Retirement is different now than it was just 10 years ago.
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.