7 retirement planning risks to avoid

Preparing for retirement has changed significantly over the past few decades. Not only are people living longer due to improved health care, but costs have risen dramatically everywhere.

The biggest difference between yesterday’s retiree and today’s retiree is the reduced defined benefit plan – or retirement plan – replaced by defined contribution plans with the ERISA of 1974 (opens in a new tab) establishing the IRA and the Revenue Act of 1978 (opens in a new tab) creation of the 401(k). Studies have shown that pensions are and have been quickly replaced.

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