Is the Old Approach to Retirement Broken? A Millennial Guide to Financial Planning
Is the Old Approach to Retirement Broken? A Millennial Guide to Financial Planning  
Podcast: The Money with Katie Show
Published On: Wed Mar 15 2023
Description: 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.Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatieTranscripts can be found at podcast.moneywithkatie.com.—Mentioned in the EpisodeThe Money with Katie 2023 Wealth Planner: https://moneywithkatie.com/new-2023-wealth-plannerThe 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.pdfNat Eliason article on Type 1 and Type 2 fun: https://blog.nateliason.com/p/de-atomization-is-the-secret-to-happinessReplacement rate for retirement income: https://www.troweprice.com/personal-investing/resources/insights/how-to-determine-amount-of-income-you-will-need-at-retirement.htmlBloomberg 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-retirementThe 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.htmlStudy 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=5bda7b916b95Compounding interest calculator: https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator—Follow Along at Money with Katie: https://moneywithkatie.com/Watch on YouTube: https://www.youtube.com/@MoneywithKatieFollow Money with Katie!- Instagram: https://www.instagram.com/moneywithkatie/- Twitter: https://twitter.com/moneywithkatie Subscribe to The Money with Katie Newsletter- Sign up for free today: https://www.morningbrew.com/money-with-katie/subscribe/2Follow the Brew!- Instagram: https://www.instagram.com/morningbrew/- Twitter: https://twitter.com/MorningBrew- TikTok: https://www.tiktok.com/@morningbrewLearn more about your ad choices. Visit megaphone.fm/adchoices This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit www.katiegattitassin.com