I received a notification to update my security but am unsure on how to do this. I've went to my notifications and it didn't say how to proceed. I also looked in my menu options. I'm honestly lost.
Whether you do this yourself or not will depend on how you are being hosted. If this is not a site that you set up, and don't have technical experience you probably need to talk to your IT support or hosting agency.
This is explained in this news : https://civicrm.org/blog/dev-team/security-release-civicrm-4726-and-4633-monthly-release-4727
Look at the paragraph "Upgrading to 4.7" to find the link to the documentation for the update.