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A Changing Retirement Landscape - Yahoo! Finance
If you are now in your 50s, chances are you’re starting to give serious thought to your forthcoming retirement, which usually occurs somewhere in your 60s. Indeed, the nation’s most importance retirement program, Social Security, allows you to take earned retirement benefits as early as age 62, but encourages waiting until age 70. Now retiring at 62 may or may not be what you have planned but, regardless, you should really start thinking about your future while still in your 50s which allows you time to adjust you retirement plan as needed.
What’s really interesting is how the entire retirement landscape has changed in recent years. Employer defined benefit pension plans have largely gone by the wayside, replaced by defined contribution plans (e.g., 401(k). Also life expectancy has risen over the years, which means you’ll need a larger retirement nest egg to sustain you financially for a longer lifetime. So, what does retirement planning today look like compared to retirement planning in past years for those in their 50s? This Yahoo! Finance article by Daniel Liberto explains.