Remember the old adage, "don't put all of your eggs in one basket"? There is no question that you should diversify your savings dollars, but with so many savings and investment plans out there to choose from, diversification can quickly become very time consuming and complicated. Yes, to diversify is indeed wise, but to do it with simplicity and low maintenance is the catch. A few solutions are: 

1) Mutual funds (MF): Simply put, these are investment portfolios managed by an investment firm. All of the buying, selling and other operations are handled by the MF. Typically, a MF holds from 5 to as many as a 1000 stocks and/or bonds. A MF issues a quarterly performance statement. 

2) Viable Annuity (VA): This retirement plan, offered by an insurance company, employs many mutual funds all in one plan. A VA can typically have anywhere from 5 too as many as 70 mutual funds to choose from. By choosing several funds within the VA, you can potentially be invested in thousands of stocks and/or bonds, yet you receive a single quarterly performance statement. 

3) Multi-Strategy Annuity (MSA): This retirement plan guarantees your principal (if contract held to maturity), yet offers the investor simultaneous multiple choices. By using this contract you can allocate monies between equity index, total return, income rate and fixed rate strategies. A quarterly performance statement is issued. 

The above three mentioned plans can greatly reduce your paperwork and account maintenance headaches, while giving you "one stop shop" convenience and excellent diversification. 

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