You are truly never too young to start planning for your retirement. With obstacles such as workers not having traditional pensions, longer life expectancies, unknown healthcare costs, and inflation, planning is ever more important. Unfortunately, many Americans are not prepared for retirement—approximately half of American families have no retirement savings at all. A new era has arisen due to longer life expectancy: do we work more, save more, or both? When asking these questions, it will be essential to first get a snapshot of your financial picture, so you can begin to understand what is best for your retirement. We should be willing to make a wide array of adjustments that will offer the chance to create greater financial security in the future.
See Kerry Hannon, Rethinking Retirement for Longer Lives with Fewer Safety Nets, N.Y. Times, February 27, 2017.
Special thanks to Naomi Cahn (Harold H. Greene Professor of Law, George Washington University School of Law) for bringing this article to my attention.
