Retirement Living
10 Ways Retirement Has Changed Over the Past Decade
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November 22, 2019
The way people retire is quite different than it was even 10 years ago. That means you need to change your way of thinking about retirement. If you are still planning for retirement like you did a decade ago, you could be in trouble.
Here's a look at how retirement has changed over the past decade:
- Retirees are living longer.
- Retirement could last for several decades.
- Baby boomers have redefined retirement.
- A shift from pensions to 401(k)s.
- Becoming a millionaire is no longer enough.
- CDs and bonds generate less income for retirees.
- The 4% rule no longer holds.
- Historically low taxes.
- Grandparents as an ATM.
- Higher health care costs.
Hello, I'm
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
