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Episode Info: The Golden Years? Ah….Retirement. Time to kick back, do nothing and let the world go by after a lifetime of hard work, sacrifice and savings. Sounds familiar, doesn’t it? This strategy may have worked for our parents or grandparents generation but is it the best way to do things today? I would argue that it’s not and that it’s time for a “new” take on retirement and how to plan for it. Here’s a few reasons why: We’re Living Longer: Back when retirement as we know it was created the age was “set” at 65. At that time the typical person who made it to 65 was expected to live another 12 years. Today a male born in 1952 (turning 65 in 2017) can expect to live 19+ years, ~58% longer than when Social Security was created! Pension Plans Are Disappearing: In the last 30+ years the percentage of workers covered exclusively by a company pension plan has dropped by almost 90%! Source: EBRI website Work Is Changing: We are changing jobs or careers much more than our parents or grandparents did, either because we feel the need financially or we just enjoy the work that we do. Back in the day, “old skool” retirement planning was easier. Many workers had pensions, stayed at their jobs longer and died sooner once they did retire. That made the “math” easier from a planning perspective. Today, things are much different but unfortunately many planners are still stuck in the past, trying to make the numbers work based on outdated assumptions and often coming up short. Under this paradigm, the choices often come down to: Work longer Live on less Save a lot more Traditional planning assumes nearly every problem could be solved by investing. That’s what oftentimes happens when the question of “can I retire” is reduced to a math problem. The world has changed and so must retirement planning. The new realities demand a new, more flexible method of retirement planning. The New Retirement Planning Framework: Holistic “big picture” planning Reimagining retirement New realities of life Goal setting and prioritization Retirement not a number but a lifestyle Consider non-asset assets Ongoing feedback, adjustments Investments and savings are still an important part of the plan but not the entire focus. In this new world of retirement planning you will want to work with a true financial planner who runs their business in such a way that they can take the time to work with you for the long term, no matter your net worth. I’ll be expanding o
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