From the course: Personal Finance Tips and Tricks
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How to prepare for retirement
From the course: Personal Finance Tips and Tricks
How to prepare for retirement
- What do you think when I mention the 2030s? It's a decade that feels far away. It's also the decade, by conventional standards, when I should be retiring. Given all the changes in the economy, technology, and ways of working in my lifetime, it's a safe bet that retirement for my generation and future generations will look substantially different to what it does today. So, how do we prepare? Let's start with what we know today. First, Defined Benefit Plans, more commonly known as pensions, have gone away for all but a few companies and for some government workers. Defined Benefit Plans means that employers take the responsibility for putting money aside for their employees' future needs. They're terrific in that they allow people to plan their future 'cause they have a known future income stream. But because the risk of these plans fall entirely with the employer, these plans fell out of favor. Defined benefit plans have been replaced by Defined Contribution Plans where the employee,…
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