7 Big Retirement Risks to Avoid

7 Big Retirement Risks to Avoid

Preparing for retirement has changed dramatically throughout the last several decades. Not only are people living longer due to improved health care, but costs have dramatically increased all around.

The biggest difference between yesterday’s retiree vs. today’s is the diminished defined benefit — or pension — plan replaced by defined contribution plans with ERISA of 1974 (opens in new tab) establishing the IRA and the Revenue Act of 1978 (opens in new tab) creating the 401(k). Studies have shown that pensions are and have been rapidly replaced.

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