Retirement is an evolving concept, and that means we as millennials have to approach it differently than our predecessors.
Rather than get one job you endure for 30 years, what if we built a life we didn't want to escape from right away? What if we could do a blended model of retirement that's enjoying life in all the years leading up to this second act?
Today, we're digging into the why and how of approaching retirement as a millennial, including some math to help us break it down.
Learn more about our sponsor, TaxAct: www.taxact.com/moneywithkatie. (Start your return by 3/20 to get tax assistance included for free.)
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Mentioned in the Episode
The Money with Katie 2023 Wealth Planner: moneywithkatie.com/new-2023-w...
The history of retirement: www.theatlantic.com/business/...
1978 legislation on the 401(k): www.gpo.gov/fdsys/pkg/STATUTE...
Nat Eliason article on Type 1 and Type 2 fun: blog.nateliason.com/p/de-atom...
Replacement rate for retirement income: www.troweprice.com/personal-i...
Bloomberg study on retirement: www.bloomberg.com/news/articl...
The 4% rule for retirement: podcast.moneywithkatie.com/th...
Average social security check: www.bankrate.com/retirement/a...
The earlier you start investing, the easier it will be: ofdollarsanddata.com/go-big-t...
Study on having higher debt when earning more: www.washingtonpost.com/busine...
Study from American Advisors Group on working in retirement: www.forbes.com/sites/palashgh...
Compounding interest calculator: www.investor.gov/financial-to...
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0:00 Intro
3:50 Retirement as a concept
6:00 How do you build a life you don't need a break from?
12:00 Calculating your retirement needs based on your age
15:50 Identifying a goal
20:37 How close are you to your long-term goal?
23:12 Credits
#MoneyWithKatie #Retirement #EarlyRetirement #FIRE #Money #Lifestyle #PersonalFinance