When thinking about retirement, it all comes down to finances. After all, there’s a particular lifestyle that people have become accustomed to. A lot of emotional and financial planning goes into retirement.
Most baby boomers are already there. So, how’s retirement for them? And what about the Generation X group? They’re planning retirement. How are their finances, and what do they need to do?
How Retirement Has Been Traditionally Financed
Many financial advisors previously recommended the three-legged stool approach when planning for retirement: Social Security, pensions, and personal savings. Pensions have since been replaced by 401(k) plans and individual retirement accounts (IRAs)….