First paragraph of the section "Minimum Security for Future Entries":
Any user can set a minimum security level for all future entries. For example, setting this option to Friends-Only or Private will prevent you from accidentally posting a public entry that you meant to post at a protected level. This option can be set at the bottom of the Viewing Options page.
The last sentence is inaccurate, I assume due to rearranging of the Viewing Options page at some point. It should now read:
This option can be set in the "Additional privacy options" section on the Viewing Options page.
Though aveleh brought up a good point - this looks markedly different with the beta account settings - the option in question will be under the "Privacy" tab. So depending on how quickly those are due to go live, maybe we switch it to something like:
This option can be set on the Privacy page (under Account Settings?)