Today’s retirement world is vastly different from the past. In today’s world, you cannot rely on an employer and the government to take care of you. It’s on you to save for your retirement and have the proper plan in place to provide you with an increasing income for what potentially may be a very long time. So are you using old outdated tools and strategies to build your retirement plan, or have you adapted to the times?
There have been a lot of changes in the retirement-planning world over the last several years. For one, longevity is increasing, meaning people are living longer. This puts much more pressure on a retirement nest egg to provide income for a long time, potentially 20 to 30 years or longer. In addition, pension income is no longer common. In the past, a pension income was a staple for many people’s retirement income plan; this is not the case anymore. This again, puts more pressure on your retirement nest egg to provide an income to you for a long period of time. So, much more pressure is on you to save and build up a nest egg that is able to provide that income.
Unfortunately, some old retirement strategies and concepts don’t work as well as they used to, while others are just plain wrong. To plan and save properly, you must have education and knowledge about today’s updated strategies. These updated strategies need to be utilized in order for you to have a successful retirement plan and bring it into the 21st century.
To obtain this information and get details about the differences between the retirement world of yesterday and today, attend a local Prepare Institute class or webinar. Go to www.theprepareinstitute.org/events/ to find a local class in your area.
Content is for educational and informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should contact your retirement and tax professional before utilizing any of the information in this article.