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Episode description
Is the Old Approach to Retirement Broken? A Millennial Guide to Financial Planning
The Money with Katie Show
Mar 15, 2023
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27 min
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Ep 74
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Episode 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/moneywithkatie
Transcripts can be found at
podcast.moneywithkatie.com
. — 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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Is the Old Approach to Retirement Broken? A Millennial Guide to Financial Planning | The Money with Katie Show podcast - Listen or read transcript on Metacast
