Is the Old Approach to Retirement Broken? A Millennial Guide to Financial Planning

Retirement is a new concept in human history, but the way we fund retirement is even newer. After all, the 401(k) and IRA were legislated into existence less than fifty years ago. To assume a millennial or Gen Z retirement will look anything like a boomer retirement might be wishful thinking—so this week, we’re exploring what might be a better way to structure our financial (and life!) plans.
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Mentioned in the Episode

The Money with Katie 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-planner


The history of retirement: https://www.theatlantic.com/business/archive/2014/10/how-retirement-was-invented/381802/


1978 legislation on the 401(k): https://www.gpo.gov/fdsys/pkg/STATUTE-92/pdf/STATUTE-92-Pg2763.pdf


Nat Eliason article on Type 1 and Type 2 fun: https://blog.nateliason.com/p/de-atomization-is-the-secret-to-happiness


Replacement rate for retirement income: https://www.troweprice.com/personal-investing/resources/insights/how-to-determine-amount-of-income-you-will-need-at-retirement.html


Bloomberg study on retirement: https://www.bloomberg.com/news/articles/2022-05-24/most-americans-say-1-1-million-they-need-to-retire-comfortably-is-out-of-reach?srnd=wealth-savings-and-retirement


The 4% rule for retirement: https://podcast.moneywithkatie.com/the-most-dangerous-misconceptions-about-the-4-safe-withdrawal-rate/


Average social security check: https://www.bankrate.com/retirement/average-monthly-social-security-check/


The earlier you start investing, the easier it will be: https://ofdollarsanddata.com/go-big-then-stop/


Study on having higher debt when earning more: https://www.washingtonpost.com/business/personal-finance/you-may-be-surprised-by-who-carries-the-most-credit-card-debt/2019/12/20/3ea084e8-20f7-11ea-86f3-3b5019d451db_story.html


Study from American Advisors Group on working in retirement: https://www.forbes.com/sites/palashghosh/2021/05/06/a-third-of-seniors-seek-to-work-well-past-retirement-age-or-wont-retire-at-all-poll-finds/?sh=5bda7b916b95


Compounding interest calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator


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