.

With a pension, you have zero control over what happens. You can't increase or decrease the amount that's being invested. Also, companies hire managers who oversee where pension money is invested. And the fees they charge dilute returns.

Plus, if you die right after you retire, your dependents might get nothing.

But there is a solution...

You can move money from your pension into a self-directed individual retirement account ("IRA").

This gives you total control of your money. You get to grow your money tax-free, just like a pension... but there's no limit on how much you can make.

A self-directed IRA is exactly what it sounds like... It puts you in charge of your investments.

In addition to the conventional investments you can make in a typical IRA – like stocks, bonds, and covered calls – a fully self-directed IRA allows you to invest in many other assets, including real estate, private stocks, businesses, and even precious metals.

You can invest in just about anything, as long as it's not employed for your personal benefit. This simply means you must avoid any conflicts of interest. You can't, for example, invest in companies you have a 50% interest in. But you can buy the house next door through your IRA and then rent it to a neighbor. You can also invest in a local small business (again, as long as it's not your own).

I use my self-directed IRA to generate income by selling stock options. When I use this account for options trading, I don't have to follow any accounting or tax requirements.

In fact, if you do all your trading inside a retirement account, you don't have to report any trades to the IRS. The goal is simply to maximize your total returns as quickly and as easily as you can... and get better returns than a pension could offer.

There are two ways to move your pension to an IRA...

One is to "roll over" the pension directly into an IRA. The broker or custodian you're opening an IRA with should have all the necessary forms for you to fill out. I have mine with Fidelity and TD Ameritrade.

You can also take a lump-sum payment on your pension and then move the funds into an IRA. If you do this within days of taking the lump sum, you'll avoid being taxed on the money and the 10% early withdrawal penalty. (If you can, though, just roll over the pension directly – you don't want to risk incurring taxes and penalties.)

And make sure that you check with your employer's pension-plan rules for any fine print.

However you do it, don't wait. Why leave your pension – the money you're counting on for retirement – in someone else's hands?

If you only take away one thing from this essay, let it be this: You can't trust others to take care of you. That includes the government...

Plenty of folks are nervous about coming changes. Uncertainty about health care reforms and fears that rising deficits will lead to cuts in programs like Social Security and Medicare are enough to keep anyone on edge.

And here's the truth...

Social Security is bankrupt. In 2004, the benefits paid out began exceeding the tax revenues brought in. Worse, no actual assets support Social Security. So the government must use current cash flow to fund future liability. Imagine telling your doctor you want health care today, but you'll pay him in 20 years.

The website for the Congressional Budget Office (essentially the government's accountants) will show you page after page of tables and graphs explaining how this will all work out OK.

But the bottom line is this: In 2018, Social Security had to use its trust fund to pay benefits – for the first time since 1982. By 2035, Social Security's fund will be depleted.

In my newsletters, I try to stay out of politics. My goal is to empower you to make the most of your retirement, regardless of what may or may not happen in the country. That's why today, I'm going to cover a few of my favorite ways to make your money go further in retirement... so you can protect your nest egg and your future...

1. Avoid overspending. This simple technique can save your retirement. Just making a budget ahead of your retirement helps avoid the dangerous lure of overspending.

In fact, according to the Employee Benefit Research Institute, about half of all households spend more in the first two years of retirement than they did in the years before retiring. Worse, about 28% of folks spend 120% more, regardless of income level.

Before you retire, figure out how much you'll need to spend to maintain your current lifestyle (typically, that's about 80% of your current income level). Then figure out how much you'll have in income from retirement accounts, savings, and Social Security, and how that will cover your bills. Create a monthly budget before you retire to help you make the most of your retirement.

Start with an easy calculator like this one from the Financial Industry Regulatory Authority.

And take advantage of catch-up contributions to IRAs, 401(k)s, and similar retirement accounts if you're 50 or older. Find out more right here.

2. Lower your medical bills. Most tests or procedures are ordered with enough time to allow you to compare prices. One of the best resources for this that we've found is something called Fair Health Consumer.

Simply enter the test or procedure, along with your zip code. You'll find the range of costs in your area. You can use this to negotiate and ensure you aren't overpaying for your next test or procedure.

For example... In Baltimore, the average price of a colonoscopy with biopsy ranges anywhere from less than $1,600 to about $3,300.

3. Take advantage of guaranteed lifetime income through annuities. Annuities are a financial contract between you and an insurance company. In the simplest terms, you pay a large amount up front, then the company pays you back over the following years... either for a fixed number of years or until you die.

Annuity structures vary in so many aspects that people find them difficult to understand. Many have poor designs and high fees. And annuity sellers often use aggressive sales tactics because they want a commission.

But when used correctly, annuities are a powerful tool to help ensure a secure, comfortable retirement.

Here's to our health, wealth, and a great retirement,

Dr. David Eifrig

Editor's note: Doc has spent nearly four decades growing and protecting money at some of the top global financial institutions – and here at Stansberry Research, too. Along the way, he has experienced firsthand several major market crises and crashes. Now, he's issuing an urgent new warning...

Doc says a reckoning is coming to the American financial system... and it could wipe out everything you've spent years building. In short, a dramatic shift in America's retirement situation could deplete your nest egg if you're not prepared...

Doc is revealing the details in a special briefing on Wednesday, June 23, at 10 a.m. Eastern time. This event is free to attend – all he asks is that you reserve your spot in advance. Click here to get started.